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http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMember http://www.Antares.com/20251231#ChiefComplianceOfficerMember 10-K true 2025-12-31 2025 false 814-01700 ANTARES STRATEGIC CREDIT FUND II LLC DE 93-3416650 320 South Canal Street Suite 4200 Chicago 60606 312 638-4119 Yes No No Yes Non-accelerated Filer false true false false false false 0 2971813 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investment Selection</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our investment activities are managed by our Adviser. Our Adviser is responsible for origination, underwriting, structuring and monitoring our investments and for allocating assets to be managed and invested by our Adviser for cash management purposes. The Company is expected to acquire Portfolio Loans that have been sourced, underwritten (</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">i.e., </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">evaluated for associated potential risks) and originated by an Adviser Party or by other loan originators that could include, among others, joint ventures in which one or more Adviser Parties have, or had, interests.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Screening/Early Read: </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Typically, a new opportunity is brought to the Antares Lending Platform through its sponsor coverage investment professionals. The coverage professional writes a summary outlining the strengths, risks, key diligence items and initial leverage guidance. If the coverage professional identifies the opportunity as a transaction that the Antares Lending Platform would like to pursue, the deal moves to the Screening Committee, which is comprised of three managing directors who evaluate the opportunity. Historically, over 50% of deals are declined during this phase. If the Screening Committee is supportive, a team of approximately three to four investment professionals is staffed on the transaction, which initiates the next phase.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Term Sheet/Exploratory Due Diligence: </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition to the sponsor coverage professionals, a deal team is typically made up of multiple credit professionals, including one senior credit professional (a managing director, senior vice president (“SVP”), or vice president), one assistant vice president and one associate or analyst). This team conducts due diligence, which may include the following: prepare a question list, attend management meetings, tour facilities, review the data room, conduct third-party industry calls, analyze the industry and competitive landscape, run financial models and evaluate corporate finance alternatives. This team will evaluate potential risks including business and operational complexity, industry cycles and macro trends, substitute products, industry and product innovation, regulatory environment, currency risk, labor, and raw material dependencies, among other factors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, the potential borrower’s historical financials are thoroughly analyzed. Fluctuations in revenue, margin and capital expenditure are analyzed to understand the key drivers (</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">e.g.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, loss of a customer, product mix, pricing fluctuation, raw material price changes, macro industry trends, acquisition, etc.). Deal teams use this and other information to develop base case financial projections for the company. The deal team also develops downside projections based on scenarios to stress test the proposed capital structure. At this phase in the transaction, the deal is typically presented for approval to issue a term sheet or commitment subject to confirmatory diligence.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Commitment/Confirmatory Due Diligence: </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To finalize diligence, deal teams leverage the experience and insight from the potential borrower’s management team, the sponsor, the Antares Lending Platform's portfolio, third-party industry reports and third-party industry experts. The deal team completes an accounting review/quality of earnings analysis, background checks, legal due diligence, customer calls, environmental assessments, insurance, system, regulatory and tax reviews. Based on this information, the deal team prepares a comprehensive memo which is submitted for approval by the Advisers' Investment Committee.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">After confirmatory diligence and legal documentation are substantially complete, the deal team prepares a closing memo to highlight the final terms and any material changes since commitment approval. Any term outside of written deal team delegations must be formally approved.</span></p> <p id="item1a_risk_factors" style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in our Common Shares involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Common Shares specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment policies, capital structure or trading markets similar to ours. In addition to the other information contained in this prospectus, you should consider carefully the following information before making an investment in our Common Shares. All known material risks are presented below. However, the risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur our business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of our Common Shares could decline, and you may lose all or part of your investment</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Adviser and Structure-Related Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Adviser and the Company Have Limited Operating Histories</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser has a limited history acting as an investment adviser for a BDC and there is no assurance that the experience of the personnel working on behalf of the Adviser in connection with loans made or owned by Adviser Parties, the Adviser’s or its affiliates’ clients or others will be applicable to its activities on behalf of the Company. The Company has limited operating history. There can be no assurance that the Company will achieve its investment objective or avoid substantial losses. While we believe that the past professional experiences of our Adviser’s investment team, including investment and financial experience of our Adviser’s senior management, will increase the likelihood that our Adviser will be able to manage us successfully, there can be no assurance that this will be the case.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Past Performance is Not Indicative of Future Results</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance that the past performance of any loans or of any loan portfolio, loan program, investment vehicle or account managed or serviced by the Adviser, Antares Holdings collectively with any of its consolidated subsidiaries or joint ventures whose equity securities or whose subordinated notes or other interests that constitute the economic equity therein, as applicable, are directly or indirectly majority-owned by Antares Holdings (including the Adviser) (each individually referred to as an “Adviser Party”) or the current personnel or authorized persons at any Adviser Party or at predecessor companies or prior places of employment, will be indicative of the results that the Company will achieve or that such past performance over a particular period of time will be indicative of the results that will occur in future periods. Furthermore, the nature of, and risks associated with, the Company’s investments in Portfolio Loans could differ (potentially substantially) from those investments and strategies undertaken in connection with such other loan portfolios, loan programs, investment vehicles or accounts. There can be no assurance that the Company’s investments will perform as well as such past investments, that the Company will be able to avoid losses or that the Company will be able to make investments similar to such past investments. In addition, most of such past investments have been made utilizing a portfolio capital structure (including, at times, leverage), an asset mix and a fee arrangement that are different (and sometimes are substantially different) from the capital structure, asset mix and/or fee arrangement of the Company. All or a portion of such prior results have been achieved in particular market conditions which might not be repeated and which might not fully inform decisions made in existing or future market conditions. In addition, a substantial portion of such prior results relate to loans held for investment on the Adviser Parties' Direct Holdings, loan programs where an Adviser Party and one or more unrelated third parties made investment decisions jointly, loans held by contract investors with respect to which neither the Adviser nor any other Adviser Party provided investment advisory services or loans held by advised clients with respect to which an Adviser Party provided non-discretionary investment advice. Further, a portion of such prior results relate to loans where an affiliate of the Adviser and an unrelated third party made investment decisions jointly rather than the discretionary investment management services being provided by the Adviser to the Company. In addition, all or a portion of such past performance is not reflective of the performance of Portfolio Loans where investment decisions or recommendations are made by the Adviser subject to applicable requirements for BDCs, or principal transactions approval is required under applicable law or any other approvals outside of the control of the Adviser are required. Moreover, because restrictions that govern the Company’s investments do not govern the investments and investment strategies of the Adviser, any other Adviser Party or their respective current personnel or authorized persons generally or the loan origination strategies used to originate loans for the Antares Lending Platform, the Portfolio Loans, and the results they yield, are not directly comparable with, and may differ substantially from, other loan portfolios, loan programs, investment vehicles or accounts managed or serviced by or held by the Adviser, any other Adviser Party and their respective current personnel or authorized persons at prior places of employment. The Adviser is not an arranger, originator or lender. To the extent the term “Antares Lending Platform” is used in such contexts, the Adviser would be excluded.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Antares Lending Platform operates in its own economic interest and should not be expected to take into account the Company’s interest in making any decisions with respect to a loan; however (as discussed herein), decisions made by the Antares Lending Platform can adversely impact the availability and terms of Portfolio Loans. Historical information relating to loans provided by any Adviser Party to any prospective investor in the Company is indicative only of the historical performance of the relevant loans covered thereby, as applicable. Such information is not intended to provide any assurance to any prospective investor and should not be used to project or predict future performance of the Company or of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans and other investments actually acquired by the Company could be different from those expected to be purchased by the Adviser on behalf of the Company due to credit market conditions, the availability of such Portfolio Loans and other investments, the frequency with which private equity sponsors, obligors or existing lenders request or require, or the underlying loan documents require, the loan arranger (including Antares Capital, when serving in such role) to make loans available to lenders that are not Adviser Parties or the Platform Balance Sheet, determinations with respect to Portfolio Loans and other investments made by Antares Capital or the Antares Lending Platform, changes to the internal policies of the Adviser, consent decisions made by other third parties as could be required under the loan documents and other factors. The actual Portfolio Loans and other investments owned by the Company will change from time to time as a result of, among other things, sales, purchases, prepayments, repayments and restructurings of Portfolio Loans and/or other investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Antares Lending Platform will Not Always Originate Portfolio Loans or Certain Types of Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance that the Antares Lending Platform will always be in the business of originating loans similar to the Portfolio Loans or to certain types of Portfolio Loans that may be acquired by the Company or will choose to originate those Portfolio Loans on terms that are beneficial to the Company. In such event, the Adviser will be limited by BDC requirements to invest at least 70% of the Company’s assets in “eligible portfolio companies”, and unless otherwise prohibited from doing so, can select Portfolio Loans originated by other loan originators for acquisition by the Company. There can be no assurance that Portfolio Loans originated by other loan originators will perform similarly to Portfolio Loans originated by the Antares Lending Platform or will be approved by the lenders or their administrative agent for inclusion in any credit facility. Additionally, the terms for Portfolio Loans (whether originated by the Antares Lending Platform or another loan originator) could vary.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company will Depend on the Managerial Expertise of the Adviser, the Antares Lending Platform and Their Respective Personnel</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The shareholders will generally not make decisions with respect to the management, disposition or other realization of any Portfolio Loans. Consequently, the success of the Company’s investments will depend, in large part, on the skill and expertise of the shared personnel of the Adviser who are employees of Antares Capital and who are responsible for originating, underwriting, monitoring and managing loans on behalf of the Adviser Parties' Direct Holdings and on behalf of the Adviser for the Company and other client accounts, including funds, vehicles, joint ventures, loan programs, special purpose entities, warehouses, collateralized loan obligations (“CLOs”), co-investment vehicles, and other entities and accounts sponsored, managed, serviced or advised by the Adviser and its affiliates, including Antares Strategic Credit Fund and Antares Private Credit Fund (collectively “Other Accounts”).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser has access to personnel who act as shared personnel of the Adviser Parties and are employees of Antares Capital. Such shared personnel underwrite, monitor and manage loans on behalf of the Adviser Parties' Direct Holdings, on behalf of the Adviser for the Company, and on behalf of the Adviser, and affiliates of the Adviser (including Antares Capital) for Other Accounts. In providing services through the Adviser, such shared personnel are supervised by the Adviser and subject to the Adviser’s compliance policies and procedures, including a code of ethics and applicable provisions of the Advisers Act. There can be no assurance that the current professionals will continue to serve in their current positions, continue to be employed by Antares Capital or made available to the Adviser or continue to be shared personnel or authorized persons of the Adviser and the other Adviser Parties. In addition, individuals not currently associated with any of the Adviser Parties may become associated with the Adviser or other Adviser Parties, and the performance of the Portfolio Loans would then also depend on the financial and managerial experience of such individuals. Although the Adviser’s investment professionals will devote such time as they determine in their discretion is reasonably necessary to fulfill the Adviser’s obligations to the Company, they will not devote all of their professional time to the affairs of the Company. When acting on behalf of the Adviser, such shared personnel will also be providing services to others, including to proprietary accounts of the Adviser Parties and to Other Accounts. When acting on behalf of any particular party, Adviser Parties or Other Accounts, such shared personnel have an obligation to pursue the best interests of the party on whose behalf they are acting at the time, whose interests could diverge from the best interests of the Company. In some cases, this can adversely impact the availability or terms of Portfolio Loans in which the Company ultimately invests.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to the Investment Advisory Agreement, the Adviser may employ third parties (including but not limited to affiliates) to render advice and assistance to the Company and to perform any of the Adviser’s duties under the Company’s governing documents. Moreover, the Adviser may assign its rights and delegate some or all of its obligations as provided in the Company’s governing documents, the Company’s governing documents may be terminated under certain circumstances, and the Adviser may resign or be removed subject to certain conditions. There can be no assurance that if the Adviser resigns or is removed any successor investment adviser may be obtained or, if obtained, would have the same level of skill in performing the obligations of the Adviser, in which event the returns of the Company in respect of the Portfolio Loans could be adversely affected.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Possibility of Misconduct of Adviser Employees and Service Providers</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Misconduct by employees of the Adviser, service providers to the Company and/or their respective affiliates could cause significant losses to the Company. Misconduct can include entering into transactions without authorization, the failure to comply with policies and risk procedures, including due diligence or operational or risk procedures, misrepresentations as to investments being considered by the Company, the improper use or disclosure of confidential, proprietary, sensitive, personal or other nonpublic information, which could result in litigation or serious financial harm, including limiting the Company’s business prospects or future marketing activities, and non-compliance with applicable laws or regulations and the concealing of any of the foregoing. Such activities would likely result in reputational damage, litigation, business disruption and/or financial losses to the Company.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Currency Exchange Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Currency exchange risk refers to the risk of fluctuations in exchange rates between the U.S. dollar and foreign currencies of non-U.S. investors or in which certain Portfolio Loans or other Company assets are denominated. The base currency of the Company will be the U.S. dollar. Certain of the Company’s Portfolio Loans and other Company assets could be denominated in currencies other than the U.S. dollar, and hence the value of such Portfolio Loans and other Company assets will depend in part on the relative strength of the U.S. dollar. The Company could be affected favorably or unfavorably by exchange control regulations or changes in the exchange rate between foreign currencies and the U.S. dollar, as well as the transaction costs associated with converting foreign currencies into U.S. dollars. Changes in foreign currency exchange rates could also affect the value of dividends and interest earned, and the level of gains and losses realized on the sale of Portfolio Loans or other Company assets. The rates of exchange between the U.S. dollar and other currencies are affected by many factors, including forces of supply and demand in the foreign currency exchange markets. Exchange rates also are affected by the international balance of payments and other economic and financial conditions, government intervention, speculation and other factors. The Company is not obligated to engage in any currency hedging operations (unless otherwise set forth in the relevant Company governing documents), and there can be no assurance as to the success of any hedging operations that the Company may implement.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Dependent on Information Systems and Subject to Risks Relating to Cybersecurity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our business is dependent on our and third parties’ communications and information systems. Cybersecurity incidents, cyberattacks, and other breaches have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency and severity in the future. The Adviser, the Company, their respective service providers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions and therefore have become increasingly prone to operational and information security risks resulting from cyberattacks and other security incidents. These systems are subject to a number of different threats or risks that could adversely affect the Company and the shareholders, despite the efforts of the Adviser, the Company and their respective service providers to adopt technologies, processes and practices intended to mitigate these risks and protect the security of their computer systems, software, networks and other technology assets, as well as the confidentiality, integrity and availability of information (including personal data) belonging to or in the possession or control of the Company and the shareholders. For example, unauthorized third parties (including members of organized crime, hackers, terrorists, and other external parties, including foreign state and state-supported actors) may attempt to improperly access, modify, disrupt the operations of, or prevent access to the systems and networks of the Adviser, the Company, their respective service providers, or their counterparties, or data within these systems and networks.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cybersecurity threats are constantly evolving and becoming increasingly sophisticated and complex, increasing the difficulty of defending against them. Cybersecurity incidents and malicious internet-based activity are also becoming more frequent, and providers of investment management services have been targeted by such attacks, which include, among other things, stealing or corrupting data maintained online or digitally, denial-of-service attacks, malicious or destructive code, phishing attacks, malware, ransomware, social engineering, damage or interruption from computer viruses, the unauthorized collection, monitoring, use or release or other processing of confidential, proprietary, sensitive or other non-public information (including personal data), employee error or malfeasance, and causing operational disruption. Third parties also may attempt to fraudulently induce employees, customers, third party service providers, or other users of the Adviser’s, the Company’s and their respective service providers’ systems to disclose sensitive information in order to gain access to the Adviser’s data or that of the Company’s investors. Such threats could see their frequency increased, and effectiveness enhanced, by the use of artificial intelligence.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Adviser has policies and procedures, and administrative, technical and physical security measures in place designed to mitigate this risk, no system is fully attack proof. A successful penetration or circumvention of the security of the Adviser’s, the Company’s or their respective service providers’ systems and networks could result, among other things, in the loss or theft of an investor’s data (including personal data) or funds, the inability to access systems, loss or theft of confidential, proprietary or sensitive or other non-public information (including personal data) or corporate data, physical damage to a computer or network system or costs associated with system repairs. Such incidents could cause the Adviser, the Company or their respective service providers to incur or become subject to regulatory penalties, fines or investigations, reputational damage, litigation, additional compliance costs or financial loss. The Adviser and the Company also could incur substantial costs for cybersecurity risk management in order to prevent or remediate any cyberattacks or security incidents in the future. Similarly, the public perception that the Adviser, the Company or any of their service providers have been the target of a cybersecurity threat, even if unsuccessful, also could have a material adverse effect on one or more of their reputations and lead to financial losses from loss of business, depending on the nature and severity of the threat. While the Adviser performs cybersecurity diligence on key service providers, it is important to note that if a service provider fails to adopt or adhere to adequate cybersecurity procedures, or if, despite such procedures, its networks or systems are breached, information relating to client transactions or personal data of investors could be lost or improperly accessed, used or disclosed. Similar types of operational and technology risks are also present for the Company’s borrowers, which could have material adverse consequences for such companies, and may cause the Company’s investments to lose value. Company information and information with respect to a shareholder’s investment in the Company may be delivered to such shareholder electronically. There are risks associated with such electronic delivery including, but not limited to, that e-mail messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. In addition, the Adviser’s and the Company’s insurance coverage may be insufficient to compensate against all losses.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the limitations of liability provisions in contracts with service providers might not be adequate to protect the Adviser or the Company from any liabilities or damages with respect to any particular claim relating to a security lapse or breach. Currently applicable cybersecurity insurance might not cover all liabilities incurred by such attacks and it is uncertain whether insurance will continue to be available on economically reasonable terms or that the Adviser will continue to renew or obtain such insurance. The successful assertion of one or more large claims against the Adviser or the Company that exceeds available insurance coverage, or the occurrence of changes in insurance policies as they relate to cyber security, could have a material adverse effect on the Adviser’s business, including its financial condition and reputation or on the Company.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Artificial Intelligence</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company, the Adviser, the Adviser Parties, the Antares Lending Platform, the borrowers and issuers in which the Company invests and/or the Company’s service providers could benefit from novel uses of artificial intelligence (“AI”), including generative AI, into their businesses and operations. However, there are significant risks involved in utilizing AI, and no assurance can be provided that such use will enhance the businesses or operations, or result in such businesses or operations being more efficient or profitable. For example, AI algorithms could be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable. AI has also been known to produce false or “hallucinatory” inferences or outputs and AI can present ethical issues and subject users to new or heightened legal, regulatory, ethical, or other challenges. Inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions. If the AI solutions that the Adviser Parties create or use are deficient, inaccurate or controversial, the Adviser Parties and/or the Company could suffer operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on their businesses and financial results. If the party using AI does not have sufficient rights to use the data or other material or content on which its AI solutions or other AI tools rely, such party could also incur liability through the violation of applicable laws, third-party intellectual property, privacy or other rights, or contracts to which they are a party. At this time, the Adviser Parties and the Antares Lending Platform primarily use AI, in the context of their investment activities, to expedite certain tasks that consolidate and synthesize information that is then checked by personnel and informs the investment process but, at this time, the Adviser Parties are not using AI to make investment decisions or as an analytical tool to aid such decisions. The Adviser Parties and the Antares Lending Platform could alter, increase or decrease their use of AI in the future.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, regulation of AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on this emerging technology. The technologies underlying AI and its uses are already subject to a variety of laws, including intellectual property, privacy, data protection and cybersecurity, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws. AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other non-U.S. jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws to AI or are considering general legal frameworks for AI, such as the European Union Artificial Intelligence Act. It is possible that the Company, the Adviser Parties or the Antares Lending Platform or any of their respective affiliates will not be able to anticipate how to respond to these rapidly evolving frameworks, and such parties could be required to expend resources to adjust their activity in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Reserves and Contingent Liabilities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may from time to time incur contingent liabilities in connection with an investment. For example, the Company will acquire a revolving credit or delayed draw term facility that has not yet been fully drawn. If the borrower subsequently draws down on the facility, the Company will be obligated to fund the amounts due. The Company may create, accrue and fund reserves for known or contingent liabilities or for other reasons in such amounts as the Adviser deems necessary or appropriate in its reasonable sole discretion. Any such reserves will reduce the amount of distributable funds available to the shareholders and could adversely impact the Company’s performance. There can be no assurance that the Company will adequately reserve for such contingent liabilities and that such liabilities will not have an adverse effect on the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Portfolio Valuation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company expects to hold Portfolio Loans, equity securities and other financial instruments, assets or obligations that are thinly traded, not publicly traded, for which no market exists or which are restricted as to their transferability under applicable securities laws. The fair value of such investments will not be readily determinable and can be extremely difficult to value accurately. The Adviser, subject at all times to the oversight and approval of the Board, will determine the valuation of the Company’s investments. It is expected that the Adviser will have a limited ability to obtain accurate market quotations for purposes of valuing most of the Company’s investments, which may require the Adviser to estimate, in accordance with valuation policies established by the Board, the value of the Company’s debt and other investments on a valuation date. Further, because of the overall size and concentrations in particular markets, the maturities of positions that may be held by the Company from time to time and other factors, the liquidation values of the Company’s investments may differ significantly from the interim valuations of these investments derived from the valuation methods described herein. If the Adviser’s valuation should prove to be incorrect, the stated value of the Company’s investments could be adversely affected. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the shareholders.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Valuation of the types of assets in which the Company invests are inherently subjective. In addition, the Adviser may have an interest in determining higher valuations in order to be able to present better performance to prospective investors. In certain cases, the Company may hold an investment in an issuer experiencing distress or going through bankruptcy. In such a situation, the Adviser may continue to place a favorable valuation on such investment due to the Adviser’s determination that the investment is sufficiently secured despite the distressed state or bankruptcy of the issuer. However, no assurances can be given that this assumption is justified or that such valuations will be accurate in the long term. In addition, an investment in a Portfolio Company may not be permanently written-off or permanently written down despite its distressed state or covenant breach until such Portfolio Company experiences a material corporate event (</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">e.g.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, bankruptcy or partial sale) which establishes an objective basis for such revised valuation. In these circumstances, the Adviser has an interest in delaying any such write-offs or write-downs to maintain a higher management fee base and thus, management fees paid to the Adviser.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the Adviser may rely on third-party valuation agents to verify the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser’s knowledge of the investment, the valuation agent may defer to the Adviser’s valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. The Adviser also relies on the accuracy of data and information provided by Portfolio Companies in the valuation process. An inaccurate valuation of one or more investments could have a substantial impact on the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There are Investment Limitations Related to Antares Capital's Environmental, Social and Governance Policy</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans originated by (i) Antares Capital, as originator and lender of loans, (ii) Antares Capital, as arranger, administrative agent and/or similar capacities for loans, and (iii) the Antares Lending Platform are done so in accordance with Antares Capital’s Environmental, Social and Governance policy (such policy as amended from time to time, the “Antares ESG Policy”). The Antares ESG Policy sets forth the Antares Lending Platform’s principal positions on environmental, social and governance (“ESG”) matters and reviews how ESG factors are incorporated into the Antares Lending Platform’s loan and investment processes. ESG factors that the Adviser evaluates could include: (i) environment, (ii) social capital, (iii) human capital, (iv) business model and innovation, and (v) leadership and corporate governance. In considering the materiality of any ESG factor, the Adviser considers the borrower’s exposure to ESG risk, the borrower’s organizational capacity to mitigate that risk; and the potential outcomes from an adverse ESG event. Generally, ESG factors are informative but not determinative, although there are certain industries in which the Adviser will not invest depending on the specific investor/client, jurisdiction, or investor/client mandate. The Antares Capital Responsible Investment Policy (“RI Policy”) guides portfolio management and general business conduct on the integration of any ESG factors when deemed appropriate. Given the dynamic and evolving nature of ESG issues, the RI Policy is subject to continuous review and subject to change without notice; and its application can vary materially depending on the specific investor or client, jurisdiction, or investor level investment guidelines and requirements. The Adviser and/or its advisory affiliates could offer new or different strategies to current or prospective clients, including private funds or funds of one dedicated to a strategy or which pursue such strategy alongside other investments, such as secondary market acquisition of interests in funds that pursue private credit strategies or direct investment in junior capital instruments, although such investments are not generally within the Company’s expected portfolio profile.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">It is possible that the Antares ESG Policy will prevent potential Portfolio Loans from being originated on the Antares Lending Platform or prevent the Company from acquiring certain Portfolio Loans, which could impact the returns of the Company. Except as set forth in the Antares ESG Policy, the Adviser is not required to consider any particular ESG factors in evaluating investments. There is no universally accepted view on ESG standards, and the Adviser’s view as to any ESG factors might not match the view of any particular shareholder.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Handling of Mail</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Mail addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by the Company to be dealt with. To the extent that personnel of the Adviser are employing remote work arrangements, forwarded mail could be delayed. None of the Company nor the Adviser or any of its or their trustees, directors, officers, advisors or service providers will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Allocation of Investment Opportunities and Related Conflicts</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company generally is prohibited under the 1940 Act from participating in certain transactions with its affiliates, including its subsidiaries (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company), without prior approval of the independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Company’s outstanding voting securities is an affiliate of the Company for purposes of the 1940 Act, and the Company generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the independent directors. The 1940 Act also prohibits certain “joint” transactions with certain of the Company’s affiliates, which could include investments in the same issuers (whether at the same or different times), without prior approval of the independent directors and, in some cases, the SEC. If a person acquires more than 25% of the Company’s voting securities, the Company will be prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit the Company’s ability to transact business with the Company’s officers or directors or their affiliates. These prohibitions will affect the manner in which investment opportunities are allocated between the Company and other funds managed by the Adviser or its affiliates. Most importantly, the Company generally is prohibited from co-investing with Other Accounts or affiliates of the Adviser in the Antares Lending Platform-originated loans and financings except pursuant to the co-investment exemptive relief the Company has received from the SEC, which delineates the requirements the Adviser must comply with for the Company to invest with Other Accounts. Accordingly, while the Adviser and its affiliates intend to allocate suitable opportunities among the Company, other accounts and/or affiliates of the Adviser based on the principles described above, the restriction on co-investing with affiliates could significantly limit the scope of investment opportunities available to the Company. In particular, the decision by the Adviser or its affiliates to allocate an opportunity to one or more other investment funds or accounts (each, an “Other Investor”) or to an affiliate of the Adviser, or the existence of a prior co-investment structure, might cause the Company to forgo an investment opportunity that it otherwise would have made. Similarly, the Company generally may be limited in its ability to invest in an issuer in which an Other Investor or affiliate of the Adviser had previously invested. The Company may in certain circumstances also be required to sell, transfer or otherwise reorganize assets in which the Company has invested with other accounts or affiliates of the Adviser at times that the Company may not consider advantageous.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Any such co-investments will be subject to certain conditions, including that co-investments are made in a manner consistent with the Company’s investment objectives and strategies, and the other applicable conditions of the co-investment exemptive relief. Under the terms of the relief, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must reach certain conclusions in connection with a co-investment transaction, including that: (i) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned; and (ii) the transaction is consistent with the interests of the Company’s shareholders and is consistent with the Company’s then-current investment objectives and strategies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a result of the relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of Other Accounts. Because investments are allocated across multiple Antares Lending Platform accounts, the Company will at times receive a lower allocation to an investment than desired; likewise, the Company may also be limited in the degree to which it is able to participate in selling opportunities that it may otherwise wish to pursue due to allocations, including non-pro rata allocations, to Other Accounts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Adviser identifies an investment and the Company is unable to rely on the co-investment relief for that particular opportunity, the Adviser will be required to determine which accounts should make the investment at the potential exclusion of other accounts. In such circumstances, the Adviser will adhere to its investment allocation policy in order to determine the account to which to allocate investment opportunities. Accordingly, it is possible that the Company may not be given the opportunity to participate in investments made by other accounts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Infrastructure Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s business is highly dependent on its communications and information systems. Any failure or interruption of such systems could cause delays or other problems in its activities. This, in turn, could have a material adverse effect on the Company’s operating results and, consequently, negatively affect the net asset value of the Company and its ability to make distributions. In addition, because many of the Company’s borrowers operate and rely on network infrastructure and enterprise applications and internal technology systems for development, marketing, operational, support and other business activities, a disruption or failure of any or all of these systems in the event of a major telecommunications failure, cyber-attack, fire, earthquake, severe weather conditions or other catastrophic event could cause system interruptions, delays in product development and loss of critical data and could otherwise disrupt their business operations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Reliant on the Adviser and is Subject to Risks Relating to the Fact that Shareholders do not Participate in Management</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Substantially all decisions with respect to the management of the Company are made exclusively by the Board and/or the Adviser. Subject to the provisions of the Investment Advisory Agreement and the approval of the Board (where applicable), all investment and sale decisions with respect to the Portfolio Loans on behalf of the Company are made by the Adviser. Further, the Adviser may delegate all or a portion of its obligations pursuant to and in accordance with the Investment Advisory Agreement. Shareholders have no right or power to take part in the management of the Company. Consequently, the success of the Company will depend, in large part, upon the skill and expertise of the officers or other authorized persons of the Company and the officers or other personnel of the Adviser. There can be no assurance that the officers or other authorized persons of the Company or the officers or other personnel of the Adviser will continue to serve in their current positions or continue to serve as officers or other authorized persons of the Company or as officers or other personnel of the Adviser, as the case may be. Further, there can be no assurance that any particular individual will be involved in the management of any particular portfolio for any given period of time, if at all.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s ability to achieve its investment objective will depend on the Adviser’s ability to identify, invest in and monitor Portfolio Loans. The members of the Adviser’s Investment Committee and the other officers and personnel of the Adviser are engaged in other business activities and will be called upon to provide managerial assistance to Other Accounts managed by the Adviser or by other Adviser Parties and to Platform Balance Sheet Clients. Although such investment professionals will devote such time as is necessary to fulfill the obligations of the Adviser to the Company effectively, as reasonably determined by the Adviser, respectively, they will not devote all of their professional time thereto. In addition, there is no assurance that every member of the Adviser’s Investment Committee will opine on any particular investment opportunity. In particular, (i) the Adviser’s Investment Committee meets with a quorum and reviews and approves a prospective Portfolio Loan, such that it is possible that the Adviser’s Investment Committee will opine on an investment opportunity without receiving input from each member and (ii) members of the Adviser’s Investment Committee can, consistent with the committee’s charter, delegate authority with respect to a prospective Portfolio Loan to another employee of the Adviser or one of its affiliates.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Shareholders and the Board will have the right to terminate the Investment Advisory Agreement. If the Adviser is removed, or resigns, the Company will lose access to additional Loans or other assets originated by the Antares Lending Platform, which represent all of the Company’s portfolio. Additionally, if the Adviser resigns or is removed, the Company may not be able to find a substitute investment adviser or be able to hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms or at all. If the Company is unable to replace the Adviser quickly, its operations are likely to experience a disruption, and its financial condition is likely to be adversely affected. In addition, the coordination of the Company’s internal management and investment activities is likely to suffer if the Company is unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser and the other Adviser Parties. Even if the Company is able to retain comparable management, whether internal or external, transition of management may result in additional costs and time delays that may adversely affect the Company’s financial condition.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Investor Suitability</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">An investment in the Company involves a high degree of risk and is intended only for sophisticated investors who are capable of understanding and assuming the risks involved. Any investor interested in acquiring Common Shares should conduct its own investigation and analysis of investing in the Company and consult its own professional advisers as to the risks involved in making such an investment.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investors Need to Seek Independent Advice</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">None of the Company, the Adviser, any other Adviser Party or the Antares Lending Platform is providing investment, accounting, tax or legal advice in respect of the Common Shares and none of them will have a fiduciary relationship with any investor or prospective investor. No hypothetical performance scenario, modeling run or return analysis that is provided to any prospective investor should be solely relied upon when considering an investment decision.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The actual performance of the Company will be affected by, among other things, (i) approvals required by the LLC Agreement of the Company or the Investment Advisory Agreement, as applicable, that are granted or withheld by the Board including, among other things, in connection with the purchase and sale of Portfolio Loans, (ii) the amount and frequency of principal payments and prepayments on the Portfolio Loans, which are dependent upon, among other things, the amount of payments received at or in advance of the scheduled maturity of the Portfolio Loans (whether through sale, maturity, optional or mandatory prepayments, default or the other disposition or liquidation thereof), (iii) the financial condition of the obligors of the Portfolio Loans, (iv) the availability of repricings and/or refinancing of the Portfolio Loans, (v) changes to the interest rates on the Portfolio Loans, and (vi) the availability to the Company of leveraged financing with respect to the Portfolio Loans or any portion thereof. It is expected that most of the Portfolio Loans will include the right of the obligor to optionally prepay such Portfolio Loan, in whole or in part, and/or the obligation to make a mandatory prepayment of such Portfolio Loan, in whole or in part, at various times and subject to certain conditions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Common Shares are Not Guaranteed by the Adviser or any other Adviser Party</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">None of the Adviser, any other Adviser Party or any other person makes any assurance, guarantee or representation whatsoever as to the expected or projected success, profitability, return, performance result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) to the Company or any shareholder and neither the Company nor the shareholders may rely on any such person for a determination of expected or projected success, profitability, return, performance result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) to any shareholder.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Limited Liquidity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Currently, no market exists for the Common Shares. The Common Shares are illiquid investments; there is no established secondary market for the Common Shares and none is likely to develop. An investment in the Company is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Liquidity for our Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. To the extent you paid a repurchase price that includes the related sales load and to the extent you have the ability to sell your Common Shares pursuant to our share repurchase program, the price at which you may sell Common Shares may be lower than the amount you paid in connection with the purchase of Common Shares in the Private Offering.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Unspecified Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The capital of the Company generally will be invested directly or indirectly in Portfolio Loans and other assets which will not have been disclosed or, in most cases, identified prior to a shareholder acquiring Common Shares. Accordingly, shareholders will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding the Portfolio Loans to be acquired directly or indirectly by the Company and therefore will be dependent upon the judgment and ability of the Adviser in identifying Portfolio Loans for acquisition over time, acquiring them on behalf of the Company and managing them thereafter. When required under applicable law or when otherwise required under the Company’s governing documents, shareholders will also be depending on the judgment of the Board whether or not to consent to the acquisition or sale, as applicable, of such Portfolio Loans. No assurance can be given that the Adviser will be successful in identifying suitable Portfolio Loans for acquisition by the Company, or, if identified, that such loans will be available for acquisition by the Company, or that, if such acquisitions are made, the investment objective of the Company will be achieved.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Use of Leverage</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company will use leverage and incur indebtedness directly or indirectly to acquire and hold Portfolio Loans. The Adviser may establish and use any reserves to acquire additional Portfolio Loans or other or to repay all or any portion of any outstanding indebtedness of the Company. Risks associated with this use of leverage are described under the heading “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Financings by the Company</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent that the Company enters into multiple financing arrangements, such arrangements may contain cross-default provisions that could magnify the effect of a default. If a cross-default provision were exercised, this could result in a substantial loss for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we generally will be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings, including those incurred at a subsidiary level, and any preferred shares that we may issue in the future, of at least 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. If this ratio were to fall below 150%, we could not incur additional debt and could be required to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to you may be significantly restricted or we may not be able to make any such distributions whatsoever.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The amount of leverage that we will employ will be subject to oversight by our Board, a majority of whom are Independent Directors with no material interests in such transactions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although borrowings by the Company have the potential to enhance overall returns that exceed the Company’s cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Company’s cost of funds. In addition, borrowings by the Company may be secured by the shareholders’ investments as well as by the Company’s assets and the documentation relating to such borrowing may provide that during the continuance of a default under such borrowing, the interests of the investors may be subordinated to such borrowing.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Availability of Financing</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because the Company intends to use leverage and to directly or indirectly incur indebtedness, returns realized by the Company will depend significantly on the availability of such financing and the terms applicable thereto. To the extent the Company cannot obtain financing, the ability of the Company to acquire Portfolio Loans will be restricted and returns to the Company and to the shareholders may be reduced as a result. Similarly, if the financing terms made available thereto are not favorable, or if such financing is available and entered into but subsequently the related lenders do not agree to any requested amendment or, to the extent required or desired, replacement of such terms and/or no refinancing of such credit facility is then available at comparable or better terms, returns to the Company and to its shareholders may be reduced. The Company expects leverage to be available to it under one or more credit facilities. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See also</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Financings by the Company.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Contingent Liabilities on the Disposition of Equity Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In connection with the disposition of equity securities, the Company could be required to make representations about the business and financial affairs of the relevant Portfolio Company typical of those made in connection with the sale of a business. The Company also could be required to indemnify the purchasers of the company (or interests or assets thereof) to the extent that any such representations are inaccurate or with respect to certain potential liabilities. These arrangements can result in the incurrence of contingent liabilities for which the Adviser can establish reserves or escrows.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Exculpation and Indemnification</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is required to indemnify the Adviser, the members of the Board and each other person indemnified under the LLC Agreement of the Company and the Bylaws of the Company (as amended or restated from time to time, the “Bylaws”) for liabilities incurred in connection with the LLC Agreement, the Bylaws, the Investment Advisory Agreement and the Company’s activities, except in certain circumstances. Subject to the limits on indemnification under Section 17(h) of the 1940 Act, the LLC Agreement provides that the Company shall not indemnify such persons to the extent liability and losses are the result of such persons’ negligence or misconduct in the case of an Interested Director, officer, employee, sponsor, controlling person or agent of the Company, or gross negligence or willful misconduct in the case of an Independent Director. Subject to the limits on indemnification under Section 17(i) of the 1940 Act, the Advisory Agreement provides that the Adviser shall not be protected against any liability to the Company or its shareholders by reason of willful misfeasance, bad faith or gross negligence on the Adviser’s part in the performance of its duties or by reason of the reckless disregard of its duties and obligations. The Company will also indemnify certain service providers, including the Administrator and the Company’s auditors, as well as consultants and sourcing, operating and joint venture partners. Such liabilities may be material and may have an adverse effect on the returns to the Company investors. The indemnification obligation of the Company would be payable from the assets of the Company. The application of the indemnification and exculpation standards may result in Company investors bearing a broader indemnification obligation in certain cases than they would in the absence of such standards. As a result of these considerations, even though such provisions will not act as a waiver on the part of any investor of any of its rights which are not permitted to be waived under applicable law, the Company may bear significant financial losses even where such losses were caused by the negligence or other conduct of such indemnified persons.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company’s Assets are Subject to Recourse</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The assets of the Company, including any investments made by and any capital held by the Company are available to satisfy all liabilities and other obligations of the Company, as applicable. If the Company becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Company’s assets generally and may not be limited to any particular asset, such as the investment giving rise to the liability.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Obtaining a Rating from One or More Credit Rating Agencies</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may apply to one or more credit rating agencies to rate the Company and/or its assets in order to provide the Company access to different sources of indebtedness or capital as well as to help meet the Company’s risk/return objectives, its overall target indebtedness ratio or other considerations as determined by the Adviser. In connection with such rating or ratings, the credit rating agency or credit rating agencies may review and analyze the Company’s counterparties, Antares Capital (in its capacity as the Adviser and the Administrator), the investments and expected investments of the Company, the legal structure of the Company, the historical and current Company investors and Company performance data. There can be no assurance that the Company will apply for such a rating or ratings, that a credit rating agency will provide a rating or that such a rating will be beneficial to the Company. In addition, when making investment decisions for the Company (including establishing the Company’s investment portfolio), the Adviser may consider the implications of the investment portfolio on a credit rating agency’s rating of the Company and tailor the Company’s investment portfolio taking into account such considerations. There is a risk that a rating agency could incorrectly rate, or downgrade ratings which could have a material effect on the Company, including its assets and its ability to acquire indebtedness.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Insurance</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser and/or its affiliates expect to purchase and maintain an omnibus insurance policy which includes coverage in respect of the Company, the Adviser and their affiliates, as well as other clients, including certain of their respective indemnified persons (which omnibus insurance policy or policies may provide coverage to the Adviser, the Adviser and their affiliates, as applicable, for events unrelated to the Company). The premiums for such shared insurance policies generally would be borne by the Adviser and the clients covered by such policies, and such shared insurance policies are expected to have an overall cap on coverage for all the insured parties thereunder. To the extent an insurable event results in claims in excess of such cap, the Company may not receive as much in insurance proceeds as it would have received if separate insurance policies had been purchased for each insured party. Similarly, insurable events may occur sequentially in time while subject to a single overall cap. To the extent insurance proceeds for one such event are applied towards a cap and the Company experiences an insurable loss after such event, the Company’s receipts from such insurance policy may also be diminished. Insurance policies covering the Company, the premiums of which are paid in whole or in part by the Company, may provide insurance coverage to indemnified persons for conduct that would not be covered by indemnification. In addition, the Company may need to initiate litigation in order to collect from an insurance provider, which may be lengthy and expensive for the Company and which ultimately may not result in a financial award. In addition, the Adviser may cause the Company to purchase and maintain insurance coverage that provides coverage to the Company, certain indemnified persons, or the Adviser, in which case, the premiums would be borne by the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Adviser and its affiliates expect to allocate insurance expenses in a manner it determines to be fair and equitable, taking into account any factors they deems relevant to the allocation of such expenses, because of the uncertainty of whether claims will arise in the future and the timing and the amount that may be involved in any such claim, the determination of how to allocate such expenses may require the Adviser and its affiliates to take into consideration facts and circumstances that are subjective in nature. It is unlikely that the Adviser and its affiliates will be able to accurately allocate the expenses of any such insurance policies based on the actual claims related to a particular client, including the Company. The Company and the Adviser do not intend to separately maintain key person life insurance on any key personnel.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Certain Proceedings and Investigations</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser and its affiliates and/or the Company may be subject to claims (or threats of claims), and governmental investigations, examinations, requests for information, audits, inquiries, subpoenas and other regulatory or civil proceedings. The outcome of any investigation, action or proceeding may materially adversely affect the value of the Company, including by virtue of reputational damage to the Adviser and may be impossible to anticipate. Any such investigation, action or proceeding may continue without resolution for long periods of time and may consume substantial amounts of the Adviser’s time and attention, and that time and the devotion of these resources to any investigation, action or proceeding may, at times, be disproportionate to the amounts at stake in such investigation, action or proceeding. The unfavorable resolution of such items could result in criminal or civil liability, fines, settlements, charges, penalties or other monetary or non-monetary remedies or sanctions that could negatively impact the Adviser and/or the Company. In addition, such actions and proceedings may involve claims of strict liability or similar risks against the Company in certain jurisdictions or in connection with certain types of activities. In some cases, the expense of such investigations, actions or proceedings and paying any amounts pursuant to settlements or judgments would be borne by the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Not Registered as an Investment Company Under the 1940 Act</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Company is not registered as an investment company under the 1940 Act, it will be subject to regulation as a BDC under the 1940 Act and will be required to adhere to the provisions of the 1940 Act applicable to BDCs. The Common Shares have not been recommended by any U.S. federal or state, or any non-U.S., securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this registration statement. Any representation to the contrary is a criminal offense.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Lack of Diversification</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that the Company is not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer. To the extent that the Company assumes large positions in the securities of a small number of issuers, its net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. The Company may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the Company’s asset diversification requirements as a RIC under the Code, the Company does not have fixed guidelines for diversification, and its investments could be concentrated in relatively few Portfolio Companies. Although the Company is classified as a non-diversified investment company within the meaning of the 1940 Act, it maintains the flexibility to operate as a diversified investment company. To the extent that the Company operates as a non-diversified investment company, it may be subject to greater risk.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During the period of time in which the Company is deploying its initial capital, the Company may make a limited number of investments. In addition, the Company does not have fixed guidelines for diversification by industry or type of security, and investments may be concentrated in only a few industries or types of securities. Further, if the expected amount of leverage is not obtained or deployed, the Company may be more concentrated in an investment than originally anticipated. As a result, the Company’s investments may be concentrated and the poor performance of a single investment may have pronounced negative consequences to the Company and the aggregate returns realized by the Company investors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Use of Proceeds</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Company generally intends to make all distributions of net proceeds in accordance with the terms herein, the amount and timing of distributions from the Company to the Company investors will be at the discretion of the Board, who may also direct that amounts available for distribution be retained in the Company (i) to be used to satisfy, or establish reserves for, the Company’s current or anticipated obligations (including Management Fees, Incentive Fees and any other expenses) or (ii) for reinvestment of the cost basis of an investment. Accordingly, there can be no assurance as to the timing and amount of distributions from the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Operational Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is subject to operational risk, including the possibility that errors may be made by the Adviser or its affiliates and service providers in certain transactions, calculations or valuations on behalf of, or otherwise relating to, the Company. Company investors may not be notified of the occurrence of an error or the resolution of any error. Generally, the Adviser, its affiliates and service providers will not be held accountable for such errors, and the Company may bear losses resulting from such errors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Sourcing, Operating or Joint Venture Partners</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Antares Lending Platform has historically, and expects in the future to, work with sourcing, operating and/or joint venture partners, including with respect to particular types of investments or particular sectors or regions. These arrangements may be structured as joint ventures or contractual service provider relationships. In certain circumstances, the Adviser may commit to invest in a pre-agreed amount of investments negotiated by the sourcing partner and/or joint venture partner and/or the Adviser may commit to invest in one or more transactions for which the sourcing partner and/or joint venture partner led the due diligence and negotiation processes and the Adviser is given only a limited opportunity to perform due diligence and participate in negotiation of transactional terms. Company investors should be aware that sourcing, operating and joint venture partners are not expected to owe any fiduciary duties to the Company or the Company investors.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may pay retainers, closing, monitoring, performance or other fees to sourcing, operating and joint venture partners. Such retainer fees may be netted against a closing fee, if applicable, in connection with the related investment. However, if no such investment is consummated, the Company will bear any retainer amounts as an expense. In addition, to the extent the compensation of a sourcing, operating or joint venture partner is based on the performance of the relevant investments, the sourcing, operating or joint venture partner may have an incentive to seek riskier investments than it would have under a different compensation structure. In this regard, a sourcing, operating or joint venture partner may receive incentive compensation at the expense of the Company. The expenses of sourcing, operating and joint venture partners may be substantial. In certain circumstances, the Company or a Portfolio Company in which the Company invests may pay fees to sourcing, operating and/or joint venture partners in consideration for services, including where the Adviser or an affiliate may have otherwise provided those services without charge. In other circumstances, sourcing, operating and/or joint venture partners may receive certain third-party fees (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees as well as prepayment premiums) in respect of an investment, and no such fees will offset or otherwise reduce the Management Fee payable by Company investors. The existence of such fees may result in the Company paying fees twice, once to the Adviser in the form of Management Fees and once to the sourcing, operating or joint venture partners to service or manage the same assets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Sourcing, operating and/or joint venture partners may invest in the Company. Joint ventures may give rise to additional risks, including tax risks, and structures utilized in context of joint ventures, including for legal, tax and regulatory reasons, may adversely affect the Company’s pre-tax returns.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Electronic Delivery of Certain Documents</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company investors will be deemed to consent to electronic delivery or posting to the Administrator’s website or other service of: (i) certain closing documents such as the LLC Agreement, the Bylaws and the Subscription Agreements; (ii) any notices or communications required or contemplated to be delivered to the Company investors by the Company, the Adviser, or any of their respective affiliates, pursuant to applicable law or regulation; (iii) certain tax-related information and documents; and (iv) drawdown notices and other notices, requests, demands, consents or other communications and any financial statements, reports, schedules, certificates or opinions required to be provided to the Company investors under any agreements. There are certain costs and possible risks associated with electronic delivery. Moreover, the Adviser cannot provide any assurance that these communication methods are secure and will not be responsible for any computer viruses, problems or malfunctions resulting from the use of such communication methods. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Adviser and Structure-Related Risks—The Company is Dependent on Information Systems and Subject to Risks Relating to Cybersecurity.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company May Need to Raise Additional Capital</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may need additional capital to fund new investments and grow its portfolio of investments once it has fully invested the net proceeds of the Private Offering. Unfavorable economic conditions could increase the Company’s funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Company’s ability to grow. In addition, the Company is required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to investors to maintain its qualification as a RIC. As a result, these earnings will not be available to fund new investments. An inability on the Company’s part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Counterparty Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent that contracts for investment will be entered into between the Company and a market counterparty as principal (and not as agent), the Company is exposed to the risk that the market counterparty may, in an insolvency or similar event, be unable to meet its contractual obligations to the Company. The Company may have a limited number of potential counterparties for certain of its investments, which may significantly impair the Company’s ability to reduce its exposure to counterparty risk. In addition, difficulty reaching an agreement with any single counterparty could limit or eliminate the Company’s ability to execute such investments altogether. Because certain purchases, sales, hedging, financing arrangements and other instruments in which the Company will engage are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Company is subject to the risk that a counterparty will not perform its obligations under the related contracts. Although the Company intends to pursue its remedies under any such contracts, there can be no assurance that a counterparty will not default and that the Company will not sustain a loss on a transaction as a result.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investors May be Required to Return Distributions to Satisfy Unpaid Debts of the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under Delaware law, the investors could, under certain circumstances, be required to return distributions made by the Company to satisfy unpaid debts of the Company that were in existence at the time the distributions were made.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Board May Make Certain Changes in the Company’s Investment Objective, Operating Policies or Strategies Without Prior Notice or Investor Approval</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Board has the authority to modify or waive certain of the Company’s operating policies and strategies without prior notice (except as required by the 1940 Act) and without investor approval. However, absent investor approval, the Company may not change the nature of its business so as to cease to be, or withdraw its election as, a BDC. Under Delaware law, the Company also cannot be dissolved without prior investor approval. The Company cannot predict the effect any changes to its current operating policies and strategies would have on its business, operating results and value of its Common Shares. Nevertheless, the effects may adversely affect the Company’s business and impact its ability to make distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Board May Make Certain Changes to the Company’s LLC Agreement Without Prior Shareholder Approval</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board may, without shareholder vote, subject to certain exceptions, amend or otherwise supplement the LLC Agreement by making an amendment or a supplement thereto or an amended and restated LLC Agreement, including without limitation to effect additional shareholders becoming a party to the LLC Agreement or the creation or issuance of additional shares or classes of shares and to add to the duties or obligations of the Board or surrender any right granted to the Board.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Distributions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company intends to pay monthly distributions to shareholders out of assets legally available for distribution. The Company cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. If the Company is unable to satisfy the asset coverage test applicable to it as a BDC, or if the Company violates certain debt financing agreements, its ability to pay distributions to shareholders could be limited. All distributions will be paid at the discretion of the Company’s Board and will depend on the Company’s earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, compliance with debt financing agreements and such other factors as the Board may deem relevant from time to time. The distributions the Company pays to investors in a year may exceed the Company’s taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investors who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of RIC’s net ordinary income or capital gains when they are not. Accordingly, investors should read carefully any written disclosure accompanying a distribution from the Company and the information about the specific tax characteristics of the Company’s distributions provided to investors after the end of each calendar year, and should not assume that the source of any distribution is the Company’s net ordinary income or capital gains. To the extent that the Company’s distributions contain a return of capital, such distributions should not be considered the dividend yield or total return of an investment in the Common Shares. The amount treated as a tax-free return of capital will reduce a shareholder’s adjusted tax basis in the Common Shares, thereby increasing the shareholder’s potential taxable gain or reducing the potential taxable loss on the sale of Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Board has the Discretion to Not Repurchase Common Shares, to Suspend the Share Repurchase Program, and to Cease Repurchases</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board may not adopt a share repurchase program, and if such a program is adopted, may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your shares at all in the event our Board amends, suspends or terminates the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our LLC Agreement or otherwise to effect a liquidity event at any time. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Common Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The share repurchase program has many limitations and should not be relied upon as a method to sell shares promptly or at a desired price.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain Regulatory Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes to the Dodd-Frank Act May Adversely Impact the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The enactment of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and other financial regulations curtailed certain investment activities of U.S. banks. As a result, alternative providers of capital (such as the Company) were able to access certain investment opportunities on a larger scale. If the restrictions under the Dodd-Frank Act are curtailed or repealed, banks may be subject to fewer restrictions on their investment activities, thereby increasing competition with the Company for potential investment opportunities. As a result, any changes to the Dodd-Frank Act may adversely impact the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There are General Regulatory Risks Applicable to the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Legal, tax and regulatory changes could occur that may adversely affect the Company, the shareholders and/or the portfolio investments. Recent proposals by the SEC indicate increased focus on the regulatory environment for investment vehicles such as the Company, for holders of securities thereof, for investment advisers thereto and for lenders thereto is evolving, and changes in the regulation of any thereof may adversely affect the value of Common Shares held by or returns to a shareholder and/or the ability of the Company to pursue its investment strategy.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although the Company and the Adviser will endeavor to comply with the requirements of a law and any changes thereto, the treatment of such entities and their investment or investment advisory activities is often uncertain, and may frequently depend on determinations of fact and interpretations of complex provisions of law and regulation for which there may be no clear precedent or authority or with respect to which the law or regulations are in the process of being considered for revocation or modification. Under such circumstances, the Company and/or the Adviser may employ standard or developing industry practice or conventions, as well as its own internal policies and procedures, to guide its compliance efforts.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance, however, that such practices, conventions, policies and procedures ultimately will be considered compliant, and as a result, the Company or the Adviser, despite its efforts, may be exposed to liability (which may be subject to indemnification by the Company or the shareholders), possibly on a retroactive basis, as practice, conventions, policies or procedures change or are challenged or the procedures for compliance with the regulatory regimes to which such entities are subject become clearer. Moreover, the regulatory regimes to which the Company, the Adviser and the shareholders are subject may be administered differently by different governmental authorities or may be administered differently by different personnel within a particular governmental authority or over time and are generally under review by the applicable government authorities in the various jurisdictions in which such entities have investment or other activities, sometimes resulting in revised interpretations of seemingly established concepts. The treatment of such entities or their activities may be modified by administrative, legislative or judicial interpretation at any time, and any such action may affect investments or commitments previously made. In addition, as a result of such changes, the structure and activities of such entities may be challenged. Accordingly, the Company, the shareholders and/or the Adviser could be adversely affected by any of such changes in laws, regulations, interpretations or the administration thereof.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Company incurs indebtedness directly or indirectly that constitutes the issuance of an asset-backed security or a securitization as defined under then applicable law in the United States of America, in Europe or in Japan, the Company, the Adviser or an affiliate of any thereof, may be required to (or may elect to) hold credit risk retention interests with respect thereto for the period of time and subject to the restrictions and limitations applicable thereto under then applicable law which could reduce the returns available to the Company and the shareholders and potentially cause other adverse consequences for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Portfolio Companies and the Company are subject to regulation by-laws at the U.S. federal, state, and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations, and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on the Company’s business. The effects of such laws and regulations on the financial services industry will depend, in large part, upon the extent to which regulators exercise the authority granted to them and the approaches taken in implementing regulations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Future legislative and regulatory proposals directed at the financial services industry that are proposed or pending in the U.S. Congress may negatively impact the operations, cash flows or financial condition of the Company or its Portfolio Companies, impose additional costs on Portfolio Companies or the Company intensify the regulatory supervision of the Company or its Portfolio Companies or otherwise adversely affect the Company’s business or the business of its Portfolio Companies. Laws that apply to the Company, either now or in the future, are often highly complex and may include licensing requirements. The licensing process can be lengthy and can be expected to subject the Company to increased regulatory oversight. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines, or limitations on the ability of the Company or the Adviser to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on the Company. In addition, if the Company does not comply with applicable laws and regulations, it could lose any licenses that it then holds for the conduct of its business and may be subject to civil fines and criminal penalties.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Privacy and Data Protection</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s collection, use, maintenance, handling, transfer and other processing of personal data, including in relation to, amongst others, the staff and representatives, individuals considering and/or making an investment in the Company, and individuals connected with investors (such as directors, trustees, beneficial owners, advisors and agents), imposes legal and regulatory risk. Legal and regulatory requirements relating to the collection, storage, usage, maintenance, handling, transfer and other processing of personal data continue to evolve and could impose costly compliance burdens on the Company. The Company is and could directly or indirectly become subject to existing and future federal, state and international laws, regulations, rules or requirements related to privacy, data protection and information security in the jurisdictions in which it does business and/or its investors are located.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For example, the European Union’s General Data Protection Regulation (“GDPR”) includes a range of compliance obligations regarding the handling of personal data and significant financial penalties for non-compliance (the greater of €20 million or 4% of annual global turnover). Following Brexit, the U.K. General Data Protection Regulation (</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">i.e., </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">a version of the GDPR as implemented into U.K. law) (“UK GDPR”) went into effect. While the GDPR and the UK GDPR remain substantially similar for the time being, the UK government has announced that it would seek to chart its own path on data protection and reform its relevant laws, including in ways that could differ from the GDPR.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company could also be subject to existing and new U.S. federal, state and local privacy, data protection, and information security laws and regulations, such as the Federal Trade Commission Act, which regulates unfair or deceptive acts or practices (including with respect to privacy, data protection and information security); the Gramm-Leach-Bliley Act of 1999, which restricts certain collection, storage, use, disclosure and other processing of personal data, requires notice to individuals of privacy practices and provides individuals with certain rights to prevent the use and disclosure of certain non-public or otherwise legally protected data; the California Consumer Privacy Act, as amended by the California Privacy Rights Act, which provides California residents with certain individual privacy rights and imposes privacy, data protection and information security obligations on covered companies, as well as state data breach notification and other laws, including the New York SHIELD ACT, that require enhanced levels of cybersecurity and notification to individuals and/or regulators in the event of a cybersecurity breach of certain personal data or other similar incidents. A number of other states also have enacted, or are considering enacting, comprehensive privacy, data protection and information security laws, and the United States Congress is also considering various proposals for privacy, data protection and information security legislation.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company intends to comply with any obligations arising out of privacy, data protection, and information security laws and regulations that are applicable to it, but may not be able to accurately anticipate the way in which regulators and courts will apply or interpret such laws and regulations, including their applicability to the Company. If any such laws or regulations are implemented, interpreted or applied in a manner inconsistent with the Company’s policies and practices, it may be fined or ordered to change its business practices in a manner that increases compliance burdens and costs and adversely impacts its operating results. Compliance with these laws and regulations, including the obligation to timely notify stakeholders in the event of a cybersecurity incident, may divert the Company’s time and effort and entail substantial expense. Any failure or perceived failure by the Company to comply with existing and new privacy, data protection and information security laws and regulations could result in negative publicity and may subject the Company to significant costs associated with litigation, settlements, regulatory action, judgments, fines, liabilities and other penalties, for which the Company may not have insurance coverage.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Material Non-Public Information</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As described under the heading “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Conflicts of Interest” </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">from time to time, the Adviser, other Adviser Parties and the Antares Lending Platform, the equity owners of each, including each of the Canada Pension Plan Investment Board and Northleaf Star Holdings LP, (and each such equity owners’ other subsidiaries and companies in which they own some or all of the equity interests, collectively, the “Parent Companies”), and other affiliates (and the officers and personnel of any of the foregoing) may come into possession of material non-public information that would limit the ability of the Company to buy and sell Portfolio Loans. The investment flexibility of the Company may be constrained as a consequence of the Adviser’s inability to take certain actions because of such information. The Company will lose investment opportunities if it is unable to acquire an investment because the Adviser, other Adviser Parties, the Antares Lending Platform, the Parent Companies, or other affiliates (or the officers or other personnel of any of the foregoing) have obtained material non-public information which prevents such acquisition. Although the Adviser and its affiliates have adopted some informational walls, not all information is subject to such walls and there can be no guarantee that a wall will be effective. For example, with respect to information on secondaries, information obtained by another Adviser Party in the course of managing investments in secondaries will not be shared with the other Adviser Parties, which information could be informative to the management and valuation of any such investment managed by other Advisers, but will not be shared, which could be to the detriment of the Company. The Company may experience losses if it is unable to sell an investment that it holds because the Adviser, another Adviser Party, the Antares Lending Platform, a Parent Company, or other affiliates (or the officers or other personnel of any of the foregoing) have obtained material non-public information, which losses will reduce returns to and could cause losses for the shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Public and Other Disclosure Obligations</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company and/or certain shareholders may be expected to disclose confidential and other information relating to Company assets and financial results when required to do so by applicable law. The Company may disclose confidential and other information to shareholders or to third parties (including, without limitation, their lenders, service providers and/or any rating agency) that may request such information and are expected to do so to the extent required by law or contract applicable thereto. In addition, other entities that are lenders or agents in any credit facility of which a Portfolio Loan constitutes a part may have similar disclosure rights or obligations relating to such credit facility. There is no assurance that any such disclosure of information will be or will remain confidential. Such disclosure obligations may adversely affect the Company and/or certain shareholders, particularly shareholders who are not otherwise subject to public disclosure of information requirements relating to the private holdings of funds in which they invest.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company, the Adviser or their respective affiliates, service providers, or agents may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Company and the Company investors, including investments held directly or indirectly by the Company and the names and level of beneficial ownership of certain of the Company investors, to (i) regulatory or taxing authorities of certain jurisdictions, which have or assert jurisdiction over the disclosing party or in which the Company directly or indirectly invests, or (ii) any lenders, counterparty of, or service provider to, the Adviser or the Company (and its subsidiaries). Disclosure of confidential information under such circumstances will not be regarded as a breach of any duty of confidentiality and, in certain circumstances, the Company, the Adviser or any of their affiliates, service providers or agents, may be prohibited from disclosing to any Company investor that any such disclosure has been made.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Financings by the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to General Risks Associated with Leverage</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in the Company. The greater the total borrowing by the Company relative to its assets, the greater will be its risk of loss and possibility of gain. In addition, money borrowed by the Company will be subject to interest costs and other costs which will be a direct or indirect expense of the Company and, to the extent not covered by income or gain attributable to the assets of such borrower, will adversely affect the operating results of the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company Borrows Money, Which Magnifies the Potential for Gain or Loss on Amounts and May Increase the Risk of Investing With Us</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We may enter into one or more credit facilities and may issue or assume other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Lenders and holders of such senior securities have fixed dollar claims on the Company’s consolidated assets that are superior to the claims of our shareholders. If the value of our consolidated assets increases, then leveraging would cause the net asset value per share of our Common Shares to increase more sharply than it would have had we not incurred leverage.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div></div><div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Conversely, if the value of our consolidated assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not incurred leverage. Similarly, any increase in our consolidated income in excess of consolidated interest payable on the borrowed funds would cause our net income to increase more than it would had we not incurred leverage, while any decrease in our consolidated income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make distribution payments on our Common Shares. There can be no assurance that a leveraging strategy will be successful.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Any credit facilities into which the Company may enter impose financial and operating covenants that may restrict the Company’s business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to renew any credit facilities or to add new or replacement debt facilities or to issue additional debt securities or other evidence of indebtedness could have a material adverse effect on our business, financial condition and results of operations.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table illustrates the effect on return to a holder of our Common Shares of the leverage created by our use of borrowing at the weighted average stated interest</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> rate of 5.87% (excluding deferred financing costs, deferred issuance costs and unused fees) as of December 31, 2025, together with (a) our total value of net assets as of December 31, 2025; (b) approximately $83.2 million in aggregate principal amount of indebtedness outstanding as of December 31, 2025 and (c) hypothetical annual returns on our portfolio of minus 10% to plus 10%.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:36.178%;box-sizing:content-box;"></td> <td style="width:8.495%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="18" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Assumed Return on Portfolio (Net of Expenses) </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">-10%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">-5%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">0%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">5%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">10%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Corresponding Return to Common Shareholders </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">30.21</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">18.67</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.13</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.41</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.96</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2025. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2025.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">2.</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In order to compute the “Corresponding Return to Common Shareholders,” the “Assumed Return on Portfolio” is multiplied by the total value of our assets at December 31, 2025 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average stated interest rate of 5.87% by the approximately $83.2 million of principal debt outstanding) is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of our net assets as of December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> to determine the “Corresponding Return to Common Shareholders. Return is assumed to be sourced by net investment income, and is correspondingly adjusted for incentive fees on income above the preferred return.</span></div></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Indebtedness Under a Portfolio Credit Facility May be Affected by Interest Rate Risks, Including Mismatches Between the Interest that is Payable with Respect to Such Indebtedness and Interest Income that is Received on the Related Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The interest payable with respect to the indebtedness incurred or issued by the Company or a subsidiary (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company) under any portfolio credit facility (the “Portfolio Credit Facility Debt”) generally is expected initially to be based on the Secured Overnight Financing Rate (“SOFR” or the “Benchmark”). Interest income earned on the Portfolio Loans that collateralize the related portfolio credit facility typically also are based on SOFR or may bear interest at a fixed rate. It is possible that the Benchmark being used to determine interest payable on the Portfolio Credit Facility Debt may rise during periods in which the Benchmark or another index or fixed rate of interest payable on the Portfolio Loans is stable, falling or capped at a lower rate. In addition, the Benchmark may be changed on a hardwired basis without any discretion on the part of the Company to consent thereto or by amendment in which case the Company will have whatever discretion is provided in the underlying documents to grant or withhold its consent thereto (and, with respect to a Portfolio Loan amendment, may not own a sufficient amount of a Portfolio Loan to control any such decision). Moreover, hardwired change or change by amendment may occur in the Benchmark at different times under the Portfolio Loan and under any portfolio credit facility. Under such circumstances it is possible that there may be mismatches between the interest rates payable on the Portfolio Credit Facility Debt and the interest rates payable on the Portfolio Loans collateralizing such Portfolio Credit Facility Debt, as well as timing mismatches based on different reset dates with respect thereto. The Company may enter into interest rate swap transactions to hedge any interest rate or timing mismatch. Such a mismatch could result in less excess spread available as credit support for the portfolio credit facility, less cash available for distribution to the Company and the shareholders thus adversely affecting the returns received thereby and/or the Company not collecting sufficient interest income from the Portfolio Loans to make interest payments then due on the Portfolio Credit Facility Debt which may result in an event of default thereunder.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Subordinated Interests in any Financing Subsidiary</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company will own all or a majority of the equity interests in any financing subsidiary. The Company will seek advice from its accountants whether or not the Company will be required to consolidate the assets and liabilities of any financing subsidiary in its consolidated financial statements. The Company’s equity interests in a financing subsidiary will be subordinated in priority of payment to such financing subsidiary’s obligations to its debt holders and its service providers. All of these persons have claims superior to the claims of the Company as equity interest holder in any liquidation of such financing subsidiary. If a financing subsidiary has insufficient assets to pay all of its obligations, the Company and the shareholders may suffer losses. In addition, the debt incurred at the financing subsidiary level is required to be included in our calculation of our asset coverage.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Minimum Utilization and Prepayment Penalties under a Portfolio Credit Facility</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In order to ensure that they receive an anticipated minimum level of profit in connection with entering into a portfolio credit facility, the lenders thereunder typically require that a borrower pay, in addition to interest and certain one-time fees, a commitment fee on any portion of the maximum commitment that is undrawn, and may require that the borrower pay a make-whole premium – which could be in the form of a one-time payment or ongoing minimum payments – in the event that the advances under the portfolio credit facility are prepaid or not sufficiently drawn, and/or the portfolio credit facility is terminated during a specified non-call period. Under such circumstances, the Company could incur borrowing costs under such portfolio credit facility regardless of the amount of leverage it utilized thereunder. To the extent that the Company is unable to acquire or did not hold sufficient Portfolio Loans meeting the eligibility criteria of the portfolio credit facility to satisfy certain minimum utilization targets under the portfolio credit facility, commitment fees may increase thus reducing the amount that may otherwise be distributable to the shareholders. In addition, there may be insufficient interest or other proceeds relating to such Portfolio Loans subject to such portfolio credit facility to fully cover all costs relating thereto which could result in a payment event of default under such portfolio credit facility, which could have a material adverse effect on the performance of the Company and on the shareholders.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain Investment Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with its Investment Strategy</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The success of the Company’s investment activities depends on the Adviser’s ability to identify opportunities for attractive risk-adjusted returns on invested capital, which is dependent in part on the market for available capital for middle market companies. Identification of these opportunities involves uncertainty. No assurance can be given that the Adviser will be able to successfully locate investment opportunities, or if such opportunities are located, that they will be available for allocation to the Company or that, for Portfolio Loans sourced by the Antares Lending Platform, or the Board, when required, will consent to or approve the purchase thereof. In addition, any credit facility is expected to, place restrictions on the Adviser’s ability to cause the Company to buy and/or sell loans as well as the timing for acquiring loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Hedging</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may, in some circumstances, directly or indirectly, employ hedging techniques in connection with its Portfolio Loans designed to reduce the risks of adverse movements in interest rates, securities prices, currency exchange and other factors (including risks associated with the use of derivative instruments). While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Company may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates or other events relating to such hedging transactions may result in a poorer overall performance for the Company than if it had not entered into such hedging transactions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Terrorist Action, Military Action, Protests, Pandemics and Natural Disasters</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There is a risk of terrorist attacks, military actions, other armed conflicts, violent protests, pandemics and/or natural disasters in the United States and elsewhere causing significant loss of life, property damage and/or disruptions in the local or global markets. These events can also lead to, or be a symptom of, economic, political and/or social instability. Economic and diplomatic sanctions may be in place or imposed on certain states or persons. The imposition of sanctions could adversely impact the value and/or liquidity of assets where an obligor is located in or economically tied to a sanctioned country or person. Additionally, sanctions can lead to devaluation of a sanctioned country’s currency and increased market volatility both in the sanctioned country and throughout the world, which could impact obligors and the Company, even if there is no direct relationship with a sanctioned country or person.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pandemics and natural disasters may have similarly disruptive impacts. The potential impact of such events is unclear, but such events could have a material adverse effect on general economic conditions, the ability of obligors of Portfolio Loans held by the Company to repay such Portfolio Loans, lenders extending credit facilities to the Company, or market liquidity, thereby adversely impacting the operations of the Adviser or the Company and the returns to the shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">General Economic Conditions May Affect the Ability of the Company to Make Distributions to the Shareholders</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The ability to effectuate the investment strategy of the Company and to make distributions to the shareholders will depend in part on general economic conditions and the financial health of the Portfolio Loan borrowers. Negative trends or volatility in economic conditions generally or in particular financial and credit markets are likely to increase the number of non-performing Portfolio Loans and decrease the value and collectability of the Portfolio Loans. In particular, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or the current ongoing conflict between Russia and Ukraine and the escalating conflict in the Middle East, and the rapidly evolving measures in response, could lead to disruption, instability and volatility in the global markets. It is difficult to predict which markets, products, businesses and assets will be affected by particular economic or business conditions (or to what degree the health of particular markets or industries are dependent on monetary policies by central banks, particularly the U.S. Federal Reserve). There is no assurance that conditions in the credit and other financial markets will be or remain stable and will not have deteriorated or in the future deteriorate at any time and there is now and in the future a material possibility that economic activity will be volatile and/or has slowed or slow over the moderate to long term. See “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Infectious Disease and Pandemics.” </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A decrease in market value of the Portfolio Loans would also adversely affect the sale proceeds that could be obtained upon the sale of the Portfolio Loans and could result in losses, negatively impact returns to shareholders and ultimately affect the ability of the Company to make distributions to the shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Obligors are also affected generally by economic slowdowns and recessions. Although signs of economic slowdown are less evident in certain regions around the world as the global growth cycle has reached a mature phase, economists continue to expect near term moderate economic growth due to the limited signals of imminent recession in the United States, continued healthy government spending, and recent progress made on trade. Regardless, geopolitical instability presents a risk for the Company and the Portfolio Loans in which it will invest. Any deterioration of general economic conditions can lead to significant declines in corporate earnings, loan performance, or the ability of obligors to service their loans, any of which could trigger a period of global economic slowdown and have an adverse impact the Company’s performance and financial results, including the value of its portfolio and the collateral securing the Portfolio Loans. Unfavorable economic conditions also could increase the cost of leverage or cause lenders not to extend credit on favorable terms or at all, which could prevent the Company from making investments and have an adverse impact on its performance and financial results.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Negative economic trends would also increase the likelihood that major financial institutions or other entities having a significant impact on the financial and credit markets may suffer a bankruptcy or insolvency, as occurred during the recession in the U.S. economy several years ago. The bankruptcy or insolvency of any such entity may have an adverse effect on the Company and the Common Shares and may trigger future crises in the global credit markets and overall economy, which could have a significant adverse effect on the Company and the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During an economic downturn or recession it is likely that the incidence of amendments, waivers, modifications and restructurings of Portfolio Loans would increase, which may lead to a decrease in the value of such Portfolio Loans that could adversely affect the ability of the Company to make distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The volume of loans that are available for acquisition in the market or available for allocation by the Adviser to the Company may vary from time to time. As a result, opportunities for the Company to acquire such loans may be limited. This is also likely to heighten refinancing risk in respect of maturing Portfolio Loans. In addition, obligors on Portfolio Loans may be more likely to exercise any rights they may have to redeem or refinance such Portfolio Loans when interest rates or spreads are declining, which redemptions or refinancings may occur under circumstances when such Portfolio Loans cannot be replaced by the acquisition of additional Portfolio Loans with similar or better risk and economic characteristics or at all. These additional risks may affect the returns on the Common Shares to shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to General Economic Conditions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans are subject to credit and interest rate risks. Credit risk refers to the likelihood that an obligor will default in the payment of principal or interest on a loan. Financial strength and solvency of an obligor are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a loan may affect its credit risk. Credit risk may change over the life of a loan and loans that are rated by rating agencies are often reviewed and may be subject to downgrade. Interest rate risk refers to the risks associated with market changes in interest rates.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Interest rate changes may affect the value of a loan indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of loans whose rates are adjustable). In general, in a period of declining interest rates, it is expected that certain obligations to be paid off by the obligor more quickly than originally anticipated, and the Company would have to invest the proceeds in investments with lower yields. In periods of falling interest rates, the rate of prepayments has historically tended to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, the Company would expect reinvestment of the prepayment proceeds by the Company to generally be at lower rates of return than the return on the investments that were prepaid.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Conversely, rising interest rates will negatively impact the price of a fixed rate loan and falling interest rates will have a positive effect on price. Adjustable rate loans also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in loans with uncertain payment or prepayment schedules.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Developments in the Leveraged Loan Market</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The global economy has been affected for a number of years by the crisis in the credit markets initially caused by problems in the U.S. subprime residential mortgage loan market and, in the United States, a slow recovery thereafter. The global economy is still being negatively affected by, among other things, certain national deficits and sovereign debt levels incurred before or during the credit crisis. Among the sectors of the global credit markets that experienced particular difficulty during the credit crisis were the collateralized debt obligations and leveraged finance markets. There is no assurance that such markets may not experience similar difficulties in the future. There continues to exist significant risks for the Company and shareholders as a result of uncertain or volatile economic conditions. These risks include, among others, (i) the likelihood that it may be more difficult to sell any of the Company’s assets in the secondary market, thus rendering it more difficult to dispose of such assets, (ii) the possibility that the price at which the Company’s assets can be sold by the Company will have deteriorated from their effective purchase price, (iii) the illiquidity of the Common Shares, as there is currently little or no secondary trading in equity securities issued in connection with entities such as the Company and none is expected to develop, and (iv) the possibility of a recession or other economic downturn affecting obligors. All of these risks may affect the returns on the Common Shares to shareholders and the ability of shareholders to realize their returns. The Company’s assets will primarily consist of Portfolio Loans to middle market companies that may be particularly susceptible to economic slowdowns or recessions and may be unable to make scheduled payments of interest or principal on their borrowings during these periods. See “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Portfolio Loans—Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” in the Company’s Form 10. The volume of leveraged loans that are available for acquisition by the Company may vary from time to time. As a result, opportunities for the Company to acquire such assets may be limited. This is also likely to heighten refinancing risk in respect of maturing loans. In addition, obligors on loans may be more likely to exercise any rights they may have to redeem or refinance such loans when interest rates or spreads are declining. These additional risks may affect the returns on the Common Shares to shareholders and could further slow, delay or reverse an economic recovery and cause a further deterioration in loan performance generally.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Future crises may have a negative impact on the economic conditions in the affected jurisdictions. Any slowdown in growth or commencement of a recession in such economies as a result thereof has had and in the future is expected to have an adverse effect on the ability of consumers and businesses to repay or refinance their existing debt. Adverse macroeconomic conditions may adversely affect the rating, performance and the realization value of the loans. It is possible that the loans will experience higher default rates than anticipated and that performance will suffer.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a result of the credit crisis, some leading global financial institutions were forced into mergers with other financial institutions, have been partially or fully nationalized or became bankrupt or insolvent. The bankruptcy or insolvency of a major financial institution may have an adverse effect on the Company, particularly if such financial institution is the administrative agent of one or more Portfolio Loans, a seller of a participation interest therein, or is the agent or lender under a credit facility financing to the Company. In addition, the bankruptcy, insolvency or financial distress of one or more additional financial institutions, or one or more sovereigns, may trigger additional crises in the global credit markets and overall economy which could have a significant adverse effect on Company assets and the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although the leveraged finance and CLO markets have made significant recoveries from the adverse impact of the recent credit crisis, there can be no assurance that the leveraged finance and CLO markets will not be adversely impacted by future economic downturns or market volatility.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Competition and Availability of Suitable Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In recent years there has been a marked increase in the number of, and flow of capital into, investment vehicles established in order to implement investment strategies in leveraged loans including BDCs, leveraged loan finance companies, CLO vehicles and private funds and separately managed accounts similar to the Company. While the precise effect cannot be determined, such increase may result in greater competition for investment opportunities, which may result in a decrease in the number of opportunities that the Adviser is able to pursue on behalf of the Company, or in increased price volatility with respect to such opportunities. Prospective investors should understand that the Company will compete with other investment vehicles, as well as institutional investors and commercial banking firms that have substantially greater resources, in terms of financial wherewithal and research staffs, than may be available to the Company. In addition, competitors may have incurred, or may in the future incur, leverage to finance their debt investments at levels or on terms more favorable than those available to the Company. As a result of this competition, the Company may not be able to take advantage of attractive investment opportunities from time to time, and the Adviser can offer no assurance that it will be able to identify and make investments that are consistent with the investment objective of the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In some cases, the Adviser’s Parent Companies invest in Portfolio Loans that are suitable for the Company. Such Parent Companies could invest indirectly alongside the Company and other clients of the Adviser or the Adviser’s affiliates through their interest in the Platform Balance Sheet Client or could seek to invest either in concert with, or independently of, the Company and other clients of the Adviser or the Adviser’s affiliates. In cases where the Parent Companies pursue an opportunity independently, the Company could, but will not necessarily, also pursue such opportunity.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company May Operate in a Period of Capital Markets Disruption, Significant Volatility and Economic Uncertainty</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular, as well as</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">increasing volatility and illiquidity in the markets generally. The duration and ultimate effect of such market conditions cannot be accurately forecasted. Extreme uncertainty regarding economic markets may result in declines in the market values of potential investments and declines in the market values of investments after they are made or acquired by the Company and affecting the potential for liquidity events involving such investments or Portfolio Companies. During periods of market disruption, Portfolio Companies may be more likely to seek to draw on unfunded commitments the Company has made, and the risk of being unable to fund such commitments is heightened during such periods. Applicable accounting standards require the Company to determine the fair value of its investments as the amount that would be received in an orderly transaction between market participants at the measurement date. While most of the Company’s investments are not publicly traded, as part of the Company’s valuation process the Company considers a number of measures, including comparison to publicly traded securities. As a result, volatility in the public capital markets can adversely affect the Company’s investment valuations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Various social and political tensions around the world may contribute to increased market volatility, may have long-term effects on the worldwide financial markets and may cause further economic uncertainties worldwide. In particular, the consequences of the conflict between Russia and Ukraine and the conflict in the Middle East, including international sanctions, the potential impact on inflation and increased disruption to supply chains and a potential global recession may impact Portfolio Companies. Because Russia is a major exporter of oil and natural gas, the invasion and related sanctions have reduced the supply, and increased the price, of energy, which is accelerating inflation and may exacerbate ongoing supply chain issues. There is also the risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Such consequences also may increase the Company’s funding cost or limit its access to the capital markets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A prolonged period of market illiquidity may cause the Company to reduce the volume of loans and debt securities originated and/or fund and adversely affect the value of the Company’s portfolio investments, which could have a material and adverse effect on the Company’s business, financial condition, results of operations and cash flows.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Inflation Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of our Portfolio Companies may be impacted by inflation. If such Portfolio Companies are unable pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans. In addition, any projected future decreases in our Portfolio Companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Russia-Ukraine Conflict</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Russia launched a large-scale invasion of Ukraine on February 24, 2022 and, in response, the United States and other governments have imposed economic sanctions on certain Russian individuals, including Russian government officials and other government-linked individuals, and Russian corporate entities and financial institutions, and banned certain Russian financial institutions from global payments systems that facilitate cross-border payments and have taken other economic and political measures. It is possible that such governments could institute broader sanctions or other economic and political measures on Russia, which could result in the immediate freeze of Russian securities and/or funds invested in prohibited assets and/or other consequences. The extent and duration of the military action, the possibility of the conflict expanding beyond Ukraine and Russia, and resulting sanctions and other economic and political measures and future market disruptions in the region and worldwide are impossible to predict, but could be significant and have a severe adverse effect on the region and collateral effects globally, including significant negative impacts on the global economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Such effects and impacts could have a material adverse effect on the Company and its investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Infectious Disease and Pandemics</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain illnesses spread rapidly and have the potential to significantly adversely affect the global economy. Outbreaks such as the severe acute respiratory syndrome, avian influenza, H1N1/09, and, most recently, the coronavirus (COVID-19), or other similarly infectious diseases may have material adverse impacts on the Company, the Adviser, their respective affiliates and Portfolio Companies. Actual pandemics, or fear of pandemics, can trigger market disruptions or economic turndowns with the consequences described above. The Adviser cannot predict the likelihood of disease outbreaks occurring in the future nor how such outbreaks may affect the Company’s investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The outbreak of disease epidemics may result in the closure of the Adviser’s and/or a Portfolio Company’s offices or other businesses, including office buildings, retail stores and other commercial venues and could also result in (a) the lack of availability or price volatility of raw materials or component parts necessary to a Portfolio Company’s business which may adversely affect the ability of a Portfolio Company to perform its obligations, (b) disruption of regional or global trade markets and/or the availability of capital, (c) the availability of leverage, including an inability to obtain indebtedness at all or to the Company’s desired degree, and less favorable timing of repayment and other terms with respect to such leverage, (d) trade or travel restrictions which impact a Portfolio Company’s business and/or (e) a general economic decline and have an adverse impact on the Company’s value, the Company’s investments, or the Company’s ability to make new investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If a future pandemic occurs (including a recurrence of COVID-19) during a period when the Company expects to be harvesting its investments, the Company may not achieve its investment objective or may not be able to realize its investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes in the Leveraged Finance and Fixed Income Markets May Affect Shareholders</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In recent years, the leveraged finance and fixed income markets have at times contributed to a severe liquidity crisis in the global credit markets. There have also been at times substantial fluctuations in prices for leveraged loans and limited liquidity for such loans. No assurance can be made that the conditions giving rise to such price fluctuations and limited liquidity will not continue or become more acute in the future. During periods of limited liquidity and higher price volatility, the ability of the Company to acquire or dispose of Portfolio Loans at a price and time that the Adviser deems advantageous may be severely impaired. As a result, in periods of rising market prices, the Company may be unable to participate in price increases fully to the extent that it is unable to acquire desired positions quickly and its inability to dispose fully and promptly of positions in declining markets may cause its net asset value to decline and may exacerbate losses suffered thereby when Portfolio Loans are sold. Furthermore, significant additional liquidity-related risks may exist for the Company and the shareholders including, among others, (i) the possibility that the prices at which Portfolio Loans can be sold by the Company will have deteriorated from their effective purchase price, and (ii) the possibility that opportunities for the Company to sell its assets in the secondary market may be impaired or restricted by a portfolio credit facility. These additional risks may result in losses, negatively affect the returns on the Common Shares or otherwise adversely affect shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Regardless of current or future market conditions, certain Portfolio Loans purchased by the Company will have only a limited trading market (or none). The Company’s investment in illiquid Portfolio Loans may restrict its ability to dispose of Portfolio Loans in a timely fashion and for a fair price, as well as their ability to take advantage of market opportunities. While liquidity in loans to middle market companies has increased in recent years, loans to middle market companies similar to the loans that the Company intends to acquire are less liquid than broadly syndicated loans and certain of such middle market loans that may be acquired by the Company are less liquid than more traditional senior secured loans to middle market companies. Illiquid Portfolio Loans may trade at a discount from comparable, more liquid loans or other investments. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Portfolio Loans—Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” for a further description of the illiquidity of non-investment grade loans to middle market companies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, adverse developments in the primary market for loans to middle market companies, unitranche loans and/or leveraged loans in general may reduce opportunities for the Company to acquire loans that would qualify as Portfolio Loans. The ability of private equity sponsors and leveraged loan arrangers to effectuate new leveraged buy-outs and the ability of the Company to acquire such loans may be partially or significantly limited depending on market and regulatory conditions. Furthermore, possible changes in the tax laws of the United States could result in private equity sponsors and obligors electing to reduce leveraged loans as part of their Portfolio Companies’ capital structure and to obtain more of their funding in the form of equity which may reduce the amount of Portfolio Loans available for acquisition by the Company. The impact of any such changes affecting the leveraged loan market or another liquidity crisis on the global credit markets may adversely affect the management flexibility of the Adviser in relation to the portfolio and, ultimately, the returns on the Common Shares to shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">It is Anticipated that All or Most of the Portfolio Loans will be Sourced by Adviser Parties</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Except to the extent otherwise permitted by the Company’s investment criteria, since it is anticipated that all or most of the Portfolio Loans will be sourced through the Antares Lending Platform, the Company will be relying on the performance of the loan origination business of the Antares Lending Platform and the relevant Adviser Parties in general for both the types of Portfolio Loans and the quality of such Portfolio Loans, and for other related services including, without limitation, access to market deal flow, credit diligence and portfolio administration, accounting, tax, human resources, information technology and legal/compliance support. Therefore, a decline in the business and other business activity of the Antares Lending Platform could have adverse consequences for the Company and the shareholders. There can be no assurance that the Antares Lending Platform will source loans of equal or better quality than those sourced by them in the past. If the Antares Lending Platform suffers from a decline in business, or loosens its credit standards, the loans sourced thereby may suffer in credit quality. In order to maintain levels of business activity and/or profitability, the Antares Lending Platform may make concessions to obligors on loans. In addition, there is no assurance that the Antares Lending Platform will continue to source loans that fit the Company’s investment strategy or originate them in the same volume. Under such circumstances the size or performance of the Company’s portfolio could be expected to be adversely affected.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Significant conflicts of interest will arise from the Company acquiring all or most of the Portfolio Loans in this manner. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See “Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain Portfolio Loans Could be Based on Recurring Revenues and Not Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans could be in large part underwritten based on projections and assumptions related to the growth or increase in services, adoption or entry into new markets and an assumed growth in recurring revenue, as well as assumptions related to spending to support such growth. The obligors of these Portfolio Loans may have low or negative EBITDA. If the projections and assumptions made with respect to the growth of any such obligor’s revenues or expenditures are inconsistent with such obligor’s actual performance, such Portfolio Loans may be subject to greater risks than Portfolio Loans for which the obligor has higher EBITDA.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Ratings and/or Credit Estimates are Not a Guarantee of Quality</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Credit ratings and/or credit estimates of assets represent the rating agencies’ opinions regarding their credit quality and are not a guarantee of quality or performance. A credit rating or a credit estimate is not a recommendation to buy, sell or hold assets and may be subject to revision or withdrawal at any time by the assigning rating agency. If a credit rating or credit estimate assigned to any Portfolio Loan is lowered for any reason, no party is obligated to provide any additional support or credit enhancement with respect to such Portfolio Loan. Rating agencies attempt to evaluate the relative future creditworthiness of an obligation and do not address other risks, including, but not limited to, the likelihood of principal prepayments (both voluntary and involuntary), liquidity risk, market value or price volatility; therefore, credit ratings or credit estimates do not fully reflect the true risks of an investment in the related asset. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an obligor’s current financial condition may be better or worse than a rating indicates. Further, rating agencies may change credit rating or credit estimate methodologies. Consequently, credit ratings or credit estimates of any Portfolio Loan should be used only as a preliminary indicator of perceived investment quality and should not be considered a reliable indicator of actual investment quality. Credit ratings or credit estimates of Portfolio Loans included in the Company’s direct or indirect portfolio or of other loans similar to the Portfolio Loans may be subject to significant or severe adjustments downward. Credit rating or credit estimate reductions or withdrawals may occur for any number of reasons and may affect numerous assets at a single time or within a short period of time, which may have material adverse effects upon the Company’s investments in Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans to middle market companies generally will not have a public rating, although some loans may have private ratings and/or credit estimates assigned by, or obtained pursuant to the methodology of, a nationally recognized statistical rating agency. A credit estimate is not identical to a credit rating, and may be assigned using a more limited analysis, based on public information or information supplied by the party requesting the credit estimate. Disclosure of private ratings and/or credit estimates, if any are available, is restricted and any such ratings or estimates are not expected to be disclosed to the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Impact of Uninvested Cash Balances</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent the Adviser on behalf of the Company maintains cash balances (such as cash balances to fund revolving loans) or reserves or holds such amounts in temporary investments instead of investing in higher yielding Portfolio Loans or paying down related credit facilities incurred directly or indirectly thereby with respect to the Portfolio Loans, portfolio income will be reduced which will result in reduced amounts available to the Company for its return on investment. In addition, temporary investments could also suffer losses. The extent to which the cash balances of the Company remain uninvested in Portfolio Loans will be subject to a variety of factors, including among others future market conditions, and is difficult to predict.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Composition and Characteristics of the Portfolio Loans will Change over Time</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The characteristics of the Portfolio Loans held by the Company will change as a result of the acquisitions and sales of Portfolio Loans by the Company. The characteristics of the Portfolio Loans will also change over time as a result of scheduled amortization, prepayments, the amount of draws, repayments and termination of revolving Portfolio Loans, extensions, waivers, modifications, restructuring, work-outs, delinquencies and defaults on Portfolio Loans. There can be no assurance that the portfolio of Portfolio Loans directly or indirectly owned by the Company will have any particular characteristics at any time and the decision to buy Portfolio Loans or to sell Portfolio Loans will have a significant impact on those characteristics.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Trade negotiations and related government actions may create regulatory uncertainty for our Portfolio Companies and our investment strategies and adversely affect the profitability of our Portfolio Companies.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">I</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">n recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S. on numerous countries. Such tariffs could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future Portfolio Companies and adversely affect the revenues and profitability of Portfolio Companies whose businesses rely on goods imported from countries subject to the tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future Portfolio Companies. In addition, such tariffs could slow the global economy, and, while such tariffs may be adjusted downward or removed, the adjustment or removal of tariffs may or may not yield the intended results.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans will consist primarily of non-investment grade loans to middle market companies or participation interests therein, which are subject to liquidity, market value, credit, repricing, default, recovery, interest rate, reinvestment and other risks. The Portfolio Loans are generally considered to be subject to greater risks than investment grade corporate obligations and will be less liquid than both investment grade corporate obligations and broadly syndicated loans. These risks could be exacerbated to the extent that the portfolio is concentrated in one or more particular types of Portfolio Loans. There can be no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could affect the value and returns of the Portfolio Loans or will be able to acquire on behalf of the Portfolio Loans that will generate sufficient returns to meet the Company’s or the shareholders’ expectations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Prices of the Portfolio Loans may be volatile, and will generally fluctuate due to a variety of factors that are inherently difficult to predict, including but not limited to changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the obligors of the Portfolio Loans. In particular, the market for non-investment grade loans has experienced periods of volatility in the supply and demand for such loans, resulting in fluctuations and changes in, among other things, spreads, interest rate floors, purchase discounts, leverage, covenants, structure, and other terms. Additionally, loans and participation interests in loans generally have significant liquidity and market value risks because they are not generally traded in organized exchange markets but are traded by banks and other institutional investors in privately negotiated transactions. Because loans are privately syndicated and loan agreements are privately negotiated and customized, loans are not purchased or sold as easily as publicly traded securities. In addition, historically the trading volume in the loan market, especially in the middle market, has been small relative to both the high-yield debt securities market and the broadly syndicated loan market. As a result, the Portfolio Loans will be subject to greater risks than broadly syndicated loans issued by larger companies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">All or a significant majority of the Portfolio Loans are expected to consist of loans to middle market companies. Although middle market loans share many of the same characteristics as more broadly syndicated loans, including a senior secured position in the obligor’s capital structure and floating rate interest payments, loans to middle market companies tend to be less widely held and are not often publicly rated. Loans to middle market companies may have default rates or recovery rates that differ (and may be better or worse) than has been the case for broadly syndicated loans or investment grade corporate obligations. As a result, the Portfolio Loans will be subject to greater risks than broadly syndicated loans entered into by larger companies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because a more limited number of investors invest in loans to middle market companies, the trading volume for such loans is relatively illiquid as compared to that of broadly syndicated loans. In addition, investors who invest in middle market loans typically invest in unitranche loans in middle market companies, the trading volume of which is likely to be relatively illiquid as compared to that of more traditional senior secured loans to middle market companies. In addition, the trading market for Portfolio Loans that are revolving loans is substantially less liquid than that for term loans since certain loan market investors are not permitted to, or prefer not to, invest in revolving loans. Furthermore, there are typically restrictions on transfers of Portfolio Loans under the related loan facility documents and, if the Portfolio Loan is a participation interest, there may be additional restrictions on transfer under the related participation agreement. The illiquidity of the Portfolio Loans may restrict the ability of the Company (or the Adviser on its behalf) to dispose of such Portfolio Loans in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A non-investment grade middle market loan or participation interest therein is generally considered speculative in nature and may experience defaults for a variety of reasons. A middle market loan may become subject to either substantial workout negotiations or a restructuring, which may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of principal, deferral of payment, payments-in-kind of interest, and a substantial change in the terms, conditions and covenants with respect to such loan. In addition, such negotiations or restructuring may be quite extensive, protracted and costly over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery on such loan. The liquidity of a loan in default will be limited, and to the extent that a defaulted loan is sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced on the Portfolio Loans and an increase in default levels or a decrease in recoveries would be expected to adversely affect the returns of the Company in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Non-investment grade loans to middle market businesses may carry more inherent risks than non-investment grade loans to larger, publicly traded entities. For example, middle market borrowers generally are not publicly traded entities and have significantly less publicly available information about them compared to publicly traded entities. These middle market companies generally have more limited access to capital and higher financing costs, may be in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from their respective private equity sponsors, public capital markets or from traditional sources, such as commercial banks. Non-investment grade and middle market borrowers may be highly leveraged, which may cause them to be more likely to be unable to meet their obligations in an economic downturn, a period of rising interest rates, a contraction of the leveraged loan market or a period of fluctuating exchange rates (in respect of those obligors located outside of the United States). Middle market businesses typically have narrower product lines and smaller market shares than large businesses. Therefore, they tend to be more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Middle market businesses may have more difficulties implementing enterprise resource plans and may face greater challenges integrating acquisitions than large businesses. These businesses may also experience substantial variations in operating results. Typically, the success of a middle market company also depends on the management talents and efforts of one or two individuals or a small group of individuals. The death, disability or resignation of one or more of these individuals could have a material adverse impact on such middle market company and its ability to repay its obligations. A deterioration in a middle market obligor’s financial condition and prospects may cause it to fail to satisfy net income, cash flow and other coverage tests typically imposed by lenders and may be accompanied by deterioration in the collateral securing the Portfolio Loan. Such deterioration may impair the ability of such obligor to obtain refinancing, force it to seek to have its Portfolio Loan restructured or result in a defaulted Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, middle market businesses often need substantial additional capital to expand or compete and will often have borrowed money from other lenders and may need additional capital to survive any economic downturns. Accordingly, loans made to middle market companies involve higher risks than loans made to companies that have larger businesses, greater financial resources or are otherwise able to access traditional credit sources. In addition, while a private equity sponsor often will provide additional capital to support their middle market Portfolio Companies in times of distress, such practice may not continue or may continue to a lesser extent. Default levels or the amount or timing of recoveries that may be experienced on the Portfolio Loans are uncertain. Any event of default and acceleration of a loan or decrease in recoveries or delay in receipt of recoveries would be expected to adversely affect the returns of the Company in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in Term Loans, Delayed Draw Term Loans or Revolvers Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may invest in a variety of different types of debt, including but not limited to term loans, delayed draw term loans and/or revolving loans. A term loan is a loan that has a specified repayment schedule. A delayed draw term loan is a loan that typically permits the borrower to withdraw predetermined portions of the total amount borrowed at certain times. A revolving credit facility differs from a delayed draw term loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed draw term loans and revolving credit facilities usually provide for floating or variable rates of interest. If the Company enters into or acquires a commitment with a borrower regarding a delayed draw term loan or a revolver, the Company will be obligated on one or more dates in the future to lend the borrower monies (up to an aggregate stated amount) if called upon to do so by the borrower. These commitments may have the effect of requiring the Company to increase its investment in a borrower at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). Delayed draw term loans and revolvers may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Company may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Loan Prepayments May Affect the Ability of the Adviser to Invest Available Funds in Appropriate Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans are generally prepayable in whole or in part at any time at the option of the obligor thereof at par plus accrued unpaid interest thereon. Prepayments on loans may be caused by a variety of factors which are often difficult to predict. Consequently, there exists a risk that Portfolio Loans purchased at a price greater than par may experience a capital loss as a result of such a prepayment. In addition, certain Portfolio Loans may include excess cash flow capture and other mandatory prepayment provisions, which may accelerate the amortization of the applicable Portfolio Loan. Any inability of the Adviser (if it is permitted to reinvest such funds on behalf of the Company) to reinvest payments or other proceeds in Portfolio Loans with comparable interest rates may adversely affect the returns of the Company in respect of the Portfolio Loans. There is no assurance that the Adviser will be able to reinvest proceeds in Portfolio Loans with comparable interest rates or as to the length of any delays before such investments are made.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The rate of prepayments, amortization and defaults may be influenced by various factors including, among other things: (i) changes in obligor performance and requirements for capital; (ii) the level of interest rates and the shape of the yield curve; (iii) lack of credit being extended and/or the tightening of credit underwriting standards in the commercial lending industry and supply and demand economics in capital markets; and (iv) the overall economic environment.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser cannot predict the actual rate of prepayments, accelerated amortization or defaults which will be experienced with respect to the Portfolio Loans.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Lender Liability Considerations and Equitable Subordination can Affect the Company’s Rights with Respect to Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A number of judicial decisions in the United States have upheld judgments of obligors against lending institutions on the basis of various evolving legal theories (collectively termed “lender liability”). Generally, lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing owed to the obligor or has assumed an excessive degree of control over the obligor resulting in the creation of a fiduciary duty owed to the obligor or its other creditors or shareholders. Because of the nature of the portfolio of Portfolio Loans, the Company could become directly or indirectly subject to allegations of lender liability individually or as part of a group of lenders and could also be liable for pro rata liabilities of the agent or lead lender.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, under common law principles that in some cases form the basis for lender liability claims, if a holder of debt (i) intentionally takes an action that results in the undercapitalization of an obligor to the detriment of other creditors of such obligor, (ii) engages in other inequitable conduct to the detriment of such other credits, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors, or (iv) uses its influence as a stockholder to dominate or control an obligor to the detriment of other creditors of such obligor, a court can elect to subordinate the claim of the offending holder of debt to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination”. Because of the nature of the portfolio of Portfolio Loans held by the Company, the portfolio of Portfolio Loans could be subject to claims of equitable subordination.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Moreover, because the Company and affiliates of, or persons related to, the Adviser and its affiliates could hold an equity investment or other interests in Portfolio Companies to which the Company has made a Portfolio Loan, generally will act as the loan agent with respect to the related loan facility, could be registered title owner and seller of a participation interest in such loan investment and/or generally will hold related loans and/or equity investments, the Company could be exposed to claims for equitable subordination or lender liability or both based on such equity investment or other holdings or activities of the Adviser and its affiliates.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The preceding discussion is based upon principles of United States federal and state laws. As to Portfolio Loans that are obligations of non-United States obligors, the laws of certain foreign jurisdictions could impose liability upon lenders under factual circumstances similar to those described above, with consequences that could, but will not necessarily be, analogous to those described above.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Balloon Loans Present Refinancing Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans will include loans to middle market companies or participation interests therein that are balloon loans. Balloon loans involve a greater degree of risk than other types of loans because they are structured to allow for small principal payments over the term of the loan, requiring the obligor to make a large final (balloon) payment upon the maturity of the loan. The ability of such obligor to make this final payment upon the maturity of the loan typically depends upon its ability either to refinance the loan prior to maturity or to generate sufficient cash flow to repay the loan at maturity. The ability of any obligor to accomplish any of these goals will be affected by many factors, including the availability of financing at acceptable rates to such obligor or at all, the financial condition of such obligor, the marketability of the collateral (if any) securing such loan, the operating history of the related business, tax laws and the prevailing general economic conditions. Given their relative size and limited resources and access to capital, some obligors may have difficulty in repaying or refinancing their balloon loans on a timely basis or at all. Consequently, such obligors of Portfolio Loans that are balloon loans may not have the ability to repay such Portfolio Loans at maturity, and under such circumstances the Company could lose all or most of the principal of such Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company will Have Limited Consent and Control Rights with Respect to the Loan Facilities of Which the Portfolio Loans Are a Part</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a lender in a loan facility that has multiple lenders, the Company will have limited consent and control rights, and such rights may not be effective in view of the expected proportion of such obligations held thereby as compared to the other lenders. In all instances, the Company will own less than a majority of the related loan(s) of which the Portfolio Loans are a part and will not control decision making by the required lenders under the related credit facility documents except to the extent that such documents require the consent of all lenders. If the consent of all lenders is required to a modification, most credit facility documents provide that the loan of any lender failing to so consent may be redeemed by the obligor or purchased by an existing or new lender, in either such case at par together with accrued interest. If the Company is a non-consenting lender, the related Portfolio Loan may be sold under such circumstances and there can be no assurance that the Adviser will be permitted or able to redeploy any sale or redemption proceeds received in connection therewith in Portfolio Loans having the same or a better yield or average life as any such Portfolio Loan so prepaid or sold, or at all, which may adversely affect the Company’s expected return. To the extent that the Antares Lending Platform, any joint venture in which the Antares Lending Platform participates or any other person owns portions of such loans or Antares Lending Platform is interested in maintaining a performing loan as part of the Adviser Parties' Direct Holdings and good business relations with the related obligor and its sponsor (as opposed to having a competitor in the loan market provide the desire loan to the obligor), they may act in their own interests in connection therewith without considering the interests of the Company. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Portfolio Loans—The Company is Subject to Risks Related to Repricing</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” and </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Except as otherwise expressly provided herein and in any portfolio credit facility, as applicable, the Adviser will direct the exercise and enforcement, or direct the Company to refrain from exercising and enforcing, any or all of its rights and remedies in connection with the Portfolio Loans or any related loan documents and will direct consents or rejections of amendments or waivers of the terms of any Portfolio Loan and related loan documents and any workouts or restructuring in accordance with the Adviser’s investment management practices and the Company will not otherwise have any right to compel the Adviser to take or refrain from taking any actions. The Adviser will be subject to certain conflicts of interest, as described in </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Agency Provisions with Respect to the Portfolio Loans Could Impair Enforcement Actions Against the Collateral Securing the Portfolio Loans and Expose the Company to Losses on the Portfolio Loans; The Company Might Not Have the Ability to Control Decisions with Respect to Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans are expected to consist primarily of agented loans. Under the loan documents with respect to agented loans, a financial institution or other entity may be designated as the administrative agent, loan agent and/or collateral agent or a person acting in a similar capacity. Under these arrangements, the obligor typically grants a lien to the collateral agent on behalf of the lenders and the obligor makes payments to the administrative agents, which distributes obligor payments to the related lenders including the Company. Such administrative agent may also collect advances made by the lenders and pays them over to the obligor in connection with the closing of the related Portfolio Loan and thereafter with respect to advances on revolving loans and delayed draw loans. Such administrative agents typically receive such payments into and distribute them from a commingled account. Certain decisions with respect to the related Portfolio Loan may be made by the administrative agent on behalf of the lenders under the related loan documents. An Adviser Party is expected to be the administrative agent with respect to most or all of the Portfolio Loans, subject to the terms of the related loan documents, which gives rise to certain conflicts of interest.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks related to agented loans include the possibility that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by the related lenders such as the Company, including attempts to realize upon the collateral securing the Portfolio Loan and/or directing the applicable agent to take actions against the related obligor or the collateral securing a Portfolio Loan and taking actions to realize on proceeds or payments made by obligor that are in the possession or control of such agent. In addition, agented Portfolio Loans typically allow for agents to resign with certain advance notice. Such Portfolio Loans may not, however, contain provisions for the lenders to remove agents thereunder. Therefore, under circumstances where removal of an agent would be in the best interests of the lenders (including the Company), the applicable loan documents would have to be amended by the lenders holding the requisite amount of the associated indebtedness with the agreement of one or more agents (which may not be forthcoming) to remove an agent thereunder. Further, if an agented loan is a revolving loan or a delayed draw loan, there is the possibility of other lenders failing to satisfy their funding commitment, which could result in a dispute. Any such actions could expose the Company to losses with respect to the related Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Related to Fraud or Misrepresentation in the Investment Process</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is subject to risks related to fraud or misrepresentation in the investment process. Any investment in an issuer carries the risk that the issuer will make a material misrepresentation or omission in connection with the investment. Such inaccuracy or incompleteness could adversely affect, among other things, the valuation of collateral underlying loans or other debt obligations, the Company’s ability to perfect or effectuate a lien on the collateral securing a loan or other debt obligation, the financial condition of the issuer or the business prospects of the issuer. The Company, as well as subsidiaries through which the Company may obtain indirect leveraged exposure to the underlying obligors or issuers of underlying loans, will rely upon the accuracy and completeness of representations made by the underlying obligors or issuers to the extent reasonable. However, there can be no guarantee that these representations are accurate or complete.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Liability Management Transactions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Recent developments in liability management transactions by borrowers may increase in prevalence. Such techniques include, without limitation, borrowers (and sometimes a subset of existing creditors) taking advantage of flexibility provided in underlying loan documentation and limited lender protections, and borrowers seeking to raise priming debt or structurally senior debt secured by all or a portion of the existing collateral whether through up-tier cashless debt exchanges or through asset drop-down transactions while subordinating existing creditors to a subset of participating creditors. In such transactions, the existing debt of the subset of participating creditors may be exchanged at a higher exchange rate than the debt of the non-participating creditors, resulting in the participating creditors realizing increased recovery prospects which are greater than, and at the expense of, the remaining existing creditors. To the extent the Company acquires a Portfolio Loan and subsequently is unable to participate in an up-tier cashless loan exchange, an asset drop-down transaction or another form of a liability management transaction, it may not realize the same recovery prospects on such Portfolio Loan as the participating lenders in such transactions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Collateral Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The collateral and security arrangements in relation to such secured obligations as the Company may invest in will be subject to such security or collateral having been correctly created and perfected and any applicable legal or regulatory requirements that may restrict the giving of collateral or security by an obligor, such as, for example, thin capitalization, over-indebtedness, financial assistance and corporate benefit requirements. If the Portfolio Loans do not benefit from the expected collateral or security arrangements, this may adversely affect the value of or, in the event of default, the recovery of principal or interest from such Portfolio Loans held by the Company. Accordingly, any such a failure to properly create or perfect collateral and security interests attaching to the Portfolio Loans could have a material adverse effect on the performance of the Company, and, by extension, the Company’s financial condition, results of operations and the value of the Common Shares. A component of the Adviser’s analysis of the desirability of acquiring a given Portfolio Loan relates to the estimated residual or recovery value of such investments in the event of the insolvency of the obligor. This residual or recovery value will be driven primarily by the value of the anticipated future cash flows of the obligor’s business and by the value of any underlying assets constituting the collateral for such Portfolio Loan. The anticipated future cash flows of the obligor’s business and the value of collateral can, however, be extremely difficult to predict as in certain circumstances market quotations and third party pricing information may not be available. If the recovery value of the collateral associated with the Portfolio Loans held by the Company decreases or is materially worse than expected by the Adviser, such a decrease or deficiency may affect the value of the Portfolio Loans held by the Company. Accordingly, there may be a material adverse effect on the performance of the Company, and, by extension, the Company’s financial condition, results of operations and the value of the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in “Covenant-Lite” Loans Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans may be “covenant-lite loans,” which contain limited, if any, financial covenants. Generally, covenant-lite loans either do not require the obligor to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the obligor to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Company to different risks, including with respect to liquidity, price volatility and ability to restructure loans than is the case with loans that have such requirements and restrictions. As a result of the ownership of covenant-lite loans, the Company’s exposure to losses may be increased, which could result in an adverse impact on the returns of the Company in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in Senior Secured Loans Subordinated in Right of Payment Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may invest in second lien loans, each of which will be secured by a pledge of collateral, but which is subordinated (with respect to liquidation preferences with respect to pledged collateral) to other secured obligations of the obligors secured by all or a portion of the collateral securing such second lien loan. Second lien loans are typically subject to intercreditor arrangements, the provisions of which can prohibit or restrict the ability of the holder of a second lien loan to (i) exercise remedies against the collateral with respect to their second liens; (ii) challenge any exercise of remedies against the collateral by the first lien lenders with respect to their first liens; (iii) challenge the enforceability or priority of the first liens on the collateral; and (iv) exercise certain other secured creditor rights, both before and during a bankruptcy of the obligor. In addition, during a bankruptcy of the obligor, the holder of a second lien loan might not be required to give advance consent to (a) any use of cash collateral approved by the first lien creditors; (b) sales of collateral approved by the first lien lenders and the bankruptcy court, so long as the second liens continue to attach to the sale proceeds; and (c) debtor-in-possession financings.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A portion of the Portfolio Loans may consist of first-lien last-out loans (including, without limitation, the “last out” portion of unitranche loans). A first-lien last-out loan is a loan that may be fully subordinated in right of payment or application of proceeds (other than permitted interest and principal payments) to the related senior secured loans of the same obligor until related senior secured loans are paid in full.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A portion of the Portfolio Loans may consist of senior secured loans that have a first lien on the related obligor’s assets and where the related obligor has a super-priority revolving or term loan facility that will, in a default scenario, be paid prior to such Portfolio Loan. For such Portfolio Loans, if the super-priority revolving or term loan facility provides significant leverage to the obligor, then the risks relating to the Company’s lien on the obligor’s assets may be similar to the risks relating to second lien loans. In such cases, the creditors holding the super-priority revolving or term loan facility will have a senior priority over Portfolio Loans with respect to the related obligor’s assets. To the extent that the Antares Lending Platform, any joint venture in which the Antares Lending Platform participates or any other person owns portions of such super-priority loans, they may act in their own interests in connection therewith without considering the interests of the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Liens Arising by Operation of Law may Take Priority over the Company’s Liens on an Obligor’s Underlying Collateral and Impair the Company’s Recovery on a Portfolio Loan in the Event of a Default or Foreclosure on that Portfolio Loan</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Federal or state law may grant liens on the collateral (if any) securing a Portfolio Loan that have priority over the lien for the benefit of the lenders on such collateral. An example of a lien arising under federal or state law is a tax or other government lien on property of an obligor. A tax lien may have priority over the lien for the benefit of the lenders on such collateral. To the extent a lien having priority over the lien for the benefit of the lenders exists with respect to the collateral related to any Portfolio Loan, the lien for the benefit of the lenders on the collateral will be subordinate to such lien. If the creditor holding such lien exercises its remedies, it is possible that, after such creditor is repaid, sufficient cash proceeds from the underlying collateral will not be available to pay the outstanding principal amount of such Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Insolvency Considerations with Respect to Obligors of Portfolio Loans May Affect the Company’s Rights</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Various laws enacted for the protection of creditors may apply to the Portfolio Loans. If a court in a lawsuit brought by an unpaid creditor or representative of creditors of an obligor of a Portfolio Loan, such as a trustee in bankruptcy, were to find that the obligor did not receive fair consideration or reasonably equivalent value for incurring the indebtedness constituting such Portfolio Loan and, after giving effect to such indebtedness, the obligor (i) was insolvent, (ii) was engaged in a business for which the remaining assets of such obligor constituted unreasonably small capital or (iii) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of the obligor or to recover amounts previously paid by the obligor in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an obligor would be considered insolvent at a particular time if the sum of its debts were then greater than all of its property at a fair valuation or if the present fair saleable value of its assets were then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply in order to determine whether the obligor was “insolvent” after giving effect to the incurrence of the indebtedness constituting the related Portfolio Loan or that, regardless of the method of valuation, a court would not determine that the obligor was “insolvent” upon giving effect to such incurrence. In addition, in the event of the insolvency of an obligor of a Portfolio Loan, payments made on such Portfolio Loan could be subject to avoidance as a “preference” if made within a certain period of time (which may be as long as one year under federal bankruptcy law or even longer under state laws) before insolvency.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In general, if payments on Portfolio Loans are avoidable, whether as fraudulent conveyances or preferences, such payments can be recaptured, either from the initial recipient or from subsequent transferees of such payments. To the extent that any such payments are recaptured from the Company or any financing subsidiary, the returns of the Company in respect of the Portfolio Loans will be reduced thereby. However, it is likely that avoidable payments could not be recaptured directly from a lender that has given value in exchange for the Portfolio Loan, in good faith and without knowledge that the payments were avoidable. Nevertheless, there can be no assurance that the Company or any financing subsidiary will be able to avoid recapture on this or any other basis.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Restructuring of Portfolio Loans and the Insolvency of the Related Obligor May Have Adverse Effects</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The particular restructuring strategy pursued with respect to a Portfolio Loan may not maximize the value of or any recovery on such Portfolio Loan. Any restructuring could alter, reduce or delay the payment of interest or principal from any Portfolio Loan and, as such, could delay the timing and reduce the amount of payments made with respect thereto to the Company. Restructurings of a Portfolio Loan might result in extensions of its term, which would likely extend the average life of such Portfolio Loan and, in the aggregate, could delay the timing of payments made with respect thereto to the Company. Any restructuring of a Portfolio Loan may also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility, which could have a material adverse effect on the Company and could results in losses and/or reduced returns to the Company and the shareholders. Restructurings of Portfolio Loans or the exercise of remedies with respect thereto that result in the receipt of certain types of equity securities with respect thereto may be required to be held in direct or indirect subsidiaries of the Company (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company) that elect to be treated as corporations for U.S. federal income tax purposes which, to the extent taxes are payable in connection therewith, would reduce income or gain otherwise obtainable therefrom.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company (or the Adviser on its behalf) and/or any Adviser Party other than the Adviser may participate on committees formed by creditors to negotiate the management of financially troubled obligors that may or may not be in bankruptcy or may seek to negotiate directly with such obligors with respect to restructuring issues. If the Adviser, on behalf of the Company, does join a creditors’ committee, the participants of the committee would be interested in obtaining an outcome that is in their respective individual best interests and there can be no assurance of obtaining results most favorable to the Company in such proceedings. By participating on such committees, the Company may be deemed to have duties to other creditors represented by the committees, which might expose the Company to liability to such other creditors who disagree with the Company’s actions. Furthermore, by participating on such committees, the Company may be contractually obligated to hold the related Portfolio Loan even if the Adviser, on behalf of the Company, believes it would be in the best interests of the Company to sell. In addition, the Adviser, its affiliates or Other Accounts may also have or acquire equity securities or debt obligations of companies who are obligors of Portfolio Loans held by the Company, and may have interests different from or adverse to those of the Company with respect to its Portfolio Loans. The Company and the Adviser and/or its affiliates may be on any such committee representing such different interests, which may result in conflicts of interest as described in </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Related to Repricing</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If prevailing credit spreads tighten, an obligor of a Portfolio Loan and its private equity sponsor may be incentivized to try to negotiate more favorable pricing and other terms under such Portfolio Loan to better reflect the then current market pricing and terms or may repay the Portfolio Loan and seek alternative financing with other lenders on then-prevailing market pricing and terms. As a result, Portfolio Loans may be repaid prior to their scheduled maturity and may be replaced with other Portfolio Loans with lower pricing or terms less favorable to the Company or not replaced at all. Alternatively, the existing Portfolio Loans may be modified or amended to provide the Company with less favorable pricing or terms. The Adviser Parties and the Antares Lending Platform may, and frequently will, have an incentive to agree to such a repricing, modification and/or amendment to retain the loan as part of the Antares Direct Holdings (or, in the case of the Adviser, to retain the loan on the Company’s balance sheet) and/or strengthen its business relationship with the obligor or the private equity sponsor. In addition, to the extent that the Antares Lending Platform, an Adviser Party (other than the Adviser) or one or more of their respective affiliates holds an equity interest in the related obligor, there is an incentive for such persons to agree to or to propose such a repricing, modification and/or amendment, although since the Antares Lending Platform and such other related persons have in the past acquired and expect in the future to acquire only de minimis equity interests, if any, in some (but not all) obligors or their direct or indirect equity owners, the Adviser does not expect any such equity interest in an obligor or any owner thereof to outweigh the significantly larger economic interests of the Antares Lending Platform and such other related persons as lenders to the obligor. There can be no assurance that Portfolio Loans will be held to maturity or that Portfolio Loans may not be modified or amended to provide lower pricing and other less favorable terms, and in either case that these occurrences will not adversely affect the returns of the Company. See also </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans May be Cross-Collateralized with Other Tranches of Indebtedness Incurred by the Same Obligor and May be Cross-Collateralized with Indebtedness Issued by More Than One Obligor</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cross-collateralization arrangements involving more than one obligor could be challenged as fraudulent conveyances by creditors of the related obligor in an action brought outside a bankruptcy case or, if the obligor were to become a debtor in a bankruptcy case, by the obligor’s representative (or the obligor as debtor-in-possession), U.S. trustee or creditors’ committee.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Among other things, a legal challenge to the granting of the liens may focus on the benefits realized by the related obligor from the applicable Portfolio Loan proceeds, as well as the overall cross-collateralization. If a court were to conclude that the granting of the liens to cross-collateralize a Portfolio Loan was a voidable fraudulent conveyance, such court could subordinate all or part of the pertinent Portfolio Loan to existing or future indebtedness of that obligor, recover payments made under that Portfolio Loan, or take other actions detrimental to the Company, including, under certain circumstances, invalidating the Portfolio Loan or the Company’s interest in the collateral securing the cross-collateralized Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Furthermore, as a general matter, financial restructurings have increasing complexity because lenders in the banking and capital markets use sophisticated financing techniques to fund lending operations, including loan participations, investment funds, loan funding arrangements and other financing techniques. In the contracts documenting such arrangement, lenders often delegate some or all of their voting rights to other persons providing the funding, which may in turn further delegate such rights and consequently result in further delays to in-court and out-of-court restructurings and exacerbate the risks associated with insolvencies and restructuring.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Bankruptcy of One or More Obligors Could Reduce or Eliminate the Return to the Company on a Portfolio Loan</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There is a significant risk that one or more of the obligors may enter bankruptcy proceedings. Such proceedings may result in, among other things, a substantial reduction in the interest rate and a substantial write down of the principal of the related Portfolio Loans. There are a number of significant risks inherent in the bankruptcy process. First, rulings in a bankruptcy case are the product of adversary proceedings determined by a court with equitable powers, and are beyond the control of specific creditors. Second, a bankruptcy filing may adversely and permanently affect the obligor making such filing. The obligor may lose its market position, key employees, relationships with important suppliers, access to the capital markets or other sources of liquidity and otherwise become incapable of restoring itself as a viable entity. If for this or any other reason a reorganization under the U.S. Bankruptcy Code is converted to or becomes a liquidation, the liquidation value of the obligor may not equal the liquidation value that was believed to exist at the time of purchase of the Portfolio Loan. Third, the duration of a bankruptcy case is difficult to predict. A creditor’s return on investment can be adversely affected by delays while a plan of reorganization is being negotiated, approved by parties in interest and confirmed by the bankruptcy court until it ultimately becomes effective. For example, in general, unsecured creditors’ claims for interest accrued between the bankruptcy filing and a reorganization plan’s consummation are not allowed. Fourth, the administrative costs of the debtor and official committees in connection with the bankruptcy case are frequently high and will be paid out of the debtor’s estate prior to any return to general unsecured creditors. If the bankruptcy case involves protracted or difficult litigation, or turns into a liquidation, substantial assets may be devoted to such administrative costs; a creditor’s costs in monitoring and enforcing its investment also may substantially increase. Certain claims that have priority by law (for example, claims for taxes) also may be significant. Finally, under certain circumstances, creditors’ claims against bankrupt or insolvent entities may be subject to equitable subordination or recharacterization as equity (particularly where the creditor is an insider or otherwise controls the debtor), and transfers made to creditors may be subject to avoidance and disgorgement as preferences or fraudulent conveyances.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes in the Interest Rate on a Portfolio Loan May Impact the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans will bear interest at floating interest rates. If interest rates decline, obligors may refinance their Portfolio Loans at lower interest rates which could shorten the average life thereof and reduce the Company’s expected returns with respect thereto, particularly if the Company is not then able to directly or indirectly invest in other Portfolio Loans with an equal or greater interest rate and average life. Any bankruptcy or insolvency of an obligor under a Portfolio Loan will also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility which could have a material adverse effect on the Company and could result in losses and/or reduced returns to the Company and the shareholders. Conversely, if the interest rates increase, periodic interest obligations owed by the related obligors will also increase. As prevailing interest rates increase, some obligors may not be able to make the increased interest payments on Portfolio Loans or refinance their balloon Portfolio Loans, resulting in payment defaults. Any payment default of an obligor under a Portfolio Loan will also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility which could have a material adverse effect on the Company and could results in losses and/or reduced returns to the Company and the shareholders.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, Portfolio Loans may feature interest rates which will vary based on certain financial ratios of the related obligor. The interest rates payable by the obligors under such Portfolio Loans will typically be reduced if the applicable financial ratios of the related obligors improve and, accordingly, an improvement in the financial performance of obligors under these Portfolio Loans would result in a decrease in interest payments thereunder to the Company. Conversely, the interest rates payable by the obligors under such Portfolio Loans will typically be increased if the applicable financial ratios of the related obligors deteriorate. However, while a deterioration in the financial performance of obligors under these Portfolio Loans would result in an increase in interest payments received by the Company, increased payment obligations of such obligors could weaken the financial condition of such obligors in the future.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to the Risk of Third-Party Litigation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s investment activities hereunder may subject it to the risks of becoming involved in litigation by third parties. As described above under “Lender Liability Considerations and Equitable Subordination Can Affect the Company’s Rights with Respect to Portfolio Loans,” this risk may be greater where the Company or exercises control or significant influence over an obligor’s direction. The expense of defending against claims against the Company by third parties and paying any amounts pursuant to settlements or judgments would be borne by the Company (except to the extent the Company may have a claim against the Adviser under the Investment Advisory Agreement or another applicable agreement) and would reduce the returns of the Company and the shareholders in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">International Investing Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans may consist of obligations of obligors located in non-U.S. jurisdictions. Investing outside the United States may involve greater risks than investing in the United States. These risks may include: (i) less publicly available information; (ii) varying levels of governmental regulation and supervision; and (iii) the difficulty of enforcing legal rights in a foreign jurisdiction and uncertainties as to the status, interpretation and application of laws. Moreover, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to United States companies. Portfolio Loans consisting of obligations of non-U.S. obligors may be subject to various laws enacted in their home countries for the protection of debtors or creditors, which could adversely affect the Company’s ability to recover amounts owed. These insolvency considerations will differ depending on the country in which each obligor is located. Additionally, international borrowers can also be more exposed to geopolitical risks such as armed conflict or could become subject to sanctions, located in a country that becomes subject to sanctions or have an economic relationship with persons who become subject to sanctions or a country that is, or whose people or companies are, subject to sanctions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The economies of individual non-U.S. countries also may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, volatility of currency exchange rates, depreciation, capital reinvestment, resources, self-sufficiency and balance of payments position. Economic and political distress in any of those countries or regions may be detrimental to the performance of the related Portfolio Loan and may increase the likelihood of financial distress or insolvency of the applicable obligor. In addition, any abandonment of the Euro, a break-up of the EU and/or any individual country leaving the EU could have a negative impact on the obligors domiciled in related countries and could have regulatory consequences that are unknown at this time.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Licensing Requirements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain banking and regulatory bodies or agencies in or outside the United States may require the Company, the Adviser and/or certain employees of the Adviser to obtain licenses or authorizations to engage in many types of lending activities including the origination of loans. It may take a significant amount of time and expense to obtain such licenses or authorizations and the Company may be required to bear the cost of obtaining such licenses and authorizations. There can be no assurance that any such licenses or authorizations would be granted or, if granted, whether any such licenses or authorizations would impose restrictions on the Company. Such licenses or authorizations may require the disclosure of confidential information about the Company, Company investors or their respective affiliates, including the identity, financial information and/or information regarding the Company investors and their officers and trustees. The Company may not be willing or able to comply with these requirements. Alternatively, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for the Company and/or any relevant Portfolio Company, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license or authorization. The inability of the Company or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect the Company’s ability to implement its investment program and achieve its intended results.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks from Provision of Managerial Assistance and Control Person Liability</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may obtain rights to participate in the governance of certain of the Company’s Portfolio Companies. In such instances, the Company typically will designate board members to serve on the boards of Portfolio Companies. The designation of representatives and other measures contemplated could expose the assets of the Company to claims by a Portfolio Company, its security holders and its creditors, including claims that the Company is a controlling person and thus is liable for securities laws violations and other liabilities of a Portfolio Company. The exercise of control over a company may impose additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally characteristic of business ownership may be ignored. If these liabilities were to arise, the Company might suffer a significant loss. These measures also could result in certain liabilities in the event of the bankruptcy or reorganization of a Portfolio Company, could result in claims against the Company if the designated board members violate their fiduciary or other duties to a Portfolio Company or fail to exercise appropriate levels of care under applicable corporate or securities laws, environmental laws or other legal principles, and could expose the Company to claims that it has interfered in management to the detriment of a Portfolio Company. While the Adviser intends to operate the Company in a way that will minimize the exposure to these risks, the possibility of successful claims cannot be precluded, nor can there be any assurance as to whether laws, rules, regulations and court decisions will be expanded or otherwise applied in a manner that is adverse to Portfolio Companies and the Company and the Company investors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Derivatives</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indexes and other assets. The Company may, directly or indirectly, use various derivative instruments including options contracts, futures contracts, forward contracts, options on futures contracts, indexed securities and swap agreements for hedging and risk management purposes. The Company also may use derivative instruments to approximate or achieve the economic equivalent of an otherwise permitted investment (as if the Company directly invested in the loans, claims or securities of the subject issuer) or if such instruments are related to an otherwise permitted investment. The Company’s use of derivative instruments involves investment risks and transaction costs to which the Company would not be subject absent the use of these instruments and, accordingly, may result in losses that would not occur if such instruments had not been used. The use of derivative instruments may entail risks including, among others, leverage risk, volatility risk, duration mismatch risk, correlation risk and counterparty risk.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company’s Ability to Enter into Transactions Involving Derivatives and Financial Commitment Transactions May be Limited</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Rule 18f-4 under the 1940 Act, governs the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements, and requirements related to board reporting. These requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined in the rule. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a Portfolio Company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under the rule, when the Company trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, the Company needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently operates as a “limited derivatives user,” and these requirements may limit the Company’s ability to use derivatives and/or enter into certain other financial contracts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Publicly Traded Securities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although not the investment focus of the Company, the Company can hold public securities including in circumstances where a Portfolio Company and/or one of its subsidiaries consummates an initial public offering or is acquired by a special purpose acquisition company (a “SPAC”) while the Company holds its equity investment or the Company otherwise receives public securities in connection with an exit transaction or similar event involving an equity investment. Investments in public Portfolio Companies subject a Company to risks that could differ in type or degree from those involved with investments in privately held companies. Such risks include, without limitation, movements in the stock market and trends in the overall economy, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of the Company to dispose of such securities at certain times (including due to the possession by the Company or Adviser of material non-public information), increased likelihood of shareholder litigation against such companies’ board members, which could include Antares Lending Platform personnel, regulatory action by the applicable regulator and increased costs associated with each of the aforementioned risks.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Investing in Equity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In connection with sourcing of Portfolio Loans, the Company is permitted to invest in equity securities or options or rights to acquire equity securities of a Portfolio Company. Investment in equity securities could also arise in connection with the Company’s debt investment opportunities and may be accompanied by “equity-kickers” or warrants. The Company could also be forced to accept equity in certain circumstances or could choose to make equity investments in distressed companies, including in connection with restructuring investments in existing Portfolio Companies. Equity securities generally fluctuate in price more than bonds and can decline in value over short or extended periods. The value of equity securities generally will vary due to, among other factors, changes in a company’s financial condition and in overall market and economic conditions. Investments in equity securities of small or medium-sized market capitalization companies typically have more limited marketability and greater price volatility than the investments in the equity securities of larger companies. In addition, investments in equity can give rise to additional taxes and/or tax risks and the Company could hold these investments through entities treated as corporations for U.S. federal tax purposes or other taxable structures which can reduce the return from such investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Company invests in equity instruments of issuers whose performance diverges from the Adviser’s expectations, or if equity markets generally move in a single direction and the Company has not hedged against such a general move, losses could result. The Company also could be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of private placements, registering restricted securities for public resale. In addition, an investment in equity securities could be subject to restrictions and contingencies regarding the terms of an investment. As with other investments that the Company can make, the value of equity securities held by the Company could be adversely affected by actual or perceived negative events relating to such securities, the industry, or geographic areas in which a Portfolio Company operates or the financial markets generally. However, equity securities typically are even more susceptible to such events given their subordinate position in the Portfolio Company’s capital structure. As such, equity securities generally have greater price volatility than fixed income securities or debt instruments. Equity investments in distressed Portfolio Companies can also be more likely to experience losses. While diversification among Portfolio Companies can help to mitigate some of these risks, the Company is not required to diversify its investments in equity securities and investors should expect fluctuations in the value of equity securities held by the Company based on market conditions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is also permitted to invest in preferred equity securities that are rated in the lower rating categories by various credit rating agencies or, more commonly, in comparable non-rated securities. Securities in the lower rating categories and comparable non-rated securities are subject to greater risk of loss of principal and interest than higher rated and comparable non-rated securities and are generally considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings and comparable non-rated securities in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower rated and comparable non-rated securities, the yields and prices of such securities are likely more volatile than those for higher rated and comparable non-rated securities. The market for lower rated and comparable non-rated securities is thinner, often less liquid and less active than that for higher rated and comparable non-rated securities, which can adversely affect the prices at which these securities can be sold and could even make it impracticable to sell such securities. Preferred securities are subordinated to bonds and other debt securities in a Portfolio Company’s capital structure in terms of priority for corporate income and liquidation payments. Preferred securities, therefore, will be subject to greater credit risk than those debt securities, but have priority over other types of equity securities. Depending on the features of the particular preferred security, holders could bear the risks disclosed herein regarding equity and/or fixed income securities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Investing in Convertible Securities and Warrants</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The value of convertible securities and warrants will vary with the movements in the equity market and the performance of the underlying common stock, in particular. The value of such warrants, direct equity investments, and equities received upon conversion of debt instruments is dependent primarily on the success of the applicable Portfolio Company’s business strategy and the growth of its earnings, but also depends on general economic and equity market conditions. Their value is also affected by adverse Portfolio Company or market information. With respect to warrants, their value could decrease or be zero (and thus not be exercised) if the market price of the underlying securities remains lower than the specified price at which holders of warrants are entitled to buy such securities, resulting in a loss to the Company of the purchase price of the warrant (or the embedded warrant price in the case of securities issued with warrants attached). With respect to convertible securities, as with all fixed income securities, the market value of such securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus, might not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stock in an issuer’s capital structure and consequently entail less risk than the issuer’s common stock. In evaluating a convertible security, the investment teams will give primary emphasis to the attractiveness of the underlying common stock. If a convertible security held by the Company is called for redemption, the Company will be required to permit the Portfolio Company to redeem the security, convert it into the underlying stock or sell it to a third party. Any of these actions could have an adverse effect on the Company’s ability to achieve its investment objectives.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The warrants, equity securities for which the warrants can be exercised, direct equity investments, and equities received upon conversion of debt instruments generally will be restricted securities that cannot readily be sold for some period of time and could be dependent on SEC registration requirements and marketing efforts required for public offerings that are outside the control of the Adviser. If the value of the equity securities underlying a warrant does not increase above the exercise price during the life of the warrant, the Adviser would permit the warrant to expire unexercised and the warrant would then have no value. Any of these actions could have an adverse effect on the Company’s ability to achieve its investment objectives.</span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with the Speculative Nature of Warrants and Other Forms of Equity Investment Returns</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The value of any warrants that the Company receives in connection with extending loans is dependent on the value of the equity securities for which the warrants can be exercised. The value of such warrants, direct equity investments, and equities received upon conversion of debt instruments is dependent primarily on the success of a Portfolio Company’s business strategy and the growth of its earnings, but also depends on general economic and equity market conditions. The prospects for achieving consistent profitability in the case of many of the Portfolio Companies are speculative. The warrants, equity securities for which the warrants can be exercised, direct equity investments, and equities received upon conversion of debt instruments generally will be restricted securities that cannot readily be sold for some period of time and could be dependent on SEC registration requirements and marketing efforts required for public offerings that are outside the control of the Adviser. If the value of the equity securities underlying a warrant does not increase above the exercise price during the life of the warrant, the Adviser would permit the warrant to expire unexercised and the warrant would then have no value.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with the Lack of Controlling Equity Interests in a Portfolio Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because the Company does not generally expect to hold controlling equity interests in Portfolio Companies, the Company, as a minority equity investor, typically will not be in a position to exercise control over its Portfolio Companies or to prevent decisions by management or the board of directors of Portfolio Companies that could decrease the value of the Company investments. Accordingly, the Company will be significantly reliant on the existing management and board of directors of such Portfolio Company and subject to the risk that a Portfolio Company will make business decisions with which the Adviser disagrees, and the stockholders and management of a Portfolio Company could take risks or otherwise act in ways that are adverse to the Company’s interests. Furthermore, the Company’s equity investments will typically include customary “tag-along” and/or “drag-along” rights that will permit or require the Company to participate in a sale of its equity investment at such time as the stockholders and management of the relevant Portfolio Company, not the Adviser, determines. Where practicable and appropriate, it is expected that shareholder rights generally will be sought to protect the Company’s equity investment. There can be no assurance, however, that such minority equity investor rights will be available, or that such rights will provide sufficient protection of the Company’s equity investment. Due to the lack of liquidity for the debt and equity investments that the Company typically expects to hold in Portfolio Companies and transfer restrictions imposed on such investments, the Company likely will not be able to dispose of the Company’s investments in the event the Adviser disagrees with the actions of a Portfolio Company and could therefore suffer a decrease in the value of the Company’s investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Follow-On Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Following an initial investment in a Portfolio Company, the Company could have the opportunity to increase its investment in such Portfolio Company (such investment opportunity, a “Follow-On Investment”). However, there is no assurance that the Company will make a Follow-on Investment or that the Company will have sufficient funds to make all or any such investments. Any decision by the Company not to make a Follow-On Investment or its inability to make such investments could have a substantial negative impact on a Portfolio Company in need of such an investment, could represent a lost opportunity for the Company to increase its participation in a successful Portfolio Company, could result in the Company’s equity investment becoming diluted or, in circumstances where the Follow-On Investment is offered at a discount to market value, could result in a loss of value for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Arising from Entering into a TRS Agreement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A total return swap (“TRS”) is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. For purposes of computing the Company’s Investment Income Incentive Fee and the Capital Gains Incentive Fee, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A TRS is subject to market risk, liquidity risk and risk of imperfect correlation between the value of the TRS and the loans underlying the TRS. In addition, we may incur certain costs in connection with the TRS that could in the aggregate be significant. A TRS is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Repurchase Agreements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Subject to our investment objective and policies, we may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Company of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Company will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Company does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Company could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Company seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Company generally will seek to liquidate such collateral. However, the exercise of the Company’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Company could suffer a loss.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Securities Lending Agreements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions if our asset coverage, as defined in the 1940 Act, would at least equal 150% (equivalent to $2 of debt outstanding for each $1 of equity) immediately after each such loan. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to brokers and other financial institutions that are believed by the Adviser to be of high credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (e.g., negotiable certificates of deposit, bankers’ acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. If the Company enters into a securities lending arrangement, the Adviser, as part of its responsibilities under the Investment Advisory Agreement, will invest the Company’s cash collateral in accordance with the Company’s investment objective and strategies. The Company will pay the borrower of the securities a fee based on the amount of the cash collateral posted in connection with the securities lending program. The borrower will pay to the Company, as the lender, an amount equal to any dividends or interest received on the securities lent.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may invest the cash collateral received only in accordance with its investment objective, subject to the Company’s agreement with the borrower of the securities. In the case of cash collateral, the Company expects to pay a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Company, as the lender, will retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Company if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Company may also call such loans in order to sell the securities involved. When engaged in securities lending, the Company’s performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Company in permissible investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Volatility in the Banking Sector</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Recent bank failures, or near failures, and declines in the share prices other U.S. and non-U.S. banks have resulted in certain banks being placed on “watch lists,” suffering ratings downgrades and/or receiving emergency funding from governments. The impact of the banking sector’s volatility on the financial system and broader economy could be significant. Continued volatility in the banking sector could cause or intensify an economic recession, make it more difficult for the Company and/or borrowers to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained, and/or have other material adverse effects on the Company and/or borrowers.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For certain borrowers, a large percentage of their assets are or could be held by a limited number of banks (or even a single bank). Failure of one or more banks used by a borrower could have a material adverse effect on such borrower. Cash, securities or other assets held in deposit accounts or securities accounts at a failed institution could be temporarily inaccessible or permanently lost. In these cases, the U.S. Federal Deposit Insurance Corporation (the “FDIC”) would guarantee balances up to $250,000 per bank but the accountholder would ordinarily be an unsecured creditor with respect to cash balances in excess of $250,000 held at a single bank, and therefore might not ultimately recover any value in excess such amounts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If a bank that provides a credit facility and/or other services to the Company or any of its borrowers fails, the Company or borrower could be unable to draw funds under such credit facilities and might not be able to obtain replacement credit facilities or applicable other services from other lending institutions on a timely basis or on similar terms. If the Company’s or any of its borrower’s credit facilities and accounts are provided by the same banking institution, and such banking institution fails, or one or more banks used by investors in the Company or borrower were to fail, the Company or borrower could be unable to, or limited in its ability to, draw capital which could create significant difficulties in funding any near-term obligations it has in respect of its investments or otherwise. If the banks with which the Company’s borrowers have depositor or borrowing arrangements were to fail, there would be similar material adverse effects on such borrowers and the Company. In most cases, the Adviser has no meaningful role in selecting the banks used by borrowers, and must rely on the borrower to select banking services with care. If one or more banks with whom the Company or any of its borrowers maintains an account were to fail, the receipt and disbursement of funds by and from such account could be delayed or prevented, which could result in a default or other loss, and any deposits above the FDIC threshold could be lost.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Volatility in the Technology Industry</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The market prices and values of companies operating in the technology industry - including application software, system software and consumer and business services companies - tend to exhibit a greater degree of risk and volatility than other types of investments. These companies may fall in and out of favor with the public and investors rapidly, which may cause sudden selling and dramatically lower market prices. These companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, short product cycles, falling prices and profits, government regulation, lack of standardization or compatibility with existing technologies, intense competition, aggressive pricing, advances in artificial intelligence and machine learning, dependence on copyright and/or patent protection and/or obsolete products or services. Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Technology-related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Companies in the application software industry, in particular, may also be negatively affected by the decline or fluctuation of subscription renewal rates for their products and services, which may have an adverse effect on profit margins. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, a rising interest rate environment tends to negatively affect technology and technology-related companies. Those technology or technology-related companies seeking to finance their expansion would have increased borrowing costs, which may negatively impact their earnings. Technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Net Asset Value Financings</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Net asset value financing (“NAV financing”) requires that the amount of debt drawn under the facility does not exceed a given percentage of the NAV of the borrowing Company’s underlying investments. The NAV of such investments will fluctuate over time as they are acquired, held and disposed of. Breach of the percentage limits may require that the facility is repaid, or additional collateral (such as cash or liquid securities) posted as security. There can be no assurance that the borrowing fund will be able to meet such demands and the Company may consequently suffer a loss. The Company may be reliant on third parties to accurately value the underlying investments and disputes may arise with the borrower should they not agree with such a valuation. Given that NAV financing is often used by borrowers during the mid-life of a fund to add further leverage to their underlying investments, issues may arise where existing third-party leverage already exists at the level of each underlying investment (and those investment-level lenders may therefore be structurally senior to any fund-level leverage).</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Certain Regulatory and Tax Matters</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Regulations Governing the Company’s Operation as a BDC</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company will not generally be able to issue and sell its Common Shares at a price below net asset value per share. The Company may, however, sell Common Shares, or warrants, options or rights to acquire the Company’s Common Shares, at a price below the then-current net asset value per share of the Company’s Common Shares if the Company’s Board determines that such sale is in the Company’s best interests, and if investors approve such sale. In any such case, the price at which the Company’s securities are to be issued and sold may not be less than a price that, in the determination of the Company’s Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Company raises additional funds by issuing Common Shares or senior securities convertible into, or exchangeable for, its Common Shares, then the percentage ownership of investors at that time will decrease, and investors may experience dilution.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company Must Invest a Sufficient Portion of Assets in Qualifying Assets</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of the Company’s total assets are qualifying assets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company believes that most of the investments that it may acquire in the future will constitute qualifying assets. However, the Company may be precluded from investing in what it believes to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If the Company does not invest a sufficient portion of its assets in qualifying assets, it could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent the Company, for example, from making follow-on investments in existing Portfolio Companies (which could result in the dilution of its position) or could require the Company to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If the Company needs to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. The Company may not be able to find a buyer for such investments and, even if a buyer is found, the Company may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Company does not maintain its status as a BDC, it would be subject to regulation as a registered closed-end management investment company under the 1940 Act. As a registered closed-end management investment company, the Company would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease its operating flexibility.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">As a Public Company, the Company is Subject to Regulations Not Applicable to Private Companies, Such as Provisions of the Sarbanes-Oxley Act. Efforts to Comply with Such Regulations will Involve Significant Expenditures, and Non-Compliance with Such Regulations May Adversely Affect the Company</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a public company, we are subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. Following the transition period established by rules of the SEC, our management is required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. As a relatively new company, developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance and our ability to make distributions. This process also will result in a diversion of our management’s time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until there is a public market for our Common Shares, which is not expected to occur.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Pay-to-Play Laws, Regulations and Policies</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Many states, their subdivisions and associated pension plans have adopted so-called “pay-to-play” laws, rules, regulations or policies which prohibit, restrict or require disclosure of payments to, and/or certain contacts with, certain politicians or officials associated with public entities by individuals and entities seeking to do business with related entities, including seeking investments by public retirement funds in collective investment funds such as the Company. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates for certain elected offices. If the Adviser or the Adviser’s respective employees or affiliates violate such pay-to-play laws, rules, regulations or policies, such non-compliance could have an adverse effect on the Company by, for example, providing the basis for the ability of such government-affiliated pension plan investor to cease funding its obligations to the Company or to withdraw from the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Arising from Potential Controlled Group Liability</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under certain circumstances it would be possible for the Company, along with its affiliates, to obtain a controlling interest in certain Portfolio Companies. This could occur, for example, in connection with a workout of the Portfolio Company’s debt obligations or a restructuring of the Portfolio Company’s capital structure. here is a risk that the Company (along with its affiliates) would be treated as engaged in a “trade or business” for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code’s controlled group rules. In such an event, the Company could be jointly and severally liable for a Portfolio Company’s liabilities with respect to the underfunding of any pension plans which such Portfolio Company sponsors or to which it contributes. Any of such liabilities that the Portfolio Company is not able to satisfy could, thereby, become the responsibility of the Company, causing it to incur potentially significant, unexpected liabilities for which reserves were not established.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Related to Being an “Emerging Growth Company”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We are and will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) in which we have total annual gross revenue of at least $1.235 billion, or (ii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three- year period. For so long as we remain an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our shares less attractive because we will rely on some or all of these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our share price may be more volatile.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to opt out of the extended transition period for complying with new or revised accounting standards.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Arising from Compliance with the SEC’s Regulation Best Interest</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. The impact of Regulation Best Interest on broker-dealers participating in the Private Offering cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend the Private Offering to retail customers. If Regulation Best Interest reduces our ability to raise capital in the Private Offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objective and would result in our fixed operating costs representing a larger percentage of our gross income.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under Regulation Best Interest, high cost, high risk and complex products may require greater scrutiny by broker-dealers and their salespersons before they recommend such products. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. Currently, there is no administrative or case law interpreting Regulation Best Interest and the full scope of its applicability on brokers participating in our offering cannot be determined at this time.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Federal Income Tax Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to RIC Qualification Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To obtain and maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company May Experience Difficulty with Paying Required Distributions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus may become subject to corporate-level income tax. The resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Some Investments May be Subject to Corporate-Level Income Tax</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain Portfolio Investments May Present Special Tax Issues</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We expect to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues. U.S. federal income tax rules are not entirely clear about certain issues related to such investments such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, to distribute sufficient income to preserve our tax status as a RIC and minimize the extent to which we are subject to U.S. federal income or excise tax.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">If the Company Is Not Treated as a “Publicly Offered Regulated Investment Company,” as Defined in the Code, the Company’s Shareholders That Are Individuals, Trusts or Estates Will Be Taxed as Though They Received a Distribution of Some of the Company’s Expenses</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company does not expect to be treated initially as a “publicly offered regulated investment company.” Until and unless we are treated as a “publicly offered regulated investment company” as a result of either (1) Common Shares and our preferred shares collectively being held by at least 500 persons at all times during a taxable year, (2) Common Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) Common Shares being treated as regularly traded on an established securities market, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from us in the amount of such U.S. shareholder’s allocable share of the management and incentive fees paid to our investment adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. shareholder’s miscellaneous itemized deductions exceeds 2% of such U.S. shareholder’s adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Legislative or Regulatory Tax Changes Could Adversely Affect Investors</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">At any time, the U.S. federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments. Recently enacted tax legislation, commonly known as the "One Big Beautiful Bill Act," extended many of the tax law provisions that were set to expire in 2025 and included certain new provisions (and other amendments) to the Code. Investors are urged to consult with their own tax advisors with respect to the impact of the legislative changes on an investment in the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The foregoing list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Company. Each prospective shareholder should read this registration statement and consult with its advisors before deciding whether to invest in the Company. In addition, as the Company’s investment program develops and changes over time, an investment in the Company may be subject to additional and different risk factors.</span></p></div> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Adviser and Structure-Related Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Adviser and the Company Have Limited Operating Histories</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser has a limited history acting as an investment adviser for a BDC and there is no assurance that the experience of the personnel working on behalf of the Adviser in connection with loans made or owned by Adviser Parties, the Adviser’s or its affiliates’ clients or others will be applicable to its activities on behalf of the Company. The Company has limited operating history. There can be no assurance that the Company will achieve its investment objective or avoid substantial losses. While we believe that the past professional experiences of our Adviser’s investment team, including investment and financial experience of our Adviser’s senior management, will increase the likelihood that our Adviser will be able to manage us successfully, there can be no assurance that this will be the case.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Past Performance is Not Indicative of Future Results</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance that the past performance of any loans or of any loan portfolio, loan program, investment vehicle or account managed or serviced by the Adviser, Antares Holdings collectively with any of its consolidated subsidiaries or joint ventures whose equity securities or whose subordinated notes or other interests that constitute the economic equity therein, as applicable, are directly or indirectly majority-owned by Antares Holdings (including the Adviser) (each individually referred to as an “Adviser Party”) or the current personnel or authorized persons at any Adviser Party or at predecessor companies or prior places of employment, will be indicative of the results that the Company will achieve or that such past performance over a particular period of time will be indicative of the results that will occur in future periods. Furthermore, the nature of, and risks associated with, the Company’s investments in Portfolio Loans could differ (potentially substantially) from those investments and strategies undertaken in connection with such other loan portfolios, loan programs, investment vehicles or accounts. There can be no assurance that the Company’s investments will perform as well as such past investments, that the Company will be able to avoid losses or that the Company will be able to make investments similar to such past investments. In addition, most of such past investments have been made utilizing a portfolio capital structure (including, at times, leverage), an asset mix and a fee arrangement that are different (and sometimes are substantially different) from the capital structure, asset mix and/or fee arrangement of the Company. All or a portion of such prior results have been achieved in particular market conditions which might not be repeated and which might not fully inform decisions made in existing or future market conditions. In addition, a substantial portion of such prior results relate to loans held for investment on the Adviser Parties' Direct Holdings, loan programs where an Adviser Party and one or more unrelated third parties made investment decisions jointly, loans held by contract investors with respect to which neither the Adviser nor any other Adviser Party provided investment advisory services or loans held by advised clients with respect to which an Adviser Party provided non-discretionary investment advice. Further, a portion of such prior results relate to loans where an affiliate of the Adviser and an unrelated third party made investment decisions jointly rather than the discretionary investment management services being provided by the Adviser to the Company. In addition, all or a portion of such past performance is not reflective of the performance of Portfolio Loans where investment decisions or recommendations are made by the Adviser subject to applicable requirements for BDCs, or principal transactions approval is required under applicable law or any other approvals outside of the control of the Adviser are required. Moreover, because restrictions that govern the Company’s investments do not govern the investments and investment strategies of the Adviser, any other Adviser Party or their respective current personnel or authorized persons generally or the loan origination strategies used to originate loans for the Antares Lending Platform, the Portfolio Loans, and the results they yield, are not directly comparable with, and may differ substantially from, other loan portfolios, loan programs, investment vehicles or accounts managed or serviced by or held by the Adviser, any other Adviser Party and their respective current personnel or authorized persons at prior places of employment. The Adviser is not an arranger, originator or lender. To the extent the term “Antares Lending Platform” is used in such contexts, the Adviser would be excluded.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Antares Lending Platform operates in its own economic interest and should not be expected to take into account the Company’s interest in making any decisions with respect to a loan; however (as discussed herein), decisions made by the Antares Lending Platform can adversely impact the availability and terms of Portfolio Loans. Historical information relating to loans provided by any Adviser Party to any prospective investor in the Company is indicative only of the historical performance of the relevant loans covered thereby, as applicable. Such information is not intended to provide any assurance to any prospective investor and should not be used to project or predict future performance of the Company or of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans and other investments actually acquired by the Company could be different from those expected to be purchased by the Adviser on behalf of the Company due to credit market conditions, the availability of such Portfolio Loans and other investments, the frequency with which private equity sponsors, obligors or existing lenders request or require, or the underlying loan documents require, the loan arranger (including Antares Capital, when serving in such role) to make loans available to lenders that are not Adviser Parties or the Platform Balance Sheet, determinations with respect to Portfolio Loans and other investments made by Antares Capital or the Antares Lending Platform, changes to the internal policies of the Adviser, consent decisions made by other third parties as could be required under the loan documents and other factors. The actual Portfolio Loans and other investments owned by the Company will change from time to time as a result of, among other things, sales, purchases, prepayments, repayments and restructurings of Portfolio Loans and/or other investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Antares Lending Platform will Not Always Originate Portfolio Loans or Certain Types of Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance that the Antares Lending Platform will always be in the business of originating loans similar to the Portfolio Loans or to certain types of Portfolio Loans that may be acquired by the Company or will choose to originate those Portfolio Loans on terms that are beneficial to the Company. In such event, the Adviser will be limited by BDC requirements to invest at least 70% of the Company’s assets in “eligible portfolio companies”, and unless otherwise prohibited from doing so, can select Portfolio Loans originated by other loan originators for acquisition by the Company. There can be no assurance that Portfolio Loans originated by other loan originators will perform similarly to Portfolio Loans originated by the Antares Lending Platform or will be approved by the lenders or their administrative agent for inclusion in any credit facility. Additionally, the terms for Portfolio Loans (whether originated by the Antares Lending Platform or another loan originator) could vary.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company will Depend on the Managerial Expertise of the Adviser, the Antares Lending Platform and Their Respective Personnel</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The shareholders will generally not make decisions with respect to the management, disposition or other realization of any Portfolio Loans. Consequently, the success of the Company’s investments will depend, in large part, on the skill and expertise of the shared personnel of the Adviser who are employees of Antares Capital and who are responsible for originating, underwriting, monitoring and managing loans on behalf of the Adviser Parties' Direct Holdings and on behalf of the Adviser for the Company and other client accounts, including funds, vehicles, joint ventures, loan programs, special purpose entities, warehouses, collateralized loan obligations (“CLOs”), co-investment vehicles, and other entities and accounts sponsored, managed, serviced or advised by the Adviser and its affiliates, including Antares Strategic Credit Fund and Antares Private Credit Fund (collectively “Other Accounts”).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser has access to personnel who act as shared personnel of the Adviser Parties and are employees of Antares Capital. Such shared personnel underwrite, monitor and manage loans on behalf of the Adviser Parties' Direct Holdings, on behalf of the Adviser for the Company, and on behalf of the Adviser, and affiliates of the Adviser (including Antares Capital) for Other Accounts. In providing services through the Adviser, such shared personnel are supervised by the Adviser and subject to the Adviser’s compliance policies and procedures, including a code of ethics and applicable provisions of the Advisers Act. There can be no assurance that the current professionals will continue to serve in their current positions, continue to be employed by Antares Capital or made available to the Adviser or continue to be shared personnel or authorized persons of the Adviser and the other Adviser Parties. In addition, individuals not currently associated with any of the Adviser Parties may become associated with the Adviser or other Adviser Parties, and the performance of the Portfolio Loans would then also depend on the financial and managerial experience of such individuals. Although the Adviser’s investment professionals will devote such time as they determine in their discretion is reasonably necessary to fulfill the Adviser’s obligations to the Company, they will not devote all of their professional time to the affairs of the Company. When acting on behalf of the Adviser, such shared personnel will also be providing services to others, including to proprietary accounts of the Adviser Parties and to Other Accounts. When acting on behalf of any particular party, Adviser Parties or Other Accounts, such shared personnel have an obligation to pursue the best interests of the party on whose behalf they are acting at the time, whose interests could diverge from the best interests of the Company. In some cases, this can adversely impact the availability or terms of Portfolio Loans in which the Company ultimately invests.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pursuant to the Investment Advisory Agreement, the Adviser may employ third parties (including but not limited to affiliates) to render advice and assistance to the Company and to perform any of the Adviser’s duties under the Company’s governing documents. Moreover, the Adviser may assign its rights and delegate some or all of its obligations as provided in the Company’s governing documents, the Company’s governing documents may be terminated under certain circumstances, and the Adviser may resign or be removed subject to certain conditions. There can be no assurance that if the Adviser resigns or is removed any successor investment adviser may be obtained or, if obtained, would have the same level of skill in performing the obligations of the Adviser, in which event the returns of the Company in respect of the Portfolio Loans could be adversely affected.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Possibility of Misconduct of Adviser Employees and Service Providers</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Misconduct by employees of the Adviser, service providers to the Company and/or their respective affiliates could cause significant losses to the Company. Misconduct can include entering into transactions without authorization, the failure to comply with policies and risk procedures, including due diligence or operational or risk procedures, misrepresentations as to investments being considered by the Company, the improper use or disclosure of confidential, proprietary, sensitive, personal or other nonpublic information, which could result in litigation or serious financial harm, including limiting the Company’s business prospects or future marketing activities, and non-compliance with applicable laws or regulations and the concealing of any of the foregoing. Such activities would likely result in reputational damage, litigation, business disruption and/or financial losses to the Company.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Currency Exchange Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Currency exchange risk refers to the risk of fluctuations in exchange rates between the U.S. dollar and foreign currencies of non-U.S. investors or in which certain Portfolio Loans or other Company assets are denominated. The base currency of the Company will be the U.S. dollar. Certain of the Company’s Portfolio Loans and other Company assets could be denominated in currencies other than the U.S. dollar, and hence the value of such Portfolio Loans and other Company assets will depend in part on the relative strength of the U.S. dollar. The Company could be affected favorably or unfavorably by exchange control regulations or changes in the exchange rate between foreign currencies and the U.S. dollar, as well as the transaction costs associated with converting foreign currencies into U.S. dollars. Changes in foreign currency exchange rates could also affect the value of dividends and interest earned, and the level of gains and losses realized on the sale of Portfolio Loans or other Company assets. The rates of exchange between the U.S. dollar and other currencies are affected by many factors, including forces of supply and demand in the foreign currency exchange markets. Exchange rates also are affected by the international balance of payments and other economic and financial conditions, government intervention, speculation and other factors. The Company is not obligated to engage in any currency hedging operations (unless otherwise set forth in the relevant Company governing documents), and there can be no assurance as to the success of any hedging operations that the Company may implement.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Dependent on Information Systems and Subject to Risks Relating to Cybersecurity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our business is dependent on our and third parties’ communications and information systems. Cybersecurity incidents, cyberattacks, and other breaches have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency and severity in the future. The Adviser, the Company, their respective service providers, and other market participants increasingly depend on complex information technology and communications systems to conduct business functions and therefore have become increasingly prone to operational and information security risks resulting from cyberattacks and other security incidents. These systems are subject to a number of different threats or risks that could adversely affect the Company and the shareholders, despite the efforts of the Adviser, the Company and their respective service providers to adopt technologies, processes and practices intended to mitigate these risks and protect the security of their computer systems, software, networks and other technology assets, as well as the confidentiality, integrity and availability of information (including personal data) belonging to or in the possession or control of the Company and the shareholders. For example, unauthorized third parties (including members of organized crime, hackers, terrorists, and other external parties, including foreign state and state-supported actors) may attempt to improperly access, modify, disrupt the operations of, or prevent access to the systems and networks of the Adviser, the Company, their respective service providers, or their counterparties, or data within these systems and networks.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cybersecurity threats are constantly evolving and becoming increasingly sophisticated and complex, increasing the difficulty of defending against them. Cybersecurity incidents and malicious internet-based activity are also becoming more frequent, and providers of investment management services have been targeted by such attacks, which include, among other things, stealing or corrupting data maintained online or digitally, denial-of-service attacks, malicious or destructive code, phishing attacks, malware, ransomware, social engineering, damage or interruption from computer viruses, the unauthorized collection, monitoring, use or release or other processing of confidential, proprietary, sensitive or other non-public information (including personal data), employee error or malfeasance, and causing operational disruption. Third parties also may attempt to fraudulently induce employees, customers, third party service providers, or other users of the Adviser’s, the Company’s and their respective service providers’ systems to disclose sensitive information in order to gain access to the Adviser’s data or that of the Company’s investors. Such threats could see their frequency increased, and effectiveness enhanced, by the use of artificial intelligence.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Adviser has policies and procedures, and administrative, technical and physical security measures in place designed to mitigate this risk, no system is fully attack proof. A successful penetration or circumvention of the security of the Adviser’s, the Company’s or their respective service providers’ systems and networks could result, among other things, in the loss or theft of an investor’s data (including personal data) or funds, the inability to access systems, loss or theft of confidential, proprietary or sensitive or other non-public information (including personal data) or corporate data, physical damage to a computer or network system or costs associated with system repairs. Such incidents could cause the Adviser, the Company or their respective service providers to incur or become subject to regulatory penalties, fines or investigations, reputational damage, litigation, additional compliance costs or financial loss. The Adviser and the Company also could incur substantial costs for cybersecurity risk management in order to prevent or remediate any cyberattacks or security incidents in the future. Similarly, the public perception that the Adviser, the Company or any of their service providers have been the target of a cybersecurity threat, even if unsuccessful, also could have a material adverse effect on one or more of their reputations and lead to financial losses from loss of business, depending on the nature and severity of the threat. While the Adviser performs cybersecurity diligence on key service providers, it is important to note that if a service provider fails to adopt or adhere to adequate cybersecurity procedures, or if, despite such procedures, its networks or systems are breached, information relating to client transactions or personal data of investors could be lost or improperly accessed, used or disclosed. Similar types of operational and technology risks are also present for the Company’s borrowers, which could have material adverse consequences for such companies, and may cause the Company’s investments to lose value. Company information and information with respect to a shareholder’s investment in the Company may be delivered to such shareholder electronically. There are risks associated with such electronic delivery including, but not limited to, that e-mail messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. In addition, the Adviser’s and the Company’s insurance coverage may be insufficient to compensate against all losses.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the limitations of liability provisions in contracts with service providers might not be adequate to protect the Adviser or the Company from any liabilities or damages with respect to any particular claim relating to a security lapse or breach. Currently applicable cybersecurity insurance might not cover all liabilities incurred by such attacks and it is uncertain whether insurance will continue to be available on economically reasonable terms or that the Adviser will continue to renew or obtain such insurance. The successful assertion of one or more large claims against the Adviser or the Company that exceeds available insurance coverage, or the occurrence of changes in insurance policies as they relate to cyber security, could have a material adverse effect on the Adviser’s business, including its financial condition and reputation or on the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Artificial Intelligence</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company, the Adviser, the Adviser Parties, the Antares Lending Platform, the borrowers and issuers in which the Company invests and/or the Company’s service providers could benefit from novel uses of artificial intelligence (“AI”), including generative AI, into their businesses and operations. However, there are significant risks involved in utilizing AI, and no assurance can be provided that such use will enhance the businesses or operations, or result in such businesses or operations being more efficient or profitable. For example, AI algorithms could be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable. AI has also been known to produce false or “hallucinatory” inferences or outputs and AI can present ethical issues and subject users to new or heightened legal, regulatory, ethical, or other challenges. Inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions. If the AI solutions that the Adviser Parties create or use are deficient, inaccurate or controversial, the Adviser Parties and/or the Company could suffer operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on their businesses and financial results. If the party using AI does not have sufficient rights to use the data or other material or content on which its AI solutions or other AI tools rely, such party could also incur liability through the violation of applicable laws, third-party intellectual property, privacy or other rights, or contracts to which they are a party. At this time, the Adviser Parties and the Antares Lending Platform primarily use AI, in the context of their investment activities, to expedite certain tasks that consolidate and synthesize information that is then checked by personnel and informs the investment process but, at this time, the Adviser Parties are not using AI to make investment decisions or as an analytical tool to aid such decisions. The Adviser Parties and the Antares Lending Platform could alter, increase or decrease their use of AI in the future.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, regulation of AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on this emerging technology. The technologies underlying AI and its uses are already subject to a variety of laws, including intellectual property, privacy, data protection and cybersecurity, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws. AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other non-U.S. jurisdictions are applying, or are considering applying, their platform moderation, cybersecurity, and data protection laws to AI or are considering general legal frameworks for AI, such as the European Union Artificial Intelligence Act. It is possible that the Company, the Adviser Parties or the Antares Lending Platform or any of their respective affiliates will not be able to anticipate how to respond to these rapidly evolving frameworks, and such parties could be required to expend resources to adjust their activity in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of AI.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Reserves and Contingent Liabilities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may from time to time incur contingent liabilities in connection with an investment. For example, the Company will acquire a revolving credit or delayed draw term facility that has not yet been fully drawn. If the borrower subsequently draws down on the facility, the Company will be obligated to fund the amounts due. The Company may create, accrue and fund reserves for known or contingent liabilities or for other reasons in such amounts as the Adviser deems necessary or appropriate in its reasonable sole discretion. Any such reserves will reduce the amount of distributable funds available to the shareholders and could adversely impact the Company’s performance. There can be no assurance that the Company will adequately reserve for such contingent liabilities and that such liabilities will not have an adverse effect on the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Portfolio Valuation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company expects to hold Portfolio Loans, equity securities and other financial instruments, assets or obligations that are thinly traded, not publicly traded, for which no market exists or which are restricted as to their transferability under applicable securities laws. The fair value of such investments will not be readily determinable and can be extremely difficult to value accurately. The Adviser, subject at all times to the oversight and approval of the Board, will determine the valuation of the Company’s investments. It is expected that the Adviser will have a limited ability to obtain accurate market quotations for purposes of valuing most of the Company’s investments, which may require the Adviser to estimate, in accordance with valuation policies established by the Board, the value of the Company’s debt and other investments on a valuation date. Further, because of the overall size and concentrations in particular markets, the maturities of positions that may be held by the Company from time to time and other factors, the liquidation values of the Company’s investments may differ significantly from the interim valuations of these investments derived from the valuation methods described herein. If the Adviser’s valuation should prove to be incorrect, the stated value of the Company’s investments could be adversely affected. Absent bad faith or manifest error, valuation determinations of the Adviser will be conclusive and binding on the shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Valuation of the types of assets in which the Company invests are inherently subjective. In addition, the Adviser may have an interest in determining higher valuations in order to be able to present better performance to prospective investors. In certain cases, the Company may hold an investment in an issuer experiencing distress or going through bankruptcy. In such a situation, the Adviser may continue to place a favorable valuation on such investment due to the Adviser’s determination that the investment is sufficiently secured despite the distressed state or bankruptcy of the issuer. However, no assurances can be given that this assumption is justified or that such valuations will be accurate in the long term. In addition, an investment in a Portfolio Company may not be permanently written-off or permanently written down despite its distressed state or covenant breach until such Portfolio Company experiences a material corporate event (</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">e.g.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, bankruptcy or partial sale) which establishes an objective basis for such revised valuation. In these circumstances, the Adviser has an interest in delaying any such write-offs or write-downs to maintain a higher management fee base and thus, management fees paid to the Adviser.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the Adviser may rely on third-party valuation agents to verify the value of certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser’s knowledge of the investment, the valuation agent may defer to the Adviser’s valuation even where such valuation may not be accurate or the determination thereof involved a conflict of interest. The Adviser also relies on the accuracy of data and information provided by Portfolio Companies in the valuation process. An inaccurate valuation of one or more investments could have a substantial impact on the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There are Investment Limitations Related to Antares Capital's Environmental, Social and Governance Policy</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans originated by (i) Antares Capital, as originator and lender of loans, (ii) Antares Capital, as arranger, administrative agent and/or similar capacities for loans, and (iii) the Antares Lending Platform are done so in accordance with Antares Capital’s Environmental, Social and Governance policy (such policy as amended from time to time, the “Antares ESG Policy”). The Antares ESG Policy sets forth the Antares Lending Platform’s principal positions on environmental, social and governance (“ESG”) matters and reviews how ESG factors are incorporated into the Antares Lending Platform’s loan and investment processes. ESG factors that the Adviser evaluates could include: (i) environment, (ii) social capital, (iii) human capital, (iv) business model and innovation, and (v) leadership and corporate governance. In considering the materiality of any ESG factor, the Adviser considers the borrower’s exposure to ESG risk, the borrower’s organizational capacity to mitigate that risk; and the potential outcomes from an adverse ESG event. Generally, ESG factors are informative but not determinative, although there are certain industries in which the Adviser will not invest depending on the specific investor/client, jurisdiction, or investor/client mandate. The Antares Capital Responsible Investment Policy (“RI Policy”) guides portfolio management and general business conduct on the integration of any ESG factors when deemed appropriate. Given the dynamic and evolving nature of ESG issues, the RI Policy is subject to continuous review and subject to change without notice; and its application can vary materially depending on the specific investor or client, jurisdiction, or investor level investment guidelines and requirements. The Adviser and/or its advisory affiliates could offer new or different strategies to current or prospective clients, including private funds or funds of one dedicated to a strategy or which pursue such strategy alongside other investments, such as secondary market acquisition of interests in funds that pursue private credit strategies or direct investment in junior capital instruments, although such investments are not generally within the Company’s expected portfolio profile.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">It is possible that the Antares ESG Policy will prevent potential Portfolio Loans from being originated on the Antares Lending Platform or prevent the Company from acquiring certain Portfolio Loans, which could impact the returns of the Company. Except as set forth in the Antares ESG Policy, the Adviser is not required to consider any particular ESG factors in evaluating investments. There is no universally accepted view on ESG standards, and the Adviser’s view as to any ESG factors might not match the view of any particular shareholder.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Handling of Mail</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Mail addressed to the Company and received at its registered office will be forwarded unopened to the forwarding address supplied by the Company to be dealt with. To the extent that personnel of the Adviser are employing remote work arrangements, forwarded mail could be delayed. None of the Company nor the Adviser or any of its or their trustees, directors, officers, advisors or service providers will bear any responsibility for any delay howsoever caused in mail reaching the forwarding address.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Allocation of Investment Opportunities and Related Conflicts</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company generally is prohibited under the 1940 Act from participating in certain transactions with its affiliates, including its subsidiaries (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company), without prior approval of the independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of the Company’s outstanding voting securities is an affiliate of the Company for purposes of the 1940 Act, and the Company generally is prohibited from buying or selling any security from or to such affiliate, absent the prior approval of the independent directors. The 1940 Act also prohibits certain “joint” transactions with certain of the Company’s affiliates, which could include investments in the same issuers (whether at the same or different times), without prior approval of the independent directors and, in some cases, the SEC. If a person acquires more than 25% of the Company’s voting securities, the Company will be prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit the Company’s ability to transact business with the Company’s officers or directors or their affiliates. These prohibitions will affect the manner in which investment opportunities are allocated between the Company and other funds managed by the Adviser or its affiliates. Most importantly, the Company generally is prohibited from co-investing with Other Accounts or affiliates of the Adviser in the Antares Lending Platform-originated loans and financings except pursuant to the co-investment exemptive relief the Company has received from the SEC, which delineates the requirements the Adviser must comply with for the Company to invest with Other Accounts. Accordingly, while the Adviser and its affiliates intend to allocate suitable opportunities among the Company, other accounts and/or affiliates of the Adviser based on the principles described above, the restriction on co-investing with affiliates could significantly limit the scope of investment opportunities available to the Company. In particular, the decision by the Adviser or its affiliates to allocate an opportunity to one or more other investment funds or accounts (each, an “Other Investor”) or to an affiliate of the Adviser, or the existence of a prior co-investment structure, might cause the Company to forgo an investment opportunity that it otherwise would have made. Similarly, the Company generally may be limited in its ability to invest in an issuer in which an Other Investor or affiliate of the Adviser had previously invested. The Company may in certain circumstances also be required to sell, transfer or otherwise reorganize assets in which the Company has invested with other accounts or affiliates of the Adviser at times that the Company may not consider advantageous.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Any such co-investments will be subject to certain conditions, including that co-investments are made in a manner consistent with the Company’s investment objectives and strategies, and the other applicable conditions of the co-investment exemptive relief. Under the terms of the relief, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must reach certain conclusions in connection with a co-investment transaction, including that: (i) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned; and (ii) the transaction is consistent with the interests of the Company’s shareholders and is consistent with the Company’s then-current investment objectives and strategies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a result of the relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of Other Accounts. Because investments are allocated across multiple Antares Lending Platform accounts, the Company will at times receive a lower allocation to an investment than desired; likewise, the Company may also be limited in the degree to which it is able to participate in selling opportunities that it may otherwise wish to pursue due to allocations, including non-pro rata allocations, to Other Accounts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Adviser identifies an investment and the Company is unable to rely on the co-investment relief for that particular opportunity, the Adviser will be required to determine which accounts should make the investment at the potential exclusion of other accounts. In such circumstances, the Adviser will adhere to its investment allocation policy in order to determine the account to which to allocate investment opportunities. Accordingly, it is possible that the Company may not be given the opportunity to participate in investments made by other accounts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Infrastructure Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s business is highly dependent on its communications and information systems. Any failure or interruption of such systems could cause delays or other problems in its activities. This, in turn, could have a material adverse effect on the Company’s operating results and, consequently, negatively affect the net asset value of the Company and its ability to make distributions. In addition, because many of the Company’s borrowers operate and rely on network infrastructure and enterprise applications and internal technology systems for development, marketing, operational, support and other business activities, a disruption or failure of any or all of these systems in the event of a major telecommunications failure, cyber-attack, fire, earthquake, severe weather conditions or other catastrophic event could cause system interruptions, delays in product development and loss of critical data and could otherwise disrupt their business operations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Reliant on the Adviser and is Subject to Risks Relating to the Fact that Shareholders do not Participate in Management</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Substantially all decisions with respect to the management of the Company are made exclusively by the Board and/or the Adviser. Subject to the provisions of the Investment Advisory Agreement and the approval of the Board (where applicable), all investment and sale decisions with respect to the Portfolio Loans on behalf of the Company are made by the Adviser. Further, the Adviser may delegate all or a portion of its obligations pursuant to and in accordance with the Investment Advisory Agreement. Shareholders have no right or power to take part in the management of the Company. Consequently, the success of the Company will depend, in large part, upon the skill and expertise of the officers or other authorized persons of the Company and the officers or other personnel of the Adviser. There can be no assurance that the officers or other authorized persons of the Company or the officers or other personnel of the Adviser will continue to serve in their current positions or continue to serve as officers or other authorized persons of the Company or as officers or other personnel of the Adviser, as the case may be. Further, there can be no assurance that any particular individual will be involved in the management of any particular portfolio for any given period of time, if at all.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s ability to achieve its investment objective will depend on the Adviser’s ability to identify, invest in and monitor Portfolio Loans. The members of the Adviser’s Investment Committee and the other officers and personnel of the Adviser are engaged in other business activities and will be called upon to provide managerial assistance to Other Accounts managed by the Adviser or by other Adviser Parties and to Platform Balance Sheet Clients. Although such investment professionals will devote such time as is necessary to fulfill the obligations of the Adviser to the Company effectively, as reasonably determined by the Adviser, respectively, they will not devote all of their professional time thereto. In addition, there is no assurance that every member of the Adviser’s Investment Committee will opine on any particular investment opportunity. In particular, (i) the Adviser’s Investment Committee meets with a quorum and reviews and approves a prospective Portfolio Loan, such that it is possible that the Adviser’s Investment Committee will opine on an investment opportunity without receiving input from each member and (ii) members of the Adviser’s Investment Committee can, consistent with the committee’s charter, delegate authority with respect to a prospective Portfolio Loan to another employee of the Adviser or one of its affiliates.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Shareholders and the Board will have the right to terminate the Investment Advisory Agreement. If the Adviser is removed, or resigns, the Company will lose access to additional Loans or other assets originated by the Antares Lending Platform, which represent all of the Company’s portfolio. Additionally, if the Adviser resigns or is removed, the Company may not be able to find a substitute investment adviser or be able to hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms or at all. If the Company is unable to replace the Adviser quickly, its operations are likely to experience a disruption, and its financial condition is likely to be adversely affected. In addition, the coordination of the Company’s internal management and investment activities is likely to suffer if the Company is unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser and the other Adviser Parties. Even if the Company is able to retain comparable management, whether internal or external, transition of management may result in additional costs and time delays that may adversely affect the Company’s financial condition.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Investor Suitability</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">An investment in the Company involves a high degree of risk and is intended only for sophisticated investors who are capable of understanding and assuming the risks involved. Any investor interested in acquiring Common Shares should conduct its own investigation and analysis of investing in the Company and consult its own professional advisers as to the risks involved in making such an investment.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investors Need to Seek Independent Advice</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">None of the Company, the Adviser, any other Adviser Party or the Antares Lending Platform is providing investment, accounting, tax or legal advice in respect of the Common Shares and none of them will have a fiduciary relationship with any investor or prospective investor. No hypothetical performance scenario, modeling run or return analysis that is provided to any prospective investor should be solely relied upon when considering an investment decision.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The actual performance of the Company will be affected by, among other things, (i) approvals required by the LLC Agreement of the Company or the Investment Advisory Agreement, as applicable, that are granted or withheld by the Board including, among other things, in connection with the purchase and sale of Portfolio Loans, (ii) the amount and frequency of principal payments and prepayments on the Portfolio Loans, which are dependent upon, among other things, the amount of payments received at or in advance of the scheduled maturity of the Portfolio Loans (whether through sale, maturity, optional or mandatory prepayments, default or the other disposition or liquidation thereof), (iii) the financial condition of the obligors of the Portfolio Loans, (iv) the availability of repricings and/or refinancing of the Portfolio Loans, (v) changes to the interest rates on the Portfolio Loans, and (vi) the availability to the Company of leveraged financing with respect to the Portfolio Loans or any portion thereof. It is expected that most of the Portfolio Loans will include the right of the obligor to optionally prepay such Portfolio Loan, in whole or in part, and/or the obligation to make a mandatory prepayment of such Portfolio Loan, in whole or in part, at various times and subject to certain conditions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Common Shares are Not Guaranteed by the Adviser or any other Adviser Party</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">None of the Adviser, any other Adviser Party or any other person makes any assurance, guarantee or representation whatsoever as to the expected or projected success, profitability, return, performance result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) to the Company or any shareholder and neither the Company nor the shareholders may rely on any such person for a determination of expected or projected success, profitability, return, performance result, effect, consequence or benefit (including legal, regulatory, tax, financial, accounting or otherwise) to any shareholder.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Limited Liquidity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Currently, no market exists for the Common Shares. The Common Shares are illiquid investments; there is no established secondary market for the Common Shares and none is likely to develop. An investment in the Company is suitable only for certain sophisticated investors that have no need for immediate liquidity in respect of their investment and who can accept the risks associated with investing in illiquid investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Liquidity for our Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. To the extent you paid a repurchase price that includes the related sales load and to the extent you have the ability to sell your Common Shares pursuant to our share repurchase program, the price at which you may sell Common Shares may be lower than the amount you paid in connection with the purchase of Common Shares in the Private Offering.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Unspecified Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The capital of the Company generally will be invested directly or indirectly in Portfolio Loans and other assets which will not have been disclosed or, in most cases, identified prior to a shareholder acquiring Common Shares. Accordingly, shareholders will not have an opportunity to evaluate for themselves the relevant economic, financial and other information regarding the Portfolio Loans to be acquired directly or indirectly by the Company and therefore will be dependent upon the judgment and ability of the Adviser in identifying Portfolio Loans for acquisition over time, acquiring them on behalf of the Company and managing them thereafter. When required under applicable law or when otherwise required under the Company’s governing documents, shareholders will also be depending on the judgment of the Board whether or not to consent to the acquisition or sale, as applicable, of such Portfolio Loans. No assurance can be given that the Adviser will be successful in identifying suitable Portfolio Loans for acquisition by the Company, or, if identified, that such loans will be available for acquisition by the Company, or that, if such acquisitions are made, the investment objective of the Company will be achieved.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Use of Leverage</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company will use leverage and incur indebtedness directly or indirectly to acquire and hold Portfolio Loans. The Adviser may establish and use any reserves to acquire additional Portfolio Loans or other or to repay all or any portion of any outstanding indebtedness of the Company. Risks associated with this use of leverage are described under the heading “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Financings by the Company</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent that the Company enters into multiple financing arrangements, such arrangements may contain cross-default provisions that could magnify the effect of a default. If a cross-default provision were exercised, this could result in a substantial loss for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we generally will be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings, including those incurred at a subsidiary level, and any preferred shares that we may issue in the future, of at least 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. If this ratio were to fall below 150%, we could not incur additional debt and could be required to sell a portion of our investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on our operations and investment activities. Moreover, our ability to make distributions to you may be significantly restricted or we may not be able to make any such distributions whatsoever.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The amount of leverage that we will employ will be subject to oversight by our Board, a majority of whom are Independent Directors with no material interests in such transactions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although borrowings by the Company have the potential to enhance overall returns that exceed the Company’s cost of funds, they will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Company’s cost of funds. In addition, borrowings by the Company may be secured by the shareholders’ investments as well as by the Company’s assets and the documentation relating to such borrowing may provide that during the continuance of a default under such borrowing, the interests of the investors may be subordinated to such borrowing.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Availability of Financing</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because the Company intends to use leverage and to directly or indirectly incur indebtedness, returns realized by the Company will depend significantly on the availability of such financing and the terms applicable thereto. To the extent the Company cannot obtain financing, the ability of the Company to acquire Portfolio Loans will be restricted and returns to the Company and to the shareholders may be reduced as a result. Similarly, if the financing terms made available thereto are not favorable, or if such financing is available and entered into but subsequently the related lenders do not agree to any requested amendment or, to the extent required or desired, replacement of such terms and/or no refinancing of such credit facility is then available at comparable or better terms, returns to the Company and to its shareholders may be reduced. The Company expects leverage to be available to it under one or more credit facilities. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See also</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Financings by the Company.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Contingent Liabilities on the Disposition of Equity Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In connection with the disposition of equity securities, the Company could be required to make representations about the business and financial affairs of the relevant Portfolio Company typical of those made in connection with the sale of a business. The Company also could be required to indemnify the purchasers of the company (or interests or assets thereof) to the extent that any such representations are inaccurate or with respect to certain potential liabilities. These arrangements can result in the incurrence of contingent liabilities for which the Adviser can establish reserves or escrows.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Exculpation and Indemnification</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is required to indemnify the Adviser, the members of the Board and each other person indemnified under the LLC Agreement of the Company and the Bylaws of the Company (as amended or restated from time to time, the “Bylaws”) for liabilities incurred in connection with the LLC Agreement, the Bylaws, the Investment Advisory Agreement and the Company’s activities, except in certain circumstances. Subject to the limits on indemnification under Section 17(h) of the 1940 Act, the LLC Agreement provides that the Company shall not indemnify such persons to the extent liability and losses are the result of such persons’ negligence or misconduct in the case of an Interested Director, officer, employee, sponsor, controlling person or agent of the Company, or gross negligence or willful misconduct in the case of an Independent Director. Subject to the limits on indemnification under Section 17(i) of the 1940 Act, the Advisory Agreement provides that the Adviser shall not be protected against any liability to the Company or its shareholders by reason of willful misfeasance, bad faith or gross negligence on the Adviser’s part in the performance of its duties or by reason of the reckless disregard of its duties and obligations. The Company will also indemnify certain service providers, including the Administrator and the Company’s auditors, as well as consultants and sourcing, operating and joint venture partners. Such liabilities may be material and may have an adverse effect on the returns to the Company investors. The indemnification obligation of the Company would be payable from the assets of the Company. The application of the indemnification and exculpation standards may result in Company investors bearing a broader indemnification obligation in certain cases than they would in the absence of such standards. As a result of these considerations, even though such provisions will not act as a waiver on the part of any investor of any of its rights which are not permitted to be waived under applicable law, the Company may bear significant financial losses even where such losses were caused by the negligence or other conduct of such indemnified persons.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company’s Assets are Subject to Recourse</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The assets of the Company, including any investments made by and any capital held by the Company are available to satisfy all liabilities and other obligations of the Company, as applicable. If the Company becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Company’s assets generally and may not be limited to any particular asset, such as the investment giving rise to the liability.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Obtaining a Rating from One or More Credit Rating Agencies</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may apply to one or more credit rating agencies to rate the Company and/or its assets in order to provide the Company access to different sources of indebtedness or capital as well as to help meet the Company’s risk/return objectives, its overall target indebtedness ratio or other considerations as determined by the Adviser. In connection with such rating or ratings, the credit rating agency or credit rating agencies may review and analyze the Company’s counterparties, Antares Capital (in its capacity as the Adviser and the Administrator), the investments and expected investments of the Company, the legal structure of the Company, the historical and current Company investors and Company performance data. There can be no assurance that the Company will apply for such a rating or ratings, that a credit rating agency will provide a rating or that such a rating will be beneficial to the Company. In addition, when making investment decisions for the Company (including establishing the Company’s investment portfolio), the Adviser may consider the implications of the investment portfolio on a credit rating agency’s rating of the Company and tailor the Company’s investment portfolio taking into account such considerations. There is a risk that a rating agency could incorrectly rate, or downgrade ratings which could have a material effect on the Company, including its assets and its ability to acquire indebtedness.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Insurance</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser and/or its affiliates expect to purchase and maintain an omnibus insurance policy which includes coverage in respect of the Company, the Adviser and their affiliates, as well as other clients, including certain of their respective indemnified persons (which omnibus insurance policy or policies may provide coverage to the Adviser, the Adviser and their affiliates, as applicable, for events unrelated to the Company). The premiums for such shared insurance policies generally would be borne by the Adviser and the clients covered by such policies, and such shared insurance policies are expected to have an overall cap on coverage for all the insured parties thereunder. To the extent an insurable event results in claims in excess of such cap, the Company may not receive as much in insurance proceeds as it would have received if separate insurance policies had been purchased for each insured party. Similarly, insurable events may occur sequentially in time while subject to a single overall cap. To the extent insurance proceeds for one such event are applied towards a cap and the Company experiences an insurable loss after such event, the Company’s receipts from such insurance policy may also be diminished. Insurance policies covering the Company, the premiums of which are paid in whole or in part by the Company, may provide insurance coverage to indemnified persons for conduct that would not be covered by indemnification. In addition, the Company may need to initiate litigation in order to collect from an insurance provider, which may be lengthy and expensive for the Company and which ultimately may not result in a financial award. In addition, the Adviser may cause the Company to purchase and maintain insurance coverage that provides coverage to the Company, certain indemnified persons, or the Adviser, in which case, the premiums would be borne by the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Adviser and its affiliates expect to allocate insurance expenses in a manner it determines to be fair and equitable, taking into account any factors they deems relevant to the allocation of such expenses, because of the uncertainty of whether claims will arise in the future and the timing and the amount that may be involved in any such claim, the determination of how to allocate such expenses may require the Adviser and its affiliates to take into consideration facts and circumstances that are subjective in nature. It is unlikely that the Adviser and its affiliates will be able to accurately allocate the expenses of any such insurance policies based on the actual claims related to a particular client, including the Company. The Company and the Adviser do not intend to separately maintain key person life insurance on any key personnel.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Certain Proceedings and Investigations</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser and its affiliates and/or the Company may be subject to claims (or threats of claims), and governmental investigations, examinations, requests for information, audits, inquiries, subpoenas and other regulatory or civil proceedings. The outcome of any investigation, action or proceeding may materially adversely affect the value of the Company, including by virtue of reputational damage to the Adviser and may be impossible to anticipate. Any such investigation, action or proceeding may continue without resolution for long periods of time and may consume substantial amounts of the Adviser’s time and attention, and that time and the devotion of these resources to any investigation, action or proceeding may, at times, be disproportionate to the amounts at stake in such investigation, action or proceeding. The unfavorable resolution of such items could result in criminal or civil liability, fines, settlements, charges, penalties or other monetary or non-monetary remedies or sanctions that could negatively impact the Adviser and/or the Company. In addition, such actions and proceedings may involve claims of strict liability or similar risks against the Company in certain jurisdictions or in connection with certain types of activities. In some cases, the expense of such investigations, actions or proceedings and paying any amounts pursuant to settlements or judgments would be borne by the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Not Registered as an Investment Company Under the 1940 Act</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Company is not registered as an investment company under the 1940 Act, it will be subject to regulation as a BDC under the 1940 Act and will be required to adhere to the provisions of the 1940 Act applicable to BDCs. The Common Shares have not been recommended by any U.S. federal or state, or any non-U.S., securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this registration statement. Any representation to the contrary is a criminal offense.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Lack of Diversification</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that the Company is not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer. To the extent that the Company assumes large positions in the securities of a small number of issuers, its net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. The Company may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond the Company’s asset diversification requirements as a RIC under the Code, the Company does not have fixed guidelines for diversification, and its investments could be concentrated in relatively few Portfolio Companies. Although the Company is classified as a non-diversified investment company within the meaning of the 1940 Act, it maintains the flexibility to operate as a diversified investment company. To the extent that the Company operates as a non-diversified investment company, it may be subject to greater risk.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During the period of time in which the Company is deploying its initial capital, the Company may make a limited number of investments. In addition, the Company does not have fixed guidelines for diversification by industry or type of security, and investments may be concentrated in only a few industries or types of securities. Further, if the expected amount of leverage is not obtained or deployed, the Company may be more concentrated in an investment than originally anticipated. As a result, the Company’s investments may be concentrated and the poor performance of a single investment may have pronounced negative consequences to the Company and the aggregate returns realized by the Company investors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Use of Proceeds</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Company generally intends to make all distributions of net proceeds in accordance with the terms herein, the amount and timing of distributions from the Company to the Company investors will be at the discretion of the Board, who may also direct that amounts available for distribution be retained in the Company (i) to be used to satisfy, or establish reserves for, the Company’s current or anticipated obligations (including Management Fees, Incentive Fees and any other expenses) or (ii) for reinvestment of the cost basis of an investment. Accordingly, there can be no assurance as to the timing and amount of distributions from the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Operational Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is subject to operational risk, including the possibility that errors may be made by the Adviser or its affiliates and service providers in certain transactions, calculations or valuations on behalf of, or otherwise relating to, the Company. Company investors may not be notified of the occurrence of an error or the resolution of any error. Generally, the Adviser, its affiliates and service providers will not be held accountable for such errors, and the Company may bear losses resulting from such errors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Sourcing, Operating or Joint Venture Partners</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Antares Lending Platform has historically, and expects in the future to, work with sourcing, operating and/or joint venture partners, including with respect to particular types of investments or particular sectors or regions. These arrangements may be structured as joint ventures or contractual service provider relationships. In certain circumstances, the Adviser may commit to invest in a pre-agreed amount of investments negotiated by the sourcing partner and/or joint venture partner and/or the Adviser may commit to invest in one or more transactions for which the sourcing partner and/or joint venture partner led the due diligence and negotiation processes and the Adviser is given only a limited opportunity to perform due diligence and participate in negotiation of transactional terms. Company investors should be aware that sourcing, operating and joint venture partners are not expected to owe any fiduciary duties to the Company or the Company investors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may pay retainers, closing, monitoring, performance or other fees to sourcing, operating and joint venture partners. Such retainer fees may be netted against a closing fee, if applicable, in connection with the related investment. However, if no such investment is consummated, the Company will bear any retainer amounts as an expense. In addition, to the extent the compensation of a sourcing, operating or joint venture partner is based on the performance of the relevant investments, the sourcing, operating or joint venture partner may have an incentive to seek riskier investments than it would have under a different compensation structure. In this regard, a sourcing, operating or joint venture partner may receive incentive compensation at the expense of the Company. The expenses of sourcing, operating and joint venture partners may be substantial. In certain circumstances, the Company or a Portfolio Company in which the Company invests may pay fees to sourcing, operating and/or joint venture partners in consideration for services, including where the Adviser or an affiliate may have otherwise provided those services without charge. In other circumstances, sourcing, operating and/or joint venture partners may receive certain third-party fees (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees as well as prepayment premiums) in respect of an investment, and no such fees will offset or otherwise reduce the Management Fee payable by Company investors. The existence of such fees may result in the Company paying fees twice, once to the Adviser in the form of Management Fees and once to the sourcing, operating or joint venture partners to service or manage the same assets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Sourcing, operating and/or joint venture partners may invest in the Company. Joint ventures may give rise to additional risks, including tax risks, and structures utilized in context of joint ventures, including for legal, tax and regulatory reasons, may adversely affect the Company’s pre-tax returns.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Electronic Delivery of Certain Documents</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company investors will be deemed to consent to electronic delivery or posting to the Administrator’s website or other service of: (i) certain closing documents such as the LLC Agreement, the Bylaws and the Subscription Agreements; (ii) any notices or communications required or contemplated to be delivered to the Company investors by the Company, the Adviser, or any of their respective affiliates, pursuant to applicable law or regulation; (iii) certain tax-related information and documents; and (iv) drawdown notices and other notices, requests, demands, consents or other communications and any financial statements, reports, schedules, certificates or opinions required to be provided to the Company investors under any agreements. There are certain costs and possible risks associated with electronic delivery. Moreover, the Adviser cannot provide any assurance that these communication methods are secure and will not be responsible for any computer viruses, problems or malfunctions resulting from the use of such communication methods. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Adviser and Structure-Related Risks—The Company is Dependent on Information Systems and Subject to Risks Relating to Cybersecurity.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company May Need to Raise Additional Capital</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may need additional capital to fund new investments and grow its portfolio of investments once it has fully invested the net proceeds of the Private Offering. Unfavorable economic conditions could increase the Company’s funding costs or limit its access to the capital. A reduction in the availability of new capital could limit the Company’s ability to grow. In addition, the Company is required to distribute at least 90% of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to investors to maintain its qualification as a RIC. As a result, these earnings will not be available to fund new investments. An inability on the Company’s part to access the capital successfully could limit its ability to grow its business and execute its business strategy fully and could decrease its earnings, if any, which would have an adverse effect on the value of its securities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Counterparty Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent that contracts for investment will be entered into between the Company and a market counterparty as principal (and not as agent), the Company is exposed to the risk that the market counterparty may, in an insolvency or similar event, be unable to meet its contractual obligations to the Company. The Company may have a limited number of potential counterparties for certain of its investments, which may significantly impair the Company’s ability to reduce its exposure to counterparty risk. In addition, difficulty reaching an agreement with any single counterparty could limit or eliminate the Company’s ability to execute such investments altogether. Because certain purchases, sales, hedging, financing arrangements and other instruments in which the Company will engage are not traded on an exchange but are instead traded between counterparties based on contractual relationships, the Company is subject to the risk that a counterparty will not perform its obligations under the related contracts. Although the Company intends to pursue its remedies under any such contracts, there can be no assurance that a counterparty will not default and that the Company will not sustain a loss on a transaction as a result.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investors May be Required to Return Distributions to Satisfy Unpaid Debts of the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under Delaware law, the investors could, under certain circumstances, be required to return distributions made by the Company to satisfy unpaid debts of the Company that were in existence at the time the distributions were made.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Board May Make Certain Changes in the Company’s Investment Objective, Operating Policies or Strategies Without Prior Notice or Investor Approval</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Board has the authority to modify or waive certain of the Company’s operating policies and strategies without prior notice (except as required by the 1940 Act) and without investor approval. However, absent investor approval, the Company may not change the nature of its business so as to cease to be, or withdraw its election as, a BDC. Under Delaware law, the Company also cannot be dissolved without prior investor approval. The Company cannot predict the effect any changes to its current operating policies and strategies would have on its business, operating results and value of its Common Shares. Nevertheless, the effects may adversely affect the Company’s business and impact its ability to make distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Board May Make Certain Changes to the Company’s LLC Agreement Without Prior Shareholder Approval</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board may, without shareholder vote, subject to certain exceptions, amend or otherwise supplement the LLC Agreement by making an amendment or a supplement thereto or an amended and restated LLC Agreement, including without limitation to effect additional shareholders becoming a party to the LLC Agreement or the creation or issuance of additional shares or classes of shares and to add to the duties or obligations of the Board or surrender any right granted to the Board.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Distributions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company intends to pay monthly distributions to shareholders out of assets legally available for distribution. The Company cannot guarantee that it will achieve investment results that will allow it to make a specified level of cash distributions or year-to-year increases in cash distributions. If the Company is unable to satisfy the asset coverage test applicable to it as a BDC, or if the Company violates certain debt financing agreements, its ability to pay distributions to shareholders could be limited. All distributions will be paid at the discretion of the Company’s Board and will depend on the Company’s earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, compliance with debt financing agreements and such other factors as the Board may deem relevant from time to time. The distributions the Company pays to investors in a year may exceed the Company’s taxable income for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investors who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of RIC’s net ordinary income or capital gains when they are not. Accordingly, investors should read carefully any written disclosure accompanying a distribution from the Company and the information about the specific tax characteristics of the Company’s distributions provided to investors after the end of each calendar year, and should not assume that the source of any distribution is the Company’s net ordinary income or capital gains. To the extent that the Company’s distributions contain a return of capital, such distributions should not be considered the dividend yield or total return of an investment in the Common Shares. The amount treated as a tax-free return of capital will reduce a shareholder’s adjusted tax basis in the Common Shares, thereby increasing the shareholder’s potential taxable gain or reducing the potential taxable loss on the sale of Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Board has the Discretion to Not Repurchase Common Shares, to Suspend the Share Repurchase Program, and to Cease Repurchases</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board may not adopt a share repurchase program, and if such a program is adopted, may amend, suspend or terminate the share repurchase program at any time in its discretion. You may not be able to sell your shares at all in the event our Board amends, suspends or terminates the share repurchase program, absent a liquidity event, and we currently do not intend to undertake a liquidity event, and we are not obligated by our LLC Agreement or otherwise to effect a liquidity event at any time. We will notify you of such developments in our quarterly reports or other filings. If less than the full amount of Common Shares requested to be repurchased in any given repurchase offer are repurchased, funds will be allocated pro rata based on the total number of Common Shares being repurchased without regard to class. The share repurchase program has many limitations and should not be relied upon as a method to sell shares promptly or at a desired price.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain Regulatory Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes to the Dodd-Frank Act May Adversely Impact the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The enactment of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and other financial regulations curtailed certain investment activities of U.S. banks. As a result, alternative providers of capital (such as the Company) were able to access certain investment opportunities on a larger scale. If the restrictions under the Dodd-Frank Act are curtailed or repealed, banks may be subject to fewer restrictions on their investment activities, thereby increasing competition with the Company for potential investment opportunities. As a result, any changes to the Dodd-Frank Act may adversely impact the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There are General Regulatory Risks Applicable to the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Legal, tax and regulatory changes could occur that may adversely affect the Company, the shareholders and/or the portfolio investments. Recent proposals by the SEC indicate increased focus on the regulatory environment for investment vehicles such as the Company, for holders of securities thereof, for investment advisers thereto and for lenders thereto is evolving, and changes in the regulation of any thereof may adversely affect the value of Common Shares held by or returns to a shareholder and/or the ability of the Company to pursue its investment strategy.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although the Company and the Adviser will endeavor to comply with the requirements of a law and any changes thereto, the treatment of such entities and their investment or investment advisory activities is often uncertain, and may frequently depend on determinations of fact and interpretations of complex provisions of law and regulation for which there may be no clear precedent or authority or with respect to which the law or regulations are in the process of being considered for revocation or modification. Under such circumstances, the Company and/or the Adviser may employ standard or developing industry practice or conventions, as well as its own internal policies and procedures, to guide its compliance efforts.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance, however, that such practices, conventions, policies and procedures ultimately will be considered compliant, and as a result, the Company or the Adviser, despite its efforts, may be exposed to liability (which may be subject to indemnification by the Company or the shareholders), possibly on a retroactive basis, as practice, conventions, policies or procedures change or are challenged or the procedures for compliance with the regulatory regimes to which such entities are subject become clearer. Moreover, the regulatory regimes to which the Company, the Adviser and the shareholders are subject may be administered differently by different governmental authorities or may be administered differently by different personnel within a particular governmental authority or over time and are generally under review by the applicable government authorities in the various jurisdictions in which such entities have investment or other activities, sometimes resulting in revised interpretations of seemingly established concepts. The treatment of such entities or their activities may be modified by administrative, legislative or judicial interpretation at any time, and any such action may affect investments or commitments previously made. In addition, as a result of such changes, the structure and activities of such entities may be challenged. Accordingly, the Company, the shareholders and/or the Adviser could be adversely affected by any of such changes in laws, regulations, interpretations or the administration thereof.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Company incurs indebtedness directly or indirectly that constitutes the issuance of an asset-backed security or a securitization as defined under then applicable law in the United States of America, in Europe or in Japan, the Company, the Adviser or an affiliate of any thereof, may be required to (or may elect to) hold credit risk retention interests with respect thereto for the period of time and subject to the restrictions and limitations applicable thereto under then applicable law which could reduce the returns available to the Company and the shareholders and potentially cause other adverse consequences for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Portfolio Companies and the Company are subject to regulation by-laws at the U.S. federal, state, and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations, and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on the Company’s business. The effects of such laws and regulations on the financial services industry will depend, in large part, upon the extent to which regulators exercise the authority granted to them and the approaches taken in implementing regulations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Future legislative and regulatory proposals directed at the financial services industry that are proposed or pending in the U.S. Congress may negatively impact the operations, cash flows or financial condition of the Company or its Portfolio Companies, impose additional costs on Portfolio Companies or the Company intensify the regulatory supervision of the Company or its Portfolio Companies or otherwise adversely affect the Company’s business or the business of its Portfolio Companies. Laws that apply to the Company, either now or in the future, are often highly complex and may include licensing requirements. The licensing process can be lengthy and can be expected to subject the Company to increased regulatory oversight. Failure, even if unintentional, to comply fully with applicable laws may result in sanctions, fines, or limitations on the ability of the Company or the Adviser to do business in the relevant jurisdiction or to procure required licenses in other jurisdictions, all of which could have a material adverse effect on the Company. In addition, if the Company does not comply with applicable laws and regulations, it could lose any licenses that it then holds for the conduct of its business and may be subject to civil fines and criminal penalties.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Privacy and Data Protection</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s collection, use, maintenance, handling, transfer and other processing of personal data, including in relation to, amongst others, the staff and representatives, individuals considering and/or making an investment in the Company, and individuals connected with investors (such as directors, trustees, beneficial owners, advisors and agents), imposes legal and regulatory risk. Legal and regulatory requirements relating to the collection, storage, usage, maintenance, handling, transfer and other processing of personal data continue to evolve and could impose costly compliance burdens on the Company. The Company is and could directly or indirectly become subject to existing and future federal, state and international laws, regulations, rules or requirements related to privacy, data protection and information security in the jurisdictions in which it does business and/or its investors are located.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For example, the European Union’s General Data Protection Regulation (“GDPR”) includes a range of compliance obligations regarding the handling of personal data and significant financial penalties for non-compliance (the greater of €20 million or 4% of annual global turnover). Following Brexit, the U.K. General Data Protection Regulation (</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">i.e., </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">a version of the GDPR as implemented into U.K. law) (“UK GDPR”) went into effect. While the GDPR and the UK GDPR remain substantially similar for the time being, the UK government has announced that it would seek to chart its own path on data protection and reform its relevant laws, including in ways that could differ from the GDPR.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company could also be subject to existing and new U.S. federal, state and local privacy, data protection, and information security laws and regulations, such as the Federal Trade Commission Act, which regulates unfair or deceptive acts or practices (including with respect to privacy, data protection and information security); the Gramm-Leach-Bliley Act of 1999, which restricts certain collection, storage, use, disclosure and other processing of personal data, requires notice to individuals of privacy practices and provides individuals with certain rights to prevent the use and disclosure of certain non-public or otherwise legally protected data; the California Consumer Privacy Act, as amended by the California Privacy Rights Act, which provides California residents with certain individual privacy rights and imposes privacy, data protection and information security obligations on covered companies, as well as state data breach notification and other laws, including the New York SHIELD ACT, that require enhanced levels of cybersecurity and notification to individuals and/or regulators in the event of a cybersecurity breach of certain personal data or other similar incidents. A number of other states also have enacted, or are considering enacting, comprehensive privacy, data protection and information security laws, and the United States Congress is also considering various proposals for privacy, data protection and information security legislation.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company intends to comply with any obligations arising out of privacy, data protection, and information security laws and regulations that are applicable to it, but may not be able to accurately anticipate the way in which regulators and courts will apply or interpret such laws and regulations, including their applicability to the Company. If any such laws or regulations are implemented, interpreted or applied in a manner inconsistent with the Company’s policies and practices, it may be fined or ordered to change its business practices in a manner that increases compliance burdens and costs and adversely impacts its operating results. Compliance with these laws and regulations, including the obligation to timely notify stakeholders in the event of a cybersecurity incident, may divert the Company’s time and effort and entail substantial expense. Any failure or perceived failure by the Company to comply with existing and new privacy, data protection and information security laws and regulations could result in negative publicity and may subject the Company to significant costs associated with litigation, settlements, regulatory action, judgments, fines, liabilities and other penalties, for which the Company may not have insurance coverage.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Material Non-Public Information</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As described under the heading “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Conflicts of Interest” </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">from time to time, the Adviser, other Adviser Parties and the Antares Lending Platform, the equity owners of each, including each of the Canada Pension Plan Investment Board and Northleaf Star Holdings LP, (and each such equity owners’ other subsidiaries and companies in which they own some or all of the equity interests, collectively, the “Parent Companies”), and other affiliates (and the officers and personnel of any of the foregoing) may come into possession of material non-public information that would limit the ability of the Company to buy and sell Portfolio Loans. The investment flexibility of the Company may be constrained as a consequence of the Adviser’s inability to take certain actions because of such information. The Company will lose investment opportunities if it is unable to acquire an investment because the Adviser, other Adviser Parties, the Antares Lending Platform, the Parent Companies, or other affiliates (or the officers or other personnel of any of the foregoing) have obtained material non-public information which prevents such acquisition. Although the Adviser and its affiliates have adopted some informational walls, not all information is subject to such walls and there can be no guarantee that a wall will be effective. For example, with respect to information on secondaries, information obtained by another Adviser Party in the course of managing investments in secondaries will not be shared with the other Adviser Parties, which information could be informative to the management and valuation of any such investment managed by other Advisers, but will not be shared, which could be to the detriment of the Company. The Company may experience losses if it is unable to sell an investment that it holds because the Adviser, another Adviser Party, the Antares Lending Platform, a Parent Company, or other affiliates (or the officers or other personnel of any of the foregoing) have obtained material non-public information, which losses will reduce returns to and could cause losses for the shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Public and Other Disclosure Obligations</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company and/or certain shareholders may be expected to disclose confidential and other information relating to Company assets and financial results when required to do so by applicable law. The Company may disclose confidential and other information to shareholders or to third parties (including, without limitation, their lenders, service providers and/or any rating agency) that may request such information and are expected to do so to the extent required by law or contract applicable thereto. In addition, other entities that are lenders or agents in any credit facility of which a Portfolio Loan constitutes a part may have similar disclosure rights or obligations relating to such credit facility. There is no assurance that any such disclosure of information will be or will remain confidential. Such disclosure obligations may adversely affect the Company and/or certain shareholders, particularly shareholders who are not otherwise subject to public disclosure of information requirements relating to the private holdings of funds in which they invest.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company, the Adviser or their respective affiliates, service providers, or agents may from time to time be required or may, in their discretion, determine that it is advisable to disclose certain information about the Company and the Company investors, including investments held directly or indirectly by the Company and the names and level of beneficial ownership of certain of the Company investors, to (i) regulatory or taxing authorities of certain jurisdictions, which have or assert jurisdiction over the disclosing party or in which the Company directly or indirectly invests, or (ii) any lenders, counterparty of, or service provider to, the Adviser or the Company (and its subsidiaries). Disclosure of confidential information under such circumstances will not be regarded as a breach of any duty of confidentiality and, in certain circumstances, the Company, the Adviser or any of their affiliates, service providers or agents, may be prohibited from disclosing to any Company investor that any such disclosure has been made.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Financings by the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to General Risks Associated with Leverage</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in the Company. The greater the total borrowing by the Company relative to its assets, the greater will be its risk of loss and possibility of gain. In addition, money borrowed by the Company will be subject to interest costs and other costs which will be a direct or indirect expense of the Company and, to the extent not covered by income or gain attributable to the assets of such borrower, will adversely affect the operating results of the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company Borrows Money, Which Magnifies the Potential for Gain or Loss on Amounts and May Increase the Risk of Investing With Us</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We may enter into one or more credit facilities and may issue or assume other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Lenders and holders of such senior securities have fixed dollar claims on the Company’s consolidated assets that are superior to the claims of our shareholders. If the value of our consolidated assets increases, then leveraging would cause the net asset value per share of our Common Shares to increase more sharply than it would have had we not incurred leverage.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Conversely, if the value of our consolidated assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not incurred leverage. Similarly, any increase in our consolidated income in excess of consolidated interest payable on the borrowed funds would cause our net income to increase more than it would had we not incurred leverage, while any decrease in our consolidated income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make distribution payments on our Common Shares. There can be no assurance that a leveraging strategy will be successful.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Any credit facilities into which the Company may enter impose financial and operating covenants that may restrict the Company’s business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to renew any credit facilities or to add new or replacement debt facilities or to issue additional debt securities or other evidence of indebtedness could have a material adverse effect on our business, financial condition and results of operations.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table illustrates the effect on return to a holder of our Common Shares of the leverage created by our use of borrowing at the weighted average stated interest</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> rate of 5.87% (excluding deferred financing costs, deferred issuance costs and unused fees) as of December 31, 2025, together with (a) our total value of net assets as of December 31, 2025; (b) approximately $83.2 million in aggregate principal amount of indebtedness outstanding as of December 31, 2025 and (c) hypothetical annual returns on our portfolio of minus 10% to plus 10%.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:36.178%;box-sizing:content-box;"></td> <td style="width:8.495%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="18" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Assumed Return on Portfolio (Net of Expenses) </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">-10%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">-5%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">0%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">5%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">10%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Corresponding Return to Common Shareholders </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">30.21</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">18.67</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.13</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.41</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.96</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2025. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2025.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">2.</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In order to compute the “Corresponding Return to Common Shareholders,” the “Assumed Return on Portfolio” is multiplied by the total value of our assets at December 31, 2025 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average stated interest rate of 5.87% by the approximately $83.2 million of principal debt outstanding) is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of our net assets as of December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> to determine the “Corresponding Return to Common Shareholders. Return is assumed to be sourced by net investment income, and is correspondingly adjusted for incentive fees on income above the preferred return.</span></div></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Indebtedness Under a Portfolio Credit Facility May be Affected by Interest Rate Risks, Including Mismatches Between the Interest that is Payable with Respect to Such Indebtedness and Interest Income that is Received on the Related Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The interest payable with respect to the indebtedness incurred or issued by the Company or a subsidiary (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company) under any portfolio credit facility (the “Portfolio Credit Facility Debt”) generally is expected initially to be based on the Secured Overnight Financing Rate (“SOFR” or the “Benchmark”). Interest income earned on the Portfolio Loans that collateralize the related portfolio credit facility typically also are based on SOFR or may bear interest at a fixed rate. It is possible that the Benchmark being used to determine interest payable on the Portfolio Credit Facility Debt may rise during periods in which the Benchmark or another index or fixed rate of interest payable on the Portfolio Loans is stable, falling or capped at a lower rate. In addition, the Benchmark may be changed on a hardwired basis without any discretion on the part of the Company to consent thereto or by amendment in which case the Company will have whatever discretion is provided in the underlying documents to grant or withhold its consent thereto (and, with respect to a Portfolio Loan amendment, may not own a sufficient amount of a Portfolio Loan to control any such decision). Moreover, hardwired change or change by amendment may occur in the Benchmark at different times under the Portfolio Loan and under any portfolio credit facility. Under such circumstances it is possible that there may be mismatches between the interest rates payable on the Portfolio Credit Facility Debt and the interest rates payable on the Portfolio Loans collateralizing such Portfolio Credit Facility Debt, as well as timing mismatches based on different reset dates with respect thereto. The Company may enter into interest rate swap transactions to hedge any interest rate or timing mismatch. Such a mismatch could result in less excess spread available as credit support for the portfolio credit facility, less cash available for distribution to the Company and the shareholders thus adversely affecting the returns received thereby and/or the Company not collecting sufficient interest income from the Portfolio Loans to make interest payments then due on the Portfolio Credit Facility Debt which may result in an event of default thereunder.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Subordinated Interests in any Financing Subsidiary</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company will own all or a majority of the equity interests in any financing subsidiary. The Company will seek advice from its accountants whether or not the Company will be required to consolidate the assets and liabilities of any financing subsidiary in its consolidated financial statements. The Company’s equity interests in a financing subsidiary will be subordinated in priority of payment to such financing subsidiary’s obligations to its debt holders and its service providers. All of these persons have claims superior to the claims of the Company as equity interest holder in any liquidation of such financing subsidiary. If a financing subsidiary has insufficient assets to pay all of its obligations, the Company and the shareholders may suffer losses. In addition, the debt incurred at the financing subsidiary level is required to be included in our calculation of our asset coverage.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Minimum Utilization and Prepayment Penalties under a Portfolio Credit Facility</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In order to ensure that they receive an anticipated minimum level of profit in connection with entering into a portfolio credit facility, the lenders thereunder typically require that a borrower pay, in addition to interest and certain one-time fees, a commitment fee on any portion of the maximum commitment that is undrawn, and may require that the borrower pay a make-whole premium – which could be in the form of a one-time payment or ongoing minimum payments – in the event that the advances under the portfolio credit facility are prepaid or not sufficiently drawn, and/or the portfolio credit facility is terminated during a specified non-call period. Under such circumstances, the Company could incur borrowing costs under such portfolio credit facility regardless of the amount of leverage it utilized thereunder. To the extent that the Company is unable to acquire or did not hold sufficient Portfolio Loans meeting the eligibility criteria of the portfolio credit facility to satisfy certain minimum utilization targets under the portfolio credit facility, commitment fees may increase thus reducing the amount that may otherwise be distributable to the shareholders. In addition, there may be insufficient interest or other proceeds relating to such Portfolio Loans subject to such portfolio credit facility to fully cover all costs relating thereto which could result in a payment event of default under such portfolio credit facility, which could have a material adverse effect on the performance of the Company and on the shareholders.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to General Risks Associated with Leverage</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in the Company. The greater the total borrowing by the Company relative to its assets, the greater will be its risk of loss and possibility of gain. In addition, money borrowed by the Company will be subject to interest costs and other costs which will be a direct or indirect expense of the Company and, to the extent not covered by income or gain attributable to the assets of such borrower, will adversely affect the operating results of the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company Borrows Money, Which Magnifies the Potential for Gain or Loss on Amounts and May Increase the Risk of Investing With Us</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Borrowings, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. We may enter into one or more credit facilities and may issue or assume other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Lenders and holders of such senior securities have fixed dollar claims on the Company’s consolidated assets that are superior to the claims of our shareholders. If the value of our consolidated assets increases, then leveraging would cause the net asset value per share of our Common Shares to increase more sharply than it would have had we not incurred leverage.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Conversely, if the value of our consolidated assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not incurred leverage. Similarly, any increase in our consolidated income in excess of consolidated interest payable on the borrowed funds would cause our net income to increase more than it would had we not incurred leverage, while any decrease in our consolidated income would cause net income to decline more sharply than it would have had we not incurred leverage. Such a decline could negatively affect our ability to make distribution payments on our Common Shares. There can be no assurance that a leveraging strategy will be successful.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Any credit facilities into which the Company may enter impose financial and operating covenants that may restrict the Company’s business activities, including limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC. A failure to renew any credit facilities or to add new or replacement debt facilities or to issue additional debt securities or other evidence of indebtedness could have a material adverse effect on our business, financial condition and results of operations.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table illustrates the effect on return to a holder of our Common Shares of the leverage created by our use of borrowing at the weighted average stated interest</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> rate of 5.87% (excluding deferred financing costs, deferred issuance costs and unused fees) as of December 31, 2025, together with (a) our total value of net assets as of December 31, 2025; (b) approximately $83.2 million in aggregate principal amount of indebtedness outstanding as of December 31, 2025 and (c) hypothetical annual returns on our portfolio of minus 10% to plus 10%.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:36.178%;box-sizing:content-box;"></td> <td style="width:8.495%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.439%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.114%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="18" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Assumed Return on Portfolio (Net of Expenses) </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">-10%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">-5%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">0%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">5%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">10%</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Corresponding Return to Common Shareholders </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">30.21</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">18.67</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">-</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.13</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.41</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.96</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">1.</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The assumed portfolio return is required by SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of December 31, 2025. As a result, it has not been updated to take into account any changes in assets or leverage since December 31, 2025.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">2.</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In order to compute the “Corresponding Return to Common Shareholders,” the “Assumed Return on Portfolio” is multiplied by the total value of our assets at December 31, 2025 to obtain an assumed return to us. From this amount, the interest expense (calculated by multiplying the weighted average stated interest rate of 5.87% by the approximately $83.2 million of principal debt outstanding) is subtracted to determine the return available to shareholders. The return available to shareholders is then divided by the total value of our net assets as of December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> to determine the “Corresponding Return to Common Shareholders. Return is assumed to be sourced by net investment income, and is correspondingly adjusted for incentive fees on income above the preferred return.</span></div></div> -0.3021 -0.1867 -0.0713 0.0441 0.1396 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain Investment Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with its Investment Strategy</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The success of the Company’s investment activities depends on the Adviser’s ability to identify opportunities for attractive risk-adjusted returns on invested capital, which is dependent in part on the market for available capital for middle market companies. Identification of these opportunities involves uncertainty. No assurance can be given that the Adviser will be able to successfully locate investment opportunities, or if such opportunities are located, that they will be available for allocation to the Company or that, for Portfolio Loans sourced by the Antares Lending Platform, or the Board, when required, will consent to or approve the purchase thereof. In addition, any credit facility is expected to, place restrictions on the Adviser’s ability to cause the Company to buy and/or sell loans as well as the timing for acquiring loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Hedging</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may, in some circumstances, directly or indirectly, employ hedging techniques in connection with its Portfolio Loans designed to reduce the risks of adverse movements in interest rates, securities prices, currency exchange and other factors (including risks associated with the use of derivative instruments). While such transactions may reduce certain risks, such transactions themselves may entail certain other risks. Thus, while the Company may benefit from the use of these hedging mechanisms, unanticipated changes in interest rates, securities prices, currency exchange rates or other events relating to such hedging transactions may result in a poorer overall performance for the Company than if it had not entered into such hedging transactions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Terrorist Action, Military Action, Protests, Pandemics and Natural Disasters</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There is a risk of terrorist attacks, military actions, other armed conflicts, violent protests, pandemics and/or natural disasters in the United States and elsewhere causing significant loss of life, property damage and/or disruptions in the local or global markets. These events can also lead to, or be a symptom of, economic, political and/or social instability. Economic and diplomatic sanctions may be in place or imposed on certain states or persons. The imposition of sanctions could adversely impact the value and/or liquidity of assets where an obligor is located in or economically tied to a sanctioned country or person. Additionally, sanctions can lead to devaluation of a sanctioned country’s currency and increased market volatility both in the sanctioned country and throughout the world, which could impact obligors and the Company, even if there is no direct relationship with a sanctioned country or person.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pandemics and natural disasters may have similarly disruptive impacts. The potential impact of such events is unclear, but such events could have a material adverse effect on general economic conditions, the ability of obligors of Portfolio Loans held by the Company to repay such Portfolio Loans, lenders extending credit facilities to the Company, or market liquidity, thereby adversely impacting the operations of the Adviser or the Company and the returns to the shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">General Economic Conditions May Affect the Ability of the Company to Make Distributions to the Shareholders</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The ability to effectuate the investment strategy of the Company and to make distributions to the shareholders will depend in part on general economic conditions and the financial health of the Portfolio Loan borrowers. Negative trends or volatility in economic conditions generally or in particular financial and credit markets are likely to increase the number of non-performing Portfolio Loans and decrease the value and collectability of the Portfolio Loans. In particular, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current administration, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or the current ongoing conflict between Russia and Ukraine and the escalating conflict in the Middle East, and the rapidly evolving measures in response, could lead to disruption, instability and volatility in the global markets. It is difficult to predict which markets, products, businesses and assets will be affected by particular economic or business conditions (or to what degree the health of particular markets or industries are dependent on monetary policies by central banks, particularly the U.S. Federal Reserve). There is no assurance that conditions in the credit and other financial markets will be or remain stable and will not have deteriorated or in the future deteriorate at any time and there is now and in the future a material possibility that economic activity will be volatile and/or has slowed or slow over the moderate to long term. See “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Infectious Disease and Pandemics.” </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A decrease in market value of the Portfolio Loans would also adversely affect the sale proceeds that could be obtained upon the sale of the Portfolio Loans and could result in losses, negatively impact returns to shareholders and ultimately affect the ability of the Company to make distributions to the shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Obligors are also affected generally by economic slowdowns and recessions. Although signs of economic slowdown are less evident in certain regions around the world as the global growth cycle has reached a mature phase, economists continue to expect near term moderate economic growth due to the limited signals of imminent recession in the United States, continued healthy government spending, and recent progress made on trade. Regardless, geopolitical instability presents a risk for the Company and the Portfolio Loans in which it will invest. Any deterioration of general economic conditions can lead to significant declines in corporate earnings, loan performance, or the ability of obligors to service their loans, any of which could trigger a period of global economic slowdown and have an adverse impact the Company’s performance and financial results, including the value of its portfolio and the collateral securing the Portfolio Loans. Unfavorable economic conditions also could increase the cost of leverage or cause lenders not to extend credit on favorable terms or at all, which could prevent the Company from making investments and have an adverse impact on its performance and financial results.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Negative economic trends would also increase the likelihood that major financial institutions or other entities having a significant impact on the financial and credit markets may suffer a bankruptcy or insolvency, as occurred during the recession in the U.S. economy several years ago. The bankruptcy or insolvency of any such entity may have an adverse effect on the Company and the Common Shares and may trigger future crises in the global credit markets and overall economy, which could have a significant adverse effect on the Company and the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During an economic downturn or recession it is likely that the incidence of amendments, waivers, modifications and restructurings of Portfolio Loans would increase, which may lead to a decrease in the value of such Portfolio Loans that could adversely affect the ability of the Company to make distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The volume of loans that are available for acquisition in the market or available for allocation by the Adviser to the Company may vary from time to time. As a result, opportunities for the Company to acquire such loans may be limited. This is also likely to heighten refinancing risk in respect of maturing Portfolio Loans. In addition, obligors on Portfolio Loans may be more likely to exercise any rights they may have to redeem or refinance such Portfolio Loans when interest rates or spreads are declining, which redemptions or refinancings may occur under circumstances when such Portfolio Loans cannot be replaced by the acquisition of additional Portfolio Loans with similar or better risk and economic characteristics or at all. These additional risks may affect the returns on the Common Shares to shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to General Economic Conditions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans are subject to credit and interest rate risks. Credit risk refers to the likelihood that an obligor will default in the payment of principal or interest on a loan. Financial strength and solvency of an obligor are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a loan may affect its credit risk. Credit risk may change over the life of a loan and loans that are rated by rating agencies are often reviewed and may be subject to downgrade. Interest rate risk refers to the risks associated with market changes in interest rates.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Interest rate changes may affect the value of a loan indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of loans whose rates are adjustable). In general, in a period of declining interest rates, it is expected that certain obligations to be paid off by the obligor more quickly than originally anticipated, and the Company would have to invest the proceeds in investments with lower yields. In periods of falling interest rates, the rate of prepayments has historically tended to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, the Company would expect reinvestment of the prepayment proceeds by the Company to generally be at lower rates of return than the return on the investments that were prepaid.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Conversely, rising interest rates will negatively impact the price of a fixed rate loan and falling interest rates will have a positive effect on price. Adjustable rate loans also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in loans with uncertain payment or prepayment schedules.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Developments in the Leveraged Loan Market</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The global economy has been affected for a number of years by the crisis in the credit markets initially caused by problems in the U.S. subprime residential mortgage loan market and, in the United States, a slow recovery thereafter. The global economy is still being negatively affected by, among other things, certain national deficits and sovereign debt levels incurred before or during the credit crisis. Among the sectors of the global credit markets that experienced particular difficulty during the credit crisis were the collateralized debt obligations and leveraged finance markets. There is no assurance that such markets may not experience similar difficulties in the future. There continues to exist significant risks for the Company and shareholders as a result of uncertain or volatile economic conditions. These risks include, among others, (i) the likelihood that it may be more difficult to sell any of the Company’s assets in the secondary market, thus rendering it more difficult to dispose of such assets, (ii) the possibility that the price at which the Company’s assets can be sold by the Company will have deteriorated from their effective purchase price, (iii) the illiquidity of the Common Shares, as there is currently little or no secondary trading in equity securities issued in connection with entities such as the Company and none is expected to develop, and (iv) the possibility of a recession or other economic downturn affecting obligors. All of these risks may affect the returns on the Common Shares to shareholders and the ability of shareholders to realize their returns. The Company’s assets will primarily consist of Portfolio Loans to middle market companies that may be particularly susceptible to economic slowdowns or recessions and may be unable to make scheduled payments of interest or principal on their borrowings during these periods. See “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Portfolio Loans—Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” in the Company’s Form 10. The volume of leveraged loans that are available for acquisition by the Company may vary from time to time. As a result, opportunities for the Company to acquire such assets may be limited. This is also likely to heighten refinancing risk in respect of maturing loans. In addition, obligors on loans may be more likely to exercise any rights they may have to redeem or refinance such loans when interest rates or spreads are declining. These additional risks may affect the returns on the Common Shares to shareholders and could further slow, delay or reverse an economic recovery and cause a further deterioration in loan performance generally.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Future crises may have a negative impact on the economic conditions in the affected jurisdictions. Any slowdown in growth or commencement of a recession in such economies as a result thereof has had and in the future is expected to have an adverse effect on the ability of consumers and businesses to repay or refinance their existing debt. Adverse macroeconomic conditions may adversely affect the rating, performance and the realization value of the loans. It is possible that the loans will experience higher default rates than anticipated and that performance will suffer.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a result of the credit crisis, some leading global financial institutions were forced into mergers with other financial institutions, have been partially or fully nationalized or became bankrupt or insolvent. The bankruptcy or insolvency of a major financial institution may have an adverse effect on the Company, particularly if such financial institution is the administrative agent of one or more Portfolio Loans, a seller of a participation interest therein, or is the agent or lender under a credit facility financing to the Company. In addition, the bankruptcy, insolvency or financial distress of one or more additional financial institutions, or one or more sovereigns, may trigger additional crises in the global credit markets and overall economy which could have a significant adverse effect on Company assets and the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although the leveraged finance and CLO markets have made significant recoveries from the adverse impact of the recent credit crisis, there can be no assurance that the leveraged finance and CLO markets will not be adversely impacted by future economic downturns or market volatility.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Competition and Availability of Suitable Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In recent years there has been a marked increase in the number of, and flow of capital into, investment vehicles established in order to implement investment strategies in leveraged loans including BDCs, leveraged loan finance companies, CLO vehicles and private funds and separately managed accounts similar to the Company. While the precise effect cannot be determined, such increase may result in greater competition for investment opportunities, which may result in a decrease in the number of opportunities that the Adviser is able to pursue on behalf of the Company, or in increased price volatility with respect to such opportunities. Prospective investors should understand that the Company will compete with other investment vehicles, as well as institutional investors and commercial banking firms that have substantially greater resources, in terms of financial wherewithal and research staffs, than may be available to the Company. In addition, competitors may have incurred, or may in the future incur, leverage to finance their debt investments at levels or on terms more favorable than those available to the Company. As a result of this competition, the Company may not be able to take advantage of attractive investment opportunities from time to time, and the Adviser can offer no assurance that it will be able to identify and make investments that are consistent with the investment objective of the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In some cases, the Adviser’s Parent Companies invest in Portfolio Loans that are suitable for the Company. Such Parent Companies could invest indirectly alongside the Company and other clients of the Adviser or the Adviser’s affiliates through their interest in the Platform Balance Sheet Client or could seek to invest either in concert with, or independently of, the Company and other clients of the Adviser or the Adviser’s affiliates. In cases where the Parent Companies pursue an opportunity independently, the Company could, but will not necessarily, also pursue such opportunity.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company May Operate in a Period of Capital Markets Disruption, Significant Volatility and Economic Uncertainty</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">From time to time, capital markets may experience periods of disruption and instability. Such disruptions may result in, amongst other things, write-offs, the re-pricing of credit risk, the failure of financial institutions or worsening general economic conditions, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular, as well as</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">increasing volatility and illiquidity in the markets generally. The duration and ultimate effect of such market conditions cannot be accurately forecasted. Extreme uncertainty regarding economic markets may result in declines in the market values of potential investments and declines in the market values of investments after they are made or acquired by the Company and affecting the potential for liquidity events involving such investments or Portfolio Companies. During periods of market disruption, Portfolio Companies may be more likely to seek to draw on unfunded commitments the Company has made, and the risk of being unable to fund such commitments is heightened during such periods. Applicable accounting standards require the Company to determine the fair value of its investments as the amount that would be received in an orderly transaction between market participants at the measurement date. While most of the Company’s investments are not publicly traded, as part of the Company’s valuation process the Company considers a number of measures, including comparison to publicly traded securities. As a result, volatility in the public capital markets can adversely affect the Company’s investment valuations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Various social and political tensions around the world may contribute to increased market volatility, may have long-term effects on the worldwide financial markets and may cause further economic uncertainties worldwide. In particular, the consequences of the conflict between Russia and Ukraine and the conflict in the Middle East, including international sanctions, the potential impact on inflation and increased disruption to supply chains and a potential global recession may impact Portfolio Companies. Because Russia is a major exporter of oil and natural gas, the invasion and related sanctions have reduced the supply, and increased the price, of energy, which is accelerating inflation and may exacerbate ongoing supply chain issues. There is also the risk of retaliatory actions by Russia against countries which have enacted sanctions, including cyberattacks against financial and governmental institutions, which could result in business disruptions and further economic turbulence. Such consequences also may increase the Company’s funding cost or limit its access to the capital markets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A prolonged period of market illiquidity may cause the Company to reduce the volume of loans and debt securities originated and/or fund and adversely affect the value of the Company’s portfolio investments, which could have a material and adverse effect on the Company’s business, financial condition, results of operations and cash flows.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Inflation Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of our Portfolio Companies may be impacted by inflation. If such Portfolio Companies are unable pass any increases in their costs along to their customers, it could adversely affect their results and their ability to pay interest and principal on our loans. In addition, any projected future decreases in our Portfolio Companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Russia-Ukraine Conflict</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Russia launched a large-scale invasion of Ukraine on February 24, 2022 and, in response, the United States and other governments have imposed economic sanctions on certain Russian individuals, including Russian government officials and other government-linked individuals, and Russian corporate entities and financial institutions, and banned certain Russian financial institutions from global payments systems that facilitate cross-border payments and have taken other economic and political measures. It is possible that such governments could institute broader sanctions or other economic and political measures on Russia, which could result in the immediate freeze of Russian securities and/or funds invested in prohibited assets and/or other consequences. The extent and duration of the military action, the possibility of the conflict expanding beyond Ukraine and Russia, and resulting sanctions and other economic and political measures and future market disruptions in the region and worldwide are impossible to predict, but could be significant and have a severe adverse effect on the region and collateral effects globally, including significant negative impacts on the global economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Such effects and impacts could have a material adverse effect on the Company and its investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Infectious Disease and Pandemics</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain illnesses spread rapidly and have the potential to significantly adversely affect the global economy. Outbreaks such as the severe acute respiratory syndrome, avian influenza, H1N1/09, and, most recently, the coronavirus (COVID-19), or other similarly infectious diseases may have material adverse impacts on the Company, the Adviser, their respective affiliates and Portfolio Companies. Actual pandemics, or fear of pandemics, can trigger market disruptions or economic turndowns with the consequences described above. The Adviser cannot predict the likelihood of disease outbreaks occurring in the future nor how such outbreaks may affect the Company’s investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The outbreak of disease epidemics may result in the closure of the Adviser’s and/or a Portfolio Company’s offices or other businesses, including office buildings, retail stores and other commercial venues and could also result in (a) the lack of availability or price volatility of raw materials or component parts necessary to a Portfolio Company’s business which may adversely affect the ability of a Portfolio Company to perform its obligations, (b) disruption of regional or global trade markets and/or the availability of capital, (c) the availability of leverage, including an inability to obtain indebtedness at all or to the Company’s desired degree, and less favorable timing of repayment and other terms with respect to such leverage, (d) trade or travel restrictions which impact a Portfolio Company’s business and/or (e) a general economic decline and have an adverse impact on the Company’s value, the Company’s investments, or the Company’s ability to make new investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If a future pandemic occurs (including a recurrence of COVID-19) during a period when the Company expects to be harvesting its investments, the Company may not achieve its investment objective or may not be able to realize its investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes in the Leveraged Finance and Fixed Income Markets May Affect Shareholders</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In recent years, the leveraged finance and fixed income markets have at times contributed to a severe liquidity crisis in the global credit markets. There have also been at times substantial fluctuations in prices for leveraged loans and limited liquidity for such loans. No assurance can be made that the conditions giving rise to such price fluctuations and limited liquidity will not continue or become more acute in the future. During periods of limited liquidity and higher price volatility, the ability of the Company to acquire or dispose of Portfolio Loans at a price and time that the Adviser deems advantageous may be severely impaired. As a result, in periods of rising market prices, the Company may be unable to participate in price increases fully to the extent that it is unable to acquire desired positions quickly and its inability to dispose fully and promptly of positions in declining markets may cause its net asset value to decline and may exacerbate losses suffered thereby when Portfolio Loans are sold. Furthermore, significant additional liquidity-related risks may exist for the Company and the shareholders including, among others, (i) the possibility that the prices at which Portfolio Loans can be sold by the Company will have deteriorated from their effective purchase price, and (ii) the possibility that opportunities for the Company to sell its assets in the secondary market may be impaired or restricted by a portfolio credit facility. These additional risks may result in losses, negatively affect the returns on the Common Shares or otherwise adversely affect shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Regardless of current or future market conditions, certain Portfolio Loans purchased by the Company will have only a limited trading market (or none). The Company’s investment in illiquid Portfolio Loans may restrict its ability to dispose of Portfolio Loans in a timely fashion and for a fair price, as well as their ability to take advantage of market opportunities. While liquidity in loans to middle market companies has increased in recent years, loans to middle market companies similar to the loans that the Company intends to acquire are less liquid than broadly syndicated loans and certain of such middle market loans that may be acquired by the Company are less liquid than more traditional senior secured loans to middle market companies. Illiquid Portfolio Loans may trade at a discount from comparable, more liquid loans or other investments. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Portfolio Loans—Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” for a further description of the illiquidity of non-investment grade loans to middle market companies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, adverse developments in the primary market for loans to middle market companies, unitranche loans and/or leveraged loans in general may reduce opportunities for the Company to acquire loans that would qualify as Portfolio Loans. The ability of private equity sponsors and leveraged loan arrangers to effectuate new leveraged buy-outs and the ability of the Company to acquire such loans may be partially or significantly limited depending on market and regulatory conditions. Furthermore, possible changes in the tax laws of the United States could result in private equity sponsors and obligors electing to reduce leveraged loans as part of their Portfolio Companies’ capital structure and to obtain more of their funding in the form of equity which may reduce the amount of Portfolio Loans available for acquisition by the Company. The impact of any such changes affecting the leveraged loan market or another liquidity crisis on the global credit markets may adversely affect the management flexibility of the Adviser in relation to the portfolio and, ultimately, the returns on the Common Shares to shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">It is Anticipated that All or Most of the Portfolio Loans will be Sourced by Adviser Parties</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Except to the extent otherwise permitted by the Company’s investment criteria, since it is anticipated that all or most of the Portfolio Loans will be sourced through the Antares Lending Platform, the Company will be relying on the performance of the loan origination business of the Antares Lending Platform and the relevant Adviser Parties in general for both the types of Portfolio Loans and the quality of such Portfolio Loans, and for other related services including, without limitation, access to market deal flow, credit diligence and portfolio administration, accounting, tax, human resources, information technology and legal/compliance support. Therefore, a decline in the business and other business activity of the Antares Lending Platform could have adverse consequences for the Company and the shareholders. There can be no assurance that the Antares Lending Platform will source loans of equal or better quality than those sourced by them in the past. If the Antares Lending Platform suffers from a decline in business, or loosens its credit standards, the loans sourced thereby may suffer in credit quality. In order to maintain levels of business activity and/or profitability, the Antares Lending Platform may make concessions to obligors on loans. In addition, there is no assurance that the Antares Lending Platform will continue to source loans that fit the Company’s investment strategy or originate them in the same volume. Under such circumstances the size or performance of the Company’s portfolio could be expected to be adversely affected.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Significant conflicts of interest will arise from the Company acquiring all or most of the Portfolio Loans in this manner. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See “Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain Portfolio Loans Could be Based on Recurring Revenues and Not Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans could be in large part underwritten based on projections and assumptions related to the growth or increase in services, adoption or entry into new markets and an assumed growth in recurring revenue, as well as assumptions related to spending to support such growth. The obligors of these Portfolio Loans may have low or negative EBITDA. If the projections and assumptions made with respect to the growth of any such obligor’s revenues or expenditures are inconsistent with such obligor’s actual performance, such Portfolio Loans may be subject to greater risks than Portfolio Loans for which the obligor has higher EBITDA.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Ratings and/or Credit Estimates are Not a Guarantee of Quality</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Credit ratings and/or credit estimates of assets represent the rating agencies’ opinions regarding their credit quality and are not a guarantee of quality or performance. A credit rating or a credit estimate is not a recommendation to buy, sell or hold assets and may be subject to revision or withdrawal at any time by the assigning rating agency. If a credit rating or credit estimate assigned to any Portfolio Loan is lowered for any reason, no party is obligated to provide any additional support or credit enhancement with respect to such Portfolio Loan. Rating agencies attempt to evaluate the relative future creditworthiness of an obligation and do not address other risks, including, but not limited to, the likelihood of principal prepayments (both voluntary and involuntary), liquidity risk, market value or price volatility; therefore, credit ratings or credit estimates do not fully reflect the true risks of an investment in the related asset. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an obligor’s current financial condition may be better or worse than a rating indicates. Further, rating agencies may change credit rating or credit estimate methodologies. Consequently, credit ratings or credit estimates of any Portfolio Loan should be used only as a preliminary indicator of perceived investment quality and should not be considered a reliable indicator of actual investment quality. Credit ratings or credit estimates of Portfolio Loans included in the Company’s direct or indirect portfolio or of other loans similar to the Portfolio Loans may be subject to significant or severe adjustments downward. Credit rating or credit estimate reductions or withdrawals may occur for any number of reasons and may affect numerous assets at a single time or within a short period of time, which may have material adverse effects upon the Company’s investments in Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans to middle market companies generally will not have a public rating, although some loans may have private ratings and/or credit estimates assigned by, or obtained pursuant to the methodology of, a nationally recognized statistical rating agency. A credit estimate is not identical to a credit rating, and may be assigned using a more limited analysis, based on public information or information supplied by the party requesting the credit estimate. Disclosure of private ratings and/or credit estimates, if any are available, is restricted and any such ratings or estimates are not expected to be disclosed to the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to the Impact of Uninvested Cash Balances</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent the Adviser on behalf of the Company maintains cash balances (such as cash balances to fund revolving loans) or reserves or holds such amounts in temporary investments instead of investing in higher yielding Portfolio Loans or paying down related credit facilities incurred directly or indirectly thereby with respect to the Portfolio Loans, portfolio income will be reduced which will result in reduced amounts available to the Company for its return on investment. In addition, temporary investments could also suffer losses. The extent to which the cash balances of the Company remain uninvested in Portfolio Loans will be subject to a variety of factors, including among others future market conditions, and is difficult to predict.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Composition and Characteristics of the Portfolio Loans will Change over Time</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The characteristics of the Portfolio Loans held by the Company will change as a result of the acquisitions and sales of Portfolio Loans by the Company. The characteristics of the Portfolio Loans will also change over time as a result of scheduled amortization, prepayments, the amount of draws, repayments and termination of revolving Portfolio Loans, extensions, waivers, modifications, restructuring, work-outs, delinquencies and defaults on Portfolio Loans. There can be no assurance that the portfolio of Portfolio Loans directly or indirectly owned by the Company will have any particular characteristics at any time and the decision to buy Portfolio Loans or to sell Portfolio Loans will have a significant impact on those characteristics.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Trade negotiations and related government actions may create regulatory uncertainty for our Portfolio Companies and our investment strategies and adversely affect the profitability of our Portfolio Companies.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">I</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">n recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S. on numerous countries. Such tariffs could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future Portfolio Companies and adversely affect the revenues and profitability of Portfolio Companies whose businesses rely on goods imported from countries subject to the tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future Portfolio Companies. In addition, such tariffs could slow the global economy, and, while such tariffs may be adjusted downward or removed, the adjustment or removal of tariffs may or may not yield the intended results.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Non-Investment Grade Loans to Middle Market Companies Involve Particular Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans will consist primarily of non-investment grade loans to middle market companies or participation interests therein, which are subject to liquidity, market value, credit, repricing, default, recovery, interest rate, reinvestment and other risks. The Portfolio Loans are generally considered to be subject to greater risks than investment grade corporate obligations and will be less liquid than both investment grade corporate obligations and broadly syndicated loans. These risks could be exacerbated to the extent that the portfolio is concentrated in one or more particular types of Portfolio Loans. There can be no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could affect the value and returns of the Portfolio Loans or will be able to acquire on behalf of the Portfolio Loans that will generate sufficient returns to meet the Company’s or the shareholders’ expectations.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Prices of the Portfolio Loans may be volatile, and will generally fluctuate due to a variety of factors that are inherently difficult to predict, including but not limited to changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the obligors of the Portfolio Loans. In particular, the market for non-investment grade loans has experienced periods of volatility in the supply and demand for such loans, resulting in fluctuations and changes in, among other things, spreads, interest rate floors, purchase discounts, leverage, covenants, structure, and other terms. Additionally, loans and participation interests in loans generally have significant liquidity and market value risks because they are not generally traded in organized exchange markets but are traded by banks and other institutional investors in privately negotiated transactions. Because loans are privately syndicated and loan agreements are privately negotiated and customized, loans are not purchased or sold as easily as publicly traded securities. In addition, historically the trading volume in the loan market, especially in the middle market, has been small relative to both the high-yield debt securities market and the broadly syndicated loan market. As a result, the Portfolio Loans will be subject to greater risks than broadly syndicated loans issued by larger companies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">All or a significant majority of the Portfolio Loans are expected to consist of loans to middle market companies. Although middle market loans share many of the same characteristics as more broadly syndicated loans, including a senior secured position in the obligor’s capital structure and floating rate interest payments, loans to middle market companies tend to be less widely held and are not often publicly rated. Loans to middle market companies may have default rates or recovery rates that differ (and may be better or worse) than has been the case for broadly syndicated loans or investment grade corporate obligations. As a result, the Portfolio Loans will be subject to greater risks than broadly syndicated loans entered into by larger companies.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because a more limited number of investors invest in loans to middle market companies, the trading volume for such loans is relatively illiquid as compared to that of broadly syndicated loans. In addition, investors who invest in middle market loans typically invest in unitranche loans in middle market companies, the trading volume of which is likely to be relatively illiquid as compared to that of more traditional senior secured loans to middle market companies. In addition, the trading market for Portfolio Loans that are revolving loans is substantially less liquid than that for term loans since certain loan market investors are not permitted to, or prefer not to, invest in revolving loans. Furthermore, there are typically restrictions on transfers of Portfolio Loans under the related loan facility documents and, if the Portfolio Loan is a participation interest, there may be additional restrictions on transfer under the related participation agreement. The illiquidity of the Portfolio Loans may restrict the ability of the Company (or the Adviser on its behalf) to dispose of such Portfolio Loans in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A non-investment grade middle market loan or participation interest therein is generally considered speculative in nature and may experience defaults for a variety of reasons. A middle market loan may become subject to either substantial workout negotiations or a restructuring, which may entail, among other things, a substantial reduction in the interest rate, a substantial write-down of principal, deferral of payment, payments-in-kind of interest, and a substantial change in the terms, conditions and covenants with respect to such loan. In addition, such negotiations or restructuring may be quite extensive, protracted and costly over time, and therefore may result in substantial uncertainty with respect to the ultimate recovery on such loan. The liquidity of a loan in default will be limited, and to the extent that a defaulted loan is sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced on the Portfolio Loans and an increase in default levels or a decrease in recoveries would be expected to adversely affect the returns of the Company in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Non-investment grade loans to middle market businesses may carry more inherent risks than non-investment grade loans to larger, publicly traded entities. For example, middle market borrowers generally are not publicly traded entities and have significantly less publicly available information about them compared to publicly traded entities. These middle market companies generally have more limited access to capital and higher financing costs, may be in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from their respective private equity sponsors, public capital markets or from traditional sources, such as commercial banks. Non-investment grade and middle market borrowers may be highly leveraged, which may cause them to be more likely to be unable to meet their obligations in an economic downturn, a period of rising interest rates, a contraction of the leveraged loan market or a period of fluctuating exchange rates (in respect of those obligors located outside of the United States). Middle market businesses typically have narrower product lines and smaller market shares than large businesses. Therefore, they tend to be more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Middle market businesses may have more difficulties implementing enterprise resource plans and may face greater challenges integrating acquisitions than large businesses. These businesses may also experience substantial variations in operating results. Typically, the success of a middle market company also depends on the management talents and efforts of one or two individuals or a small group of individuals. The death, disability or resignation of one or more of these individuals could have a material adverse impact on such middle market company and its ability to repay its obligations. A deterioration in a middle market obligor’s financial condition and prospects may cause it to fail to satisfy net income, cash flow and other coverage tests typically imposed by lenders and may be accompanied by deterioration in the collateral securing the Portfolio Loan. Such deterioration may impair the ability of such obligor to obtain refinancing, force it to seek to have its Portfolio Loan restructured or result in a defaulted Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, middle market businesses often need substantial additional capital to expand or compete and will often have borrowed money from other lenders and may need additional capital to survive any economic downturns. Accordingly, loans made to middle market companies involve higher risks than loans made to companies that have larger businesses, greater financial resources or are otherwise able to access traditional credit sources. In addition, while a private equity sponsor often will provide additional capital to support their middle market Portfolio Companies in times of distress, such practice may not continue or may continue to a lesser extent. Default levels or the amount or timing of recoveries that may be experienced on the Portfolio Loans are uncertain. Any event of default and acceleration of a loan or decrease in recoveries or delay in receipt of recoveries would be expected to adversely affect the returns of the Company in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in Term Loans, Delayed Draw Term Loans or Revolvers Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may invest in a variety of different types of debt, including but not limited to term loans, delayed draw term loans and/or revolving loans. A term loan is a loan that has a specified repayment schedule. A delayed draw term loan is a loan that typically permits the borrower to withdraw predetermined portions of the total amount borrowed at certain times. A revolving credit facility differs from a delayed draw term loan in that as the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed draw term loans and revolving credit facilities usually provide for floating or variable rates of interest. If the Company enters into or acquires a commitment with a borrower regarding a delayed draw term loan or a revolver, the Company will be obligated on one or more dates in the future to lend the borrower monies (up to an aggregate stated amount) if called upon to do so by the borrower. These commitments may have the effect of requiring the Company to increase its investment in a borrower at a time when it might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). Delayed draw term loans and revolvers may be subject to restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Company may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Loan Prepayments May Affect the Ability of the Adviser to Invest Available Funds in Appropriate Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans are generally prepayable in whole or in part at any time at the option of the obligor thereof at par plus accrued unpaid interest thereon. Prepayments on loans may be caused by a variety of factors which are often difficult to predict. Consequently, there exists a risk that Portfolio Loans purchased at a price greater than par may experience a capital loss as a result of such a prepayment. In addition, certain Portfolio Loans may include excess cash flow capture and other mandatory prepayment provisions, which may accelerate the amortization of the applicable Portfolio Loan. Any inability of the Adviser (if it is permitted to reinvest such funds on behalf of the Company) to reinvest payments or other proceeds in Portfolio Loans with comparable interest rates may adversely affect the returns of the Company in respect of the Portfolio Loans. There is no assurance that the Adviser will be able to reinvest proceeds in Portfolio Loans with comparable interest rates or as to the length of any delays before such investments are made.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The rate of prepayments, amortization and defaults may be influenced by various factors including, among other things: (i) changes in obligor performance and requirements for capital; (ii) the level of interest rates and the shape of the yield curve; (iii) lack of credit being extended and/or the tightening of credit underwriting standards in the commercial lending industry and supply and demand economics in capital markets; and (iv) the overall economic environment.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser cannot predict the actual rate of prepayments, accelerated amortization or defaults which will be experienced with respect to the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Lender Liability Considerations and Equitable Subordination can Affect the Company’s Rights with Respect to Portfolio Loans</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A number of judicial decisions in the United States have upheld judgments of obligors against lending institutions on the basis of various evolving legal theories (collectively termed “lender liability”). Generally, lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing owed to the obligor or has assumed an excessive degree of control over the obligor resulting in the creation of a fiduciary duty owed to the obligor or its other creditors or shareholders. Because of the nature of the portfolio of Portfolio Loans, the Company could become directly or indirectly subject to allegations of lender liability individually or as part of a group of lenders and could also be liable for pro rata liabilities of the agent or lead lender.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, under common law principles that in some cases form the basis for lender liability claims, if a holder of debt (i) intentionally takes an action that results in the undercapitalization of an obligor to the detriment of other creditors of such obligor, (ii) engages in other inequitable conduct to the detriment of such other credits, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors, or (iv) uses its influence as a stockholder to dominate or control an obligor to the detriment of other creditors of such obligor, a court can elect to subordinate the claim of the offending holder of debt to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination”. Because of the nature of the portfolio of Portfolio Loans held by the Company, the portfolio of Portfolio Loans could be subject to claims of equitable subordination.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Moreover, because the Company and affiliates of, or persons related to, the Adviser and its affiliates could hold an equity investment or other interests in Portfolio Companies to which the Company has made a Portfolio Loan, generally will act as the loan agent with respect to the related loan facility, could be registered title owner and seller of a participation interest in such loan investment and/or generally will hold related loans and/or equity investments, the Company could be exposed to claims for equitable subordination or lender liability or both based on such equity investment or other holdings or activities of the Adviser and its affiliates.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The preceding discussion is based upon principles of United States federal and state laws. As to Portfolio Loans that are obligations of non-United States obligors, the laws of certain foreign jurisdictions could impose liability upon lenders under factual circumstances similar to those described above, with consequences that could, but will not necessarily be, analogous to those described above.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Balloon Loans Present Refinancing Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans will include loans to middle market companies or participation interests therein that are balloon loans. Balloon loans involve a greater degree of risk than other types of loans because they are structured to allow for small principal payments over the term of the loan, requiring the obligor to make a large final (balloon) payment upon the maturity of the loan. The ability of such obligor to make this final payment upon the maturity of the loan typically depends upon its ability either to refinance the loan prior to maturity or to generate sufficient cash flow to repay the loan at maturity. The ability of any obligor to accomplish any of these goals will be affected by many factors, including the availability of financing at acceptable rates to such obligor or at all, the financial condition of such obligor, the marketability of the collateral (if any) securing such loan, the operating history of the related business, tax laws and the prevailing general economic conditions. Given their relative size and limited resources and access to capital, some obligors may have difficulty in repaying or refinancing their balloon loans on a timely basis or at all. Consequently, such obligors of Portfolio Loans that are balloon loans may not have the ability to repay such Portfolio Loans at maturity, and under such circumstances the Company could lose all or most of the principal of such Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company will Have Limited Consent and Control Rights with Respect to the Loan Facilities of Which the Portfolio Loans Are a Part</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a lender in a loan facility that has multiple lenders, the Company will have limited consent and control rights, and such rights may not be effective in view of the expected proportion of such obligations held thereby as compared to the other lenders. In all instances, the Company will own less than a majority of the related loan(s) of which the Portfolio Loans are a part and will not control decision making by the required lenders under the related credit facility documents except to the extent that such documents require the consent of all lenders. If the consent of all lenders is required to a modification, most credit facility documents provide that the loan of any lender failing to so consent may be redeemed by the obligor or purchased by an existing or new lender, in either such case at par together with accrued interest. If the Company is a non-consenting lender, the related Portfolio Loan may be sold under such circumstances and there can be no assurance that the Adviser will be permitted or able to redeploy any sale or redemption proceeds received in connection therewith in Portfolio Loans having the same or a better yield or average life as any such Portfolio Loan so prepaid or sold, or at all, which may adversely affect the Company’s expected return. To the extent that the Antares Lending Platform, any joint venture in which the Antares Lending Platform participates or any other person owns portions of such loans or Antares Lending Platform is interested in maintaining a performing loan as part of the Adviser Parties' Direct Holdings and good business relations with the related obligor and its sponsor (as opposed to having a competitor in the loan market provide the desire loan to the obligor), they may act in their own interests in connection therewith without considering the interests of the Company. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> “</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1A. Risk Factors—Risks Relating to Portfolio Loans—The Company is Subject to Risks Related to Repricing</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” and </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Except as otherwise expressly provided herein and in any portfolio credit facility, as applicable, the Adviser will direct the exercise and enforcement, or direct the Company to refrain from exercising and enforcing, any or all of its rights and remedies in connection with the Portfolio Loans or any related loan documents and will direct consents or rejections of amendments or waivers of the terms of any Portfolio Loan and related loan documents and any workouts or restructuring in accordance with the Adviser’s investment management practices and the Company will not otherwise have any right to compel the Adviser to take or refrain from taking any actions. The Adviser will be subject to certain conflicts of interest, as described in </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Agency Provisions with Respect to the Portfolio Loans Could Impair Enforcement Actions Against the Collateral Securing the Portfolio Loans and Expose the Company to Losses on the Portfolio Loans; The Company Might Not Have the Ability to Control Decisions with Respect to Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans are expected to consist primarily of agented loans. Under the loan documents with respect to agented loans, a financial institution or other entity may be designated as the administrative agent, loan agent and/or collateral agent or a person acting in a similar capacity. Under these arrangements, the obligor typically grants a lien to the collateral agent on behalf of the lenders and the obligor makes payments to the administrative agents, which distributes obligor payments to the related lenders including the Company. Such administrative agent may also collect advances made by the lenders and pays them over to the obligor in connection with the closing of the related Portfolio Loan and thereafter with respect to advances on revolving loans and delayed draw loans. Such administrative agents typically receive such payments into and distribute them from a commingled account. Certain decisions with respect to the related Portfolio Loan may be made by the administrative agent on behalf of the lenders under the related loan documents. An Adviser Party is expected to be the administrative agent with respect to most or all of the Portfolio Loans, subject to the terms of the related loan documents, which gives rise to certain conflicts of interest.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks related to agented loans include the possibility that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by the related lenders such as the Company, including attempts to realize upon the collateral securing the Portfolio Loan and/or directing the applicable agent to take actions against the related obligor or the collateral securing a Portfolio Loan and taking actions to realize on proceeds or payments made by obligor that are in the possession or control of such agent. In addition, agented Portfolio Loans typically allow for agents to resign with certain advance notice. Such Portfolio Loans may not, however, contain provisions for the lenders to remove agents thereunder. Therefore, under circumstances where removal of an agent would be in the best interests of the lenders (including the Company), the applicable loan documents would have to be amended by the lenders holding the requisite amount of the associated indebtedness with the agreement of one or more agents (which may not be forthcoming) to remove an agent thereunder. Further, if an agented loan is a revolving loan or a delayed draw loan, there is the possibility of other lenders failing to satisfy their funding commitment, which could result in a dispute. Any such actions could expose the Company to losses with respect to the related Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Related to Fraud or Misrepresentation in the Investment Process</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is subject to risks related to fraud or misrepresentation in the investment process. Any investment in an issuer carries the risk that the issuer will make a material misrepresentation or omission in connection with the investment. Such inaccuracy or incompleteness could adversely affect, among other things, the valuation of collateral underlying loans or other debt obligations, the Company’s ability to perfect or effectuate a lien on the collateral securing a loan or other debt obligation, the financial condition of the issuer or the business prospects of the issuer. The Company, as well as subsidiaries through which the Company may obtain indirect leveraged exposure to the underlying obligors or issuers of underlying loans, will rely upon the accuracy and completeness of representations made by the underlying obligors or issuers to the extent reasonable. However, there can be no guarantee that these representations are accurate or complete.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Liability Management Transactions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Recent developments in liability management transactions by borrowers may increase in prevalence. Such techniques include, without limitation, borrowers (and sometimes a subset of existing creditors) taking advantage of flexibility provided in underlying loan documentation and limited lender protections, and borrowers seeking to raise priming debt or structurally senior debt secured by all or a portion of the existing collateral whether through up-tier cashless debt exchanges or through asset drop-down transactions while subordinating existing creditors to a subset of participating creditors. In such transactions, the existing debt of the subset of participating creditors may be exchanged at a higher exchange rate than the debt of the non-participating creditors, resulting in the participating creditors realizing increased recovery prospects which are greater than, and at the expense of, the remaining existing creditors. To the extent the Company acquires a Portfolio Loan and subsequently is unable to participate in an up-tier cashless loan exchange, an asset drop-down transaction or another form of a liability management transaction, it may not realize the same recovery prospects on such Portfolio Loan as the participating lenders in such transactions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Collateral Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The collateral and security arrangements in relation to such secured obligations as the Company may invest in will be subject to such security or collateral having been correctly created and perfected and any applicable legal or regulatory requirements that may restrict the giving of collateral or security by an obligor, such as, for example, thin capitalization, over-indebtedness, financial assistance and corporate benefit requirements. If the Portfolio Loans do not benefit from the expected collateral or security arrangements, this may adversely affect the value of or, in the event of default, the recovery of principal or interest from such Portfolio Loans held by the Company. Accordingly, any such a failure to properly create or perfect collateral and security interests attaching to the Portfolio Loans could have a material adverse effect on the performance of the Company, and, by extension, the Company’s financial condition, results of operations and the value of the Common Shares. A component of the Adviser’s analysis of the desirability of acquiring a given Portfolio Loan relates to the estimated residual or recovery value of such investments in the event of the insolvency of the obligor. This residual or recovery value will be driven primarily by the value of the anticipated future cash flows of the obligor’s business and by the value of any underlying assets constituting the collateral for such Portfolio Loan. The anticipated future cash flows of the obligor’s business and the value of collateral can, however, be extremely difficult to predict as in certain circumstances market quotations and third party pricing information may not be available. If the recovery value of the collateral associated with the Portfolio Loans held by the Company decreases or is materially worse than expected by the Adviser, such a decrease or deficiency may affect the value of the Portfolio Loans held by the Company. Accordingly, there may be a material adverse effect on the performance of the Company, and, by extension, the Company’s financial condition, results of operations and the value of the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in “Covenant-Lite” Loans Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans may be “covenant-lite loans,” which contain limited, if any, financial covenants. Generally, covenant-lite loans either do not require the obligor to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the obligor to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Company to different risks, including with respect to liquidity, price volatility and ability to restructure loans than is the case with loans that have such requirements and restrictions. As a result of the ownership of covenant-lite loans, the Company’s exposure to losses may be increased, which could result in an adverse impact on the returns of the Company in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in Senior Secured Loans Subordinated in Right of Payment Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may invest in second lien loans, each of which will be secured by a pledge of collateral, but which is subordinated (with respect to liquidation preferences with respect to pledged collateral) to other secured obligations of the obligors secured by all or a portion of the collateral securing such second lien loan. Second lien loans are typically subject to intercreditor arrangements, the provisions of which can prohibit or restrict the ability of the holder of a second lien loan to (i) exercise remedies against the collateral with respect to their second liens; (ii) challenge any exercise of remedies against the collateral by the first lien lenders with respect to their first liens; (iii) challenge the enforceability or priority of the first liens on the collateral; and (iv) exercise certain other secured creditor rights, both before and during a bankruptcy of the obligor. In addition, during a bankruptcy of the obligor, the holder of a second lien loan might not be required to give advance consent to (a) any use of cash collateral approved by the first lien creditors; (b) sales of collateral approved by the first lien lenders and the bankruptcy court, so long as the second liens continue to attach to the sale proceeds; and (c) debtor-in-possession financings.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A portion of the Portfolio Loans may consist of first-lien last-out loans (including, without limitation, the “last out” portion of unitranche loans). A first-lien last-out loan is a loan that may be fully subordinated in right of payment or application of proceeds (other than permitted interest and principal payments) to the related senior secured loans of the same obligor until related senior secured loans are paid in full.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A portion of the Portfolio Loans may consist of senior secured loans that have a first lien on the related obligor’s assets and where the related obligor has a super-priority revolving or term loan facility that will, in a default scenario, be paid prior to such Portfolio Loan. For such Portfolio Loans, if the super-priority revolving or term loan facility provides significant leverage to the obligor, then the risks relating to the Company’s lien on the obligor’s assets may be similar to the risks relating to second lien loans. In such cases, the creditors holding the super-priority revolving or term loan facility will have a senior priority over Portfolio Loans with respect to the related obligor’s assets. To the extent that the Antares Lending Platform, any joint venture in which the Antares Lending Platform participates or any other person owns portions of such super-priority loans, they may act in their own interests in connection therewith without considering the interests of the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Liens Arising by Operation of Law may Take Priority over the Company’s Liens on an Obligor’s Underlying Collateral and Impair the Company’s Recovery on a Portfolio Loan in the Event of a Default or Foreclosure on that Portfolio Loan</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Federal or state law may grant liens on the collateral (if any) securing a Portfolio Loan that have priority over the lien for the benefit of the lenders on such collateral. An example of a lien arising under federal or state law is a tax or other government lien on property of an obligor. A tax lien may have priority over the lien for the benefit of the lenders on such collateral. To the extent a lien having priority over the lien for the benefit of the lenders exists with respect to the collateral related to any Portfolio Loan, the lien for the benefit of the lenders on the collateral will be subordinate to such lien. If the creditor holding such lien exercises its remedies, it is possible that, after such creditor is repaid, sufficient cash proceeds from the underlying collateral will not be available to pay the outstanding principal amount of such Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Insolvency Considerations with Respect to Obligors of Portfolio Loans May Affect the Company’s Rights</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Various laws enacted for the protection of creditors may apply to the Portfolio Loans. If a court in a lawsuit brought by an unpaid creditor or representative of creditors of an obligor of a Portfolio Loan, such as a trustee in bankruptcy, were to find that the obligor did not receive fair consideration or reasonably equivalent value for incurring the indebtedness constituting such Portfolio Loan and, after giving effect to such indebtedness, the obligor (i) was insolvent, (ii) was engaged in a business for which the remaining assets of such obligor constituted unreasonably small capital or (iii) intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature, such court could determine to invalidate, in whole or in part, such indebtedness as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of the obligor or to recover amounts previously paid by the obligor in satisfaction of such indebtedness. The measure of insolvency for purposes of the foregoing will vary. Generally, an obligor would be considered insolvent at a particular time if the sum of its debts were then greater than all of its property at a fair valuation or if the present fair saleable value of its assets were then less than the amount that would be required to pay its probable liabilities on its existing debts as they became absolute and matured. There can be no assurance as to what standard a court would apply in order to determine whether the obligor was “insolvent” after giving effect to the incurrence of the indebtedness constituting the related Portfolio Loan or that, regardless of the method of valuation, a court would not determine that the obligor was “insolvent” upon giving effect to such incurrence. In addition, in the event of the insolvency of an obligor of a Portfolio Loan, payments made on such Portfolio Loan could be subject to avoidance as a “preference” if made within a certain period of time (which may be as long as one year under federal bankruptcy law or even longer under state laws) before insolvency.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In general, if payments on Portfolio Loans are avoidable, whether as fraudulent conveyances or preferences, such payments can be recaptured, either from the initial recipient or from subsequent transferees of such payments. To the extent that any such payments are recaptured from the Company or any financing subsidiary, the returns of the Company in respect of the Portfolio Loans will be reduced thereby. However, it is likely that avoidable payments could not be recaptured directly from a lender that has given value in exchange for the Portfolio Loan, in good faith and without knowledge that the payments were avoidable. Nevertheless, there can be no assurance that the Company or any financing subsidiary will be able to avoid recapture on this or any other basis.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Restructuring of Portfolio Loans and the Insolvency of the Related Obligor May Have Adverse Effects</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The particular restructuring strategy pursued with respect to a Portfolio Loan may not maximize the value of or any recovery on such Portfolio Loan. Any restructuring could alter, reduce or delay the payment of interest or principal from any Portfolio Loan and, as such, could delay the timing and reduce the amount of payments made with respect thereto to the Company. Restructurings of a Portfolio Loan might result in extensions of its term, which would likely extend the average life of such Portfolio Loan and, in the aggregate, could delay the timing of payments made with respect thereto to the Company. Any restructuring of a Portfolio Loan may also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility, which could have a material adverse effect on the Company and could results in losses and/or reduced returns to the Company and the shareholders. Restructurings of Portfolio Loans or the exercise of remedies with respect thereto that result in the receipt of certain types of equity securities with respect thereto may be required to be held in direct or indirect subsidiaries of the Company (including entities that engage in investment activities in securities or other assets that are primarily controlled by the Company) that elect to be treated as corporations for U.S. federal income tax purposes which, to the extent taxes are payable in connection therewith, would reduce income or gain otherwise obtainable therefrom.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company (or the Adviser on its behalf) and/or any Adviser Party other than the Adviser may participate on committees formed by creditors to negotiate the management of financially troubled obligors that may or may not be in bankruptcy or may seek to negotiate directly with such obligors with respect to restructuring issues. If the Adviser, on behalf of the Company, does join a creditors’ committee, the participants of the committee would be interested in obtaining an outcome that is in their respective individual best interests and there can be no assurance of obtaining results most favorable to the Company in such proceedings. By participating on such committees, the Company may be deemed to have duties to other creditors represented by the committees, which might expose the Company to liability to such other creditors who disagree with the Company’s actions. Furthermore, by participating on such committees, the Company may be contractually obligated to hold the related Portfolio Loan even if the Adviser, on behalf of the Company, believes it would be in the best interests of the Company to sell. In addition, the Adviser, its affiliates or Other Accounts may also have or acquire equity securities or debt obligations of companies who are obligors of Portfolio Loans held by the Company, and may have interests different from or adverse to those of the Company with respect to its Portfolio Loans. The Company and the Adviser and/or its affiliates may be on any such committee representing such different interests, which may result in conflicts of interest as described in </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 7. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Related to Repricing</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If prevailing credit spreads tighten, an obligor of a Portfolio Loan and its private equity sponsor may be incentivized to try to negotiate more favorable pricing and other terms under such Portfolio Loan to better reflect the then current market pricing and terms or may repay the Portfolio Loan and seek alternative financing with other lenders on then-prevailing market pricing and terms. As a result, Portfolio Loans may be repaid prior to their scheduled maturity and may be replaced with other Portfolio Loans with lower pricing or terms less favorable to the Company or not replaced at all. Alternatively, the existing Portfolio Loans may be modified or amended to provide the Company with less favorable pricing or terms. The Adviser Parties and the Antares Lending Platform may, and frequently will, have an incentive to agree to such a repricing, modification and/or amendment to retain the loan as part of the Antares Direct Holdings (or, in the case of the Adviser, to retain the loan on the Company’s balance sheet) and/or strengthen its business relationship with the obligor or the private equity sponsor. In addition, to the extent that the Antares Lending Platform, an Adviser Party (other than the Adviser) or one or more of their respective affiliates holds an equity interest in the related obligor, there is an incentive for such persons to agree to or to propose such a repricing, modification and/or amendment, although since the Antares Lending Platform and such other related persons have in the past acquired and expect in the future to acquire only de minimis equity interests, if any, in some (but not all) obligors or their direct or indirect equity owners, the Adviser does not expect any such equity interest in an obligor or any owner thereof to outweigh the significantly larger economic interests of the Antares Lending Platform and such other related persons as lenders to the obligor. There can be no assurance that Portfolio Loans will be held to maturity or that Portfolio Loans may not be modified or amended to provide lower pricing and other less favorable terms, and in either case that these occurrences will not adversely affect the returns of the Company. See also </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">“Item 13. Certain Relationships and Related Transactions, and Director Independence —Potential Conflicts of Interest.”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans May be Cross-Collateralized with Other Tranches of Indebtedness Incurred by the Same Obligor and May be Cross-Collateralized with Indebtedness Issued by More Than One Obligor</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cross-collateralization arrangements involving more than one obligor could be challenged as fraudulent conveyances by creditors of the related obligor in an action brought outside a bankruptcy case or, if the obligor were to become a debtor in a bankruptcy case, by the obligor’s representative (or the obligor as debtor-in-possession), U.S. trustee or creditors’ committee.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Among other things, a legal challenge to the granting of the liens may focus on the benefits realized by the related obligor from the applicable Portfolio Loan proceeds, as well as the overall cross-collateralization. If a court were to conclude that the granting of the liens to cross-collateralize a Portfolio Loan was a voidable fraudulent conveyance, such court could subordinate all or part of the pertinent Portfolio Loan to existing or future indebtedness of that obligor, recover payments made under that Portfolio Loan, or take other actions detrimental to the Company, including, under certain circumstances, invalidating the Portfolio Loan or the Company’s interest in the collateral securing the cross-collateralized Portfolio Loan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Furthermore, as a general matter, financial restructurings have increasing complexity because lenders in the banking and capital markets use sophisticated financing techniques to fund lending operations, including loan participations, investment funds, loan funding arrangements and other financing techniques. In the contracts documenting such arrangement, lenders often delegate some or all of their voting rights to other persons providing the funding, which may in turn further delegate such rights and consequently result in further delays to in-court and out-of-court restructurings and exacerbate the risks associated with insolvencies and restructuring.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Bankruptcy of One or More Obligors Could Reduce or Eliminate the Return to the Company on a Portfolio Loan</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There is a significant risk that one or more of the obligors may enter bankruptcy proceedings. Such proceedings may result in, among other things, a substantial reduction in the interest rate and a substantial write down of the principal of the related Portfolio Loans. There are a number of significant risks inherent in the bankruptcy process. First, rulings in a bankruptcy case are the product of adversary proceedings determined by a court with equitable powers, and are beyond the control of specific creditors. Second, a bankruptcy filing may adversely and permanently affect the obligor making such filing. The obligor may lose its market position, key employees, relationships with important suppliers, access to the capital markets or other sources of liquidity and otherwise become incapable of restoring itself as a viable entity. If for this or any other reason a reorganization under the U.S. Bankruptcy Code is converted to or becomes a liquidation, the liquidation value of the obligor may not equal the liquidation value that was believed to exist at the time of purchase of the Portfolio Loan. Third, the duration of a bankruptcy case is difficult to predict. A creditor’s return on investment can be adversely affected by delays while a plan of reorganization is being negotiated, approved by parties in interest and confirmed by the bankruptcy court until it ultimately becomes effective. For example, in general, unsecured creditors’ claims for interest accrued between the bankruptcy filing and a reorganization plan’s consummation are not allowed. Fourth, the administrative costs of the debtor and official committees in connection with the bankruptcy case are frequently high and will be paid out of the debtor’s estate prior to any return to general unsecured creditors. If the bankruptcy case involves protracted or difficult litigation, or turns into a liquidation, substantial assets may be devoted to such administrative costs; a creditor’s costs in monitoring and enforcing its investment also may substantially increase. Certain claims that have priority by law (for example, claims for taxes) also may be significant. Finally, under certain circumstances, creditors’ claims against bankrupt or insolvent entities may be subject to equitable subordination or recharacterization as equity (particularly where the creditor is an insider or otherwise controls the debtor), and transfers made to creditors may be subject to avoidance and disgorgement as preferences or fraudulent conveyances.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes in the Interest Rate on a Portfolio Loan May Impact the Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Portfolio Loans will bear interest at floating interest rates. If interest rates decline, obligors may refinance their Portfolio Loans at lower interest rates which could shorten the average life thereof and reduce the Company’s expected returns with respect thereto, particularly if the Company is not then able to directly or indirectly invest in other Portfolio Loans with an equal or greater interest rate and average life. Any bankruptcy or insolvency of an obligor under a Portfolio Loan will also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility which could have a material adverse effect on the Company and could result in losses and/or reduced returns to the Company and the shareholders. Conversely, if the interest rates increase, periodic interest obligations owed by the related obligors will also increase. As prevailing interest rates increase, some obligors may not be able to make the increased interest payments on Portfolio Loans or refinance their balloon Portfolio Loans, resulting in payment defaults. Any payment default of an obligor under a Portfolio Loan will also have an adverse effect on its value and/or rating for purposes of various tests and triggers under a related portfolio credit facility which could have a material adverse effect on the Company and could results in losses and/or reduced returns to the Company and the shareholders.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, Portfolio Loans may feature interest rates which will vary based on certain financial ratios of the related obligor. The interest rates payable by the obligors under such Portfolio Loans will typically be reduced if the applicable financial ratios of the related obligors improve and, accordingly, an improvement in the financial performance of obligors under these Portfolio Loans would result in a decrease in interest payments thereunder to the Company. Conversely, the interest rates payable by the obligors under such Portfolio Loans will typically be increased if the applicable financial ratios of the related obligors deteriorate. However, while a deterioration in the financial performance of obligors under these Portfolio Loans would result in an increase in interest payments received by the Company, increased payment obligations of such obligors could weaken the financial condition of such obligors in the future.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to the Risk of Third-Party Litigation</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s investment activities hereunder may subject it to the risks of becoming involved in litigation by third parties. As described above under “Lender Liability Considerations and Equitable Subordination Can Affect the Company’s Rights with Respect to Portfolio Loans,” this risk may be greater where the Company or exercises control or significant influence over an obligor’s direction. The expense of defending against claims against the Company by third parties and paying any amounts pursuant to settlements or judgments would be borne by the Company (except to the extent the Company may have a claim against the Adviser under the Investment Advisory Agreement or another applicable agreement) and would reduce the returns of the Company and the shareholders in respect of the Portfolio Loans.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">International Investing Involves Certain Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of the Portfolio Loans may consist of obligations of obligors located in non-U.S. jurisdictions. Investing outside the United States may involve greater risks than investing in the United States. These risks may include: (i) less publicly available information; (ii) varying levels of governmental regulation and supervision; and (iii) the difficulty of enforcing legal rights in a foreign jurisdiction and uncertainties as to the status, interpretation and application of laws. Moreover, foreign companies may not be subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to United States companies. Portfolio Loans consisting of obligations of non-U.S. obligors may be subject to various laws enacted in their home countries for the protection of debtors or creditors, which could adversely affect the Company’s ability to recover amounts owed. These insolvency considerations will differ depending on the country in which each obligor is located. Additionally, international borrowers can also be more exposed to geopolitical risks such as armed conflict or could become subject to sanctions, located in a country that becomes subject to sanctions or have an economic relationship with persons who become subject to sanctions or a country that is, or whose people or companies are, subject to sanctions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The economies of individual non-U.S. countries also may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, volatility of currency exchange rates, depreciation, capital reinvestment, resources, self-sufficiency and balance of payments position. Economic and political distress in any of those countries or regions may be detrimental to the performance of the related Portfolio Loan and may increase the likelihood of financial distress or insolvency of the applicable obligor. In addition, any abandonment of the Euro, a break-up of the EU and/or any individual country leaving the EU could have a negative impact on the obligors domiciled in related countries and could have regulatory consequences that are unknown at this time.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Licensing Requirements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain banking and regulatory bodies or agencies in or outside the United States may require the Company, the Adviser and/or certain employees of the Adviser to obtain licenses or authorizations to engage in many types of lending activities including the origination of loans. It may take a significant amount of time and expense to obtain such licenses or authorizations and the Company may be required to bear the cost of obtaining such licenses and authorizations. There can be no assurance that any such licenses or authorizations would be granted or, if granted, whether any such licenses or authorizations would impose restrictions on the Company. Such licenses or authorizations may require the disclosure of confidential information about the Company, Company investors or their respective affiliates, including the identity, financial information and/or information regarding the Company investors and their officers and trustees. The Company may not be willing or able to comply with these requirements. Alternatively, the Adviser may be compelled to structure certain potential investments in a manner that would not require such licenses and authorizations, although such transactions may be inefficient or otherwise disadvantageous for the Company and/or any relevant Portfolio Company, including because of the risk that licensing authorities would not accept such structuring alternatives in lieu of obtaining a license or authorization. The inability of the Company or the Adviser to obtain necessary licenses or authorizations, the structuring of an investment in an inefficient or otherwise disadvantageous manner, or changes in licensing regulations, could adversely affect the Company’s ability to implement its investment program and achieve its intended results.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks from Provision of Managerial Assistance and Control Person Liability</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may obtain rights to participate in the governance of certain of the Company’s Portfolio Companies. In such instances, the Company typically will designate board members to serve on the boards of Portfolio Companies. The designation of representatives and other measures contemplated could expose the assets of the Company to claims by a Portfolio Company, its security holders and its creditors, including claims that the Company is a controlling person and thus is liable for securities laws violations and other liabilities of a Portfolio Company. The exercise of control over a company may impose additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations (including securities laws) or other types of liability in which the limited liability generally characteristic of business ownership may be ignored. If these liabilities were to arise, the Company might suffer a significant loss. These measures also could result in certain liabilities in the event of the bankruptcy or reorganization of a Portfolio Company, could result in claims against the Company if the designated board members violate their fiduciary or other duties to a Portfolio Company or fail to exercise appropriate levels of care under applicable corporate or securities laws, environmental laws or other legal principles, and could expose the Company to claims that it has interfered in management to the detriment of a Portfolio Company. While the Adviser intends to operate the Company in a way that will minimize the exposure to these risks, the possibility of successful claims cannot be precluded, nor can there be any assurance as to whether laws, rules, regulations and court decisions will be expanded or otherwise applied in a manner that is adverse to Portfolio Companies and the Company and the Company investors.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Derivatives</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indexes and other assets. The Company may, directly or indirectly, use various derivative instruments including options contracts, futures contracts, forward contracts, options on futures contracts, indexed securities and swap agreements for hedging and risk management purposes. The Company also may use derivative instruments to approximate or achieve the economic equivalent of an otherwise permitted investment (as if the Company directly invested in the loans, claims or securities of the subject issuer) or if such instruments are related to an otherwise permitted investment. The Company’s use of derivative instruments involves investment risks and transaction costs to which the Company would not be subject absent the use of these instruments and, accordingly, may result in losses that would not occur if such instruments had not been used. The use of derivative instruments may entail risks including, among others, leverage risk, volatility risk, duration mismatch risk, correlation risk and counterparty risk.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company’s Ability to Enter into Transactions Involving Derivatives and Financial Commitment Transactions May be Limited</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Rule 18f-4 under the 1940 Act, governs the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements, and requirements related to board reporting. These requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined in the rule. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a Portfolio Company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under the rule, when the Company trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, the Company needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently operates as a “limited derivatives user,” and these requirements may limit the Company’s ability to use derivatives and/or enter into certain other financial contracts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Publicly Traded Securities</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although not the investment focus of the Company, the Company can hold public securities including in circumstances where a Portfolio Company and/or one of its subsidiaries consummates an initial public offering or is acquired by a special purpose acquisition company (a “SPAC”) while the Company holds its equity investment or the Company otherwise receives public securities in connection with an exit transaction or similar event involving an equity investment. Investments in public Portfolio Companies subject a Company to risks that could differ in type or degree from those involved with investments in privately held companies. Such risks include, without limitation, movements in the stock market and trends in the overall economy, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of the Company to dispose of such securities at certain times (including due to the possession by the Company or Adviser of material non-public information), increased likelihood of shareholder litigation against such companies’ board members, which could include Antares Lending Platform personnel, regulatory action by the applicable regulator and increased costs associated with each of the aforementioned risks.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Investing in Equity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In connection with sourcing of Portfolio Loans, the Company is permitted to invest in equity securities or options or rights to acquire equity securities of a Portfolio Company. Investment in equity securities could also arise in connection with the Company’s debt investment opportunities and may be accompanied by “equity-kickers” or warrants. The Company could also be forced to accept equity in certain circumstances or could choose to make equity investments in distressed companies, including in connection with restructuring investments in existing Portfolio Companies. Equity securities generally fluctuate in price more than bonds and can decline in value over short or extended periods. The value of equity securities generally will vary due to, among other factors, changes in a company’s financial condition and in overall market and economic conditions. Investments in equity securities of small or medium-sized market capitalization companies typically have more limited marketability and greater price volatility than the investments in the equity securities of larger companies. In addition, investments in equity can give rise to additional taxes and/or tax risks and the Company could hold these investments through entities treated as corporations for U.S. federal tax purposes or other taxable structures which can reduce the return from such investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Company invests in equity instruments of issuers whose performance diverges from the Adviser’s expectations, or if equity markets generally move in a single direction and the Company has not hedged against such a general move, losses could result. The Company also could be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of private placements, registering restricted securities for public resale. In addition, an investment in equity securities could be subject to restrictions and contingencies regarding the terms of an investment. As with other investments that the Company can make, the value of equity securities held by the Company could be adversely affected by actual or perceived negative events relating to such securities, the industry, or geographic areas in which a Portfolio Company operates or the financial markets generally. However, equity securities typically are even more susceptible to such events given their subordinate position in the Portfolio Company’s capital structure. As such, equity securities generally have greater price volatility than fixed income securities or debt instruments. Equity investments in distressed Portfolio Companies can also be more likely to experience losses. While diversification among Portfolio Companies can help to mitigate some of these risks, the Company is not required to diversify its investments in equity securities and investors should expect fluctuations in the value of equity securities held by the Company based on market conditions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is also permitted to invest in preferred equity securities that are rated in the lower rating categories by various credit rating agencies or, more commonly, in comparable non-rated securities. Securities in the lower rating categories and comparable non-rated securities are subject to greater risk of loss of principal and interest than higher rated and comparable non-rated securities and are generally considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings and comparable non-rated securities in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower rated and comparable non-rated securities, the yields and prices of such securities are likely more volatile than those for higher rated and comparable non-rated securities. The market for lower rated and comparable non-rated securities is thinner, often less liquid and less active than that for higher rated and comparable non-rated securities, which can adversely affect the prices at which these securities can be sold and could even make it impracticable to sell such securities. Preferred securities are subordinated to bonds and other debt securities in a Portfolio Company’s capital structure in terms of priority for corporate income and liquidation payments. Preferred securities, therefore, will be subject to greater credit risk than those debt securities, but have priority over other types of equity securities. Depending on the features of the particular preferred security, holders could bear the risks disclosed herein regarding equity and/or fixed income securities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Investing in Convertible Securities and Warrants</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The value of convertible securities and warrants will vary with the movements in the equity market and the performance of the underlying common stock, in particular. The value of such warrants, direct equity investments, and equities received upon conversion of debt instruments is dependent primarily on the success of the applicable Portfolio Company’s business strategy and the growth of its earnings, but also depends on general economic and equity market conditions. Their value is also affected by adverse Portfolio Company or market information. With respect to warrants, their value could decrease or be zero (and thus not be exercised) if the market price of the underlying securities remains lower than the specified price at which holders of warrants are entitled to buy such securities, resulting in a loss to the Company of the purchase price of the warrant (or the embedded warrant price in the case of securities issued with warrants attached). With respect to convertible securities, as with all fixed income securities, the market value of such securities tends to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus, might not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stock in an issuer’s capital structure and consequently entail less risk than the issuer’s common stock. In evaluating a convertible security, the investment teams will give primary emphasis to the attractiveness of the underlying common stock. If a convertible security held by the Company is called for redemption, the Company will be required to permit the Portfolio Company to redeem the security, convert it into the underlying stock or sell it to a third party. Any of these actions could have an adverse effect on the Company’s ability to achieve its investment objectives.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The warrants, equity securities for which the warrants can be exercised, direct equity investments, and equities received upon conversion of debt instruments generally will be restricted securities that cannot readily be sold for some period of time and could be dependent on SEC registration requirements and marketing efforts required for public offerings that are outside the control of the Adviser. If the value of the equity securities underlying a warrant does not increase above the exercise price during the life of the warrant, the Adviser would permit the warrant to expire unexercised and the warrant would then have no value. Any of these actions could have an adverse effect on the Company’s ability to achieve its investment objectives.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with the Speculative Nature of Warrants and Other Forms of Equity Investment Returns</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The value of any warrants that the Company receives in connection with extending loans is dependent on the value of the equity securities for which the warrants can be exercised. The value of such warrants, direct equity investments, and equities received upon conversion of debt instruments is dependent primarily on the success of a Portfolio Company’s business strategy and the growth of its earnings, but also depends on general economic and equity market conditions. The prospects for achieving consistent profitability in the case of many of the Portfolio Companies are speculative. The warrants, equity securities for which the warrants can be exercised, direct equity investments, and equities received upon conversion of debt instruments generally will be restricted securities that cannot readily be sold for some period of time and could be dependent on SEC registration requirements and marketing efforts required for public offerings that are outside the control of the Adviser. If the value of the equity securities underlying a warrant does not increase above the exercise price during the life of the warrant, the Adviser would permit the warrant to expire unexercised and the warrant would then have no value.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with the Lack of Controlling Equity Interests in a Portfolio Company</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because the Company does not generally expect to hold controlling equity interests in Portfolio Companies, the Company, as a minority equity investor, typically will not be in a position to exercise control over its Portfolio Companies or to prevent decisions by management or the board of directors of Portfolio Companies that could decrease the value of the Company investments. Accordingly, the Company will be significantly reliant on the existing management and board of directors of such Portfolio Company and subject to the risk that a Portfolio Company will make business decisions with which the Adviser disagrees, and the stockholders and management of a Portfolio Company could take risks or otherwise act in ways that are adverse to the Company’s interests. Furthermore, the Company’s equity investments will typically include customary “tag-along” and/or “drag-along” rights that will permit or require the Company to participate in a sale of its equity investment at such time as the stockholders and management of the relevant Portfolio Company, not the Adviser, determines. Where practicable and appropriate, it is expected that shareholder rights generally will be sought to protect the Company’s equity investment. There can be no assurance, however, that such minority equity investor rights will be available, or that such rights will provide sufficient protection of the Company’s equity investment. Due to the lack of liquidity for the debt and equity investments that the Company typically expects to hold in Portfolio Companies and transfer restrictions imposed on such investments, the Company likely will not be able to dispose of the Company’s investments in the event the Adviser disagrees with the actions of a Portfolio Company and could therefore suffer a decrease in the value of the Company’s investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Follow-On Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Following an initial investment in a Portfolio Company, the Company could have the opportunity to increase its investment in such Portfolio Company (such investment opportunity, a “Follow-On Investment”). However, there is no assurance that the Company will make a Follow-on Investment or that the Company will have sufficient funds to make all or any such investments. Any decision by the Company not to make a Follow-On Investment or its inability to make such investments could have a substantial negative impact on a Portfolio Company in need of such an investment, could represent a lost opportunity for the Company to increase its participation in a successful Portfolio Company, could result in the Company’s equity investment becoming diluted or, in circumstances where the Follow-On Investment is offered at a discount to market value, could result in a loss of value for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Arising from Entering into a TRS Agreement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A total return swap (“TRS”) is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. For purposes of computing the Company’s Investment Income Incentive Fee and the Capital Gains Incentive Fee, the calculation methodology will look through derivative financial instruments or swaps as if we owned the reference assets directly.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A TRS is subject to market risk, liquidity risk and risk of imperfect correlation between the value of the TRS and the loans underlying the TRS. In addition, we may incur certain costs in connection with the TRS that could in the aggregate be significant. A TRS is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Associated with Repurchase Agreements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Subject to our investment objective and policies, we may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Company of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Company will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Company does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Company could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Company seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Company generally will seek to liquidate such collateral. However, the exercise of the Company’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Company could suffer a loss.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Securities Lending Agreements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions if our asset coverage, as defined in the 1940 Act, would at least equal 150% (equivalent to $2 of debt outstanding for each $1 of equity) immediately after each such loan. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to brokers and other financial institutions that are believed by the Adviser to be of high credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (e.g., negotiable certificates of deposit, bankers’ acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. If the Company enters into a securities lending arrangement, the Adviser, as part of its responsibilities under the Investment Advisory Agreement, will invest the Company’s cash collateral in accordance with the Company’s investment objective and strategies. The Company will pay the borrower of the securities a fee based on the amount of the cash collateral posted in connection with the securities lending program. The borrower will pay to the Company, as the lender, an amount equal to any dividends or interest received on the securities lent.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may invest the cash collateral received only in accordance with its investment objective, subject to the Company’s agreement with the borrower of the securities. In the case of cash collateral, the Company expects to pay a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Company, as the lender, will retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Company if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Company may also call such loans in order to sell the securities involved. When engaged in securities lending, the Company’s performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Company in permissible investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Volatility in the Banking Sector</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Recent bank failures, or near failures, and declines in the share prices other U.S. and non-U.S. banks have resulted in certain banks being placed on “watch lists,” suffering ratings downgrades and/or receiving emergency funding from governments. The impact of the banking sector’s volatility on the financial system and broader economy could be significant. Continued volatility in the banking sector could cause or intensify an economic recession, make it more difficult for the Company and/or borrowers to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained, and/or have other material adverse effects on the Company and/or borrowers.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For certain borrowers, a large percentage of their assets are or could be held by a limited number of banks (or even a single bank). Failure of one or more banks used by a borrower could have a material adverse effect on such borrower. Cash, securities or other assets held in deposit accounts or securities accounts at a failed institution could be temporarily inaccessible or permanently lost. In these cases, the U.S. Federal Deposit Insurance Corporation (the “FDIC”) would guarantee balances up to $250,000 per bank but the accountholder would ordinarily be an unsecured creditor with respect to cash balances in excess of $250,000 held at a single bank, and therefore might not ultimately recover any value in excess such amounts.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If a bank that provides a credit facility and/or other services to the Company or any of its borrowers fails, the Company or borrower could be unable to draw funds under such credit facilities and might not be able to obtain replacement credit facilities or applicable other services from other lending institutions on a timely basis or on similar terms. If the Company’s or any of its borrower’s credit facilities and accounts are provided by the same banking institution, and such banking institution fails, or one or more banks used by investors in the Company or borrower were to fail, the Company or borrower could be unable to, or limited in its ability to, draw capital which could create significant difficulties in funding any near-term obligations it has in respect of its investments or otherwise. If the banks with which the Company’s borrowers have depositor or borrowing arrangements were to fail, there would be similar material adverse effects on such borrowers and the Company. In most cases, the Adviser has no meaningful role in selecting the banks used by borrowers, and must rely on the borrower to select banking services with care. If one or more banks with whom the Company or any of its borrowers maintains an account were to fail, the receipt and disbursement of funds by and from such account could be delayed or prevented, which could result in a default or other loss, and any deposits above the FDIC threshold could be lost.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Volatility in the Technology Industry</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The market prices and values of companies operating in the technology industry - including application software, system software and consumer and business services companies - tend to exhibit a greater degree of risk and volatility than other types of investments. These companies may fall in and out of favor with the public and investors rapidly, which may cause sudden selling and dramatically lower market prices. These companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, short product cycles, falling prices and profits, government regulation, lack of standardization or compatibility with existing technologies, intense competition, aggressive pricing, advances in artificial intelligence and machine learning, dependence on copyright and/or patent protection and/or obsolete products or services. Certain technology-related companies may face special risks that their products or services may not prove to be commercially successful. Technology-related companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Companies in the application software industry, in particular, may also be negatively affected by the decline or fluctuation of subscription renewal rates for their products and services, which may have an adverse effect on profit margins. Companies in the systems software industry may be adversely affected by, among other things, actual or perceived security vulnerabilities in their products and services, which may result in individual or class action lawsuits, state or federal enforcement actions and other remediation costs. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, a rising interest rate environment tends to negatively affect technology and technology-related companies. Those technology or technology-related companies seeking to finance their expansion would have increased borrowing costs, which may negatively impact their earnings. Technology-related companies are often smaller and less experienced companies and may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Net Asset Value Financings</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Net asset value financing (“NAV financing”) requires that the amount of debt drawn under the facility does not exceed a given percentage of the NAV of the borrowing Company’s underlying investments. The NAV of such investments will fluctuate over time as they are acquired, held and disposed of. Breach of the percentage limits may require that the facility is repaid, or additional collateral (such as cash or liquid securities) posted as security. There can be no assurance that the borrowing fund will be able to meet such demands and the Company may consequently suffer a loss. The Company may be reliant on third parties to accurately value the underlying investments and disputes may arise with the borrower should they not agree with such a valuation. Given that NAV financing is often used by borrowers during the mid-life of a fund to add further leverage to their underlying investments, issues may arise where existing third-party leverage already exists at the level of each underlying investment (and those investment-level lenders may therefore be structurally senior to any fund-level leverage).</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Certain Regulatory and Tax Matters</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Regulations Governing the Company’s Operation as a BDC</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company will not generally be able to issue and sell its Common Shares at a price below net asset value per share. The Company may, however, sell Common Shares, or warrants, options or rights to acquire the Company’s Common Shares, at a price below the then-current net asset value per share of the Company’s Common Shares if the Company’s Board determines that such sale is in the Company’s best interests, and if investors approve such sale. In any such case, the price at which the Company’s securities are to be issued and sold may not be less than a price that, in the determination of the Company’s Board, closely approximates the market value of such securities (less any distributing commission or discount). If the Company raises additional funds by issuing Common Shares or senior securities convertible into, or exchangeable for, its Common Shares, then the percentage ownership of investors at that time will decrease, and investors may experience dilution.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company Must Invest a Sufficient Portion of Assets in Qualifying Assets</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of the Company’s total assets are qualifying assets.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company believes that most of the investments that it may acquire in the future will constitute qualifying assets. However, the Company may be precluded from investing in what it believes to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If the Company does not invest a sufficient portion of its assets in qualifying assets, it could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent the Company, for example, from making follow-on investments in existing Portfolio Companies (which could result in the dilution of its position) or could require the Company to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If the Company needs to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. The Company may not be able to find a buyer for such investments and, even if a buyer is found, the Company may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If the Company does not maintain its status as a BDC, it would be subject to regulation as a registered closed-end management investment company under the 1940 Act. As a registered closed-end management investment company, the Company would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease its operating flexibility.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">As a Public Company, the Company is Subject to Regulations Not Applicable to Private Companies, Such as Provisions of the Sarbanes-Oxley Act. Efforts to Comply with Such Regulations will Involve Significant Expenditures, and Non-Compliance with Such Regulations May Adversely Affect the Company</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a public company, we are subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. Following the transition period established by rules of the SEC, our management is required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. As a relatively new company, developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance and our ability to make distributions. This process also will result in a diversion of our management’s time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until there is a public market for our Common Shares, which is not expected to occur.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Relating to Pay-to-Play Laws, Regulations and Policies</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Many states, their subdivisions and associated pension plans have adopted so-called “pay-to-play” laws, rules, regulations or policies which prohibit, restrict or require disclosure of payments to, and/or certain contacts with, certain politicians or officials associated with public entities by individuals and entities seeking to do business with related entities, including seeking investments by public retirement funds in collective investment funds such as the Company. The SEC also has adopted rules that, among other things, prohibit an investment adviser from providing advisory services for compensation with respect to a government plan investor for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates for certain elected offices. If the Adviser or the Adviser’s respective employees or affiliates violate such pay-to-play laws, rules, regulations or policies, such non-compliance could have an adverse effect on the Company by, for example, providing the basis for the ability of such government-affiliated pension plan investor to cease funding its obligations to the Company or to withdraw from the Company.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Arising from Potential Controlled Group Liability</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under certain circumstances it would be possible for the Company, along with its affiliates, to obtain a controlling interest in certain Portfolio Companies. This could occur, for example, in connection with a workout of the Portfolio Company’s debt obligations or a restructuring of the Portfolio Company’s capital structure. here is a risk that the Company (along with its affiliates) would be treated as engaged in a “trade or business” for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code’s controlled group rules. In such an event, the Company could be jointly and severally liable for a Portfolio Company’s liabilities with respect to the underfunding of any pension plans which such Portfolio Company sponsors or to which it contributes. Any of such liabilities that the Portfolio Company is not able to satisfy could, thereby, become the responsibility of the Company, causing it to incur potentially significant, unexpected liabilities for which reserves were not established.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Related to Being an “Emerging Growth Company”</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We are and will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) in which we have total annual gross revenue of at least $1.235 billion, or (ii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three- year period. For so long as we remain an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our shares less attractive because we will rely on some or all of these exemptions. If some investors find our shares less attractive as a result, there may be a less active trading market for our shares and our share price may be more volatile.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to opt out of the extended transition period for complying with new or revised accounting standards.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to Risks Arising from Compliance with the SEC’s Regulation Best Interest</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. The impact of Regulation Best Interest on broker-dealers participating in the Private Offering cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend the Private Offering to retail customers. If Regulation Best Interest reduces our ability to raise capital in the Private Offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objective and would result in our fixed operating costs representing a larger percentage of our gross income.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under Regulation Best Interest, high cost, high risk and complex products may require greater scrutiny by broker-dealers and their salespersons before they recommend such products. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our Common Shares, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. Currently, there is no administrative or case law interpreting Regulation Best Interest and the full scope of its applicability on brokers participating in our offering cannot be determined at this time.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Federal Income Tax Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company is Subject to RIC Qualification Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To obtain and maintain RIC tax treatment under Subchapter M of the Code, we must, among other things, meet annual distribution, income source and asset diversification requirements. If we do not qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Company May Experience Difficulty with Paying Required Distributions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. We anticipate that a portion of our income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because any original issue discount or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus may become subject to corporate-level income tax. The resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Some Investments May be Subject to Corporate-Level Income Tax</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain Portfolio Investments May Present Special Tax Issues</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We expect to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues. U.S. federal income tax rules are not entirely clear about certain issues related to such investments such as when we may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by us, to the extent necessary, to distribute sufficient income to preserve our tax status as a RIC and minimize the extent to which we are subject to U.S. federal income or excise tax.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">If the Company Is Not Treated as a “Publicly Offered Regulated Investment Company,” as Defined in the Code, the Company’s Shareholders That Are Individuals, Trusts or Estates Will Be Taxed as Though They Received a Distribution of Some of the Company’s Expenses</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company does not expect to be treated initially as a “publicly offered regulated investment company.” Until and unless we are treated as a “publicly offered regulated investment company” as a result of either (1) Common Shares and our preferred shares collectively being held by at least 500 persons at all times during a taxable year, (2) Common Shares are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act) or (3) Common Shares being treated as regularly traded on an established securities market, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from us in the amount of such U.S. shareholder’s allocable share of the management and incentive fees paid to our investment adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. For taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. shareholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. shareholder’s miscellaneous itemized deductions exceeds 2% of such U.S. shareholder’s adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Legislative or Regulatory Tax Changes Could Adversely Affect Investors</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">At any time, the U.S. federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments. Recently enacted tax legislation, commonly known as the "One Big Beautiful Bill Act," extended many of the tax law provisions that were set to expire in 2025 and included certain new provisions (and other amendments) to the Code. Investors are urged to consult with their own tax advisors with respect to the impact of the legislative changes on an investment in the Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The foregoing list of risk factors does not purport to be a complete enumeration or explanation of the risks involved in an investment in the Company. Each prospective shareholder should read this registration statement and consult with its advisors before deciding whether to invest in the Company. In addition, as the Company’s investment program develops and changes over time, an investment in the Company may be subject to additional and different risk factors.</span></p> <p id="item1c_cybersecurity" style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 1C. Cybersecurity</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Assessment, Identification, and Management of Cybersecurity Risks</span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company has processes in place to assess, identify and manage material risks from cybersecurity threats. We rely on the cybersecurity strategy </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">implemented</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> by the Adviser and the Adviser Parties, the providers of our technology services. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser manages the Company’s day-to-day operations and has implemented, together with the Adviser Parties, a firm-wide cybersecurity program that applies to the Company and its operations. References in this Item 1C to (i) any programs or processes of the Adviser shall be deemed to refer to any firm-wide programs and/or processes that have been implemented by the Adviser Parties, and (ii) any actions of the Adviser shall be deemed to refer to actions of the Adviser Parties and/or the Adviser, as the context may require.</span></p></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser employs a proactive and risk-based approach to assess, identify, and manage material cybersecurity risks. Under the leadership and direction of the Chief Information Security Officer (“CISO”), the cybersecurity program is structured around industry-leading frameworks, including the National Institute of Standards and Technology; MITRE Adversarial Tactics, Techniques, and Common Knowledge; and International Organization for Standardization 27001 (Information Security Management System standard) ensuring a comprehensive risk identification process.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser is fully committed to protecting the Company’s systems and information</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> as well as the information of the clients and professionals it serves.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Material Impact of Cybersecurity Risks</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser recognizes that cybersecurity risks have the potential to impact business operations, financial performance, regulatory compliance, and reputation. To mitigate these risks, the cybersecurity program is built on scalable, future-ready solutions designed to address current and evolving threats.</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Operational Impact:</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Cyber risks, such as ransomware, data breaches, and insider threats, are managed through a combination of robust Identity and Access Management (IAM), Privileged Access Management (PAM), and Application Security programs. These initiatives ensure secure access to critical systems and protect sensitive data from unauthorized exposure.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Reputational and Regulatory Considerations: </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">With increasing regulatory oversight, the Adviser ensures compliance with industry standards and regulatory requirements, aligning cybersecurity measures with expectations from stakeholders and regulatory bodies.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Business Resilience:</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Through a well-defined Cyber Crisis Management Plan (CCMP) and Business Impact Analysis (BIA), the Adviser maintains a high level of preparedness, ensuring rapid response and recovery from cyber incidents.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During the reporting period, we have not identified any risks from cybersecurity threats, including as a result of previous cybersecurity incidents, that the Company believes have </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">materially affected</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, or that are reasonably likely to materially affect the Company, including our business strategy, operational results and financial conditions. However, future incidents could have a material impact on our business strategy, results of operations or financial condition.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Oversight of Cybersecurity Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cybersecurity risk oversight at the Adviser Parties is embedded within a governance structure that includes board-level engagement, cross-functional collaboration, and continuous monitoring of key cyber risk indicators.</span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Chief Compliance Officer (“CCO”) is </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">responsible for monitoring and reporting to the Board of Directors </span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">about the Adviser’s compliance with its responsibilities for the Adviser’s and the Company’s cybersecurity program. </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s CISO works closely with Company management, including the CCO, to administer, assess, discuss, and prioritize the Company’s cybersecurity efforts.</span></span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Audit Committee provides strategic oversight of risk assessment and risk management matters, including risks associated with cybersecurity threats.</span></span></span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Company's CCO updates the Audit Committee as well as our full Board, as appropriate, on cybersecurity matters, primarily through presentations by the Company’s CCO and the Adviser’s CISO.</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Such reporting includes updates on the cybersecurity program applicable to the Company, the external threat environment, and the Adviser’s programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on the Company’s preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.</span></p></div></div> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company has processes in place to assess, identify and manage material risks from cybersecurity threats. We rely on the cybersecurity strategy </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">implemented</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> by the Adviser and the Adviser Parties, the providers of our technology services. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser manages the Company’s day-to-day operations and has implemented, together with the Adviser Parties, a firm-wide cybersecurity program that applies to the Company and its operations. References in this Item 1C to (i) any programs or processes of the Adviser shall be deemed to refer to any firm-wide programs and/or processes that have been implemented by the Adviser Parties, and (ii) any actions of the Adviser shall be deemed to refer to actions of the Adviser Parties and/or the Adviser, as the context may require.</span></p> true true false <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Oversight of Cybersecurity Risk</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cybersecurity risk oversight at the Adviser Parties is embedded within a governance structure that includes board-level engagement, cross-functional collaboration, and continuous monitoring of key cyber risk indicators.</span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Chief Compliance Officer (“CCO”) is </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">responsible for monitoring and reporting to the Board of Directors </span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">about the Adviser’s compliance with its responsibilities for the Adviser’s and the Company’s cybersecurity program. </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s CISO works closely with Company management, including the CCO, to administer, assess, discuss, and prioritize the Company’s cybersecurity efforts.</span></span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Audit Committee provides strategic oversight of risk assessment and risk management matters, including risks associated with cybersecurity threats.</span></span></span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Company's CCO updates the Audit Committee as well as our full Board, as appropriate, on cybersecurity matters, primarily through presentations by the Company’s CCO and the Adviser’s CISO.</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Such reporting includes updates on the cybersecurity program applicable to the Company, the external threat environment, and the Adviser’s programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on the Company’s preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.</span></p></div> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Chief Compliance Officer (“CCO”) is </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">responsible for monitoring and reporting to the Board of Directors </span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">about the Adviser’s compliance with its responsibilities for the Adviser’s and the Company’s cybersecurity program. </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s CISO works closely with Company management, including the CCO, to administer, assess, discuss, and prioritize the Company’s cybersecurity efforts.</span></span></p> true <span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s CISO works closely with Company management, including the CCO, to administer, assess, discuss, and prioritize the Company’s cybersecurity efforts.</span><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Audit Committee provides strategic oversight of risk assessment and risk management matters, including risks associated with cybersecurity threats.</span></span></span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Company's CCO updates the Audit Committee as well as our full Board, as appropriate, on cybersecurity matters, primarily through presentations by the Company’s CCO and the Adviser’s CISO.</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Such reporting includes updates on the cybersecurity program applicable to the Company, the external threat environment, and the Adviser’s programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on the Company’s preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.</span></p> <span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Audit Committee provides strategic oversight of risk assessment and risk management matters, including risks associated with cybersecurity threats.</span></span> <span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Audit Committee provides strategic oversight of risk assessment and risk management matters, including risks associated with cybersecurity threats.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> T</span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Company's CCO updates the Audit Committee as well as our full Board, as appropriate, on cybersecurity matters, primarily through presentations by the Company’s CCO and the Adviser’s CISO.</span></span> <span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">he Company's CCO updates the Audit Committee as well as our full Board, as appropriate, on cybersecurity matters, primarily through presentations by the Company’s CCO and the Adviser’s CISO.</span> 34 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Opinion on the Financial Statements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have audited the accompanying consolidated statement of assets and liabilities of Antares Strategic Credit Fund II LLC (the "Company"), including the consolidated schedule of investments, as of December 31, 2025, the related consolidated statements of operations, cash flows, and changes in net assets for the period from April 15, 2025 (inception) to December 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations, cash flows, and changes in net assets, for the period from April 15, 2025 (inception) to December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Basis for Opinion</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:8pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.</span></p> Deloitte & Touche LLP New York, New York 149444000 149658000 3585000 3585000 153243000 2133000 171000 173000 531000 123000 1877000 114000 158194000 83159000 1743000 81416000 4780000 212000 1072000 299000 936000 947000 89662000 0.001 2710932 2710932 3000 67907000 622000 68532000 158194000 25.28 5077000 162000 5239000 1944000 81000 253000 24000 299000 18000 776000 323000 219000 3937000 -81000 -277000 -1296000 2283000 52000 2904000 -8000 -21000 -29000 214000 5000 219000 190000 3094000 1.3 1.3 1.39 1.39 1.11 2233427 2233427 0 0 0 0 0 -16000 2920000 2904000 -10000 -19000 -29000 219000 219000 -26000 3120000 3094000 2655082 3000 66521000 66524000 55850 1412000 1412000 2498000 2498000 2710932 3000 67933000 -2498000 65438000 2710932 3000 67907000 622000 68532000 2710932 3000 67907000 622000 68532000 3094000 78000 6818000 106192000 3585000 -8000 214000 5000 176000 100000 531000 1877000 114000 947000 4780000 212000 299000 936000 -95226000 16524000 87962000 -4800000 14000 223000 1919000 97530000 2304000 2000 0 2306000 1556000 50000000 50000000 1072000 1412000 0.045 0.0808 2029-11-15 1339000 1332000 1339000 0.0195 0.045 0.0808 2029-11-15 74000 0 0 0 1332000 1339000 0.0195 0.0475 0.0852 2030-08-12 4036000 4017000 4015000 0.0586 0.0475 0.0852 2030-08-12 445000 443000 443000 0.0065 0.0475 0.0852 2030-08-12 485000 -2000 -2000 0 0.0525 0.089 2029-09-01 3075000 3062000 3075000 0.0448 0.0525 0.089 2029-09-01 549000 -2000 0 0 0.0525 0.089 2029-09-01 354000 -2000 0 0 7516000 7531000 0.1099 0.0325 0.0692 2028-05-31 499000 500000 503000 0.0073 0.045 0.0815 2032-12-31 1154000 1148000 1148000 0.0168 0.045 0.0815 2032-12-31 385000 -1000 -2000 0 0.045 0.0815 2032-12-31 231000 -1000 -1000 0 0.045 0.0677 2031-07-31 1488000 1079000 1084000 0.0158 0.045 0.0677 2031-07-31 141000 0 0 0 0.045 0.0677 2031-07-31 353000 16000 17000 0.0002 0.05 0.0865 2032-11-24 640000 638000 637000 0.0093 0.05 0.0865 2032-11-24 103000 43000 43000 0.0006 0.05 0.0865 2032-11-24 58000 0 0 0 0.0275 0.064 2031-07-16 997000 997000 1001000 0.0146 0.045 0.0815 2032-12-16 1800000 1796000 1795000 0.0262 0.045 0.0815 2032-12-16 497000 -1000 -1000 0 0.045 0.0815 2032-12-16 248000 -1000 -1000 0 6213000 6223000 0.0908 0.0475 0.084 2029-05-25 336000 331000 332000 0.0048 0.0475 0.084 2029-05-25 33000 33000 33000 0.0005 0.0475 0.084 2029-05-25 181000 49000 49000 0.0007 413000 414000 0.006 0.0325 0.0692 2031-06-07 1194000 1197000 1198000 0.0175 0.0525 0.089 2027-07-02 1235000 1233000 1232000 0.018 0.025 0.0617 2032-09-24 998000 993000 1001000 0.0146 0.0275 0.0642 2032-10-15 1000000 1002000 1008000 0.0147 4425000 4439000 0.0648 0.06 0.0967 2029-08-07 2158000 2118000 2131000 0.0311 0.06 0.0967 2029-08-07 326000 111000 113000 0.0016 2229000 2244000 0.0327 0.05 0.0865 2030-10-24 743000 739000 743000 0.0108 0.05 0.0865 2030-10-24 177000 176000 177000 0.0026 0.0475 0.084 2030-10-24 1500000 -4000 -11000 -0.0002 0.05 0.0865 2029-10-24 59000 15000 16000 0.0002 0.0475 0.084 2032-12-10 3339000 3323000 3322000 0.0485 0.0475 0.084 2032-12-10 826000 -2000 -4000 -0.0001 0.0475 0.084 2032-12-10 422000 -2000 -2000 0 0.0525 0.0892 2027-12-01 1882000 724000 726000 0.0106 4969000 4967000 0.0724 0.0475 0.0853 2028-11-22 2605000 2601000 2599000 0.0379 0.0475 0.0853 2028-11-22 364000 -1000 -1000 0 2600000 2598000 0.0379 0.0475 0.084 2031-08-01 599000 596000 599000 0.0087 0.0475 0.084 2031-08-01 261000 260000 261000 0.0038 0.0475 0.084 2031-08-01 1500000 -4000 -1000 0 0.0475 0.084 2031-08-01 132000 -1000 0 0 0.045 0.0815 2031-07-28 3922000 3913000 3912000 0.0571 0.045 0.0815 2031-07-28 1376000 -2000 -3000 0 0.045 0.0815 2031-07-28 187000 29000 29000 0.0004 0.025 0.0617 2031-09-15 1496000 1500000 1500000 0.0219 0.0525 0.0905 2027-09-30 92000 92000 92000 0.0013 0.0525 0.0905 2027-09-30 1905000 264000 260000 0.0038 0.05 0.0867 2030-06-03 964000 956000 962000 0.014 0.05 0.0867 2030-05-10 678000 675000 677000 0.0099 0.05 0.0867 2030-06-03 796000 790000 794000 0.0116 0.05 0.0867 2030-06-03 129000 128000 129000 0.0019 0.05 0.0867 2030-06-03 78000 -1000 0 0 0.0425 0.079 2032-10-29 3323000 3307000 3307000 0.0483 0.0425 0.079 2032-10-29 996000 329000 327000 0.0048 0.0425 0.079 2032-10-29 66000 0 0 0 0.035 0.0717 2032-11-05 1000000 995000 989000 0.0144 0.03 0.0667 2030-11-07 54000 0 -1000 0 0.045 0.0815 2028-10-02 3870000 1573000 1573000 0.023 0.045 0.0815 2028-10-02 129000 0 0 0 15399000 15406000 0.2249 0.0275 0.0642 2031-02-12 997000 992000 998000 0.0146 0.05 0.088 2027-07-30 3234000 3220000 3225000 0.0471 0.05 0.088 2027-07-30 1424000 750000 752000 0.011 4962000 4975000 0.0727 0.045 0.0815 2032-03-18 2388000 2377000 2388000 0.0348 0.045 0.0815 2032-03-18 796000 -4000 0 0 0.045 0.0815 2032-03-18 348000 -2000 0 0 0.045 0.0815 2031-06-03 1257000 1257000 1257000 0.0183 0.045 0.0815 2031-06-03 530000 0 0 0 0.045 0.0815 2031-06-03 196000 0 0 0 0.045 0.0817 2032-04-12 2318000 2313000 2312000 0.0337 0.045 0.0817 2032-04-12 1636000 -4000 -4000 -0.0001 0.045 0.0817 2032-04-12 545000 -1000 -1000 0 0.045 0.0815 2032-03-12 1317000 1314000 1317000 0.0192 0.045 0.0815 2032-03-12 176000 0 0 0 0.0475 0.0833 2032-10-29 2226000 2216000 2215000 0.0323 0.0475 0.0833 2032-10-29 223000 0 -1000 0 9466000 9483000 0.1382 0.05 0.0865 2028-10-31 558000 86000 89000 0.0013 0.0475 0.0842 2032-11-12 1994000 1984000 1984000 0.0289 0.0475 0.0842 2032-11-12 539000 -1000 -3000 0 0.0475 0.0842 2032-11-12 377000 -2000 -2000 0 2067000 2068000 0.0302 0.05 0.0727 2029-08-10 3976000 2870000 2897000 0.0423 0.0525 0.0892 2031-07-02 2431000 2416000 2422000 0.0353 0.045 0.0815 2032-11-08 190000 189000 189000 0.0028 0.0475 0.084 2032-11-08 80000 0 0 0 0.045 0.0815 2031-11-06 19000 0 0 0 5475000 5508000 0.0804 0.045 0.0709 2030-05-29 487000 353000 350000 0.0051 0.045 0.0709 2030-05-29 113000 -1000 -1000 0 0.045 0.0709 2030-05-29 85000 0 -1000 0 352000 348000 0.0051 0.0475 0.084 2032-04-19 3782000 3772000 3772000 0.055 0.0475 0.084 2032-04-19 922000 -2000 -2000 0 0.0475 0.084 2032-04-19 287000 24000 24000 0.0004 3794000 3794000 0.0554 0.0475 0.0842 2032-08-06 893000 887000 882000 0.0129 0.0475 0.0842 2027-10-26 391000 -1000 -5000 -0.0001 0.0475 0.0842 2027-10-26 117000 0 -1000 0 886000 876000 0.0128 0.05 0.0865 2029-08-31 2433000 2428000 2427000 0.0354 0.05 0.0865 2029-08-31 2130000 1249000 1248000 0.0182 0.05 0.0865 2028-08-31 410000 67000 67000 0.001 0.045 0.0817 2032-04-15 2091000 2087000 2086000 0.0304 0.045 0.0817 2032-04-15 1089000 -2000 -3000 -0 0.045 0.0817 2032-04-15 436000 -1000 -1000 0 0.0475 0.084 2030-10-29 4000000 2319000 2333000 0.034 0.045 0.0817 2031-06-11 1340000 1339000 1336000 0.0195 0.045 0.0817 2031-06-11 216000 0 0 0 0.05 0.088 2028-10-16 4610000 4589000 4610000 0.0673 0.05 0.0875 2028-10-16 354000 -2000 0 0 0.05 0.0865 2030-04-03 2878000 2864000 2871000 0.0419 0.05 0.0865 2030-04-03 1025000 571000 573000 0.0084 0.05 0.0865 2030-04-03 75000 0 0 0 17508000 17547000 0.2561 0.045 0.0817 2032-12-23 1149000 1146000 1150000 0.0168 0.045 0.0817 2032-12-23 4674000 4000 8000 0.0001 0.045 0.0817 2032-12-23 178000 0 0 0 0.045 0.0808 2031-09-30 1017000 1010000 1010000 0.0147 0.045 0.0808 2031-09-30 354000 -2000 -3000 -0 0.045 0.0808 2031-03-31 118000 31000 31000 0.0005 0.0475 0.0842 2032-12-19 359000 358000 358000 0.0052 0.0475 0.0842 2032-12-19 138000 0 0 0 0.0475 0.0842 2032-12-19 41000 2000 2000 0 2549000 2556000 0.0373 0.045 0.0815 2032-04-12 2588000 2582000 2588000 0.0378 0.045 0.0815 2032-04-12 1150000 624000 627000 0.0091 0.045 0.0815 2032-04-12 575000 -1000 0 0 3205000 3215000 0.0469 0.0525 0.0883 2031-12-22 2872000 2858000 2872000 0.0419 0.0525 0.0883 2031-12-22 1369000 1087000 1093000 0.0159 0.0525 0.0883 2031-12-22 551000 -3000 0 0 0.0425 0.079 2032-03-29 3731000 3722000 3722000 0.0543 0.0425 0.079 2032-03-29 643000 -2000 -2000 0 7662000 7685000 0.1121 0.045 0.0817 2030-04-04 1748000 1744000 1748000 0.0255 0.045 0.0817 2030-04-04 239000 -1000 0 0 0.0525 0.089 2031-04-08 4139000 4121000 4139000 0.0604 0.0525 0.089 2031-04-08 419000 145000 146000 0.0021 0.0525 0.089 2031-04-08 420000 32000 34000 0.0005 0.03 0.0667 2031-06-02 1247000 1250000 1253000 0.0183 0.0525 0.089 2030-10-02 749000 513000 517000 0.0075 0.0275 0.064 2032-12-31 1050000 1050000 1055000 0.0154 0.0475 0.0842 2030-05-10 4842000 4820000 4818000 0.0703 0.0475 0.084 2030-05-10 133000 58000 58000 0.0008 0.0525 0.089 2031-04-01 1774000 1774000 1721000 0.0251 0.0525 0.089 2031-04-01 458000 109000 95000 0.0014 0.0525 0.089 2030-04-01 245000 61000 54000 0.0008 0.025 0.0617 2031-07-31 997000 997000 1002000 0.0146 0.05 0.0867 2029-12-31 3135000 3135000 3135000 0.0457 0.05 0.0867 2029-12-31 1010000 447000 447000 0.0065 0.05 0.0867 2029-12-31 328000 0 0 0 20255000 20222000 0.2949 0.0425 0.0792 2032-10-25 4507000 4496000 4496000 0.0656 0.0425 0.0792 2032-10-25 451000 1000 -1000 0 0.03 0.0665 2031-07-30 997000 989000 996000 0.0145 0.0275 0.0642 2031-01-31 1000000 984000 989000 0.0144 0.045 0.0815 2032-12-20 1318000 1316000 1315000 0.0192 0.045 0.0815 2032-12-20 548000 0 -1000 0 0.045 0.0815 2032-12-20 134000 0 0 0 0.045 0.0817 2031-03-21 3097000 3082000 3081000 0.045 0.045 0.0817 2031-03-21 602000 -3000 -3000 0 0.045 0.0817 2031-03-21 278000 21000 21000 0.0003 0.025 0.0617 2032-01-30 499000 492000 498000 0.0073 0.045 0.0817 2032-03-12 4023000 4003000 4023000 0.0587 0.045 0.0817 2032-03-12 575000 -3000 0 0 0.045 0.0817 2032-03-12 402000 -2000 0 0 0.0475 0.084 2031-12-02 2150000 2145000 2145000 0.0313 0.0475 0.084 2031-12-02 108000 0 0 0 0.0475 0.084 2031-12-02 86000 0 0 0 0.0525 0.0892 2031-02-28 744000 744000 744000 0.0109 0.0475 0.084 2028-02-10 722000 720000 722000 0.0105 0.0475 0.084 2028-02-10 22000 4000 4000 0.0001 18989000 19029000 0.2778 0.03 0.0665 2031-08-26 997000 1001000 1002000 0.0146 1001000 1002000 0.0146 0.045 0.0817 2028-02-20 671000 669000 671000 0.0098 0.045 0.0817 2028-02-20 75000 11000 11000 0.0002 680000 682000 0.01 0.05 0.0865 2032-05-13 4712000 4690000 4689000 0.0684 0.05 0.0865 2032-05-13 276000 -1000 -1000 0 4689000 4688000 0.0684 148636000 148839000 2.1718 0.11 2035-12-30 500000 490000 501000 0.0073 490000 501000 0.0073 490000 501000 0.0073 108 108000 108000 0.0016 108000 108000 0.0016 69000 69000 0.001 69000 69000 0.001 98 141000 141000 0.0021 141000 141000 0.0021 318000 318000 0.0047 149444000 149658000 2.1838 3585000 3585000 0.0523 3585000 3585000 0.0523 153029000 153243000 2.2361 0.70 0.0595 3585000 318000 0.0047 2025-12-10 2025-10-31 2025-12-31 0.01 0.0075 0.005 0 2026-06-18 876000 -2000 2028-08-31 341000 -1000 2030-04-04 239000 0 2027-11-21 1500000 -11000 2029-10-24 44000 0 2026-04-08 273000 0 2031-04-08 386000 0 2027-12-24 1500000 -1000 2031-08-01 132000 0 2032-10-25 451000 -1000 2030-08-12 485000 -2000 2027-10-16 1089000 -3000 2032-04-15 436000 -1000 2026-12-21 275000 0 2031-12-22 551000 0 2032-05-13 276000 -1000 2027-12-20 1376000 -3000 2031-07-28 157000 0 2028-10-31 468000 0 2027-12-31 385000 -2000 2032-12-31 231000 -1000 2027-12-20 548000 -1000 2032-12-20 134000 0 2027-12-10 826000 -4000 2032-12-10 422000 -2000 2027-03-19 796000 0 2032-03-18 348000 0 2026-03-13 1640000 -4000 2027-02-26 1667000 0 2027-03-21 602000 -3000 2031-03-21 256000 -1000 2029-08-07 209000 -3000 2026-06-28 391000 -5000 2027-10-26 117000 -1000 2026-09-30 216000 -1000 2026-05-07 364000 -1000 2026-06-04 530000 0 2031-06-03 196000 0 2026-08-05 232000 0 2028-02-20 63000 0 2029-11-15 75000 0 2027-03-15 575000 0 2032-03-12 402000 0 2027-03-31 549000 0 2029-09-01 354000 0 2027-12-03 108000 0 2031-12-02 86000 0 2030-06-03 78000 0 2028-05-01 665000 -3000 2032-10-29 66000 0 2027-12-31 82000 -1000 2030-05-29 62000 -1000 2028-02-10 18000 0 2026-12-30 4674000 8000 2032-12-23 178000 0 2026-07-31 103000 0 2031-07-31 240000 0 2028-10-16 354000 0 2027-11-24 60000 0 2032-11-24 58000 0 2027-11-06 80000 0 2031-11-06 19000 0 2030-05-10 75000 -1000 2032-03-29 643000 -2000 2027-10-12 523000 0 2032-04-12 575000 0 2027-03-31 354000 -3000 2031-03-31 86000 -1000 2026-04-01 349000 -10000 2030-04-01 184000 -6000 2030-11-07 54000 -1000 2028-12-15 497000 -1000 2032-12-16 248000 -1000 2027-12-19 138000 0 2032-12-19 39000 0 2027-07-30 669000 -2000 2027-10-12 1636000 -4000 2032-04-12 545000 -1000 2027-11-15 539000 -3000 2032-11-12 377000 -2000 2027-03-13 130000 -1000 2032-03-12 176000 0 2026-08-28 563000 0 2029-12-31 329000 0 2032-10-29 223000 -1000 2027-01-19 1147000 -6000 2026-12-30 2296000 0 2028-10-02 129000 0 2026-08-14 449000 -1000 2030-04-03 75000 0 2027-04-16 922000 -2000 2032-04-19 262000 -1000 44146000 -102000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 1. Business and Organization</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Antares Strategic Credit Fund II LLC (the “Company”) is a Delaware limited liability company formed on </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">April 15, 2025</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">which commenced investment operations on July 18, 2025. The Company was organized to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to borrowers in the United States and Canada. The Company’s investment strategy focuses primarily on private credit investments structured as portfolio loans to U.S. borrowers. A “portfolio loan” is a senior secured loan, which may be first lien, second lien or unitranche loans, consisting of term loans, related delayed draw term loans and/or revolving loans. Each tranche of a senior secured loan acquired by the Company is referred to as a portfolio loan. The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company intends to elect to be treated and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Antares Capital Credit Advisers LLC (the “Adviser”). The Adviser is a registered investment adviser with the U.S. Securities and Exchange Commission (the “SEC”).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is a private, perpetual-life BDC, whose common shares (“Common Shares”) are not listed for trading on a stock exchange or other securities market and is an investment vehicle with indefinite duration.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While the Company’s investment strategy primarily focuses on companies in the United States, the Company intends to also invest in companies in Canada, Europe and other locations outside the U.S, subject to compliance with BDC requirements to invest at least </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">70</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of assets in “eligible portfolio companies”. The Company may also invest in preferred equity or debt investments that may be accompanied by equity-related securities (such as options or warrants) and/or select common equity investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s investment strategy also includes a smaller allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds, which may be used primarily to maintain liquidity for the Company’s share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. The Company may also invest in publicly traded securities of larger corporate issuers on an opportunistic basis when market conditions create compelling potential return opportunities subject to compliance with BDC requirements.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company offers its Common Shares on a continuous basis via a private placement ("Private Offering"). Within the United States, the Common Shares are being offered solely to investors that are “accredited investors” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “1933 Act”). Outside of the United States, the Common Shares are being sold in accordance with Regulation S of the Securities Act.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:12pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may enter into interest rate, foreign exchange, and/or other derivative arrangements to hedge against interest rate, currency, and/or other credit related risks through the use of futures, swaps, options and forward contracts. These hedging activities will be subject to the applicable legal and regulatory compliance requirements; however, there can be no assurance any hedging strategy employed will be successful. The Company may also seek to borrow capital in local currencies as a means of hedging non-U.S. dollar denominated investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company has formed wholly owned subsidiaries for the purpose of holding certain investments in portfolio companies. As of December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company’s wholly owned subsidiaries include: ASTII Funding SPV LLC ("A-Star II Funding SPV"), ASTII Master Fund LLC ("A-Star II Master Fund") and ASTII Equity Holdings LLC ("A-Star II Equity", and collectively with A-Star II Funding SPV and A-Star II Master Fund, the "Subsidiaries"). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.</span></p> 2025-04-15 0.70 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 2. Significant Accounting Policies</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Annual consolidated financial statements and related financial information have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10-K and Articles 6-10 of Regulation S-X. The Company is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”), and pursuant to Regulation S-X.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Consolidation</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the wholly owned subsidiaries in the consolidated financial statements. All intercompany balances have been eliminated.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Segment Reporting</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Although the Company’s estimates contemplate current conditions and how they expect them to change in the future, it is reasonably possible that actual results could differ from those estimates and such difference could be material.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Cash</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cash consists of demand deposits and </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">are carried at cost, which approximates fair value. The Company deposits its cash with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Organization and Offering Expenses</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Organization costs include costs relating to the formation and organization of the Company, and are expensed as incurred. For the period from April 15, 2025 (inception) to December 31, 2025, the Company incurred </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">223</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> in organization costs. These amounts are included in due to affiliates on the Consolidated Statement of Assets and Liabilities as of December 31, 2025.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Costs associated with the Private Offering are capitalized and included as deferred offering costs on the Consolidated Statement of Assets and Liabilities and will be amortized over a twelve-month period beginning on the date which the Company first accepted capital contribution from unaffiliated shareholders in the Private Offering. For the period from April 15, 2025 (inception) to December 31, 2025, the Company incurred </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">223</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of offering costs and amortized </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of offering costs during the period.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of December 31, 2025, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">123</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> in d</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">eferred offering costs were included on the Consolidated Statement of Assets and Liabilities.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investments</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Short-term investments</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Short-term investments consist of highly liquid investments, such as money market funds, with original maturities of three months or less.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Valuation of Investments</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investments for which market quotations are readily available are typically valued using mid-market pricing (i.e., mid-point of average bid and ask prices). The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser performs, from time to time, price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment are utilized. Securities that are not publicly traded or for which market prices are not readily available, as the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board of Directors (the “Board”), based on, among other things, the input of the Company’s management and the audit committee. In addition, the Adviser has retained independent valuation firms to review valuations on a rotational basis. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">With respect to investments for which market quotations are not readily available, the Adviser undertakes a multi-step valuation process each quarter, among other procedures, as described below:</span></p><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The valuation process begins with each investment being preliminarily reviewed by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">At least once annually the valuation for each investment (subject to a de minimis threshold) is reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and confirms the independent valuation firms’ valuation ranges when utilized are reasonable;</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Board and audit committee of the Company periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.</span></div></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, any of: (i) the estimated enterprise value of a Portfolio Company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the Portfolio Company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the Portfolio Company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s accounting policy on the fair value of the investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Revenue Recognition</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from equity investments in portfolio companies. The senior and subordinated debt investments bear interest at a fixed or floating rate, and is generally payable quarterly or semi-annually. In some cases, some of the Company's investments provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt investments and any accrued but unpaid PIK interest generally become due at the maturity date. Original issue discounts and market discounts or premiums are capitalized, and the Company accretes or amortizes such amounts as interest income. In addition, the Company generates revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Interest Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the debt investments using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, in the current period.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">PIK Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in payment-in-kind interest income on the Consolidated Statement of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through payment-in-kind interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected cash.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fee Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Non-Accrual Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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 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 current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Deferred Financing Costs</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to the Company’s borrowings are presented as an offset against the debt outstanding on the Consolidated Statement of Assets and Liabilities.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Foreign Currency Translations</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.</span></p></div><div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Inco</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">me Taxes</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company intends to elect to be a treated, and intends to comply with the requirements to qualify annually, as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s shareholders and would not be reflected in the consolidated financial statements of the Company.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company evaluates tax positions taken or expected to be taken in the course of 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.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to maintain qualification for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">90</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, pursuant to the excise tax distribution requirements, the </span><span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Company </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar </span></span><span style=""></span></p></div><div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">year </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.</span></p></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Distributions</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Distributions to shareholders by the Company of ordinary income (including “market discount” realized by the Company on the sale of debt securities), and of net short-term capital gains, if any, realized by the Company are generally taxable to U.S. shareholders as ordinary income to the extent such distributions are paid out of the Company’s current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as “capital gain dividends” will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Company’s shares. A distribution of an amount in excess of the Company’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder’s basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder’s basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions paid by the Company generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. The additional shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder’s account.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Company on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.</span></p></div><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Recent Accounting Pronouncements</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:'Segoe UI',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In December 2023, the FASB issued ASU 2023-09, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company’s consolidated financial statements.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In November 2024, the FASB issued ASU 2024-03, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.</span></p></div> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Basis of Presentation</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Annual consolidated financial statements and related financial information have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10-K and Articles 6-10 of Regulation S-X. The Company is considered an Investment Company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”), and pursuant to Regulation S-X.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Consolidation</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the wholly owned subsidiaries in the consolidated financial statements. All intercompany balances have been eliminated.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Segment Reporting</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In accordance with ASC Topic 280, Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future economic and market conditions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Although the Company’s estimates contemplate current conditions and how they expect them to change in the future, it is reasonably possible that actual results could differ from those estimates and such difference could be material.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Cash</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Cash consists of demand deposits and </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">are carried at cost, which approximates fair value. The Company deposits its cash with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Organization and Offering Expenses</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Organization costs include costs relating to the formation and organization of the Company, and are expensed as incurred. For the period from April 15, 2025 (inception) to December 31, 2025, the Company incurred </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">223</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> in organization costs. These amounts are included in due to affiliates on the Consolidated Statement of Assets and Liabilities as of December 31, 2025.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Costs associated with the Private Offering are capitalized and included as deferred offering costs on the Consolidated Statement of Assets and Liabilities and will be amortized over a twelve-month period beginning on the date which the Company first accepted capital contribution from unaffiliated shareholders in the Private Offering. For the period from April 15, 2025 (inception) to December 31, 2025, the Company incurred </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">223</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of offering costs and amortized </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of offering costs during the period.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of December 31, 2025, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">123</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> in d</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">eferred offering costs were included on the Consolidated Statement of Assets and Liabilities.</span></p> 223000 223000 100000 123000 <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investments</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Short-term investments</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Short-term investments consist of highly liquid investments, such as money market funds, with original maturities of three months or less.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Valuation of Investments</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is required to report its investments for which current market values are not readily available at fair value. The Company values its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investments for which market quotations are readily available are typically valued using mid-market pricing (i.e., mid-point of average bid and ask prices). The Adviser obtains these market quotations from independent pricing services, if available; otherwise from at least two principal market makers or primary market dealers. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser performs, from time to time, price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Where prices or inputs are not available, or, in the judgment of the Adviser, not reliable, valuation approaches based on the facts and circumstances of the particular investment are utilized. Securities that are not publicly traded or for which market prices are not readily available, as the case for a substantial portion of the Company’s investments, are valued at fair value as determined in good faith by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act, pursuant to the Company’s valuation policy, and under the oversight of the Board of Directors (the “Board”), based on, among other things, the input of the Company’s management and the audit committee. In addition, the Adviser has retained independent valuation firms to review valuations on a rotational basis. These valuation approaches involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments’ complexity.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">With respect to investments for which market quotations are not readily available, the Adviser undertakes a multi-step valuation process each quarter, among other procedures, as described below:</span></p><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The valuation process begins with each investment being preliminarily reviewed by the Adviser’s valuation team in consultation with the Adviser’s investment professionals responsible for each portfolio investment;</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">At least once annually the valuation for each investment (subject to a de minimis threshold) is reviewed by an independent valuation firm. The independent valuation firms provide a final range of values on such investments to the Adviser. The independent valuation firms also provide analyses to support their valuation methodology and calculations;</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s valuation committee with respect to the Company (the “Valuation Committee”) reviews each valuation recommendation to confirm they have been calculated in accordance with the valuation policy and confirms the independent valuation firms’ valuation ranges when utilized are reasonable;</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s Valuation Committee then determines fair value marks for each of the Company’s portfolio investments; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:6.667%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;margin-right:6.667%;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:7.14323979728499%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Board and audit committee of the Company periodically review the valuation process and provide oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.</span></div></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As part of the valuation process, the Company takes into account relevant factors in determining the fair value of the Company’s investments for which reliable market quotations are not readily available, many of which are loans, including and in combination, as relevant, any of: (i) the estimated enterprise value of a Portfolio Company, generally based on an analysis of discounted cash flows, publicly traded comparable companies and comparable transactions, (ii) the nature and realizable value of any collateral, (iii) the Portfolio Company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the Portfolio Company does business, and (v) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s accounting policy on the fair value of the investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the Company’s consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Revenue Recognition</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company generates revenue in the form of interest and fee income on debt investments, capital gains, and dividend income from equity investments in portfolio companies. The senior and subordinated debt investments bear interest at a fixed or floating rate, and is generally payable quarterly or semi-annually. In some cases, some of the Company's investments provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt investments and any accrued but unpaid PIK interest generally become due at the maturity date. Original issue discounts and market discounts or premiums are capitalized, and the Company accretes or amortizes such amounts as interest income. In addition, the Company generates revenue from various fees in the ordinary course of business such as in the form of structuring, consent, waiver, amendment, syndication and other miscellaneous fees.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Interest Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the debt investments using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, in the current period.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">PIK Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in payment-in-kind interest income on the Consolidated Statement of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through payment-in-kind interest income. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected cash.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Fee Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Non-Accrual Income</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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 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 current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Deferred Financing Costs</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to the Company’s borrowings are presented as an offset against the debt outstanding on the Consolidated Statement of Assets and Liabilities.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Foreign Currency Translations</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Inco</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">me Taxes</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company intends to elect to be a treated, and intends to comply with the requirements to qualify annually, as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s shareholders and would not be reflected in the consolidated financial statements of the Company.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company evaluates tax positions taken or expected to be taken in the course of 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.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to maintain qualification for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">90</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, pursuant to the excise tax distribution requirements, the </span><span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Company </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar </span></span><span style=""></span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">year </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.</span></p></div> 0.90 Company will be subject to a 4% non-deductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Distributions</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company’s tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Distributions to shareholders by the Company of ordinary income (including “market discount” realized by the Company on the sale of debt securities), and of net short-term capital gains, if any, realized by the Company are generally taxable to U.S. shareholders as ordinary income to the extent such distributions are paid out of the Company’s current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as “capital gain dividends” will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Company’s shares. A distribution of an amount in excess of the Company’s current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder’s basis in his or her shares. To the extent that the amount of any such distribution exceeds the shareholder’s basis in his or her shares, the excess will be treated by the shareholder as gain from a sale or exchange of the shares. Distributions paid by the Company generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. The additional shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder’s account.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Company on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.</span></p> <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Recent Accounting Pronouncements</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:'Segoe UI',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In December 2023, the FASB issued ASU 2023-09, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, which enhances the income tax disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and is to be applied prospectively, with an option for retrospective application. The Company adopted ASU 2023-09 on December 31, 2025, and the adoption did not have a material impact on the Company’s consolidated financial statements.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In November 2024, the FASB issued ASU 2024-03, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">(Subtopic 2200-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 3. Agreements and Related Party Transactions</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment Advisory Agreement</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On June 26, 2025, the Board approved an investment advisory agreement with the Adviser (“Investment Advisory Agreement”), pursuant to which the Adviser manages the Company on a day-to-day basis. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for determining the composition of the Company’s portfolio, identifying investment opportunities and making investment decisions, monitoring investments, performing due diligence on prospective portfolio companies, and negotiating, obtaining and managing financing facilities and other forms of leverage.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company pays the Adviser fees for its services under the Investment Advisory Agreement. The fees consist of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee are ultimately borne by the Company’s shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On July 15, 2025, the Company and the Adviser agreed to waive all management and incentive fees through February 28, 2026. On March 1, 2026, the Fund and the Adviser entered into a Fee Waiver Letter Agreement, which extends the terms of the prior waiver letter agreement dated July 15, 2025, pursuant to which the Adviser agreed to irrevocably waive, which may be effected by a rebate or otherwise, (i) any base management fee due from the Fund to the Adviser under Section 5(a) of the Agreement and (ii) any incentive fee due from the Fund to the Adviser under Section 5(b) of the Agreement from March 1, 2026 through August 31, 2026.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Management fees</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The base management fee is payable quarterly in arrears at an annu</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">al rate of </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.25</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the average of the Company’s net asset value (the "NAV") as of the beginning of the prior quarter and the beginning of the then current quarter.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For the period from April 15, 2025 (inception) to December 31, 2025, the Company recognized </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">81</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of management fees, before impact of waived fees. For the period from April 15, 2025 (inception) to December 31, 2025, the Adviser agreed to waive </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">81</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of management fees. As of December 31, 2025, the management fee payabl</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">e balance was </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">zero</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Incentive fee</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains,</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> each described below.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investment income incentive fee</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The investment income based incentive fee is based on “Pre-Incentive Fee Net Investment Income Returns” meaning dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fees, amendment fees, ticking fees and break-up fees, as well as prepayments premiums, but excluding fees for providing managerial assistance and fees earned by the Adviser or an affiliate in its capacity as an administrative agent, syndication agent, collateral agent, loan servicer or other similar capacity) accrued during the month, minus operating expenses for the month (including the management fee, taxes, any expenses payable under the Investment Advisory Agreement and Administration Agreement (as defined below), any expense of securitizations, and interest expense or other financing fees and any dividends paid on preferred shares, but excluding the incentive fee and shareholder servicing and /or distribution fees). Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of net assets at the end of the preceding quarter, is compared to a “hurdle rate” of return of </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.25</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% per quarter (</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.0</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% annualized). The Company pays an incentive fee quarterly as follows:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:9pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">No </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">investment income incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.25</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% per quarter (</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.0</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% annualized).</span></span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:9pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.43</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% (</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.72</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% annualized).</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:9pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.5</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.43</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% (</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.72</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% annualized).</span></div></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Capital gains incentive fee</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable is equal to </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.5</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fee as calculated in accordance with U.S. GAAP. U.S. GAAP requires that the capital gains incentive fee accrual consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the investment advisory agreement. Such accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital depreciation included in the calculation of the capital gains incentive fee plus the aggregate cumulative unrealized capital appreciation, net of any expense associated with cumulative unrealized capital depreciation or appreciation. If such amount is positive at the end of a period, then U.S. GAAP requires the Company to record a capital gains incentive fee equal to </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.5</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S. GAAP in all prior periods.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Gross capital gains incentive fee is net of reversal on accrued capital gains incentive fees.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For the period from April 15, 2025 (inception) to December 31, 2025, the Company incurred income based incentive fees of </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">253</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, and capital gains incentive fees of </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">24</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, before impact of waived fees. For the period from April 15, 2025 (inception) to December 31, 2025, the Adviser agreed to waive </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">277</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> in total incentive fees. As of December 31, 2025, the total incentive fee payable bala</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">nce was </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">zero</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Licensing Agreement</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As part of the Investment Advisory Agreement, the Adviser, on behalf of Antares Holdings LP, agreed to grant the Company a fully paid- up, royalty-free, non-exclusive, non-transferable license to use “Antares” for specified purposes in the Company’s business, during the term of the Investment Advisory Agreement. Other than with respect to this limited license, the Company will have no legal right to the “Antares” name.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Administration Agreement</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On June 26, 2025, the Board approved the administration agreement (the “Administration Agreement”) with Antares Capital Credit Advisers LLC (in such role, the “Administrator”). Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company reimburses the Administrator for its costs, expenses and allocable portion of overhead (including compensation of personnel performing administrative duties) in connection with the services performed for the Company pursuant to the terms of the Administration Agreement. For the period from April 15, 2025 (inception) to December 31, 2025, the Company incurred administrative service fees of </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">299</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Sub-administration Agreement</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company reimburses the Administrator for any services performed for the Company by such affiliate or third party.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Administrator hired U.S. Bancorp Fund Services, LLC to assist with sub-administration and fund accounting services.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Private Placement Agent Agreement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On July 22, 2025, the Company entered into a Private Placement Agent Agreement and a related Services Agreement (together, the “Placement Agreements”), among the Company and Quasar Distributors, LLC (the “Placement Agent”). The Placement Agreements provide for, among other things, the retention of the Placement Agent as the Company’s principal underwriter in connection with the offering of Common Shares, and to advise, consult with and assist the Company with the private placement of Common Shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company will pay the Placement Agent a shareholder servicing and/or distribution fee equal to </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.85</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% per annum of the aggregate NAV of the Company as of the beginning of the first calendar day of the month for the Company's Common Shares. Such fee shall be paid by the Placement Agent to the applicable financial intermediaries. In addition, the Company will pay to the Placement Agent a one-time implementation fee of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and will pay a recurring annual fee ranging between </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0035</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% - </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0050</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the Company's total assets, subject to a minimum annual fee of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. The Company will also pay reasonable, pre-approved out-of-pocket expenses incurred by the Placement Agent in connection with the services provided pursuant to the Placement Agreements.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Expense Support Agreement</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On June 26, 2025, the Board approved an expense support and conditional reimbursement agreement (the “Expense Support Agreement”). Under the terms of the Expense Support Agreement, the Adviser is obligated to pay the Company’s total organization and offering expenses, professional fees, director fees, administration fees, and other general and administrative expenses of the Company on the Company’s behalf such that these operating expenses of the Company do not exceed </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.00</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% (on annualized basis) of the Company’s NAV. Additionally, the Adviser may elect to pay certain additional expenses of the Company on the Company’s behalf. Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’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 Company 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 Company within three years prior to the last business day of such calendar month have been reimbursed. “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’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 Company 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></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, effective as of July 15, 2025, the Company and the Adviser entered into a Waiver Letter Agreement, pursuant to which the Adviser agreed to waive reimbursement by the Company for certain of the Company’s organizational expenses the Adviser incurs or has incurred on the Company’s behalf in an aggregate amount not to exceed $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">250</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> during the period ending on the date of the initial closing for purchases of Common Shares by unaffiliated investors (the “Initial Closing Date”). The Waiver Letter Agreement provides that, to the extent the Company’s NAV increases, the Adviser may be reimbursed for past payments of excess organizational expenses made on the Company’s behalf prior to the Initial Closing Date, provided that the total organizational expenses borne by the Company do not exceed </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.00</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the Company’s NAV and provided further that the Adviser may not be reimbursed for payment of excess organizational expenses that were incurred more than three years prior to the proposed reimbursement.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For the period from April 15, 2025 (inception) to December 31, 2025, the Adviser provided </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,296</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of expense support pursuant to the Expense Support Agreement. The Company’s obligation to make a reimbursement payment shall automatically become a liability of the Company 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. For the period from April 15, 2025 (inception) to December 31, 2025, no reimbursement payments were made by the Company to the Adviser.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Co-Investment Activity</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company and the Adviser have received an exemptive order (the “Order”) from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and/or its affiliates, subject to certain terms and conditions. Under the terms of the Order, a majority of our Independent Directors must reach certain conclusions in connection with certain co-investment transactions (e.g., in the case of follow-on investments in an existing issuer in which affiliates, but not the Company, have an existing investment, and non-pro rata follow-on investments in, and dispositions of, securities of an existing issuer), including that (i) the terms of the proposed transaction are reasonable and fair to the Company and its shareholders and do not involve overreaching in respect of the Company or its shareholders on the part of any person concerned, and (ii) the transaction is consistent with the interests of the Company's shareholders and is consistent with the Company’s then-current investment objectives and strategies. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The co-investment would generally be allocated to us and the other Antares Lending Platform funds that target similar assets in accordance with the Adviser’s allocation policy. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us.</span></p> 0.0125 81000 81000 0 The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, 0.0125 0.05 investment income incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre-Incentive Fee Net Investment Income Returns does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized). 0.0125 0.05 1 0.0143 0.0572 0.125 0.0143 0.0572 0.125 0.125 253000 24000 277000 0 299000 0.85 5000 0.000035 0.00005 25000 0.01 250000 0.01 1296000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 4. Investments</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:37.74%;box-sizing:content-box;"></td> <td style="width:1.54%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.620000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.3%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.620000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.82%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.26%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="10" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amortized Cost</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">% of Total Investments at Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">148,636</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">148,839</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">97.12</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">490</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.33</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.21</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Short-Term Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.34</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">153,029</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">153,243</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of December 31, 2025, there were no portfolio companies with loans on non-accrual status.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The industry composition of the Company's non-controlled, non-affiliated investments (at fair value) was as follows:</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"> </p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:66.26%;box-sizing:content-box;"></td> <td style="width:2.62%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:25.22%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.9%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Professional Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.51</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Software</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.72</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Insurance</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">11.72</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Financial Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.29</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Health Care Technology</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6.43</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Pharmaceuticals</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.14</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Chemicals</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.03</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Commercial Services and Supplies</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.23</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Healthcare Providers and Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.68</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Diversified Consumer Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.36</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Food Products</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.32</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Wireless Telecommunication Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.13</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Containers and Packaging</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.97</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Household Products</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.53</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Media</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.16</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">IT Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.04</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Energy Equipment and Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.75</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Distributors</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.50</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Healthcare Equipment and Supplies</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.38</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Air Freight and Logistics</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.89</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Textiles, Apparel and Luxury Goods</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.67</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Industrial Conglomerates</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.58</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Trading Companies and Distributors</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.46</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Construction &amp; Engineering</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.28</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Hotels, Restaurants and Leisure</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.23</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The geographic composition of the Company's non-controlled, non-affiliated investments (at amortized cost and fair value) was as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"> </p><div style="font-size:10pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:15.997%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:17.217%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:17.277%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:18.596%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.56%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.837%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.52%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amortized Cost</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">% of Total Investments at Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value as % of Net Assets</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">United States</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">145,127</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">145,312</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">97.10</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">212.04</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Canada</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,317</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,346</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.90</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6.34</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">149,444</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">149,658</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">218.38</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The composition of the Company’s investment portfolio at amortized cost and fair value was as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:37.74%;box-sizing:content-box;"></td> <td style="width:1.54%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.620000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.3%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.620000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.82%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.26%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="10" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amortized Cost</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">% of Total Investments at Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">148,636</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">148,839</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">97.12</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">490</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.33</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.21</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Short-Term Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.34</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">153,029</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">153,243</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table> 148636000 148839000 0.9712 490000 501000 0.0033 318000 318000 0.0021 3585000 3585000 0.0234 153029000 153243000 1 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"> </p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:66.26%;box-sizing:content-box;"></td> <td style="width:2.62%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:25.22%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.9%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Professional Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.51</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Software</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.72</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Insurance</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">11.72</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Financial Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.29</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Health Care Technology</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6.43</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Pharmaceuticals</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.14</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Chemicals</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.03</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Commercial Services and Supplies</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.23</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Healthcare Providers and Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.68</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Diversified Consumer Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.36</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Food Products</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.32</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Wireless Telecommunication Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.13</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Containers and Packaging</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.97</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Household Products</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.53</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Media</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.16</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">IT Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.04</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Energy Equipment and Services</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.75</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Distributors</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.50</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Healthcare Equipment and Supplies</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.38</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Air Freight and Logistics</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.89</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Textiles, Apparel and Luxury Goods</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.67</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Industrial Conglomerates</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.58</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Trading Companies and Distributors</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.46</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Construction &amp; Engineering</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.28</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Hotels, Restaurants and Leisure</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.23</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table> 0.1351 0.1272 0.1172 0.1029 0.0643 0.0514 0.0503 0.0423 0.0368 0.0336 0.0332 0.0313 0.0297 0.0253 0.0216 0.0204 0.0175 0.015 0.0138 0.0089 0.0067 0.0058 0.0046 0.0028 0.0023 1 <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:15.997%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:17.217%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:17.277%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:18.596%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.56%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.837%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.52%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amortized Cost</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">% of Total Investments at Fair Value</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value as % of Net Assets</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">United States</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">145,127</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">145,312</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">97.10</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">212.04</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Canada</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,317</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,346</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.90</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6.34</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">149,444</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">149,658</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">218.38</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> 145127000 145312000 0.971 2.1204 4317000 4346000 0.029 0.0634 149444000 149658000 1 2.1838 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 5. Fair Value Measurements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition to using the above inputs in investment valuations, the Adviser applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investments whose values are based on the listed closing price quoted on the securities’ principal exchange are classified within Level 1 and include active listed equities. The Adviser does not adjust the quoted price for such instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="margin-left:6.667%;text-indent:-7.143%;padding-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the measurement date.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="margin-left:6.667%;text-indent:-7.143%;padding-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Level 2 – inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 2 inputs include: quoted market prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="margin-left:6.667%;text-indent:-7.143%;padding-left:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Level 3 – unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table presents the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:48.47%;box-sizing:content-box;"></td> <td style="width:1.58%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.518%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.038%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.478%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.978%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 1</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 2</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 3</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,992</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">133,847</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">148,839</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total non-controlled/non-affiliated investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,992</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">149,658</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Short-Term Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Investments at fair value</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,992</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">153,243</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:53%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.42%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Investments</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fair value, beginning of period</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Purchase of investments (including received in-kind)</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">140,417</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">490</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">141,225</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Proceeds from sale of investments and principal repayments</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,788</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,788</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net accretion of discount and amortization of premium</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">76</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">76</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net realized (gains) losses on investments</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net change in unrealized appreciation (depreciation) on investments</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">150</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">11</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">161</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fair value, end of period</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">133,847</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at December 31, 2025</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">151</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">11</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">162</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:16%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.96%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:20.86%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.96%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.96%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.280000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="18" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="6" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Range</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value </span><span style="color:#000000;top:-4.6899999999999995pt;white-space:pre-wrap;font-weight:bold;font-size:6.7pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Valuation Technique</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unobservable Input</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Low</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">High</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Weighted Average </span><span style="color:#000000;top:-4.6899999999999995pt;white-space:pre-wrap;font-weight:bold;font-size:6.7pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">88,336</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Market yield analysis</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Market yield discount rates</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.55</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.43</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8.47</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">44,352</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Recent transaction</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Transaction price</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,159</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Market quotation</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Quote</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">133,847</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Recent transaction</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Transaction price</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Recent transaction</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Transaction price</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025, included within the fair value of Level 3 assets of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:8pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> is an amount of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:8pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">46,330</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> for which the Adviser did not develop the unobservable inputs (examples include broker quotes and transaction prices)</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(2)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Weighted averages are calculated based on fair value of investments.</span></div></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The significant unobservable input used in the yield analysis is the discount rate based on comparable market yields. The significant unobservable inputs used in the income approach are the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. Significant increases in the discount rate would significantly lower the fair value of an investment; conversely significant decreases in the discount rate would significantly increase the fair value of an investment. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease in the fair value.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. As of December 31, 2025, the carrying amounts of the Company’s assets and liabilities, other than investments at fair value, approximate fair value due to their short maturities. </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, if applicable, or market quotes, if available.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table presents the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:48.47%;box-sizing:content-box;"></td> <td style="width:1.58%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.518%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.038%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.478%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.978%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 1</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 2</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Level 3</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,992</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">133,847</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">148,839</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total non-controlled/non-affiliated investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,992</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">149,658</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Short-Term Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Investments at fair value</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,585</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14,992</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">153,243</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table> 0 14992000 133847000 148839000 0 0 501000 501000 0 0 318000 318000 0 14992000 134666000 149658000 3585000 0 0 3585000 3585000 14992000 134666000 153243000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:53%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.42%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Investments</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fair value, beginning of period</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Purchase of investments (including received in-kind)</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">140,417</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">490</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">141,225</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Proceeds from sale of investments and principal repayments</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,788</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">6,788</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net accretion of discount and amortization of premium</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">76</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">76</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net realized (gains) losses on investments</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net change in unrealized appreciation (depreciation) on investments</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">150</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">11</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">161</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fair value, end of period</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">133,847</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at December 31, 2025</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">151</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">11</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">162</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> 0 0 0 0 140417000 490000 318000 141225000 -6788000 0 0 -6788000 76000 0 0 76000 -8000 0 0 -8000 150000 11000 0 161000 133847000 501000 318000 134666000 151000 11000 0 162000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:16%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.96%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:20.86%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.96%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.96%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:9.280000000000001%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="18" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="6" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Range</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Fair Value </span><span style="color:#000000;top:-4.6899999999999995pt;white-space:pre-wrap;font-weight:bold;font-size:6.7pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Valuation Technique</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unobservable Input</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Low</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">High</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Weighted Average </span><span style="color:#000000;top:-4.6899999999999995pt;white-space:pre-wrap;font-weight:bold;font-size:6.7pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">88,336</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Market yield analysis</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Market yield discount rates</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.55</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.43</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8.47</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">44,352</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Recent transaction</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Transaction price</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,159</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Market quotation</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Quote</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total Secured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">133,847</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Unsecured Debt</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">501</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Recent transaction</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Transaction price</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Equity Investments</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">318</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Recent transaction</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Transaction price</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">N/A</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025, included within the fair value of Level 3 assets of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:8pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">134,666</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> is an amount of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:8pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">46,330</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> for which the Adviser did not develop the unobservable inputs (examples include broker quotes and transaction prices)</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(2)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Weighted averages are calculated based on fair value of investments.</span></div></div> 88336000 0.0755 0.1043 0.0847 44352000 1159000 133847000 501000 318000 134666000 134666000 46330000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 6. Borrowings</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">150</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% after such borrowing. As of </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025, the Company’s asset coverage was </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">182.41</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">%.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Debt outstanding</span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s outstanding debt obligations were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:23.854%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.669999999999998%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="18" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Aggregate<br/>Principal<br/>Committed</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Outstanding<br/>Principal</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Carrying<br/>Value </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unused<br/>Portion </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amount Available </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(3)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Citi Facility</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">250,000</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">166,841</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13,432</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">250,000</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">166,841</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13,432</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The carrying value of the Company’s debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. Carrying values do not include impact of deferred financing costs.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(2)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The unused portion is the amount upon which commitment fees, if any, are based.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(3)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The amount available reflects any limitations related to the respective facility’s borrowing base.</span></div></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Citi Facility</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On July 18, 2025, ASTII Funding SPV LP, as borrower, and the Company, as servicer, entered into a revolving loan facility (the “Citi Facility”) pursuant to a Credit and Security Agreement (the “Agreement”), with the lenders from time to time party thereto, Citibank, N.A., as administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian. The Agreement is effective as of July 18, 2025. ASTII Funding SPV LP was acquired by the Company shortly after the consummation of the Agreement on the same day and was then converted into a limited liability company on July 23, 2025.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Loans under the Citi Facility bear interest at (i) a per annum rate equal to Term SOFR plus an additional margin calculated as a percentage of the aggregate principal balance of the underlying collateral obligations (the “Applicable Margin”) for loans denominated in U.S. Dollars, (ii) EURIBOR plus the Applicable Margin for loans denominated in Euros, (iii) Daily Compounded CORRA plus the Applicable Margin for loans denominated in Canadian Dollars, and (iv) SONIA plus the Applicable Margin for loans denominated in Great British Pounds. </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Applicable Margin will equal the product of (i) 1.60% and (ii) the lesser of: (x) aggregate principal balance of all broadly-syndicated loans divided by the aggregate principal balance of all eligible loans and (y) 35% (“Percentage”) plus the product of (i) 1.875% and (ii) 100% minus Percentage, subject to a step-up of 2.00% following the occurrence of certain events of default.</span></span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The initial maximum principal amount under the Citi Facility is $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">250</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> million and the Agreement includes an accordion provision to permit increases to the total facility amount up to a maximum of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> billion, subject in each case to the satisfaction of certain conditions and, for any increases above $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">750</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> million, the consent of the Administrative Agent and the lenders. Loans borrowed under the Citi Facility may be repaid and reborrowed until the end of the reinvestment period, which can occur no later than July 18, 2028 (unless extended), and all amounts outstanding under the Citi Facility must be repaid by July 18, 2030.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of December 31, 2025, the Company was in compliance with all covenants associated with the Citi Facility.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Foreign Currency Transactions and Translations</span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s outstanding foreign-denominated debt obligations were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:27.786%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.043%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.263%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.243%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.563%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Original Principal Amount (Local)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Original Principal Amount (USD)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Outstanding Principal</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unrealized Gain (Loss)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Canadian Dollar</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,128</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">824</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">822</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">824</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">822</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Interest and Debt Expenses</span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The components of interest and debt expenses were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73%;box-sizing:content-box;"></td> <td style="width:1.24%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.76%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Stated interest expense</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,768</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Amortization of deferred financing costs</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">176</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total interest and debt expense</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,944</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Cash paid for interest expense</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,556</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Citi Facility weighted average interest rate</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.87</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Citi Facility average debt outstanding</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">64,927</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Weighted average interest rates do not include impact of unused commitment fees or deferred financing costs.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of December 31, 2025, </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">212</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of interest expense was included in interest payable on the Consolidated Statement of Assets and Liabilities.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> 1.50 1.8241 <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s outstanding debt obligations were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:23.854%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.669999999999998%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.401%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.369%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="18" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Aggregate<br/>Principal<br/>Committed</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Outstanding<br/>Principal</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Carrying<br/>Value </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unused<br/>Portion </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amount Available </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(3)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Citi Facility</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">250,000</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">166,841</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13,432</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">250,000</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">83,159</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">166,841</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13,432</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The carrying value of the Company’s debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. Carrying values do not include impact of deferred financing costs.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(2)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The unused portion is the amount upon which commitment fees, if any, are based.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(3)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The amount available reflects any limitations related to the respective facility’s borrowing base.</span></div></div> 250000000 83159000 83159000 166841000 13432000 250000000 83159000 83159000 166841000 13432000 The Applicable Margin will equal the product of (i) 1.60% and (ii) the lesser of: (x) aggregate principal balance of all broadly-syndicated loans divided by the aggregate principal balance of all eligible loans and (y) 35% (“Percentage”) plus the product of (i) 1.875% and (ii) 100% minus Percentage, subject to a step-up of 2.00% following the occurrence of certain events of default. 250000000 1000000000 750000000 <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s outstanding foreign-denominated debt obligations were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:27.786%;box-sizing:content-box;"></td> <td style="width:1.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.043%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.263%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.243%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.64%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:13.563%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Original Principal Amount (Local)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Original Principal Amount (USD)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Outstanding Principal</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Unrealized Gain (Loss)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Canadian Dollar</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,128</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">824</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">822</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">824</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">822</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> 1128000 824000 822000 2000 824000 822000 2000 <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The components of interest and debt expenses were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73%;box-sizing:content-box;"></td> <td style="width:1.24%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.76%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Stated interest expense</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,768</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Amortization of deferred financing costs</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">176</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total interest and debt expense</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,944</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Cash paid for interest expense</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,556</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Citi Facility weighted average interest rate</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.87</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Citi Facility average debt outstanding</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">64,927</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table> 1768000 176000 1944000 1556000 0.0587 64927000 212000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 7. Commitments and Contingencies</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Unfunded commitments</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s investment portfolio contains revolving line of credit or delayed draw commitments, which require the Company to fund when requested by the portfolio companies. As of December 31, 2025, the Company had unfunded investment commitments in the aggregate par amount of </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">$</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">44,146</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Off balance sheet risk</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statement of Assets and Liabilities. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. The Company may enter into derivative instruments that contain elements of off-balance sheet market and credit risk. As of December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, there were </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> commitmen</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ts outstanding for derivative contracts.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Legal proceedings</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of December 31, 2025, management is not aware of any mate</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">rial pending legal proceedings individually or in the aggregate.</span></p> 44146000 0 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 8. Net Assets</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares at $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.001</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share par value. On May 1, 2025, an affiliate of the Adviser subscribed for </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,000</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Common Shares at $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25.00</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share. The Company issues Common Shares in the Private Offering on a monthly basis at an offering price generally equal to the NAV per Common Share.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On July 18, 2025, the Company acquired </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the equity interests in A-Star II Funding SPV LP and A-Star II Master Fund LP from certain affiliates of the Adviser, valued at a total acquisition price of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">103,746</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">. In exchange, the Company paid $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">53,746</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of cash to Antares Holdings (or an affiliate thereof) and issued approximately </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> million Common Shares, par value $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.001</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share, at $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per Common Share to Antares Holdings (or an affiliate thereof) in kind for $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">50,000</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of assets. As of </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, there were no outstanding balances in connection with the acquisition of A-Star II Funding SPV LP and A-Star II Master Fund LP. All of the contributed and purchased assets were originated by affiliates of the Adviser within the past </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">5</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> years from the transaction date.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company determines NAV for Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available, which will be the prior calendar day NAV per share (</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">i.e.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> the prior month-end NAV).</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The issuance of Common 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. The Company relies, in part, upon representations from the relevant investor in the subscription agreement (the “Subscription Agreement”) that the investor is an “accredited investor” as defined in Regulation D under the Securities Act. The sale of Common Shares is made pursuant to the Subscription Agreement entered into with the relevant investor(s).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following tables summarize transactions in Common Shares during the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:38.932%;box-sizing:content-box;"></td> <td style="width:1.88%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:25.455%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.019%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:24.715%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="6" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Shares</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amount</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Issuance of shares</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,655,082</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">66,524</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Reinvestment of distributions</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">55,850</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,412</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,710,932</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">67,936</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Share Repurchase Program</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We will commence a share repurchase program, commencing at least one year following the date on which unaffiliated investors first purchase Common Shares, in which we intend to repurchase, semi-annually, up to </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.5</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the Common Shares outstanding (either by number of Common Shares or aggregate NAV) as of the close of the previous semi-annual period. Our Board of Directors may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of us and the best interest of our shareholders. As a result, share repurchases may not be available each semi-annual period. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under our share repurchase program, to the extent we offer to repurchase shares in any particular semi-annual period, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable semi-annual period, except that shares that have not been outstanding for at least six months from the end of the Non-Tender Period (as defined herein) will be subject to an early repurchase deduction of </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">%. Shareholders are required to agree pursuant to the terms of the Subscription Agreement that they will not tender Shares in a tender offer with a valuation date that is within the 12-month period following the issue date of such tendered Shares (the “Non-Tender Period”).</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares, and will reduce the repurchase proceeds. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. Common Shares issued pursuant to the Fund’s distribution reinvestment plan (“DRIP”) are not subject to early repurchase deduction.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Distributions</span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company authorizes and declares distribution amounts per share of Common Shares payable monthly in arrears. The following tables present distributions that were declared during the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:13.986%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.725%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.086%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.841%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.446%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.841%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.446%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.841%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.785%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Declaration Date</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Payment Date</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Base Distribution Per Share </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Special Distribution Per Share </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Distribution Per Share </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Distribution Amount</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">August 28, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">October 2, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2774</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2774</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">555</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">September 30, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">November 3, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1863</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0207</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2070</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">420</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">October 31, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">December 1, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1922</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0214</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2136</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">438</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">November 25, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">January 2, 2026</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1865</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0207</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2072</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">518</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">December 30, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">January 30, 2026</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1769</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0322</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2091</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">567</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.0193</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0950</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.1143</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,498</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Rounded to four decimal places.</span></div></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Distribution Reinvestment Plan</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company has adopted a distribution reinvestment plan, pursuant to which the Company reinvests all cash distributions declared on behalf of the Company’s shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have enrolled in the distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the distribution reinvestment plan. Distributions on fractional shares are credited to each participating shareholder’s account to three decimal places.</span></p> 0.001 1000 25 1 103746000 53746000 2000000 0.001 25 50000000 P5Y <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following tables summarize transactions in Common Shares during the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:38.932%;box-sizing:content-box;"></td> <td style="width:1.88%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:25.455%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.019%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:24.715%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="6" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Shares</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amount</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Issuance of shares</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,655,082</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">66,524</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Reinvestment of distributions</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">55,850</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,412</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,710,932</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">67,936</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table> 2655082 66524000 55850 1412000 2710932 67936000 0.075 0.05 <p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company authorizes and declares distribution amounts per share of Common Shares payable monthly in arrears. The following tables present distributions that were declared during the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:13.986%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.725%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:14.086%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.841%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.446%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.841%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:15.446%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.841%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.785%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Declaration Date</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Payment Date</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Base Distribution Per Share </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Special Distribution Per Share </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Distribution Per Share </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Distribution Amount</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">August 28, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">October 2, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2774</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2774</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">555</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">September 30, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">November 3, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1863</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0207</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2070</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">420</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">October 31, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">December 1, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1922</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0214</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2136</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">438</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">November 25, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">January 2, 2026</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1865</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0207</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2072</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">518</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">December 30, 2025</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:9pt;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">January 30, 2026</span></span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1769</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0322</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.2091</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">567</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.0193</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0950</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.1143</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,498</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Rounded to four decimal places.</span></div></div> 2025-08-28 2025-10-02 0.2774 0 0.2774 555000 2025-09-30 2025-11-03 0.1863 0.0207 0.207 420000 2025-10-31 2025-12-01 0.1922 0.0214 0.2136 438000 2025-11-25 2026-01-02 0.1865 0.0207 0.2072 518000 2025-12-30 2026-01-30 0.1769 0.0322 0.2091 567000 1.0193 0.095 1.1143 2498000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 9. Financial Highlights</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following are the financial highlights for the </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">period from April 15, 2025 (inception) to December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:69%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:25.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.9%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025 </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Per Share Data:</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net assets, beginning of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net investment income (loss) </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.30</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net realized and change in unrealized appreciation (depreciation) </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(3)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.09</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease) in net assets resulting from operations</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.39</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Distributions declared </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(4)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.11</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total increase (decrease) in net assets</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.28</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net assets, end of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25.28</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Shares outstanding, end of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,710,932</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total return based on net asset value </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(5)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.66</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Ratios: </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(6)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total expenses to average net assets gross of fee waivers</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14.50</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net expenses to average net assets net of fee waivers</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8.15</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net investment income to average net assets</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.02</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Portfolio turnover rate </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(7)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.33</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Supplemental Data:</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net assets, end of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">68,532</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Asset coverage ratio </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(8)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">182.41</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company commenced operations on July 18, 2025. </span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(2)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The per share data was derived by using the weighted average shares outstanding during the period.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(3)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The per share data includes a balancing figure that is derived from the other amounts presented in the schedule.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(4)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 8).</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(5)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan), divided by the net assets per share at the beginning of the period.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(6)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Amounts are annualized except for non-recurring expenses (organization and offering expenses, incentive fees on capital gains, and capital gains on </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">incentive fees waived</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">).</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(7)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. Ratio does not include impact of short-term investments</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(8)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.</span></div></div></div> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following are the financial highlights for the </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">period from April 15, 2025 (inception) to December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:69%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:25.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.9%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="3" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025 </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Per Share Data:</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net assets, beginning of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25.00</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net investment income (loss) </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.30</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net realized and change in unrealized appreciation (depreciation) </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(3)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.09</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease) in net assets resulting from operations</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.39</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Distributions declared </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(4)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.11</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total increase (decrease) in net assets</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.28</span></p></td> <td style="border-top:0.5pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net assets, end of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25.28</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Shares outstanding, end of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,710,932</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total return based on net asset value </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(5)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.66</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Ratios: </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-weight:bold;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(6)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total expenses to average net assets gross of fee waivers</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14.50</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net expenses to average net assets net of fee waivers</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">8.15</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net investment income to average net assets</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.02</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Portfolio turnover rate </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(7)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.33</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Supplemental Data:</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net assets, end of period</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">68,532</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Asset coverage ratio </span><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;position:relative;font-kerning:none;min-width:fit-content;">(8)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">182.41</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">%</span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company commenced operations on July 18, 2025. </span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(2)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The per share data was derived by using the weighted average shares outstanding during the period.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(3)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The per share data includes a balancing figure that is derived from the other amounts presented in the schedule.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(4)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 8).</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(5)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan), divided by the net assets per share at the beginning of the period.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(6)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Amounts are annualized except for non-recurring expenses (organization and offering expenses, incentive fees on capital gains, and capital gains on </span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">incentive fees waived</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">).</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(7)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. Ratio does not include impact of short-term investments</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></div></div><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:6.667%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:6.667%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(8)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.</span></div></div> 25 1.3 0.09 1.39 -1.11 0.28 25.28 2710932 0.0566 0.145 0.0815 0.1202 0.0533 68532000 1.8241 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 10. Income Taxes</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company has elected to be regulated as a BDC under the 1940 Act as of April 15, 2025. The Company intends to elect as a RIC for the year ended December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> and intends to qualify each taxable year thereafter. As a RIC, the Company generally is not subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it timely distributes as dividends for U.S. federal income tax purposes to its stockholders. To qualify to be treated as a RIC, the Company is required to meet certain source of income and asset diversification requirements, and to timely distribute dividends out of assets legally available for distributions to its stockholders of an amount generally equal to at least </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">90</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, for each taxable year.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments, as gains and losses are generally not included in taxable income until they are realized; (2) income or loss recognition on foreign currency transactions; (3) significant debt modifications; and (4) other non-deductible expenses.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and non-deductible expenses, among other items. To the extent these differences are permanent, they are charged or credited to paid in capital, accumulated net distributable earnings (losses), as appropriate. For the period from April 15, 2025 (inception) to December 31, 2025, permanent differences were as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"> </p><div style="font-size:9pt;font-family:Times New Roman;"> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Accumulated net distributable earnings (losses)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">26</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Paid-in capital in excess of par value</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">26</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During the period from April 15, 2025 (inception) to December 31, 2025, permanent differences were related to non-deductible expenses.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following reconciles the increase in net assets resulting from operations to taxable income for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease) in net assets resulting from operations</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,094</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net unrealized (appreciation) depreciation</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">219</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Realized gain (loss) for tax not included in book income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">105</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Capital losses carried forward</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">124</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Other non-deductible expenses and excise taxes</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">54</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Other book/tax differences</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">220</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total taxable income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,168</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"><br/></span><span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The components of accumulated net distributable earnings (losses) as calculated on a tax basis for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025 were as follows:</span></span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Undistributed ordinary income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">464</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Accumulated capital and other losses</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">124</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Accumulated net unrealized appreciation (depreciation)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">310</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Other book/tax differences</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">28</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total accumulated net distributable earnings (losses)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">622</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:11pt;font-family:'Calibri',sans-serif;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The cost and unrealized gain (loss) of the Company’s investments, as calculated on a tax basis, for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025 is as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:74%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Gross tax unrealized appreciation</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">453</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Gross tax unrealized depreciation</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">146</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net unrealized appreciation (depreciation)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">307</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Tax cost</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">152,938</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily due to significant modification of debt securities.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Capital losses are generally eligible to be carried forward indefinitely and retain their status as short-term or long-term in the manner originally incurred by the Company. The Company incurred capital losses for the period from April 15, 2025 (inception) to December 31, 2025 as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Short-term capital loss</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">124</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Long-term capital loss</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The tax character of distributions paid may differ from the character of distributions shown in the Statement of Changes in Net Assets due to short-term capital gains being treated as ordinary income for tax purposes. </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The tax character of distributions paid during the tax year ended </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025 were as follows:</span></span></p><div style="font-size:9pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:74.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:22.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Distributions paid from Ordinary Income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,498</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For the fiscal year ended December 31, 2025</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company, designates </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% of dividends allowable pursuant to the Internal Revenue Code 163(j) as interest income eligible for income inclusion for corporate shareholders.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ASTII Equity Holdings LLC, a wholly owned subsidiary formed in 2025, is a Delaware LLC which has elected to be treated as a corporation for U.S. tax purposes. As such, ASTII Equity Holdings LLC is subject to U.S. federal, state and local taxes. For the Company's tax year ended December 31, 2025, ASTII Equity Holdings LLC activity did not result in a material provision for income taxes.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For the fiscal year ended December 31, 2025, the Company designates investment expenses of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">205</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> under Treasury Regulation Section 1.67-2T(e).</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years and has concluded that no provision for income tax is required in the Company’s financial statements. The Company’s federal and state tax returns are subject to examination by the Internal Revenue Service and state tax authorities for a period of three fiscal years after they are filed.</span></p> 0.90 <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Accumulated net distributable earnings (losses)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">26</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Paid-in capital in excess of par value</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">26</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> </table> 26000 -26000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following reconciles the increase in net assets resulting from operations to taxable income for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net increase (decrease) in net assets resulting from operations</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,094</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net unrealized (appreciation) depreciation</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">219</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Realized gain (loss) for tax not included in book income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">105</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Capital losses carried forward</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">124</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Other non-deductible expenses and excise taxes</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">54</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Other book/tax differences</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">220</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total taxable income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3,168</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table> 3094000 -219000 -105000 124000 54000 220000 3168000 <span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The components of accumulated net distributable earnings (losses) as calculated on a tax basis for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025 were as follows:</span><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:73.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Undistributed ordinary income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">464</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Accumulated capital and other losses</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">124</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Accumulated net unrealized appreciation (depreciation)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">310</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Other book/tax differences</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">28</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Total accumulated net distributable earnings (losses)</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">622</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table> 464000 -124000 310000 -28000 622000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The cost and unrealized gain (loss) of the Company’s investments, as calculated on a tax basis, for the period from April 15, 2025 (inception) to </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025 is as follows:</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:74%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:23%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Gross tax unrealized appreciation</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">453</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Gross tax unrealized depreciation</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-kerning:none;min-width:fit-content;">(</span><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">146</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Net unrealized appreciation (depreciation)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #000000;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">307</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Tax cost</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">152,938</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table> 453000 146000 307000 152938000 -124000 0 <span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The tax character of distributions paid during the tax year ended </span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025 were as follows:</span><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:74.94%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:22.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:9pt;background-color:#ffffff;word-break:break-word;white-space:pre-wrap;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period from April 15, 2025 (inception) to December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:9pt;background-color:#d0eeff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Distributions paid from Ordinary Income</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:9pt;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2,498</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table> 2498000 1 205000 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 11. Segment Reporting</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company operates through a single operating and reporting segment with the investment objective to provide risk-adjusted returns and current income to shareholders by investing primarily in loans to U.S. borrowers. The chief operating decision maker (the “CODM”</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">) function is comprised of the </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_6cf2c726-f94a-4deb-ad4d-05eefc5f239e;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Company’s chief executive officer, chief financial officer and chief compliance officer</span></span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, which evaluates the performance of the Company on a consolidated basis, and which operates under the specific regulatory requirements of the Investment Company Act of 1940. The CODM function utilizes key metrics including, but not limited to, net increase (decrease) in net assets resulting from operations (as reported on the Consolidated Statement of Operations) for determining the Company’s investment strategy, capital allocation, expense structure, and potential significant transactions. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statement of Operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Note 12. Subsequent Events</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company has evaluated events and transactions for potential recognition or disclosure through March 19, 2026. There are no subsequent events to disclose except for the following:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"><br/></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Subscriptions</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">January 1, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, we sold and issued </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">188,523</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Common Shares for an aggregate consideration of approximately $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4,766</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> at a price of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25.28</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per Common Share, including Common Shares issued through the Company's distribution reinvestment plan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">February 1, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, we sold and issued </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">51,203</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Common Shares for an aggregate consideration of approximately $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,292</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> at a price of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">25.23</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per Common Share</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company received $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">985</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> of net proceeds relating to the issuance of Common Shares for subscriptions effective March 1, 2026.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Distribution Declaration</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">January 30, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company declared a regular distribution in the amount of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1773</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share and a special distribution in the amount of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0269</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share for its Common Shares, which are payable to shareholders of record as of </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">January 30, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, and will be paid on or about </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">March 2, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">February 27, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, the Company declared a regular distribution in the amount of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.1597</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share and a special distribution in the amount of $</span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0194</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share for its Common Shares, which are payable to shareholders of record as of </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">February 27, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">, and will be paid on or about </span><span style="font-size:9pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">April 2, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These distributions will be paid in cash or reinvested in additional Common Shares for shareholders participating in the Company’s distribution reinvestment plan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Distribution Reinvestment</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On January 30. 2026, we issued </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">21,155</span><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Common Shares pursuant to our distribution reinvestment plan.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Extension of Waiver Letter Agreement</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:9pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On March 1, 2026, the Fund and the Adviser entered into a Fee Waiver Letter Agreement, which extends the terms of the prior waiver letter agreement dated July 15, 2025, pursuant to which the Adviser agreed to irrevocably waive, which may be effected by a rebate or otherwise, (i) any base management fee due from the Fund to the Adviser under Section 5(a) of the Agreement and (ii) any incentive fee due from the Fund to the Adviser under Section 5(b) of the Agreement from March 1, 2026 through August 31, 2026.</span></p> 2026-01-01 188523 4766000 25.28 2026-02-01 51203 1292000 25.23 985000 2026-01-30 0.1773 0.0269 2026-01-30 2026-03-02 2026-02-27 0.1597 0.0194 2026-02-27 2026-04-02 21155 false false false false true The Company commenced operations on July 18, 2025. The Company commenced operations on July 18, 2025. The Company commenced operations on July 18, 2025. Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain Portfolio Company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments. The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S"), Canadian Overnight Repo Rate Average ("CORRA" or "C"), or other relevant benchmark, which reset daily, monthly, quarterly, semiannually or annually. For each such investment, the Company has provided the spread over reference rates and the current contractual interest rate in effect on December 31, 2025. Certain investments are subject to an interest rate floor, or rate cap. Certain investments contain a payment-in-kind ("PIK") provision. SOFR and CORRA 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. The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). These investments were not valued using unobservable inputs and are not considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Directors (the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy. The investment is not a qualifying asset, in whole or in part, under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 5.95% of total assets as calculated in accordance with regulatory requirements. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See below and Note 7 to the Consolidated Financial Statements for more information on the Company’s unfunded commitments. Position or portion thereof is pledged as collateral under the Citi Facility (as defined below). Security exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities is $318 or 0.47% of the Company’s net assets. The acquisition dates of these restricted securities are as follows: Loan includes interest floor of 1.00%. Loan includes interest floor of 0.75%. Loan includes interest floor of 0.50%. Loan includes interest floor of 0.00%. Foreign domiciled investments have been converted to U.S. Dollars based on prevailing rates at period-end. As of December 31, 2025, included within the fair value of Level 3 assets of $134,666 is an amount of $46,330 for which the Adviser did not develop the unobservable inputs (examples include broker quotes and transaction prices). Weighted averages are calculated based on fair value of investments. The carrying value of the Company’s debt obligations is used as an approximate to fair value. The fair value of these debt obligations would be categorized as Level 3 under the ASC 820 fair value level hierarchy as of December 31, 2025. Carrying values do not include impact of deferred financing costs. The unused portion is the amount upon which commitment fees, if any, are based. The amount available reflects any limitations related to the respective facility’s borrowing base. Rounded to four decimal places. The Company commenced operations on July 18, 2025. The per share data was derived by using the weighted average shares outstanding during the period. The per share data includes a balancing figure that is derived from the other amounts presented in the schedule. The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 8). Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan), divided by the net assets per share at the beginning of the period. Amounts are annualized except for non-recurring expenses (organization and offering expenses, incentive fees on capital gains, and capital gains on incentive fees waived). Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. Ratio does not include impact of short-term investments. In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.