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dti:CommonSharesMember
2026-05-26
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dti:PreferredSharesMember
2026-05-26
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dti:GeneralMarketAndRegulatoryRisksMember
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2026-05-26
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dei:BusinessContactMember
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2024-03-26
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dti:CommonSharesMember
2024-04-01
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0001843974
dti:CommonSharesMember
2024-07-01
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0001843974
dti:CommonSharesMember
2024-10-01
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0001843974
dti:CommonSharesMember
2025-01-01
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0001843974
dti:CommonSharesMember
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dti:CommonSharesMember
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shares
pure
iso4217:USD
iso4217:USD
shares
0001843974
false
333-000000
N-2ASR
TX
TX
Percentage of net assets attributable to common stock
Yes
811-23802
N-2
true
false
false
true
17
true
Destiny Tech100 Inc.
1401 Lavaca Street
#144
Austin
78701
415
639-9966
Sohail Prasad
1401 Lavaca Street
#144
Austin
78701
From time to time after the effective date of this Registration Statement.
false
true
true
true
false
false
true
false
false
true
false
false
The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “us” or “the Company” or that “we” will pay fees or expenses, you will indirectly bear these fees or expenses as an investor in the Company.
<table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; text-indent: 0px; border-spacing: 0px;margin-right : auto;margin-left : 0;margin-right : auto;">
<tr>
<td style="padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1pt solid windowtext;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: left;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Annual expenses:</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom; border-bottom: 1pt solid windowtext;">
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"><div style="-sec-ix-hidden:hidden166351385;display:inline;">Percentage</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">of net</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">assets</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">attributable</div></div></div>
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">to common stock</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
</tr>
<tr>
<td style="width: 87%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Management Fee payable under the Investment Advisory Agreement</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; text-align: right; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">2.18</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; text-align: left; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">%<div style=";display:inline;vertical-align: super;font-size:9.2px">(1)</div> </div></div>
</td>
</tr>
<tr>
<td style="width: 87%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Interest payments on borrowed funds</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; text-align: right; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">0.00</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; text-align: left; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">%<div style=";display:inline;vertical-align: super;font-size:9.2px">(2)</div> </div></div>
</td>
</tr>
<tr>
<td style="width: 87%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Acquired Fund Fees and Expenses</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; text-align: right; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">0.03</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; text-align: left; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">%<div style=";display:inline;vertical-align: super;font-size:9.2px">(3)</div> </div></div>
</td>
</tr>
<tr>
<td style="width: 87%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Other Expenses</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; text-align: right; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">2.35</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; text-align: left; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">%<div style=";display:inline;vertical-align: super;font-size:9.2px">(4)</div> </div></div>
</td>
</tr>
<tr>
<td style="width: 87%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Total annual expenses</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; text-align: right; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">4.56</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; text-align: left; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">%<div style=";display:inline;vertical-align: super;font-size:9.2px">(4)</div> </div></div>
</td>
</tr>
</table>
<div style="clear: both; max-height: 0px; text-indent: 0px;"></div>
<div style="clear:both;max-height:0pt;text-indent: 0px;"></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;">
<tr style="vertical-align:top; padding-bottom:0in; padding-top:0in">
<td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td>
<td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">(1)</div></div>
</td>
<td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Under the Investment Advisory Agreement, we will pay the Adviser a Management Fee, payable quarterly, in an amount equal to an annualized rate of 2.50% of our average gross assets, at the end of the two most recently completed calendar quarters. For purposes of the Investment Advisory Agreement, the term “gross assets” includes assets purchased with borrowed amounts, if any. See “<div style="font-style:italic;display:inline;">Management — Investment Advisory Agreement.</div>”</div></div>
</td>
</tr>
</table>
<div style="clear:both;max-height:0pt;text-indent: 0px;"></div>
<div style="margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0.25in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common stock (rather than our gross assets).</div></div>
<div style="margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;">
<tr style="vertical-align:top; padding-bottom:0in; padding-top:0in">
<td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td>
<td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">(2)</div></div>
</td>
<td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Within the first 12 months following the filing of this registration statement, we do not intend to borrow money or issue debt securities or preferred shares.</div></div>
</td>
</tr>
</table>
<div style="clear:both;max-height:0pt;text-indent: 0px;"></div>
<div style="margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;">
<tr style="vertical-align:top; padding-bottom:0in; padding-top:0in">
<td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td>
<td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">(3)</div></div>
</td>
<td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.</div></div>
</td>
</tr>
</table>
<div style="clear:both;max-height:0pt;text-indent: 0px;"></div>
<div style="margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;">
<tr style="vertical-align:top; padding-bottom:0in; padding-top:0in">
<td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td>
<td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">(4)</div></div>
</td>
<td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Other Expenses are based on estimated amounts for the current fiscal year and include all direct operating expenses of the Company. Other Expenses include the Company’s organization and offering fees and expenses.</div></div>
</td>
</tr>
</table>
0.0218
0
0.0003
0.0235
0.0456
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;">
<tr style="vertical-align:top; padding-bottom:0in; padding-top:0in">
<td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td>
<td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">(1)</div></div>
</td>
<td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;">
<div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Under the Investment Advisory Agreement, we will pay the Adviser a Management Fee, payable quarterly, in an amount equal to an annualized rate of 2.50% of our average gross assets, at the end of the two most recently completed calendar quarters. For purposes of the Investment Advisory Agreement, the term “gross assets” includes assets purchased with borrowed amounts, if any. See “<div style="font-style:italic;display:inline;">Management — Investment Advisory Agreement.</div>”</div></div>
</td>
</tr>
</table>
<div style="clear:both;max-height:0pt;text-indent: 0px;"></div>
<div style="margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0.25in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common stock (rather than our gross assets).</div></div>
Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.
Other Expenses are based on estimated amounts for the current fiscal year and include all direct operating expenses of the Company. Other Expenses include the Company’s organization and offering fees and expenses.
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are included in the following example.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; text-indent: 0px; border-spacing: 0px;margin-right : auto;">
<tr>
<td style="padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1pt solid windowtext; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: left;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Example</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1pt solid windowtext; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">1 Year</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1pt solid windowtext; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">3 Years</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1pt solid windowtext; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">5 Years</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1pt solid windowtext; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">10 Years</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; text-align: center; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"></div></div>
</td>
</tr>
<tr>
<td style="width: 48%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0.13in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; text-indent: -0.13in;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">You would pay the following expenses on a $1,000 investment, assuming a 5% annual return</div></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">$</div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">46</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">$</div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">138</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">$</div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">231</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">$</div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="margin: 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;">466</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; white-space: nowrap;display:inline;"> </div></div>
</td>
</tr>
</table>
46
138
231
466
<div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div id="a_008_kalk"></div><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; text-transform: uppercase; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">RISK FACTORS</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; text-transform: uppercase; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div><br/></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investing in our common stock involves a number of significant risks. Before you invest in our common stock, you should be aware of various risks associated with the investment, including those described below. You should carefully consider these risk factors, together with all of the other information included in this prospectus, before you decide whether to make an investment in our common stock. The risks set out 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 case, you may lose all or part of your investment.</div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">General Risks</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Limited operating history as a closed-end investment company</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We are a non-diversified, closed-end management investment company with limited operating history. As a result, we are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of your investment could decline substantially or become worthless.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No assurance of investment return</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The types of investments that we make involve a high degree of risk. In general, financial and operating risks confronting our portfolio companies can be significant. We cannot provide assurance that we will be able to choose, make or realize investments in any particular company or portfolio of companies. Moreover, while the type of investments that we make offers the possibility of substantial returns, such investments also involve a high degree of financial risk and can result in substantial or total capital losses.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, there can be no assurance that we will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions described in this prospectus. The performance and appreciation of the investments that comprise our portfolio will depend on the successful operation of the companies in which we invest, prevailing interest rates, and other market conditions over which we and the Adviser will have no control. Returns generated from our investments may not adequately compensate investors for the business and financial risks assumed, and an investor may lose all or a part of its investment in our shares.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Reliance on the Adviser</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Adviser has no prior experience managing a registered closed-end investment company. The Adviser provides us with management and advisory services and makes investment decisions on our behalf. Investors will have no role in making decisions with respect to the management, disposition or other realization of any investment, or decisions regarding our business and affairs. Consequently, our success will depend, in large part, upon the skill and expertise of the Adviser and its investment professionals. Furthermore, the investment professionals will not focus exclusively on our operations and may have responsibility for other managed investment funds.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Adviser’s team of investment professionals will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of this prospectus. The Adviser’s team of investment professionals is currently composed of Sohail Prasad, who serves on the Investment Committee. There can be no assurance that the investment and other professionals upon which the Adviser relies will continue to be associated with the Adviser while the Adviser serves as our investment adviser. Our future success will depend to a significant extent on the continued service and coordination of the Adviser’s team of investment professionals. If the Adviser’s team of investment professionals does not maintain their existing relationships with sources of investment opportunities and does not develop new relationships with other sources of investment opportunities available to us, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser’s team of investment professionals has relationships are not obligated to provide us with investment opportunities. Therefore, the Adviser can offer no assurance that such relationships will generate investment opportunities for us. Furthermore, the Adviser cannot assure investors that the Adviser will remain our investment adviser or that we will continue to have access to its investment professionals or its information and deal flow.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investment due diligence and investment research may not reveal all relevant facts regarding investment opportunities</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">When conducting due diligence and investment research, we may be required to evaluate important and complex business, financial, tax, accounting, environmental, social, governance and legal metrics. Outside consultants, legal advisors, accountants and investment banks may be involved in the due diligence and investment research process in varying degrees depending on the type of investment. When conducting due diligence and investment research and making an assessment regarding an investment, the Adviser may rely on information provided by such persons, or by the management of the target of the investment or their advisors. The due diligence investigation and investment research that the Adviser carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity, may lead to inaccurate or incomplete conclusions, or may be manipulated by fraud. Moreover, such an investigation will not necessarily result in the investment being successful.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Competition for investment opportunities; difficulty of locating suitable investments and meeting investment objective</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">A large number of entities compete with us to make the types of direct equity investments that we target as part of our business strategy. We compete for such investments with a large number of private equity and venture capital funds, other equity and non-equity based investment funds, investment banks and other sources of financing, including traditional financial services companies such as commercial banks and specialty finance companies. Many of our competitors are substantially larger than us and have considerably greater financial, technical and marketing resources than we do. We may be at a competitive disadvantage with our competitors in a particular sector or investment, as some of them have greater capital, lower targeted returns, a greater willingness to take on risk, more personnel or greater sector or investment strategy specific expertise. We may be unable to find a sufficient number of attractive opportunities to meet our investment objective and there is no assurance as to the timing of investments. The Adviser expects us to benefit from its relationships and experience making investments; however, there can be no assurance that the Adviser will be able to maintain or draw upon such relationships, which could have an adverse effect on our ability to find suitable investments and otherwise achieve our investment objective. Furthermore, the Adviser will emphasize or de-emphasize different aspects of its investment strategy from time to time, and refine or add to our investment strategy, to respond to changes in market conditions, and there can be no assurance that the Adviser will follow the investment strategy and process described herein for every investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Non-U.S. Investments Risk.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Non-U.S. securities involve certain factors not typically associated with investing in U.S. securities, including risks relating to: (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which foreign investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) inflation matters, including rapid fluctuations in inflation rates; (iii) differences between the U.S. and foreign securities markets, including potential price volatility in and relative liquidity of some foreign securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and the potential of less government supervision and regulation; (iv) economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; (v) the possible imposition of foreign taxes on income and gains recognized with respect to such securities; and (vi) difficulties in enforcing legal judgements in foreign courts. Laws and regulations of foreign countries may impose restrictions that would not exist in the United States and may require financing and structuring alternatives that differ significantly from those customarily used in the United States. No assurance can be given that a change in political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment by us.”</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Board. There may not be a public market or active secondary market for certain of the types of investments that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policies and procedures approved by our Board.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and our Adviser has a conflict of interest in making recommendations of fair value. We will value our investments quarterly at fair value in accordance with valuation policies and procedures approved by our Board<div style="display:inline;">. </div>The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. Our net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Any unrealized losses we experience on our portfolio may be an indication of future realized losses.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">As a registered closed-end management investment company, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by the Adviser as the valuation designee pursuant to policies and procedures approved by our board of directors. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of an issuer’s inability to meet its repayment obligations. This could result in realized losses in the future.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Efforts to comply with the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with such regulations may adversely affect us.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We are subject to the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC. We are required to periodically review our internal control over financial reporting, and evaluate and disclose changes in our internal control over financial reporting. Developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance. This process will also result in a diversion of management’s time and attention. We cannot be certain as to the timing of the completion of our evaluation, testing and remediation actions or the impact of the same on our operations and we may not be able to ensure that the process is effective or that our internal control over financial reporting 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.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Effective internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information, which could have a negative effect on our ability to continue the offering.</div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks Associated with Our Investment Strategy</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investment methodology</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may employ certain strategies that depend upon the reliability and accuracy of the Adviser’s analytical investment processes. To the extent such investment processes (or the assumptions underlying them) do not prove to be correct, we may not perform as anticipated, which could result in substantial losses.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Identification of appropriate investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our success as a whole depends on the identification and availability of suitable investment opportunities and terms. The availability and terms of investment opportunities will be subject to market conditions, prevailing regulatory conditions in regions where we may invest, and other factors outside our control. In addition, we may find ourselves in competition with other funds that have entered or may enter its markets or with private equity funds and financial institutions that may be willing to extend financing on terms that are more favorable to the portfolio company than the Adviser believes are appropriate in light of the risk of the investment. Therefore, there can be no assurance that appropriate investments will be available to, or identified or selected by, us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Concentration of investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Many of our investments will be in U.S. private companies in the technology sector, and therefore will be particularly exposed to the risks attendant to investments in that sector. Except as otherwise described herein, investors generally have no assurance as to the degree of diversification of our investments, either by geographic region, asset type or sector. Accordingly, a significant portion of our investments may be made in relatively few geographic regions, asset types, security types or industry sectors. For example, as of March 31, 2026, approximately <div style="display:inline;">23.1</div>% of our investment portfolio is invested in private technology companies in the aerospace/aviation industry. By concentrating in a single sector, we carry a greater risk of adverse developments in that sector than a fund that invests in a wide variety of industries. Any such concentration of risk may increase losses suffered by us, which could have a material adverse effect on our overall financial condition. We may be subject to greater volatility with respect to our portfolio investments than a fund that is more broadly diversified. Even when the Adviser attempts to control risks and diversify the portfolio, risks associated with different assets may be correlated in unexpected ways, with the result that we face concentrated exposure to certain risks. Conversely, the Adviser may encounter unexpected changes in the correlation of assets or markets, which confound their attempts to hedge or limit risk and result in investment losses. Many risk management techniques are based on observed historical market behavior, but future market behavior may be entirely different. Although the Adviser attempts to identify, monitor and manage significant risks, these efforts may not necessarily take all risks into account and there can be no assurance that these efforts will be effective. Any inadequacy or failure in the Adviser’s risk management efforts could result in material losses for us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Inability to make follow-on investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Following our initial investment in portfolio companies or assets, we may be called upon to provide additional investments in that portfolio company as follow-on investments, in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of our investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may elect not to make follow-on investments, or may otherwise lack sufficient funds to make those</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">investments or lack access to desired follow-on investment opportunities. We have the discretion to make any follow-on investments, subject to the availability of capital resources and of the investment opportunity. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, or we lack access to the desired follow-on investment opportunity.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, we may be unable to complete follow-on investments in our portfolio companies that have conducted an IPO as a result of regulatory or financial restrictions.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Litigation and regulatory investigations</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Adviser anticipates that, from time to time, the Adviser and its affiliates may be named as defendants in civil proceedings. Litigation or threats of litigation consume time and resources and jeopardize the successful closing of transactions. Moreover, the outcome of such proceedings may materially adversely affect the value of portfolio positions, may be impossible to predict, and may continue unresolved for long periods of time. The expense of prosecuting claims, for which there is no guarantee of success, and/or the expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would generally be borne by us and would reduce net assets.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">As an investment adviser, the Adviser expects to have interactions with and inquiries from regulators from time to time, including but not limited to matters related to us, the Adviser and its affiliates.</div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks Associated with Our Investments</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks associated with investments in rapidly growing venture-capital-backed emerging companies</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investments in the rapidly growing venture-capital-backed emerging companies that we target involves a number of significant risks, including the following:</div></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">these portfolio companies may have limited financial resources and may be unable to meet their obligations under their existing debt, which may lead to equity financings, possibly at discounted valuations, in which we could be substantially diluted if we do not or cannot participate, bankruptcy or liquidation and the reduction or loss of our equity investment;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">they typically have limited operating histories, narrower, less established product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and <div style="display:inline;">may </div>require substantial additional capital to support their operations, finance expansion or maintain their competitive position;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">because they are privately owned, there is generally little publicly available information about these businesses; therefore, although we will perform due diligence investigations on these portfolio companies, their operations and their prospects, we may not learn all of the material information we need to know regarding these businesses and, in the case of investments we acquire on private secondary transactions, we may be unable to obtain financial or other information regarding the companies with respect to which we invest. Furthermore, there can be no assurance that the information that we do obtain with respect to any investment is reliable;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us; and</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">such private companies frequently have much more complex capital structures than traditional publicly traded companies, and may have multiple classes of equity securities with differing rights, including with respect to voting and distributions. In addition, it is often difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. In certain cases, such private companies may also have senior or <div style="font-style:italic;display:inline;">pari passu</div> preferred stock or senior debt outstanding, which may heighten the risk of investing in the underlying equity of such private</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">companies, particularly in circumstances when we</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">have limited information with respect to such capital structures. Although we believe that our investment professionals have extensive experience evaluating and investing in private companies with such complex capital structures, there can be no assurance that we will be able to adequately evaluate the relative risks and benefits of investing in a particular class of a portfolio company’s equity securities. Any failure on our part to properly evaluate the relative rights and value of a class of securities in which we invest could cause us to lose part or all of our investment, which in turn could have a material and adverse effect on our net asset value and results of operations.</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">A portfolio company’s failure to satisfy financial or operating covenants imposed by its lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our equity investment in such portfolio company. We may incur expenses to the extent necessary to seek recovery of our equity investment or to negotiate new terms with a financially distressed portfolio company.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The securities of our portfolio companies are illiquid</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The securities of our portfolio companies are illiquid, and the inability of these portfolio companies to complete an IPO or consummate another liquidity event within our targeted time frame for that investment will extend the holding period of our investments, may adversely affect the value of these investments, and will delay the distribution of gains, if any. The IPO market is, by its very nature, unpredictable. A lack of IPO opportunities for venture capital-backed companies could lead to companies staying longer in our portfolio as private entities still requiring funding. This situation may adversely affect the amount of available venture capital funding to late-stage companies that cannot complete an IPO. Such stagnation could dampen returns or could lead to unrealized depreciation and realized losses as some companies run short of cash and have to accept lower valuations in private fundings or are not able to access additional capital at all. A lack of IPO opportunities for venture capital-backed companies may also cause some venture capital firms to change their strategies, leading some of them to reduce funding of their portfolio companies and making it more difficult for such companies to access capital. This might result in unrealized depreciation and realized losses in such companies by other investment funds, like us, who are co-investors in such companies. There can be no assurance that we will be able to achieve our targeted return on our portfolio company investments if, as and when they go public.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The equity securities we acquire in a portfolio company are generally subject to contractual transfer limitations imposed on the portfolio company’s stockholders as well as other contractual obligations, such as rights of first refusal and co-sale rights. These obligations generally expire only upon an IPO by the portfolio company or the occurrence of another liquidity/exit event. As a result, prior to an IPO or other liquidity/exit event, our ability to liquidate our private portfolio company positions may be constrained. Transfer restrictions could limit our ability to liquidate our positions in these securities if we are unable to find buyers acceptable to our portfolio companies, or where applicable, their stockholders. Such buyers may not be willing to purchase our investments at adequate prices or in volumes sufficient to liquidate our position, and even where they are willing, other stockholders could exercise their co-sale rights to participate in the sale, thereby reducing the number of shares available to sell by us. Furthermore, prospective buyers may be deterred from entering into purchase transactions with us due to the delay and uncertainty that these transfer and other limitations create.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">If the portfolio companies in which we invest do not perform as planned, they may be unable to successfully complete an IPO or consummate another liquidity event within our targeted time frame, or they may decide to abandon their plans for an IPO. In such cases, we will likely exceed our targeted holding period and the value of these investments may decline substantially if an IPO or other exit is no longer viable. We may also be forced to take other steps to exit these investments.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The illiquidity of our portfolio company investments, including those that are traded on the trading platforms of private secondary marketplaces, may make it difficult for us to sell such investments should the need arise. Also, if we were required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. We will have no limitation on the portion of our portfolio that may be invested in illiquid securities, and we anticipate that all or a substantial portion of our portfolio may be invested in such illiquid securities at all times.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, even if a portfolio company completes an IPO, we will typically not be able to sell our position until any applicable post-IPO lockup restriction expires. As a result of lockup restrictions, the market price of securities that we hold may decline substantially before we are able to sell them following an IPO. There is also no assurance that a meaningful trading market will develop for our publicly traded portfolio companies following an IPO to allow us to liquidate our position when we desire.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks related to investing in securities traded on private secondary marketplaces.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We will utilize private secondary marketplaces, such as Forge, SharesPost and CartaX, to acquire investments for our portfolio. When we purchase secondary shares, we may have little or no direct access to financial or other information from these portfolio companies. Our portfolio companies may be under no obligation to furnish, or may generally resist providing, information to us with respect to the securities of the portfolio company, and we may waive or have contractual limitations with respect to such securities. As a result, we will be dependent upon the relationships of our investment professionals to obtain the information necessary to perform research and due diligence, and to monitor our investments after they are made. There can be no assurance that our management team and investment professionals will be able to acquire adequate information on which to make its investment decision with respect to any private secondary marketplace purchases, or that the information it is able to obtain is accurate or complete. Any failure to obtain full and complete information regarding the portfolio companies with respect to which we invest through private secondary marketplaces could cause us to lose part or all of our investment in such companies, which would have a material and adverse effect on our net asset value and results of operations.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, while we believe the ability to trade on private secondary marketplaces provides valuable opportunities for liquidity, there can be no assurance that the portfolio companies with respect to which we invest through private secondary marketplaces will have or maintain active trading markets, and the prices of those securities may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may result in an inability for us to realize full value on our investment. In addition, wide swings in market prices, which are typical of irregularly traded securities, could cause significant and unexpected declines in the value of our portfolio investments. Further, prices in private secondary marketplaces, where limited information is available, may not accurately reflect the true value of a portfolio company, and may overstate a portfolio company’s actual value, which may cause us to realize future capital losses on our investment in that portfolio company. If any of the foregoing were to occur, it would likely have a material and adverse effect on our net asset value and results of operations.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investments in private companies, including through private secondary marketplaces, also entail additional legal and regulatory risks, which expose participants to the risk of liability due to the imbalance of information among participants and participant qualification and other transactional requirements applicable to private securities transactions, the non-compliance with which could result in rescission rights and monetary and other sanctions. The application of these laws within the context of private secondary marketplaces and related market practices are still evolving, and, despite our efforts to comply with applicable laws, we could be exposed to liability. The regulation of private secondary marketplaces is also evolving. Additional state or federal regulation of these markets could result in limits on the operation of or activity on those markets. Conversely, deregulation of these markets could make it easier for investors to invest directly in private companies and affect the attractiveness of the Company as an access vehicle for investment in private shares. Private companies may also increasingly seek to limit secondary trading in their stock, such as through contractual transfer restrictions, and provisions in company charter documents, investor rights of first refusal and co-sale and/or employment and trading policies further restricting trading. To the extent that these or other developments result in reduced trading activity and/or availability of private company shares, our ability to find investment opportunities and to liquidate our investments could be adversely affected.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may not realize gains from our equity investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We invest principally in the equity and equity-related securities of what we believe to be rapidly growing venture-capital-backed emerging companies. However, the equity interests we acquire may not appreciate in value and, in fact, may decline in value.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, the private company securities we acquire may be subject to drag-along rights, which could permit other stockholders, under certain circumstances, to force us to liquidate our position in a subject company at a specified price, which could be, in our opinion, inadequate or undesirable or even below our cost basis. In this event, we could realize a loss or fail to realize gain in an amount that we deem appropriate on our investment. Further, capital market volatility and the overall market environment may preclude our portfolio companies from realizing liquidity events and impede our exit from these investments. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We will generally have little, if any, control over the timing of any gains we may realize from our equity investments unless and until the portfolio companies in which we invest become publicly traded. In addition, the portfolio companies in which we invest may have substantial debt loads. In such cases, we would typically be last in line behind any creditors in a bankruptcy or liquidation and would likely experience a complete loss on our investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The lack of liquidity in, and potentially extended holding period of, many of our investments may adversely affect our business and will delay any distributions of gains, if any.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investments will generally not be in publicly traded securities. Although we expect that some of our equity investments will trade on private secondary marketplaces, certain of the securities we hold will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. In addition, while some portfolio companies may trade on private secondary marketplaces, we can provide no assurance that such a trading market will continue or remain active, or that we will be able to sell our position in any portfolio company at the time we desire to do so and at the price we anticipate. The illiquidity of our investments, including those that are traded on private secondary marketplaces, will make it difficult for us to sell such investments if the need arises. Also, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. We have no limitation on the portion of our portfolio that may be invested in illiquid securities, and a substantial portion or all of our portfolio may be invested in such illiquid securities from time to time.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, because we generally invest in equity and equity-related securities, with respect to the majority of our portfolio companies, we do not expect regular realization events, if any, to occur in the near term. We expect that our holdings of equity securities may require several years to appreciate in value, and we can offer no assurance that such appreciation will occur.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Technology-related industries in which we invest are subject to risks</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Technology-related industries in which we invest are subject to risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences, periodic downturns, regulatory concerns and litigation risks. The revenue, income (or losses) and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of products and some services provided by companies in technology-related sectors have historically decreased over their productive lives.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, we expect our portfolio companies will face intense competition since their businesses are rapidly evolving, intensely competitive and subject to changing technology, shifting user needs and frequent introductions of new products and services. Potential competitors to our portfolio companies in the technology industry range from large and established companies to emerging start-ups. Further, such portfolio companies are, in many cases, subject to laws that were adopted prior to the advent of the Internet and related technologies and, as a result, may not contemplate or address the unique issues of the Internet and related technologies. The laws that do reference the Internet are being interpreted by the courts, but their applicability and scope remain uncertain. Claims have been threatened and filed under both U.S. and foreign laws for defamation, invasion of privacy and other tort claims, unlawful activity, copyright and trademark infringement, or other theories based on the nature and content of the materials searched and the ads posted by a company’s users, a company’s products and services, or content generated by a company’s users. Further, the growth of technology-related companies into a variety of new fields implicate a variety of new regulatory issues and may subject such companies to increased regulatory scrutiny, particularly in the United States and Europe. Any of these factors could materially and adversely affect the business and operations of a portfolio company in the technology industry and, in turn, adversely affect the value of these portfolio companies and the value of any securities that we may hold.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Artificial Intelligence (“AI”)-related industries in which we invest are subject to risks</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Technology-related companies may also be subject to significant risks arising from rapid developments in artificial intelligence (“AI”)<div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none;text-indent: 0px;display:inline;">, including the risk that advances in AI capabilities could disrupt the businesses, competitive positioning, or operations of such companies and could materially and adversely affect their financial performance. The pace of AI development may render existing products, services, or business models of such companies obsolete or uncompetitive in a relatively short period of time, and companies that fail to adapt to or successfully integrate AI technologies into their operations may experience significant declines in market share, revenue, and profitability. Conversely, companies that invest heavily in AI development and integration face substantial execution risk, including the risk that such investments may not yield the anticipated competitive advantages or financial returns. In addition, the widespread adoption of AI technologies may intensify competition within technology-related industries by lowering barriers to entry, enabling new market participants to rapidly develop and deploy competing products and services at reduced cost. Technology-related companies may also face increased costs associated with attracting and retaining personnel with the requisite AI expertise, as competition for such talent is intense and is expected to continue to intensify. Furthermore, the regulatory environment governing the development and deployment of AI technologies is rapidly evolving and remains highly uncertain; new or more stringent laws and regulations applicable to AI could impose significant compliance costs, restrict certain uses of AI, or expose such companies to increased legal liability. Any of the foregoing factors could materially and adversely affect the business, financial condition, and results of operations of technology-related companies in which we invest, and in turn, adversely affect the value of our portfolio investments.</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We will generally not hold controlling equity interests in our portfolio companies</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Generally, we will not take controlling equity positions in our portfolio companies. As a result, we will</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">be subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. In addition, other stockholders, such as venture capital and private equity sponsors, that have substantial investments in our portfolio companies may have interests that differ from that of the portfolio company or its minority stockholders, which may lead them to take actions that could materially and adversely affect the value of our investment in the portfolio company. Due to the lack of liquidity for the equity and equity-related investments that we will typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company or its substantial stockholders, and may therefore suffer a decrease in the value of our investments.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Reliance on portfolio company management</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The day-to-day operations of the portfolio companies in which we will invest will be the responsibility of such portfolio company’s management team. We do not intend to seek representation on the board of directors of portfolio companies or otherwise provide management or strategic planning assistance, and will not have an active role in the day-to-day management of the companies in which we invest. Although the Adviser will be responsible for monitoring the performance of each investment, there can be no assurance that the existing management team, or any successor, will be able to operate the company successfully, or in a way that is consistent with our investment objective. To the extent that the senior management of a portfolio company performs poorly, or if a key manager of a portfolio company terminates employment, our investment in such company could be adversely affected. There are many challenges faced by leaders of venture-funded private companies, including resignations or dismissals of senior executive officers and other top managers, disputes among investors and board members, regulatory hurdles, bad press, allegedly unethical or illegal business practices, competition from larger companies with better resources and experience, and management complicity in discrimination and hostile workplace environments on account of race or gender. Our returns will depend in large part on the performance of these unrelated individuals and could be substantially adversely affected by the unfavorable performance of a small number of such individuals.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, we will generally participate in the capital structure of the portfolio companies on the basis of financial projections for such portfolio companies. Projected operating results will normally be based in part on the judgment of the management of the portfolio company. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that the projected results will be obtained, and actual results may vary significantly from the projections. In circumstances in which the Adviser relies on information from corporate management, the Company may be subject to the risk of dysfunctional or fraudulent management and/or accounting irregularities.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Limited information</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Only limited information may be made available to us regarding our investments in potential portfolio companies. There generally will be little or no publicly available information regarding the status and prospects of the portfolio company. Investment decisions may depend on the ability to obtain relevant information from non-public sources, and we may be required to make decisions without complete information or in reliance upon information provided by third parties that is impossible or impracticable to verify. There is a risk that: (i) there are facts or circumstances pertaining to a portfolio company that the public (including us) are not aware of; and (ii) publicly available information concerning the a portfolio company upon which we rely may prove to be inaccurate, and, as a result of (i) or (ii), the investor may suffer a partial or complete loss on its investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No guarantee of future access to information</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Each portfolio company is under no obligation to furnish, or may generally resist providing, information to us with respect to any securities of the portfolio company, and we may waive or have contractual limitations with respect to such securities. Exercise and use of any information rights with respect to the portfolio company shall be at our sole discretion.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Environmental Liability</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may be exposed to substantial risk of loss from environmental claims arising from investments made in companies with undisclosed or unknown environmental problems or with inadequate reserves, as well as from occupational safety issues and concerns. Under various laws, ordinances and regulations, an owner of assets may be liable for the costs of removal or remediation of certain hazardous or toxic substances on or in such property. Such laws often impose such liability without regard to whether the owner knew of, or was responsible for, the presence of such hazardous or toxic substances. The cost of any required remediation and the owner’s liability, therefore, as to any property are generally not limited under such laws and could exceed the value of the property and/or the aggregate assets of the owner. The presence of such substances, or the failure to properly remediate contamination from such substances, may adversely affect the owner’s ability to sell the assets or to borrow funds using such assets as collateral, which could have an adverse effect on our return from such investments. Environmental claims with respect to a specific investment may exceed the value of such investment, and under certain circumstances, subject our other assets to such liabilities.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Contingent Liabilities</div></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investments will be in private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us.</div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks Associated with the Transaction Structures in which we Invest</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may use a variety of structures to gain exposure to the economic benefits of stock ownership in underlying portfolio companies. The following sets out some of the risk factors associated with the structures of our investments.</div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks associated with forward security transactions</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Forward shareholder performance</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may invest in “forward contracts” that involve shareholders (each a “counterparty”) of a potential portfolio company whereby such counterparties promise future delivery of such securities upon transferability or other removal of restrictions.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">These may involve counterparty promises of future performances, including among other things, transferring shares to us in the future, paying costs and fees associated with maintaining and transferring the shares, not transferring or encumbering their shares, and participating in further acts required of shareholders by the counterparty and their agreement with us. Should counterparties breach their agreement inadvertently, by operation of law, intentionally, or fraudulently, it could affect our performance. Our ability and right to enforce transfer and payment obligations, and other obligations, against counterparties could be limited by acts of fraud or breach on the part of counterparties, operation of law, or actions of third parties. Measures we take to mitigate these risks, including powers of attorney, specific performance and damages provisions, any insurance policy, and legal enforcement steps, may prove ineffective, unenforceable, or economically impractical to enact.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No direct relationship</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In cases where we purchase a forward contract through a secondary marketplace, we may have no direct relationship with, or right to contact, enforce rights against, or obtain personal information or contact information concerning the counterparty(ies). In such cases, we will not be direct beneficiaries of the portfolio company’s securities or related instruments. Instead, we would rely on a third party to collect, settle, and enforce its rights with respect to the portfolio company’s securities. There is no guarantee that said party will</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">be successful or effective in doing so.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Portfolio company may not be a party</div></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In cases where we purchase a forward contract, because each underlying portfolio company may not have necessarily approved or endorsed the transaction, it offers no warranties or other promises as to the validity or value of thereof, and no promise that it will agree with, approve, or facilitate transfer of shares to us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Complications may arise with respect to a corporate event</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In cases where we purchase a forward contract, in the event of a public offering, sale, or other corporate event affecting a portfolio company, it could be complicated, uncertain, and require further legal review, negotiation, and other acts for us to work with brokers, transfer agents, and representatives of the portfolio company, its potential acquirer, and other parties.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Portfolio company may object</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The portfolio company may not be a party to and may not have approved or been informed of the counterparty’s transactions with us, unless otherwise disclosed. The portfolio company may, upon learning of the counterparty’s transactions, take steps to invalidate or frustrate them, demand that we stop purchasing portfolio company’s securities, or seek redress or retaliation against counterparties, us, or others. Should the portfolio company object to the existence of the forward contract, it may take any number of steps to discourage or obstruct the transactions, including claiming that the counterparty transactions violate the portfolio company’s agreements, claiming causes of action against counterparties or us, defensive measures intended to discourage counterparties from selling the portfolio company’s securities to us, refusing to accept or process securities transfers, or claiming rights to rescind our transactions or trigger rights of refusal to purchase the portfolio company’s securities involved in our transactions. Should a portfolio company wish to prospectively discourage secondary transactions by us, it may adopt policies or securities-related documents that makes such transactions impractical. A portfolio company may also object to use of its name, intellectual property, or public or non-public information about it. A portfolio company may be under no obligation to approve or recognize transactions involving the portfolio company’s securities that occur as a result of forward transactions. Conversely, a portfolio company that does wish to endorse, approve, or participate in the transactions may face complex and costly regulatory requirements and exposure to risk for doing so, which could discourage it from approving or participating in the transaction</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);text-indent: 0px;display:inline;">, which could have a material adverse effect on us if forced to invalidate any prior transactions by us, directly or indirectly, in a portfolio company</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Forward shareholder death, bankruptcy, or incapacity</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Should a counterparty to a forward transaction die, become bankrupt, disabled, or no longer have legal capacity, it may not honor its contractual obligations with respect to its shares, and in some cases, may be relieved of such obligations.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Operation of law</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Due to divorce, bankruptcy, or for other reasons, counterparties may be subject to court orders or other legal requirements affecting their shares that are inconsistent with their obligations to us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Insurance</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">As of the date hereof, we have not purchased insurance policies related to our investments in forward</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">contracts; however, to mitigate some of the risks inherent in purchasing forward contracts, we may seek to obtain insurance in the future (at additional cost to us). To the extent we purchase insurance for a given forward transaction, such insurance may be inadequate, and coverage may be limited or denied due to (among other things) liability limits, exclusions, the scope and limitations of coverage, the good faith and compliance of the insurer in honoring claims, the performance of the pool in making claims, among other things. If transacting through a secondary market intermediary, we may not be direct beneficiaries of such insurance policy, and in those cases will have no direct right to make claims or enforce policy provisions. Instead, the third party itself would be the insured, and will pass along a share of any insurance proceeds to us. In the event any insurance policy expires, is terminated, or reaches its policy limits, we or the third party may or may not be able to secure a new underwriter on a commercially reasonable basis, even if we or the third party attempts to do so. The SPVs that the Company has invested in that hold forward contracts are beneficiaries of insurance policies purchased by the managers of such SPVs. There is no guarantee that this will be the case with respect to SPVs that the Company invests in going forward.</div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks associated with investments in Private Funds</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may purchase units or shares of Private Funds or acquire shares in SPVs to gain economic exposure to private companies in the technology sector. Investing through such structures carries additional risk, as detailed below.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">General Private Fund risks</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investments in Private Funds will require us to bear a pro rata share of the vehicles’ expenses, including management and performance fees. The fees we pay to invest in a Private Fund may be higher than if the manager of the Private Fund managed our assets directly. The incentive fees charged by certain Private Funds may create an incentive for its manager to make investments that are riskier and/or more speculative than those it might have made in the absence of an incentive fee. Private Funds are not publicly traded and therefore may not be as liquid as other types of investments. Furthermore, Private Funds are subject to specific risks, depending on the nature of the vehicle and also may employ leverage such that their returns are more than one times that of their benchmark which will amplify losses suffered by us when compared to unleveraged investments. For example, Private Funds need not have independent boards, do not require shareholder approval of advisory contracts, may utilize leverage and may engage in joint transactions with affiliates. These characteristics present additional risks for stockholders.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risk inherent in investing through a Delaware Series LLC</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Under Delaware law, an LLC may be composed of individual series of membership interests. This type of entity is referred to as a Series LLC. Each series effectively is treated as a separate entity, meaning the debts; liabilities, obligations and expenses of one series cannot be enforced against another series of the LLC or against the LLC as a whole. Each series can hold its own assets, have its own members, conduct its own operations and pursue different business objectives, but remain insulated from claims of members, creditors or litigants pursuing the assets of or asserting claims against another series. There is a certain degree of uncertainty surrounding the Series LLC form. For example, although Delaware law clearly provides for legal separation of series, it is unclear whether courts in other states and/or jurisdictions would recognize a legal separation of assets and liabilities within what is technically a single entity. Federal courts, and those of different states, may not have significant experience or legal precedent in resolving the associated legal issues. Therefore, even if a Delaware Series LLC were properly operated with distinct records relating to the assets and liabilities of each series, a court in another jurisdiction could determine not to recognize the legal separation afforded under Delaware law. As a further concern, in July 2017 the Uniform Law Commission approved the Uniform Limited Liability Company Protected Series Act that, if adopted by the various states, would establish new, uniform state laws concerning Series LLCs.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No audited financials</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">A Private Fund may not provide audited financials to us. In the absence of audited financials, we will not have an independent third party verifying financial reports.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Limited liquidity of Fund interests</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No market for the interests in a Private Fund exists or is expected to develop, and it may be difficult or impossible to transfer the interests in such Private Fund, even in an emergency. In addition, we will not have the right to withdraw or transfer any amount of our investment in a Private Fund without the prior consent of its manager, which consent may be withheld for any or no reason. As a result, we may need to hold the Private Fund interest indefinitely.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Management of a Private Fund</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We will have no right or power to take part in the management of a Private Fund. Accordingly, we will have no opportunity to control the day-to-day operations, including investment and disposition decisions, of the underlying Private Fund. We will not receive the detailed financial information issued by the underlying portfolio company(ies) that may be available to the manager of the Private Fund. Accordingly, in purchasing a Private Fund interest, we entrust all aspects of the management of the Private Fund to its manager.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risk inherent in reliance on a third party manager</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The manager of a Private Fund may make decisions, which result in a loss for the Private Fund. There can be no assurance that a Private Fund’s manager will make decisions that improve the Private Fund’s performance or lead to a profitable outcome for us.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Litigation risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Each Private Fund will be subject to a variety of litigation risks. In the event of a dispute arising from any activities relating to the operation of the Private Fund it is possible that the Private Fund, its manager, the Private Fund’s members, and persons associated or affiliated with such parties may be named as defendants. Under most circumstances, the Private Fund will indemnify its manager and their personnel against any costs they incur in connection with such disputes. Beyond direct costs, such disputes may adversely affect a Private Fund in a variety of ways, including by distracting the manager and harming relationships between the Private Fund and its portfolio company or other investors in the portfolio company.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Recourse to the Private Fund’s assets</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">A Private Fund’s assets, including any investments made by the Private Fund and the portfolio companies held by the Private Fund, are available to satisfy all liabilities and other obligations of the Private Fund. If the Private Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Private Fund’s assets generally and will not be limited to any particular assets, such as the asset representing the investment giving rise to the liability. Accordingly, we could find our interest in the Private Fund’s assets adversely affected by a liability arising out of an investment of the Private Fund.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">General SPV Risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our investments in SPVs will typically require us to bear a pro rata share of the vehicles’ expenses, including operating and offering-related costs, which could result in higher expenses than if we invested in the single underlying portfolio company directly. Because SPVs are organized by managers unaffiliated with us and we will typically be one of many investors in the SPV, in purchasing an SPV interest, we entrust all aspects of the management of the SPV to its manager. SPVs are generally organized as limited liability companies, and to the extent an SPV is organized as a Delaware Series LLC, we would be subject to the risks inherent in investing in a Delaware Series LLC discussed above. Some SPVs in which we invest may impose restrictions on when investors may withdraw their investment or limit the amounts investors may withdraw. To the extent we seek to reduce or sell out our investment at a time or in an amount that is prohibited, we may not have the liquidity necessary to participate in other investment opportunities or may need to sell other investments that we may not have otherwise sold. Additionally, SPVs are not publicly traded and therefore may not be as liquid as other types of investments. Further, the fair value of investments in SPVs may differ from the value of the underlying securities were we to hold such securities directly. Finally, as investors in an SPV, we own interests in the SPV and have no ownership rights to the underlying securities. These characteristics present additional risks for stockholders. Individual SPVs that we invest in may have different terms and structures, which may present unique risks and result in different fee levels.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0.5in;"><div style="null;text-indent: 0px;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">In addition, a portfolio company whose securities are held by an SPV may not be a party to, and may not have approved or been informed of, the SPV’s acquisition of its securities or our investment in the SPV. The portfolio company may, upon learning of the SPV’s holdings or our indirect interest in its securities, take steps to invalidate or frustrate such transactions, demand that the SPV or we cease acquiring or holding the portfolio company’s securities, or seek redress against the SPV, its sponsors or managers, us, or others. Should the portfolio company object to the SPV’s ownership of its securities, it may take any number of steps to discourage or obstruct such transactions, including claiming that the SPV’s acquisition or holding of the portfolio company’s securities violates the portfolio company’s agreements, asserting claims against the SPV or us, adopting defensive measures intended to discourage the sale or transfer of the portfolio company’s securities to or through the SPV, refusing to accept or process securities transfers, or claiming rights to rescind the transactions or to exercise rights of first refusal with respect to the portfolio company’s securities held by the SPV. Should a portfolio company seek to discourage future secondary transactions involving its securities, it may adopt policies or amend its securities-related documents to make such transactions impractical. A portfolio company may also object to the use of its name, intellectual property, or public or non-public information about it. A portfolio company may be under no obligation to approve or recognize transactions involving its securities that occur through SPV structures. Conversely, a portfolio company that does wish to endorse, approve, or participate in such transactions may face complex and costly regulatory requirements and exposure to liability for doing so, which could discourage it from approving or participating in the transaction.</div><br/></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div><br/></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">General Market and Regulatory Risks</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Political and economic risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Downgrades by rating agencies to the U.S. government’s credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Deterioration in the economic conditions in the Eurozone and other regions or countries globally and the resulting instability in global financial markets may pose a risk to our business. Financial markets have been affected at times by a number of global macroeconomic events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance sheets of European banks, the effect of the United Kingdom (the “U.K.”) leaving the European Union (the “EU”), and instability in the Chinese capital markets. Global market and economic disruptions have affected, and may in the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations. We cannot assure you that market disruptions in Europe and other regions or countries, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe or elsewhere negatively impacts consumer confidence and consumer credit factors, our and our portfolio companies’ business, financial condition and results of operations could be significantly and adversely affected. Moreover, there is a risk of both sector-specific and broad-based corrections and/or downturns in the equity and credit markets. Any of the foregoing could have a significant impact on the markets in which we operate and could have a material adverse impact on our business prospects and financial condition.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. Such events, including rising trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries, the war between Russia and Ukraine, conflicts in the Middle East, and global health emergencies could adversely affect our business, financial condition or results of operations. These market and economic disruptions could negatively impact the operating results of our portfolio companies.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">These developments, along with the United States government’s credit and deficit concerns, global economic uncertainties and market volatility, could cause interest rates to be volatile, which may negatively impact our performance.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Certain of our portfolio companies may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results, which could in turn adversely impact our results of operations. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of our 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. Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. There is no guarantee that the actions taken by the Federal Reserve will reduce or eliminate inflation.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Legal and regulatory risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Government counterparties may have the discretion to change or increase regulation of a portfolio company’s operations, or implement laws or regulations affecting the portfolio company’s operations, separate from any contractual rights it may have. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such company. Governments have considerable discretion in implementing regulations that could impact a portfolio company’s business, and because its business may provide basic, everyday services, and face limited competition, governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company’s business. There can be no assurance that the relevant governmental entities will not legislate, impose regulations or change applicable laws or act contrary to the law in a way that would materially and adversely affect the business of our investments.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may seek to acquire a significant stake in certain securities or instruments and may invest in certain sectors that are subject to special regulatory oversight. In such event, we may be required to file a notification with a governmental agency, seek regulatory approval or comply with other regulatory requirements. These requirements may result in a delay in, or prohibit, the acquisition of an investment. Compliance with regulatory requirements may result in additional costs to us. Such restrictions may also restrict or delay our ability to liquidate an investment.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none;text-indent: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Investment and trading risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">All investments risk the loss of capital. No guarantee or representation is made that our investment program will be successful. There is no assurance that we will be able to generate positive returns for our investors or that the returns will be commensurate with the risks of investing in companies, securities and instruments and strategies described herein. There can be no assurance that our returns will not be correlated with a traditional portfolio of stocks or bonds. Our investment program may utilize such investment techniques as leverage, limited diversification and forward contracts, which practices can, in certain circumstances, magnify the adverse impact of market moves to which we may be subject or cause our net assets to appreciate or depreciate at a greater rate. We may invest in highly volatile securities or markets, which could impair our profitability or result in losses.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions, could adversely affect our portfolio companies’ current and projected business, financial condition and results of operations and result in a decline in the valuation of our investments.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. Ongoing disruptive conditions in the financial industry, including the bankruptcy of, the acquisition of, or government intervention in the affairs of financial institutions, and the impact of new legislation in response to those conditions could restrict our business operations or the business operations of our portfolio companies and could adversely impact their results of operations and financial condition which could, in turn, result in a decline in the valuation of our investments.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to Investing in the Company</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Difficulty of asset valuations or appraisals</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">We hold investments that are not listed on any stock exchange and/or which may be illiquid without a readily independent market valuation. We are required to fair value such investments and expect to <div style="display:inline;">fair value our investments as determined in good faith by the Adviser as the valuation designee purusant to </div>valuation policies and procedures adopted by the Board. The Adviser also utilizes alternative valuation methods, such as engaging third-party valuation providers or pricing services, as it determines is necessary in order to fair value such investments<div style="display:inline;">, subject to the Board's oversight</div>. All valuation methods necessarily involve a level of subjectivity for which objective support is unavailable. If a third party is used to assist with asset valuations, we will ultimately be responsible for the valuation of such assets notwithstanding the assistance from an independent third party provider.</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Indemnification</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We have indemnification obligations. Such liabilities may be material and have an adverse effect on the returns to investors. Our indemnification obligations would be payable from our assets, and such indemnification obligations will survive the winding-up and dissolution of the Company.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Potential conflicts of interest</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Instances may arise where the interests of the Adviser and its affiliates may potentially or actually conflict with our interests and the interests of our shareholders. The following discussion enumerates certain potential conflicts of interest that should be carefully evaluated before making an investment in our shares. The discussion below does not seek to exhaustively describe all potential conflicts of interest.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The Adviser’s team of investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. Certain members of the Adviser’s investment team serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do, or of investment funds, accounts, or investment vehicles managed by the Adviser. For example, Mr. Prasad co-founded S2 Capital, which has invested in early stage technology companies and, subject to the Adviser’s conflicts of interest procedures, we may seek to invest in the same companies. In serving in these multiple capacities, they may have obligations to other investors in those entities, the fulfillment of which may not be in the best interests of us or our shareholders. These activities also may distract them from sourcing or servicing new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">The principals of the Adviser and <div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);display:inline;">any </div>other funds sponsored by <div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);display:inline;">the Adviser,</div> as<div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);display:inline;"> potential</div> <div style="display:inline;">or actual </div>passive investors in venture funds or other investment vehicles, may receive opportunities to invest in funds comprised of securities of late-stage private companies, that we may not have access to or which may not be appropriate for us to consider.</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">In addition, Mr. Prasad is a shareholder of Forge and SharesPost, preeminent private securities marketplaces, which we may utilize as a means to acquire equity and equity-related interests, subject to our best execution policy.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Possession of Material Non-Public Information</div></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The investment team of the Adviser may have access to material nonpublic information of portfolio companies in which we invest. In the event that we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on our ability to achieve our investment objective.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Exemptive Relief</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of our Directors who are not interested persons and, in some cases, the prior approval of the SEC. We may co-invest with our Adviser or our officers and directors in a manner consistent with guidance promulgated under the no-action position of the SEC set forth in Mass Mutual Life Ins. Co. (SEC No-Action Letter, June 7, 2000), on which similarly situated funds like us rely in order to co-invest in a single class of privately placed securities so long as certain conditions are met, including that our investment adviser or an affiliate, acting on our behalf and on behalf of other clients, negotiates no term other than price. The Adviser’s allocation policy will seek to ensure equitable allocation of investment opportunities between us and/or other funds managed by the Adviser or its affiliates over time.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to Our Common Stock</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">An investment in our shares is subject to market volatility as a result of our focus on investments in private technology companies.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">An investment in our shares is subject to market volatility as a result of our focus on investments in private technology companies. An investment in our shares is an indirect investment in the securities of private technology companies in which we invest. The value of these securities may be volatile, which may lead to additional volatility in our shares. The trading price of our shares may move up or down, sometimes rapidly and unpredictably. In addition to market volatility, uncertainty around interest rates and/or unfavorable economic conditions may affect us and our portfolio companies, which in turn could adversely affect our share price.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Common stock of closed-end management investment companies have in the past frequently traded at discounts to their NAVs, and we cannot assure you that the market price of our shares will not decline below our NAV per share.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Common stock of closed-end management investment companies have in the past frequently traded at discounts to their respective NAVs and our common stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV per share. In addition, if our common stock trades below our NAV per share, we will generally not be able to sell additional common stock to the public at market price except (1) in connection with a rights offering to our existing stockholders, (2) with the consent of the majority of our common stockholders, (3) upon the conversion of a convertible security in accordance with its terms or (4) under such circumstances as the SEC may permit.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none;text-indent: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our common stock has traded at a premium to net asset value, however, we cannot assure that this will occur after any offering.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our common stock has traded at a premium to net asset value, however, we cannot assure that this will occur after any offering or that the common stock will not trade at a discount in the future. Our issuance of additional common stock may have an adverse effect on prices in the secondary market for our common stock by increasing the number of shares of common stock available, which may create downward pressure on the market price for our common stock. Our issuance of additional common stock may have an adverse effect on prices in the secondary market for our common stock by increasing the number of shares of common stock available, which may create downward pressure on the market price for our common stock. It is not possible to predict whether the shares offered hereby will trade at, above, or below net asset value.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">If we issue preferred stock, the NAV and market value of our common stock will likely become more volatile.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We cannot assure you that the issuance of preferred stock would result in a higher yield or return to our stockholders. The issuance of preferred stock would likely cause the NAV and market value of our common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of our common stock than if we had not issued preferred stock. Any decline in the NAV of our investments would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This greater NAV decrease would also tend to cause a greater decline in the market price for our common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to Leverage</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">As part of our business strategy, we may borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities will have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock dividend payments.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, the Management Fee will be payable based on our average gross assets including assets purchased with borrowed amounts, if any, which may give our Adviser an incentive to use leverage to make additional investments. The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Regulations governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may in the future issue debt securities or additional preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted, as a registered closed-end management investment company, to issue senior securities provided we meet certain asset coverage ratios (<div style="font-style:italic;display:inline;">i.e.</div>, 300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred stock under current law). If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our stockholders. Furthermore, if we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred stock, such stock would rank “senior” to our shares of common stock, preferred stockholders would have separate voting rights on certain matters and have other rights, preferences and privileges more favorable than those of our stockholders, and we could be required to delay, defer or prevent a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We are not generally able to issue and sell our common stock at a price below the then current NAV per share (exclusive of any distributing commission or discount). We may, however, sell our common stock at a price below the then current NAV per share if the Board determines that such sale is in our best interests and a majority of our stockholders approves such sale. In addition, we may generally issue additional shares of common stock at a price below NAV in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances. If we raise additional funds by issuing more common stock, then the percentage ownership of our stockholders at that time will decrease, and you may experience dilution.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to U.S. Federal Income Tax</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We will be subject to U.S. federal income tax at corporate rates if we are unable to qualify and maintain our tax treatment as a RIC under Subchapter M of the Code</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source and asset diversification requirements. See “<div style="font-style:italic;display:inline;">Certain U.S. Federal Income Tax Considerations</div>.”</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="color: rgb(0, 0, 0);text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Annual Distribution Requirement.</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"> The</div> Annual Distribution Requirement for a RIC will be satisfied if we timely distribute to our shareholders on an annual basis at least the sum of (i) 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short term capital gains over realized net long term capital losses, and (ii) 90% of our net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillback dividend” provisions of Subchapter M. We would be taxed, at U.S. federal corporate rates, on retained income and/or gains, including any short term capital gains or long term capital gains. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are required to retain a portion of our taxable income or gains, we could (1) be required to pay excise taxes and (2) fail to qualify for RIC tax treatment, and thus become subject to U.S. federal income tax at corporate rates on our taxable income (including gains).</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="color: rgb(0, 0, 0);text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Income Source Requirement.</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> The</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to securities loans, gains from the sale of stock or securities, net income from an interest in a qualified publicly traded partnership, or other income derived from the business of investing in stock or securities.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0);text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Asset Diversification Requirement.</div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, at least 50% of the value of our assets must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities if such securities or any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and no more than 25% of the value of our assets can be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses, or (iii) the securities of certain “qualified publicly traded partnerships.” </div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Failure </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status either to meet the RIC asset diversification test at quarter end or to “cure” a failure to meet the asset diversification test for a particular quarter. If we are unable to dispose of investments quickly enough to meet the asset diversification requirement at the end of a quarter or if the Internal Revenue Service (“IRS”) were to successfully challenge satisfaction of the asset diversification test for any quarter, including challenging satisfaction of the requirements to “cure” an asset diversification test failure for a prior quarter, we may fail to qualify for special tax treatment accorded to RICs and, thus, be subject to U.S. federal income tax at corporate rates.</div></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; text-indent: 0in; top: 0px;display:inline;">If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to U.S. federal income tax at corporate rates, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.</div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-size: 10pt; letter-spacing: 0px; text-indent: 0in; top: 0px;display:inline;"></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; text-indent: 0in; top: 0px;display:inline;">We may invest in certain foreign debt and equity investments that could be subject to foreign taxes (such as income tax, withholding, and value added taxes).</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="null;text-indent: 0px;font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div></div></div><br/></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="null;text-indent: 0px;font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">A portion </div>of our income and fees may not be qualifying income for purposes of the income source requirement</div></div></div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Some of the income and fees that we may recognize will not satisfy the qualifying income requirement applicable to RICs. In order to ensure that such income and fees do not disqualify us as a RIC for a failure to satisfy such requirement, we may be required to recognize such income and fees indirectly through one or more entities classified as corporations for U.S. federal income tax purposes. Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce our return on such income and fees.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">We cannot predict how tax reform legislation will affect us or our stockholders</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect us or our stockholders. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect us and our stockholders. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals.</div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">General Risks</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Limited operating history as a closed-end investment company</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We are a non-diversified, closed-end management investment company with limited operating history. As a result, we are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of your investment could decline substantially or become worthless.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No assurance of investment return</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The types of investments that we make involve a high degree of risk. In general, financial and operating risks confronting our portfolio companies can be significant. We cannot provide assurance that we will be able to choose, make or realize investments in any particular company or portfolio of companies. Moreover, while the type of investments that we make offers the possibility of substantial returns, such investments also involve a high degree of financial risk and can result in substantial or total capital losses.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, there can be no assurance that we will be able to generate returns for our investors or that the returns will be commensurate with the risks of investing in the type of companies and transactions described in this prospectus. The performance and appreciation of the investments that comprise our portfolio will depend on the successful operation of the companies in which we invest, prevailing interest rates, and other market conditions over which we and the Adviser will have no control. Returns generated from our investments may not adequately compensate investors for the business and financial risks assumed, and an investor may lose all or a part of its investment in our shares.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Reliance on the Adviser</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Adviser has no prior experience managing a registered closed-end investment company. The Adviser provides us with management and advisory services and makes investment decisions on our behalf. Investors will have no role in making decisions with respect to the management, disposition or other realization of any investment, or decisions regarding our business and affairs. Consequently, our success will depend, in large part, upon the skill and expertise of the Adviser and its investment professionals. Furthermore, the investment professionals will not focus exclusively on our operations and may have responsibility for other managed investment funds.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Adviser’s team of investment professionals will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of this prospectus. The Adviser’s team of investment professionals is currently composed of Sohail Prasad, who serves on the Investment Committee. There can be no assurance that the investment and other professionals upon which the Adviser relies will continue to be associated with the Adviser while the Adviser serves as our investment adviser. Our future success will depend to a significant extent on the continued service and coordination of the Adviser’s team of investment professionals. If the Adviser’s team of investment professionals does not maintain their existing relationships with sources of investment opportunities and does not develop new relationships with other sources of investment opportunities available to us, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser’s team of investment professionals has relationships are not obligated to provide us with investment opportunities. Therefore, the Adviser can offer no assurance that such relationships will generate investment opportunities for us. Furthermore, the Adviser cannot assure investors that the Adviser will remain our investment adviser or that we will continue to have access to its investment professionals or its information and deal flow.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investment due diligence and investment research may not reveal all relevant facts regarding investment opportunities</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">When conducting due diligence and investment research, we may be required to evaluate important and complex business, financial, tax, accounting, environmental, social, governance and legal metrics. Outside consultants, legal advisors, accountants and investment banks may be involved in the due diligence and investment research process in varying degrees depending on the type of investment. When conducting due diligence and investment research and making an assessment regarding an investment, the Adviser may rely on information provided by such persons, or by the management of the target of the investment or their advisors. The due diligence investigation and investment research that the Adviser carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity, may lead to inaccurate or incomplete conclusions, or may be manipulated by fraud. Moreover, such an investigation will not necessarily result in the investment being successful.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Competition for investment opportunities; difficulty of locating suitable investments and meeting investment objective</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">A large number of entities compete with us to make the types of direct equity investments that we target as part of our business strategy. We compete for such investments with a large number of private equity and venture capital funds, other equity and non-equity based investment funds, investment banks and other sources of financing, including traditional financial services companies such as commercial banks and specialty finance companies. Many of our competitors are substantially larger than us and have considerably greater financial, technical and marketing resources than we do. We may be at a competitive disadvantage with our competitors in a particular sector or investment, as some of them have greater capital, lower targeted returns, a greater willingness to take on risk, more personnel or greater sector or investment strategy specific expertise. We may be unable to find a sufficient number of attractive opportunities to meet our investment objective and there is no assurance as to the timing of investments. The Adviser expects us to benefit from its relationships and experience making investments; however, there can be no assurance that the Adviser will be able to maintain or draw upon such relationships, which could have an adverse effect on our ability to find suitable investments and otherwise achieve our investment objective. Furthermore, the Adviser will emphasize or de-emphasize different aspects of its investment strategy from time to time, and refine or add to our investment strategy, to respond to changes in market conditions, and there can be no assurance that the Adviser will follow the investment strategy and process described herein for every investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Non-U.S. Investments Risk.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Non-U.S. securities involve certain factors not typically associated with investing in U.S. securities, including risks relating to: (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which foreign investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) inflation matters, including rapid fluctuations in inflation rates; (iii) differences between the U.S. and foreign securities markets, including potential price volatility in and relative liquidity of some foreign securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and the potential of less government supervision and regulation; (iv) economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; (v) the possible imposition of foreign taxes on income and gains recognized with respect to such securities; and (vi) difficulties in enforcing legal judgements in foreign courts. Laws and regulations of foreign countries may impose restrictions that would not exist in the United States and may require financing and structuring alternatives that differ significantly from those customarily used in the United States. No assurance can be given that a change in political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment by us.”</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Board. There may not be a public market or active secondary market for certain of the types of investments that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policies and procedures approved by our Board.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and our Adviser has a conflict of interest in making recommendations of fair value. We will value our investments quarterly at fair value in accordance with valuation policies and procedures approved by our Board<div style="display:inline;">. </div>The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. Our net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Any unrealized losses we experience on our portfolio may be an indication of future realized losses.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">As a registered closed-end management investment company, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by the Adviser as the valuation designee pursuant to policies and procedures approved by our board of directors. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of an issuer’s inability to meet its repayment obligations. This could result in realized losses in the future.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Efforts to comply with the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with such regulations may adversely affect us.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We are subject to the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC. We are required to periodically review our internal control over financial reporting, and evaluate and disclose changes in our internal control over financial reporting. Developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance. This process will also result in a diversion of management’s time and attention. We cannot be certain as to the timing of the completion of our evaluation, testing and remediation actions or the impact of the same on our operations and we may not be able to ensure that the process is effective or that our internal control over financial reporting 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.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Effective internal control over financial reporting is necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information, which could have a negative effect on our ability to continue the offering.</div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks Associated with Our Investment Strategy</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investment methodology</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may employ certain strategies that depend upon the reliability and accuracy of the Adviser’s analytical investment processes. To the extent such investment processes (or the assumptions underlying them) do not prove to be correct, we may not perform as anticipated, which could result in substantial losses.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Identification of appropriate investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our success as a whole depends on the identification and availability of suitable investment opportunities and terms. The availability and terms of investment opportunities will be subject to market conditions, prevailing regulatory conditions in regions where we may invest, and other factors outside our control. In addition, we may find ourselves in competition with other funds that have entered or may enter its markets or with private equity funds and financial institutions that may be willing to extend financing on terms that are more favorable to the portfolio company than the Adviser believes are appropriate in light of the risk of the investment. Therefore, there can be no assurance that appropriate investments will be available to, or identified or selected by, us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Concentration of investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Many of our investments will be in U.S. private companies in the technology sector, and therefore will be particularly exposed to the risks attendant to investments in that sector. Except as otherwise described herein, investors generally have no assurance as to the degree of diversification of our investments, either by geographic region, asset type or sector. Accordingly, a significant portion of our investments may be made in relatively few geographic regions, asset types, security types or industry sectors. For example, as of March 31, 2026, approximately <div style="display:inline;">23.1</div>% of our investment portfolio is invested in private technology companies in the aerospace/aviation industry. By concentrating in a single sector, we carry a greater risk of adverse developments in that sector than a fund that invests in a wide variety of industries. Any such concentration of risk may increase losses suffered by us, which could have a material adverse effect on our overall financial condition. We may be subject to greater volatility with respect to our portfolio investments than a fund that is more broadly diversified. Even when the Adviser attempts to control risks and diversify the portfolio, risks associated with different assets may be correlated in unexpected ways, with the result that we face concentrated exposure to certain risks. Conversely, the Adviser may encounter unexpected changes in the correlation of assets or markets, which confound their attempts to hedge or limit risk and result in investment losses. Many risk management techniques are based on observed historical market behavior, but future market behavior may be entirely different. Although the Adviser attempts to identify, monitor and manage significant risks, these efforts may not necessarily take all risks into account and there can be no assurance that these efforts will be effective. Any inadequacy or failure in the Adviser’s risk management efforts could result in material losses for us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Inability to make follow-on investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Following our initial investment in portfolio companies or assets, we may be called upon to provide additional investments in that portfolio company as follow-on investments, in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of our investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may elect not to make follow-on investments, or may otherwise lack sufficient funds to make those</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">investments or lack access to desired follow-on investment opportunities. We have the discretion to make any follow-on investments, subject to the availability of capital resources and of the investment opportunity. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, or we lack access to the desired follow-on investment opportunity.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, we may be unable to complete follow-on investments in our portfolio companies that have conducted an IPO as a result of regulatory or financial restrictions.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Litigation and regulatory investigations</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The Adviser anticipates that, from time to time, the Adviser and its affiliates may be named as defendants in civil proceedings. Litigation or threats of litigation consume time and resources and jeopardize the successful closing of transactions. Moreover, the outcome of such proceedings may materially adversely affect the value of portfolio positions, may be impossible to predict, and may continue unresolved for long periods of time. The expense of prosecuting claims, for which there is no guarantee of success, and/or the expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would generally be borne by us and would reduce net assets.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">As an investment adviser, the Adviser expects to have interactions with and inquiries from regulators from time to time, including but not limited to matters related to us, the Adviser and its affiliates.</div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks Associated with Our Investments</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks associated with investments in rapidly growing venture-capital-backed emerging companies</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investments in the rapidly growing venture-capital-backed emerging companies that we target involves a number of significant risks, including the following:</div></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">these portfolio companies may have limited financial resources and may be unable to meet their obligations under their existing debt, which may lead to equity financings, possibly at discounted valuations, in which we could be substantially diluted if we do not or cannot participate, bankruptcy or liquidation and the reduction or loss of our equity investment;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">they typically have limited operating histories, narrower, less established product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and <div style="display:inline;">may </div>require substantial additional capital to support their operations, finance expansion or maintain their competitive position;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">because they are privately owned, there is generally little publicly available information about these businesses; therefore, although we will perform due diligence investigations on these portfolio companies, their operations and their prospects, we may not learn all of the material information we need to know regarding these businesses and, in the case of investments we acquire on private secondary transactions, we may be unable to obtain financial or other information regarding the companies with respect to which we invest. Furthermore, there can be no assurance that the information that we do obtain with respect to any investment is reliable;</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us; and</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; font-size: 10pt; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top; padding-bottom:0in; padding-top:0in"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">·</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">such private companies frequently have much more complex capital structures than traditional publicly traded companies, and may have multiple classes of equity securities with differing rights, including with respect to voting and distributions. In addition, it is often difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. In certain cases, such private companies may also have senior or <div style="font-style:italic;display:inline;">pari passu</div> preferred stock or senior debt outstanding, which may heighten the risk of investing in the underlying equity of such private</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">companies, particularly in circumstances when we</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">have limited information with respect to such capital structures. Although we believe that our investment professionals have extensive experience evaluating and investing in private companies with such complex capital structures, there can be no assurance that we will be able to adequately evaluate the relative risks and benefits of investing in a particular class of a portfolio company’s equity securities. Any failure on our part to properly evaluate the relative rights and value of a class of securities in which we invest could cause us to lose part or all of our investment, which in turn could have a material and adverse effect on our net asset value and results of operations.</div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">A portfolio company’s failure to satisfy financial or operating covenants imposed by its lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our equity investment in such portfolio company. We may incur expenses to the extent necessary to seek recovery of our equity investment or to negotiate new terms with a financially distressed portfolio company.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The securities of our portfolio companies are illiquid</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The securities of our portfolio companies are illiquid, and the inability of these portfolio companies to complete an IPO or consummate another liquidity event within our targeted time frame for that investment will extend the holding period of our investments, may adversely affect the value of these investments, and will delay the distribution of gains, if any. The IPO market is, by its very nature, unpredictable. A lack of IPO opportunities for venture capital-backed companies could lead to companies staying longer in our portfolio as private entities still requiring funding. This situation may adversely affect the amount of available venture capital funding to late-stage companies that cannot complete an IPO. Such stagnation could dampen returns or could lead to unrealized depreciation and realized losses as some companies run short of cash and have to accept lower valuations in private fundings or are not able to access additional capital at all. A lack of IPO opportunities for venture capital-backed companies may also cause some venture capital firms to change their strategies, leading some of them to reduce funding of their portfolio companies and making it more difficult for such companies to access capital. This might result in unrealized depreciation and realized losses in such companies by other investment funds, like us, who are co-investors in such companies. There can be no assurance that we will be able to achieve our targeted return on our portfolio company investments if, as and when they go public.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The equity securities we acquire in a portfolio company are generally subject to contractual transfer limitations imposed on the portfolio company’s stockholders as well as other contractual obligations, such as rights of first refusal and co-sale rights. These obligations generally expire only upon an IPO by the portfolio company or the occurrence of another liquidity/exit event. As a result, prior to an IPO or other liquidity/exit event, our ability to liquidate our private portfolio company positions may be constrained. Transfer restrictions could limit our ability to liquidate our positions in these securities if we are unable to find buyers acceptable to our portfolio companies, or where applicable, their stockholders. Such buyers may not be willing to purchase our investments at adequate prices or in volumes sufficient to liquidate our position, and even where they are willing, other stockholders could exercise their co-sale rights to participate in the sale, thereby reducing the number of shares available to sell by us. Furthermore, prospective buyers may be deterred from entering into purchase transactions with us due to the delay and uncertainty that these transfer and other limitations create.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">If the portfolio companies in which we invest do not perform as planned, they may be unable to successfully complete an IPO or consummate another liquidity event within our targeted time frame, or they may decide to abandon their plans for an IPO. In such cases, we will likely exceed our targeted holding period and the value of these investments may decline substantially if an IPO or other exit is no longer viable. We may also be forced to take other steps to exit these investments.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The illiquidity of our portfolio company investments, including those that are traded on the trading platforms of private secondary marketplaces, may make it difficult for us to sell such investments should the need arise. Also, if we were required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. We will have no limitation on the portion of our portfolio that may be invested in illiquid securities, and we anticipate that all or a substantial portion of our portfolio may be invested in such illiquid securities at all times.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, even if a portfolio company completes an IPO, we will typically not be able to sell our position until any applicable post-IPO lockup restriction expires. As a result of lockup restrictions, the market price of securities that we hold may decline substantially before we are able to sell them following an IPO. There is also no assurance that a meaningful trading market will develop for our publicly traded portfolio companies following an IPO to allow us to liquidate our position when we desire.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks related to investing in securities traded on private secondary marketplaces.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We will utilize private secondary marketplaces, such as Forge, SharesPost and CartaX, to acquire investments for our portfolio. When we purchase secondary shares, we may have little or no direct access to financial or other information from these portfolio companies. Our portfolio companies may be under no obligation to furnish, or may generally resist providing, information to us with respect to the securities of the portfolio company, and we may waive or have contractual limitations with respect to such securities. As a result, we will be dependent upon the relationships of our investment professionals to obtain the information necessary to perform research and due diligence, and to monitor our investments after they are made. There can be no assurance that our management team and investment professionals will be able to acquire adequate information on which to make its investment decision with respect to any private secondary marketplace purchases, or that the information it is able to obtain is accurate or complete. Any failure to obtain full and complete information regarding the portfolio companies with respect to which we invest through private secondary marketplaces could cause us to lose part or all of our investment in such companies, which would have a material and adverse effect on our net asset value and results of operations.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, while we believe the ability to trade on private secondary marketplaces provides valuable opportunities for liquidity, there can be no assurance that the portfolio companies with respect to which we invest through private secondary marketplaces will have or maintain active trading markets, and the prices of those securities may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may result in an inability for us to realize full value on our investment. In addition, wide swings in market prices, which are typical of irregularly traded securities, could cause significant and unexpected declines in the value of our portfolio investments. Further, prices in private secondary marketplaces, where limited information is available, may not accurately reflect the true value of a portfolio company, and may overstate a portfolio company’s actual value, which may cause us to realize future capital losses on our investment in that portfolio company. If any of the foregoing were to occur, it would likely have a material and adverse effect on our net asset value and results of operations.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Investments in private companies, including through private secondary marketplaces, also entail additional legal and regulatory risks, which expose participants to the risk of liability due to the imbalance of information among participants and participant qualification and other transactional requirements applicable to private securities transactions, the non-compliance with which could result in rescission rights and monetary and other sanctions. The application of these laws within the context of private secondary marketplaces and related market practices are still evolving, and, despite our efforts to comply with applicable laws, we could be exposed to liability. The regulation of private secondary marketplaces is also evolving. Additional state or federal regulation of these markets could result in limits on the operation of or activity on those markets. Conversely, deregulation of these markets could make it easier for investors to invest directly in private companies and affect the attractiveness of the Company as an access vehicle for investment in private shares. Private companies may also increasingly seek to limit secondary trading in their stock, such as through contractual transfer restrictions, and provisions in company charter documents, investor rights of first refusal and co-sale and/or employment and trading policies further restricting trading. To the extent that these or other developments result in reduced trading activity and/or availability of private company shares, our ability to find investment opportunities and to liquidate our investments could be adversely affected.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may not realize gains from our equity investments</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We invest principally in the equity and equity-related securities of what we believe to be rapidly growing venture-capital-backed emerging companies. However, the equity interests we acquire may not appreciate in value and, in fact, may decline in value.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, the private company securities we acquire may be subject to drag-along rights, which could permit other stockholders, under certain circumstances, to force us to liquidate our position in a subject company at a specified price, which could be, in our opinion, inadequate or undesirable or even below our cost basis. In this event, we could realize a loss or fail to realize gain in an amount that we deem appropriate on our investment. Further, capital market volatility and the overall market environment may preclude our portfolio companies from realizing liquidity events and impede our exit from these investments. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We will generally have little, if any, control over the timing of any gains we may realize from our equity investments unless and until the portfolio companies in which we invest become publicly traded. In addition, the portfolio companies in which we invest may have substantial debt loads. In such cases, we would typically be last in line behind any creditors in a bankruptcy or liquidation and would likely experience a complete loss on our investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The lack of liquidity in, and potentially extended holding period of, many of our investments may adversely affect our business and will delay any distributions of gains, if any.</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investments will generally not be in publicly traded securities. Although we expect that some of our equity investments will trade on private secondary marketplaces, certain of the securities we hold will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. In addition, while some portfolio companies may trade on private secondary marketplaces, we can provide no assurance that such a trading market will continue or remain active, or that we will be able to sell our position in any portfolio company at the time we desire to do so and at the price we anticipate. The illiquidity of our investments, including those that are traded on private secondary marketplaces, will make it difficult for us to sell such investments if the need arises. Also, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. We have no limitation on the portion of our portfolio that may be invested in illiquid securities, and a substantial portion or all of our portfolio may be invested in such illiquid securities from time to time.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, because we generally invest in equity and equity-related securities, with respect to the majority of our portfolio companies, we do not expect regular realization events, if any, to occur in the near term. We expect that our holdings of equity securities may require several years to appreciate in value, and we can offer no assurance that such appreciation will occur.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Technology-related industries in which we invest are subject to risks</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Technology-related industries in which we invest are subject to risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences, periodic downturns, regulatory concerns and litigation risks. The revenue, income (or losses) and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of products and some services provided by companies in technology-related sectors have historically decreased over their productive lives.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, we expect our portfolio companies will face intense competition since their businesses are rapidly evolving, intensely competitive and subject to changing technology, shifting user needs and frequent introductions of new products and services. Potential competitors to our portfolio companies in the technology industry range from large and established companies to emerging start-ups. Further, such portfolio companies are, in many cases, subject to laws that were adopted prior to the advent of the Internet and related technologies and, as a result, may not contemplate or address the unique issues of the Internet and related technologies. The laws that do reference the Internet are being interpreted by the courts, but their applicability and scope remain uncertain. Claims have been threatened and filed under both U.S. and foreign laws for defamation, invasion of privacy and other tort claims, unlawful activity, copyright and trademark infringement, or other theories based on the nature and content of the materials searched and the ads posted by a company’s users, a company’s products and services, or content generated by a company’s users. Further, the growth of technology-related companies into a variety of new fields implicate a variety of new regulatory issues and may subject such companies to increased regulatory scrutiny, particularly in the United States and Europe. Any of these factors could materially and adversely affect the business and operations of a portfolio company in the technology industry and, in turn, adversely affect the value of these portfolio companies and the value of any securities that we may hold.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Artificial Intelligence (“AI”)-related industries in which we invest are subject to risks</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Technology-related companies may also be subject to significant risks arising from rapid developments in artificial intelligence (“AI”)<div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none;text-indent: 0px;display:inline;">, including the risk that advances in AI capabilities could disrupt the businesses, competitive positioning, or operations of such companies and could materially and adversely affect their financial performance. The pace of AI development may render existing products, services, or business models of such companies obsolete or uncompetitive in a relatively short period of time, and companies that fail to adapt to or successfully integrate AI technologies into their operations may experience significant declines in market share, revenue, and profitability. Conversely, companies that invest heavily in AI development and integration face substantial execution risk, including the risk that such investments may not yield the anticipated competitive advantages or financial returns. In addition, the widespread adoption of AI technologies may intensify competition within technology-related industries by lowering barriers to entry, enabling new market participants to rapidly develop and deploy competing products and services at reduced cost. Technology-related companies may also face increased costs associated with attracting and retaining personnel with the requisite AI expertise, as competition for such talent is intense and is expected to continue to intensify. Furthermore, the regulatory environment governing the development and deployment of AI technologies is rapidly evolving and remains highly uncertain; new or more stringent laws and regulations applicable to AI could impose significant compliance costs, restrict certain uses of AI, or expose such companies to increased legal liability. Any of the foregoing factors could materially and adversely affect the business, financial condition, and results of operations of technology-related companies in which we invest, and in turn, adversely affect the value of our portfolio investments.</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We will generally not hold controlling equity interests in our portfolio companies</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Generally, we will not take controlling equity positions in our portfolio companies. As a result, we will</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">be subject to the risk that a portfolio company may make business decisions with which we disagree, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. In addition, other stockholders, such as venture capital and private equity sponsors, that have substantial investments in our portfolio companies may have interests that differ from that of the portfolio company or its minority stockholders, which may lead them to take actions that could materially and adversely affect the value of our investment in the portfolio company. Due to the lack of liquidity for the equity and equity-related investments that we will typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company or its substantial stockholders, and may therefore suffer a decrease in the value of our investments.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Reliance on portfolio company management</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The day-to-day operations of the portfolio companies in which we will invest will be the responsibility of such portfolio company’s management team. We do not intend to seek representation on the board of directors of portfolio companies or otherwise provide management or strategic planning assistance, and will not have an active role in the day-to-day management of the companies in which we invest. Although the Adviser will be responsible for monitoring the performance of each investment, there can be no assurance that the existing management team, or any successor, will be able to operate the company successfully, or in a way that is consistent with our investment objective. To the extent that the senior management of a portfolio company performs poorly, or if a key manager of a portfolio company terminates employment, our investment in such company could be adversely affected. There are many challenges faced by leaders of venture-funded private companies, including resignations or dismissals of senior executive officers and other top managers, disputes among investors and board members, regulatory hurdles, bad press, allegedly unethical or illegal business practices, competition from larger companies with better resources and experience, and management complicity in discrimination and hostile workplace environments on account of race or gender. Our returns will depend in large part on the performance of these unrelated individuals and could be substantially adversely affected by the unfavorable performance of a small number of such individuals.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In addition, we will generally participate in the capital structure of the portfolio companies on the basis of financial projections for such portfolio companies. Projected operating results will normally be based in part on the judgment of the management of the portfolio company. In all cases, projections are only estimates of future results that are based upon assumptions made at the time that the projections are developed. There can be no assurance that the projected results will be obtained, and actual results may vary significantly from the projections. In circumstances in which the Adviser relies on information from corporate management, the Company may be subject to the risk of dysfunctional or fraudulent management and/or accounting irregularities.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Limited information</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Only limited information may be made available to us regarding our investments in potential portfolio companies. There generally will be little or no publicly available information regarding the status and prospects of the portfolio company. Investment decisions may depend on the ability to obtain relevant information from non-public sources, and we may be required to make decisions without complete information or in reliance upon information provided by third parties that is impossible or impracticable to verify. There is a risk that: (i) there are facts or circumstances pertaining to a portfolio company that the public (including us) are not aware of; and (ii) publicly available information concerning the a portfolio company upon which we rely may prove to be inaccurate, and, as a result of (i) or (ii), the investor may suffer a partial or complete loss on its investment.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No guarantee of future access to information</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Each portfolio company is under no obligation to furnish, or may generally resist providing, information to us with respect to any securities of the portfolio company, and we may waive or have contractual limitations with respect to such securities. Exercise and use of any information rights with respect to the portfolio company shall be at our sole discretion.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Environmental Liability</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may be exposed to substantial risk of loss from environmental claims arising from investments made in companies with undisclosed or unknown environmental problems or with inadequate reserves, as well as from occupational safety issues and concerns. Under various laws, ordinances and regulations, an owner of assets may be liable for the costs of removal or remediation of certain hazardous or toxic substances on or in such property. Such laws often impose such liability without regard to whether the owner knew of, or was responsible for, the presence of such hazardous or toxic substances. The cost of any required remediation and the owner’s liability, therefore, as to any property are generally not limited under such laws and could exceed the value of the property and/or the aggregate assets of the owner. The presence of such substances, or the failure to properly remediate contamination from such substances, may adversely affect the owner’s ability to sell the assets or to borrow funds using such assets as collateral, which could have an adverse effect on our return from such investments. Environmental claims with respect to a specific investment may exceed the value of such investment, and under certain circumstances, subject our other assets to such liabilities.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Contingent Liabilities</div></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investments will be in private securities. In connection with the disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us.</div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks Associated with the Transaction Structures in which we Invest</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may use a variety of structures to gain exposure to the economic benefits of stock ownership in underlying portfolio companies. The following sets out some of the risk factors associated with the structures of our investments.</div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks associated with forward security transactions</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Forward shareholder performance</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may invest in “forward contracts” that involve shareholders (each a “counterparty”) of a potential portfolio company whereby such counterparties promise future delivery of such securities upon transferability or other removal of restrictions.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">These may involve counterparty promises of future performances, including among other things, transferring shares to us in the future, paying costs and fees associated with maintaining and transferring the shares, not transferring or encumbering their shares, and participating in further acts required of shareholders by the counterparty and their agreement with us. Should counterparties breach their agreement inadvertently, by operation of law, intentionally, or fraudulently, it could affect our performance. Our ability and right to enforce transfer and payment obligations, and other obligations, against counterparties could be limited by acts of fraud or breach on the part of counterparties, operation of law, or actions of third parties. Measures we take to mitigate these risks, including powers of attorney, specific performance and damages provisions, any insurance policy, and legal enforcement steps, may prove ineffective, unenforceable, or economically impractical to enact.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No direct relationship</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In cases where we purchase a forward contract through a secondary marketplace, we may have no direct relationship with, or right to contact, enforce rights against, or obtain personal information or contact information concerning the counterparty(ies). In such cases, we will not be direct beneficiaries of the portfolio company’s securities or related instruments. Instead, we would rely on a third party to collect, settle, and enforce its rights with respect to the portfolio company’s securities. There is no guarantee that said party will</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">be successful or effective in doing so.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none; text-indent: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "Times New Roman", Times, serif;display:inline;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Portfolio company may not be a party</div></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In cases where we purchase a forward contract, because each underlying portfolio company may not have necessarily approved or endorsed the transaction, it offers no warranties or other promises as to the validity or value of thereof, and no promise that it will agree with, approve, or facilitate transfer of shares to us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Complications may arise with respect to a corporate event</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">In cases where we purchase a forward contract, in the event of a public offering, sale, or other corporate event affecting a portfolio company, it could be complicated, uncertain, and require further legal review, negotiation, and other acts for us to work with brokers, transfer agents, and representatives of the portfolio company, its potential acquirer, and other parties.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Portfolio company may object</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">The portfolio company may not be a party to and may not have approved or been informed of the counterparty’s transactions with us, unless otherwise disclosed. The portfolio company may, upon learning of the counterparty’s transactions, take steps to invalidate or frustrate them, demand that we stop purchasing portfolio company’s securities, or seek redress or retaliation against counterparties, us, or others. Should the portfolio company object to the existence of the forward contract, it may take any number of steps to discourage or obstruct the transactions, including claiming that the counterparty transactions violate the portfolio company’s agreements, claiming causes of action against counterparties or us, defensive measures intended to discourage counterparties from selling the portfolio company’s securities to us, refusing to accept or process securities transfers, or claiming rights to rescind our transactions or trigger rights of refusal to purchase the portfolio company’s securities involved in our transactions. Should a portfolio company wish to prospectively discourage secondary transactions by us, it may adopt policies or securities-related documents that makes such transactions impractical. A portfolio company may also object to use of its name, intellectual property, or public or non-public information about it. A portfolio company may be under no obligation to approve or recognize transactions involving the portfolio company’s securities that occur as a result of forward transactions. Conversely, a portfolio company that does wish to endorse, approve, or participate in the transactions may face complex and costly regulatory requirements and exposure to risk for doing so, which could discourage it from approving or participating in the transaction</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);text-indent: 0px;display:inline;">, which could have a material adverse effect on us if forced to invalidate any prior transactions by us, directly or indirectly, in a portfolio company</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Forward shareholder death, bankruptcy, or incapacity</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Should a counterparty to a forward transaction die, become bankrupt, disabled, or no longer have legal capacity, it may not honor its contractual obligations with respect to its shares, and in some cases, may be relieved of such obligations.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Operation of law</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Due to divorce, bankruptcy, or for other reasons, counterparties may be subject to court orders or other legal requirements affecting their shares that are inconsistent with their obligations to us.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Insurance</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: normal; font-family: "Times New Roman", Times, serif; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">As of the date hereof, we have not purchased insurance policies related to our investments in forward</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space:pre-line; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">contracts; however, to mitigate some of the risks inherent in purchasing forward contracts, we may seek to obtain insurance in the future (at additional cost to us). To the extent we purchase insurance for a given forward transaction, such insurance may be inadequate, and coverage may be limited or denied due to (among other things) liability limits, exclusions, the scope and limitations of coverage, the good faith and compliance of the insurer in honoring claims, the performance of the pool in making claims, among other things. If transacting through a secondary market intermediary, we may not be direct beneficiaries of such insurance policy, and in those cases will have no direct right to make claims or enforce policy provisions. Instead, the third party itself would be the insured, and will pass along a share of any insurance proceeds to us. In the event any insurance policy expires, is terminated, or reaches its policy limits, we or the third party may or may not be able to secure a new underwriter on a commercially reasonable basis, even if we or the third party attempts to do so. The SPVs that the Company has invested in that hold forward contracts are beneficiaries of insurance policies purchased by the managers of such SPVs. There is no guarantee that this will be the case with respect to SPVs that the Company invests in going forward.</div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risks associated with investments in Private Funds</div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We may purchase units or shares of Private Funds or acquire shares in SPVs to gain economic exposure to private companies in the technology sector. Investing through such structures carries additional risk, as detailed below.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">General Private Fund risks</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Our investments in Private Funds will require us to bear a pro rata share of the vehicles’ expenses, including management and performance fees. The fees we pay to invest in a Private Fund may be higher than if the manager of the Private Fund managed our assets directly. The incentive fees charged by certain Private Funds may create an incentive for its manager to make investments that are riskier and/or more speculative than those it might have made in the absence of an incentive fee. Private Funds are not publicly traded and therefore may not be as liquid as other types of investments. Furthermore, Private Funds are subject to specific risks, depending on the nature of the vehicle and also may employ leverage such that their returns are more than one times that of their benchmark which will amplify losses suffered by us when compared to unleveraged investments. For example, Private Funds need not have independent boards, do not require shareholder approval of advisory contracts, may utilize leverage and may engage in joint transactions with affiliates. These characteristics present additional risks for stockholders.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Risk inherent in investing through a Delaware Series LLC</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Under Delaware law, an LLC may be composed of individual series of membership interests. This type of entity is referred to as a Series LLC. Each series effectively is treated as a separate entity, meaning the debts; liabilities, obligations and expenses of one series cannot be enforced against another series of the LLC or against the LLC as a whole. Each series can hold its own assets, have its own members, conduct its own operations and pursue different business objectives, but remain insulated from claims of members, creditors or litigants pursuing the assets of or asserting claims against another series. There is a certain degree of uncertainty surrounding the Series LLC form. For example, although Delaware law clearly provides for legal separation of series, it is unclear whether courts in other states and/or jurisdictions would recognize a legal separation of assets and liabilities within what is technically a single entity. Federal courts, and those of different states, may not have significant experience or legal precedent in resolving the associated legal issues. Therefore, even if a Delaware Series LLC were properly operated with distinct records relating to the assets and liabilities of each series, a court in another jurisdiction could determine not to recognize the legal separation afforded under Delaware law. As a further concern, in July 2017 the Uniform Law Commission approved the Uniform Limited Liability Company Protected Series Act that, if adopted by the various states, would establish new, uniform state laws concerning Series LLCs.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No audited financials</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">A Private Fund may not provide audited financials to us. In the absence of audited financials, we will not have an independent third party verifying financial reports.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Limited liquidity of Fund interests</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">No market for the interests in a Private Fund exists or is expected to develop, and it may be difficult or impossible to transfer the interests in such Private Fund, even in an emergency. In addition, we will not have the right to withdraw or transfer any amount of our investment in a Private Fund without the prior consent of its manager, which consent may be withheld for any or no reason. As a result, we may need to hold the Private Fund interest indefinitely.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Management of a Private Fund</div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">We will have no right or power to take part in the management of a Private Fund. Accordingly, we will have no opportunity to control the day-to-day operations, including investment and disposition decisions, of the underlying Private Fund. We will not receive the detailed financial information issued by the underlying portfolio company(ies) that may be available to the manager of the Private Fund. Accordingly, in purchasing a Private Fund interest, we entrust all aspects of the management of the Private Fund to its manager.</div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;"> </div></div></div></div><div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risk inherent in reliance on a third party manager</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The manager of a Private Fund may make decisions, which result in a loss for the Private Fund. There can be no assurance that a Private Fund’s manager will make decisions that improve the Private Fund’s performance or lead to a profitable outcome for us.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Litigation risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Each Private Fund will be subject to a variety of litigation risks. In the event of a dispute arising from any activities relating to the operation of the Private Fund it is possible that the Private Fund, its manager, the Private Fund’s members, and persons associated or affiliated with such parties may be named as defendants. Under most circumstances, the Private Fund will indemnify its manager and their personnel against any costs they incur in connection with such disputes. Beyond direct costs, such disputes may adversely affect a Private Fund in a variety of ways, including by distracting the manager and harming relationships between the Private Fund and its portfolio company or other investors in the portfolio company.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Recourse to the Private Fund’s assets</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">A Private Fund’s assets, including any investments made by the Private Fund and the portfolio companies held by the Private Fund, are available to satisfy all liabilities and other obligations of the Private Fund. If the Private Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Private Fund’s assets generally and will not be limited to any particular assets, such as the asset representing the investment giving rise to the liability. Accordingly, we could find our interest in the Private Fund’s assets adversely affected by a liability arising out of an investment of the Private Fund.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">General SPV Risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our investments in SPVs will typically require us to bear a pro rata share of the vehicles’ expenses, including operating and offering-related costs, which could result in higher expenses than if we invested in the single underlying portfolio company directly. Because SPVs are organized by managers unaffiliated with us and we will typically be one of many investors in the SPV, in purchasing an SPV interest, we entrust all aspects of the management of the SPV to its manager. SPVs are generally organized as limited liability companies, and to the extent an SPV is organized as a Delaware Series LLC, we would be subject to the risks inherent in investing in a Delaware Series LLC discussed above. Some SPVs in which we invest may impose restrictions on when investors may withdraw their investment or limit the amounts investors may withdraw. To the extent we seek to reduce or sell out our investment at a time or in an amount that is prohibited, we may not have the liquidity necessary to participate in other investment opportunities or may need to sell other investments that we may not have otherwise sold. Additionally, SPVs are not publicly traded and therefore may not be as liquid as other types of investments. Further, the fair value of investments in SPVs may differ from the value of the underlying securities were we to hold such securities directly. Finally, as investors in an SPV, we own interests in the SPV and have no ownership rights to the underlying securities. These characteristics present additional risks for stockholders. Individual SPVs that we invest in may have different terms and structures, which may present unique risks and result in different fee levels.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none; text-indent: 0.5in;"><div style="null;text-indent: 0px;font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">In addition, a portfolio company whose securities are held by an SPV may not be a party to, and may not have approved or been informed of, the SPV’s acquisition of its securities or our investment in the SPV. The portfolio company may, upon learning of the SPV’s holdings or our indirect interest in its securities, take steps to invalidate or frustrate such transactions, demand that the SPV or we cease acquiring or holding the portfolio company’s securities, or seek redress against the SPV, its sponsors or managers, us, or others. Should the portfolio company object to the SPV’s ownership of its securities, it may take any number of steps to discourage or obstruct such transactions, including claiming that the SPV’s acquisition or holding of the portfolio company’s securities violates the portfolio company’s agreements, asserting claims against the SPV or us, adopting defensive measures intended to discourage the sale or transfer of the portfolio company’s securities to or through the SPV, refusing to accept or process securities transfers, or claiming rights to rescind the transactions or to exercise rights of first refusal with respect to the portfolio company’s securities held by the SPV. Should a portfolio company seek to discourage future secondary transactions involving its securities, it may adopt policies or amend its securities-related documents to make such transactions impractical. A portfolio company may also object to the use of its name, intellectual property, or public or non-public information about it. A portfolio company may be under no obligation to approve or recognize transactions involving its securities that occur through SPV structures. Conversely, a portfolio company that does wish to endorse, approve, or participate in such transactions may face complex and costly regulatory requirements and exposure to liability for doing so, which could discourage it from approving or participating in the transaction.</div><br/></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">General Market and Regulatory Risks</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Political and economic risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Downgrades by rating agencies to the U.S. government’s credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Deterioration in the economic conditions in the Eurozone and other regions or countries globally and the resulting instability in global financial markets may pose a risk to our business. Financial markets have been affected at times by a number of global macroeconomic events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance sheets of European banks, the effect of the United Kingdom (the “U.K.”) leaving the European Union (the “EU”), and instability in the Chinese capital markets. Global market and economic disruptions have affected, and may in the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations. We cannot assure you that market disruptions in Europe and other regions or countries, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe or elsewhere negatively impacts consumer confidence and consumer credit factors, our and our portfolio companies’ business, financial condition and results of operations could be significantly and adversely affected. Moreover, there is a risk of both sector-specific and broad-based corrections and/or downturns in the equity and credit markets. Any of the foregoing could have a significant impact on the markets in which we operate and could have a material adverse impact on our business prospects and financial condition.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Various social and political circumstances in the United States and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics), may also contribute to increased market volatility and economic uncertainties or deterioration in the United States and worldwide. Such events, including rising trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries, the war between Russia and Ukraine, conflicts in the Middle East, and global health emergencies could adversely affect our business, financial condition or results of operations. These market and economic disruptions could negatively impact the operating results of our portfolio companies.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">These developments, along with the United States government’s credit and deficit concerns, global economic uncertainties and market volatility, could cause interest rates to be volatile, which may negatively impact our performance.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Certain of our portfolio companies may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results, which could in turn adversely impact our results of operations. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of our 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. Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. There is no guarantee that the actions taken by the Federal Reserve will reduce or eliminate inflation.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Legal and regulatory risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Government counterparties may have the discretion to change or increase regulation of a portfolio company’s operations, or implement laws or regulations affecting the portfolio company’s operations, separate from any contractual rights it may have. A portfolio company also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such company. Governments have considerable discretion in implementing regulations that could impact a portfolio company’s business, and because its business may provide basic, everyday services, and face limited competition, governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company’s business. There can be no assurance that the relevant governmental entities will not legislate, impose regulations or change applicable laws or act contrary to the law in a way that would materially and adversely affect the business of our investments.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may seek to acquire a significant stake in certain securities or instruments and may invest in certain sectors that are subject to special regulatory oversight. In such event, we may be required to file a notification with a governmental agency, seek regulatory approval or comply with other regulatory requirements. These requirements may result in a delay in, or prohibit, the acquisition of an investment. Compliance with regulatory requirements may result in additional costs to us. Such restrictions may also restrict or delay our ability to liquidate an investment.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none;text-indent: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Investment and trading risks</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">All investments risk the loss of capital. No guarantee or representation is made that our investment program will be successful. There is no assurance that we will be able to generate positive returns for our investors or that the returns will be commensurate with the risks of investing in companies, securities and instruments and strategies described herein. There can be no assurance that our returns will not be correlated with a traditional portfolio of stocks or bonds. Our investment program may utilize such investment techniques as leverage, limited diversification and forward contracts, which practices can, in certain circumstances, magnify the adverse impact of market moves to which we may be subject or cause our net assets to appreciate or depreciate at a greater rate. We may invest in highly volatile securities or markets, which could impair our profitability or result in losses.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions, could adversely affect our portfolio companies’ current and projected business, financial condition and results of operations and result in a decline in the valuation of our investments.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. Ongoing disruptive conditions in the financial industry, including the bankruptcy of, the acquisition of, or government intervention in the affairs of financial institutions, and the impact of new legislation in response to those conditions could restrict our business operations or the business operations of our portfolio companies and could adversely impact their results of operations and financial condition which could, in turn, result in a decline in the valuation of our investments.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to Investing in the Company</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Difficulty of asset valuations or appraisals</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">We hold investments that are not listed on any stock exchange and/or which may be illiquid without a readily independent market valuation. We are required to fair value such investments and expect to <div style="display:inline;">fair value our investments as determined in good faith by the Adviser as the valuation designee purusant to </div>valuation policies and procedures adopted by the Board. The Adviser also utilizes alternative valuation methods, such as engaging third-party valuation providers or pricing services, as it determines is necessary in order to fair value such investments<div style="display:inline;">, subject to the Board's oversight</div>. All valuation methods necessarily involve a level of subjectivity for which objective support is unavailable. If a third party is used to assist with asset valuations, we will ultimately be responsible for the valuation of such assets notwithstanding the assistance from an independent third party provider.</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Indemnification</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We have indemnification obligations. Such liabilities may be material and have an adverse effect on the returns to investors. Our indemnification obligations would be payable from our assets, and such indemnification obligations will survive the winding-up and dissolution of the Company.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Potential conflicts of interest</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Instances may arise where the interests of the Adviser and its affiliates may potentially or actually conflict with our interests and the interests of our shareholders. The following discussion enumerates certain potential conflicts of interest that should be carefully evaluated before making an investment in our shares. The discussion below does not seek to exhaustively describe all potential conflicts of interest.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The Adviser’s team of investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. Certain members of the Adviser’s investment team serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do, or of investment funds, accounts, or investment vehicles managed by the Adviser. For example, Mr. Prasad co-founded S2 Capital, which has invested in early stage technology companies and, subject to the Adviser’s conflicts of interest procedures, we may seek to invest in the same companies. In serving in these multiple capacities, they may have obligations to other investors in those entities, the fulfillment of which may not be in the best interests of us or our shareholders. These activities also may distract them from sourcing or servicing new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">The principals of the Adviser and <div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);display:inline;">any </div>other funds sponsored by <div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);display:inline;">the Adviser,</div> as<div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0);display:inline;"> potential</div> <div style="display:inline;">or actual </div>passive investors in venture funds or other investment vehicles, may receive opportunities to invest in funds comprised of securities of late-stage private companies, that we may not have access to or which may not be appropriate for us to consider.</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; text-indent: 0px;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">In addition, Mr. Prasad is a shareholder of Forge and SharesPost, preeminent private securities marketplaces, which we may utilize as a means to acquire equity and equity-related interests, subject to our best execution policy.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Possession of Material Non-Public Information</div></div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The investment team of the Adviser may have access to material nonpublic information of portfolio companies in which we invest. In the event that we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on our ability to achieve our investment objective.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Exemptive Relief</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of our Directors who are not interested persons and, in some cases, the prior approval of the SEC. We may co-invest with our Adviser or our officers and directors in a manner consistent with guidance promulgated under the no-action position of the SEC set forth in Mass Mutual Life Ins. Co. (SEC No-Action Letter, June 7, 2000), on which similarly situated funds like us rely in order to co-invest in a single class of privately placed securities so long as certain conditions are met, including that our investment adviser or an affiliate, acting on our behalf and on behalf of other clients, negotiates no term other than price. The Adviser’s allocation policy will seek to ensure equitable allocation of investment opportunities between us and/or other funds managed by the Adviser or its affiliates over time.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to Our Common Stock</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">An investment in our shares is subject to market volatility as a result of our focus on investments in private technology companies.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">An investment in our shares is subject to market volatility as a result of our focus on investments in private technology companies. An investment in our shares is an indirect investment in the securities of private technology companies in which we invest. The value of these securities may be volatile, which may lead to additional volatility in our shares. The trading price of our shares may move up or down, sometimes rapidly and unpredictably. In addition to market volatility, uncertainty around interest rates and/or unfavorable economic conditions may affect us and our portfolio companies, which in turn could adversely affect our share price.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Common stock of closed-end management investment companies have in the past frequently traded at discounts to their NAVs, and we cannot assure you that the market price of our shares will not decline below our NAV per share.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Common stock of closed-end management investment companies have in the past frequently traded at discounts to their respective NAVs and our common stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV per share. In addition, if our common stock trades below our NAV per share, we will generally not be able to sell additional common stock to the public at market price except (1) in connection with a rights offering to our existing stockholders, (2) with the consent of the majority of our common stockholders, (3) upon the conversion of a convertible security in accordance with its terms or (4) under such circumstances as the SEC may permit.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin-bottom: 0px; margin-top: 0px; font-size: 8pt; background: none;text-indent: 0px;"><div style="font-size: 8pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our common stock has traded at a premium to net asset value, however, we cannot assure that this will occur after any offering.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our common stock has traded at a premium to net asset value, however, we cannot assure that this will occur after any offering or that the common stock will not trade at a discount in the future. Our issuance of additional common stock may have an adverse effect on prices in the secondary market for our common stock by increasing the number of shares of common stock available, which may create downward pressure on the market price for our common stock. Our issuance of additional common stock may have an adverse effect on prices in the secondary market for our common stock by increasing the number of shares of common stock available, which may create downward pressure on the market price for our common stock. It is not possible to predict whether the shares offered hereby will trade at, above, or below net asset value.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">If we issue preferred stock, the NAV and market value of our common stock will likely become more volatile.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We cannot assure you that the issuance of preferred stock would result in a higher yield or return to our stockholders. The issuance of preferred stock would likely cause the NAV and market value of our common stock to become more volatile. If the dividend rate on the preferred stock were to approach the net rate of return on our investment portfolio, the benefit of leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of our common stock than if we had not issued preferred stock. Any decline in the NAV of our investments would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our common stock than if we were not leveraged through the issuance of preferred stock. This greater NAV decrease would also tend to cause a greater decline in the market price for our common stock. We might be in danger of failing to maintain the required asset coverage of the preferred stock or of losing our ratings, if any, on the preferred stock or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred stock. In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred stock. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, including higher advisory fees if our total return exceeds the dividend rate on the preferred stock.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to Leverage</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">As part of our business strategy, we may borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities will have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock dividend payments.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, the Management Fee will be payable based on our average gross assets including assets purchased with borrowed amounts, if any, which may give our Adviser an incentive to use leverage to make additional investments. The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Regulations governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage.</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We may in the future issue debt securities or additional preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted, as a registered closed-end management investment company, to issue senior securities provided we meet certain asset coverage ratios (<div style="font-style:italic;display:inline;">i.e.</div>, 300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred stock under current law). If the value of our assets declines, we may be unable to satisfy this test. If that happens, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our stockholders. Furthermore, if we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss. If we issue preferred stock, such stock would rank “senior” to our shares of common stock, preferred stockholders would have separate voting rights on certain matters and have other rights, preferences and privileges more favorable than those of our stockholders, and we could be required to delay, defer or prevent a transaction or a change of control that might involve a premium price for holders of our common stock or otherwise be in your best interest.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We are not generally able to issue and sell our common stock at a price below the then current NAV per share (exclusive of any distributing commission or discount). We may, however, sell our common stock at a price below the then current NAV per share if the Board determines that such sale is in our best interests and a majority of our stockholders approves such sale. In addition, we may generally issue additional shares of common stock at a price below NAV in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances. If we raise additional funds by issuing more common stock, then the percentage ownership of our stockholders at that time will decrease, and you may experience dilution.</div></div>
<div style="margin: 0px 0px 0px 0in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Risks Related to U.S. Federal Income Tax</div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-weight:bolder;display:inline;"><div style="font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We will be subject to U.S. federal income tax at corporate rates if we are unable to qualify and maintain our tax treatment as a RIC under Subchapter M of the Code</div></div></div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source and asset diversification requirements. See “<div style="font-style:italic;display:inline;">Certain U.S. Federal Income Tax Considerations</div>.”</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="color: rgb(0, 0, 0);text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;text-indent: 0px;display:inline;">Annual Distribution Requirement.</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"> The</div> Annual Distribution Requirement for a RIC will be satisfied if we timely distribute to our shareholders on an annual basis at least the sum of (i) 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short term capital gains over realized net long term capital losses, and (ii) 90% of our net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillback dividend” provisions of Subchapter M. We would be taxed, at U.S. federal corporate rates, on retained income and/or gains, including any short term capital gains or long term capital gains. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are required to retain a portion of our taxable income or gains, we could (1) be required to pay excise taxes and (2) fail to qualify for RIC tax treatment, and thus become subject to U.S. federal income tax at corporate rates on our taxable income (including gains).</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; text-indent: 0.5in; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;"><div style="color: rgb(0, 0, 0);text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Income Source Requirement.</div></div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> The</div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to securities loans, gains from the sale of stock or securities, net income from an interest in a qualified publicly traded partnership, or other income derived from the business of investing in stock or securities.</div></div>
<div style="margin: 0px 0px 0px 0in; text-align: justify; line-height: 12pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; background: none;text-indent: 0px;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(0, 0, 0);text-decoration:underline;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Asset Diversification Requirement.</div></div><div style="letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, at least 50% of the value of our assets must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities if such securities or any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and no more than 25% of the value of our assets can be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than securities of other RICs, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses, or (iii) the securities of certain “qualified publicly traded partnerships.” </div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Failure </div><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status either to meet the RIC asset diversification test at quarter end or to “cure” a failure to meet the asset diversification test for a particular quarter. If we are unable to dispose of investments quickly enough to meet the asset diversification requirement at the end of a quarter or if the Internal Revenue Service (“IRS”) were to successfully challenge satisfaction of the asset diversification test for any quarter, including challenging satisfaction of the requirements to “cure” an asset diversification test failure for a prior quarter, we may fail to qualify for special tax treatment accorded to RICs and, thus, be subject to U.S. federal income tax at corporate rates.</div></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; text-indent: 0in; top: 0px;display:inline;">If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to U.S. federal income tax at corporate rates, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions.</div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-size: 10pt; letter-spacing: 0px; text-indent: 0in; top: 0px;display:inline;"></div><br/></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="background-color: initial; font-size: 10pt; letter-spacing: 0px; text-indent: 0in; top: 0px;display:inline;">We may invest in certain foreign debt and equity investments that could be subject to foreign taxes (such as income tax, withholding, and value added taxes).</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="null;text-indent: 0px;font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"></div></div></div></div><br/></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"><div style="null;text-indent: 0px;font-style:italic;display:inline;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">A portion </div>of our income and fees may not be qualifying income for purposes of the income source requirement</div></div></div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Some of the income and fees that we may recognize will not satisfy the qualifying income requirement applicable to RICs. In order to ensure that such income and fees do not disqualify us as a RIC for a failure to satisfy such requirement, we may be required to recognize such income and fees indirectly through one or more entities classified as corporations for U.S. federal income tax purposes. Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce our return on such income and fees.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">We cannot predict how tax reform legislation will affect us or our stockholders</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. We cannot predict with certainty how any changes in the tax laws might affect us or our stockholders. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect us and our stockholders. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals.</div></div>
61.66
1.51
24.56
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth for all quarters beginning with March 26, 2024, the date our shares first traded on the NYSE, the NAV per share of our common stock, the high and low closing sales prices of our common stock and such sales prices as a percentage of NAV per share.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap; text-align: right;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; text-indent: 0px; border-spacing: 0px;margin-right : auto;margin-left : 0;margin-right : auto;"><tr><td style="padding: 0px 0in 0.5px; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; text-align: center;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; text-align: center;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div></td><td colspan="2" style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Net Asset</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div> </div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div> </div></td><td colspan="6" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Price Range</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div> </div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div> </div></td><td colspan="2" style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">High</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Sales Price</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Premium</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">(Discount)</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">to Net Asset</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div> </div></td><td colspan="2" style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Low</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Sales Price</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Premium</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">(Discount)</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">to Net Asset</div></div><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"> </div></div></td><td style="padding: 0in 0in 0.5px; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap; font-weight: bold;"> </div></td></tr><tr><td style="padding: 0px 0in; font-family: "Times New Roman", Times, serif; vertical-align: bottom; border-bottom: 1px solid black;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt;"><div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Class and Period</div></div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; vertical-align: bottom;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt;"><div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; text-align: center;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Value<div style=";display:inline;vertical-align: super;font-size:9.2px">(1)</div></div></div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">High</div></div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Low</div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; text-align: center; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Value<div style=";display:inline;vertical-align: super;font-size:9.2px">(2)</div></div></div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></div></td><td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;"><div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="white-space: nowrap; font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Value<div style=";display:inline;vertical-align: super;font-size:9.2px">(2)</div></div></div></div></div></td><td style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom; border-bottom: 1px solid black;"><div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap; font-weight: bold;"> </div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Year ended December 31, 2024</div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"> </div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">First Quarter (March 26, 2024 – March 28, 2024)</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">5.07</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">25.00</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">9.00</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">393</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">77.5</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Second Quarter (April 1, 2024 – June 28, 2024)</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">5.15</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">99.79</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">10.80</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">1837.6</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">109.7</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Third Quarter (July 1, 2024 – September 30, 2024</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">5.32</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">15.18</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">9.63</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">185.3</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">81</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Fourth Quarter (October 1, 2024 – December 31, 2024)</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">6.44</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">72.54</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">9.88</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">1026.4</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">53.4</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Year ended December 31, 2025</div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">First Quarter (January 1, 2025 - March 31, 2025</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">6.31</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">65.28</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">28.79</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">934.5</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">356.2</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Second Quarter (April 1, 2025 - June 30, 2025)</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="letter-spacing: 0px; top: 0px;display:inline;">6.92</div><div style="letter-spacing: 0px; top: 0px;display:inline;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><br/></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">47.87</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">26.68</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">591.8</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">%</div></div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; white-space: nowrap; text-align: right; text-indent: 0px; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt; font-size: 10pt;display:inline;"></div></div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">285.5</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-align: left; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">%</div></div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Third Quarter (July 1-, 2025 – September 30, 2025)</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">11.37</div></td><td style="width: 1%; padding: 0px; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"> </td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">39.35</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">35.29</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">%</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">246.1</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-align: left; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">%</div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">210.4</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-align: left; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">%</div></div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Fourth Quarter (October 1, 2025 – December 31, 2025)</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">19.93</div></td><td style="width: 1%; padding: 0px; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"> </td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">40.98</div></td><td style="width: 1%; padding: 0px; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;"> </div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">$</div></div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">19.71</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><br/></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; margin-left: 0in; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">105.6</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-align: left; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">%</div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">(1.1</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-align: left; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">)%</div></div></div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="font-size: 10pt;font-weight:bolder;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Year ended December 31, 2026</div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0px; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"> </td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0px; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"> </td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal;"><div style="font-family: "Times New Roman", Times, "serif"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; margin-bottom: 0px; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: nowrap; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "Times New Roman", Times, "serif"; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; margin-bottom: 0px; margin-top: 0px;"> </div></td></tr><tr><td style="width: 45%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">First Quarter (January 1, 2026 – March 31, 2026)</div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); vertical-align: bottom;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">$</div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">24.56</div></td><td style="width: 1%; padding: 0px; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;"> </div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">$</div></div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">36.66</div></td><td style="width: 1%; padding: 0px; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;"> </div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">$</div></div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">23.81</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><br/></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; text-align: left; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; margin-left: 0in; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 8%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">49.3</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-align: left; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">%</div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;"> </div></div></div></td><td style="width: 4%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: right; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size:10pt;display:inline;">(3.1</div></td><td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgba(255, 255, 255, 0); text-align: left; vertical-align: bottom; line-height: 10pt; font-size: 10pt;"><div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; white-space: nowrap; text-align: left; text-indent: 0in; line-height: 10pt;"><div style="font-size:10pt;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; line-height: 10pt;display:inline;">)%</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;text-indent: 0px;"></div><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">*</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">Not determinable at the time of filing.</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">(1)</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;display:inline;">NAV per share is generally determined as of the last day in the relevant quarter and therefore may not </div><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;display:inline;">reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">(2)</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="color: rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; background: none; letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;display:inline;">Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).</div><div style="font-family: "Times New Roman", Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt; font-size: 10pt;display:inline;"></div></div></div></td></tr></table>
5.07
25
9
3.93
0.775
5.15
99.79
10.8
18.376
1.097
5.32
15.18
9.63
1.853
0.81
6.44
72.54
9.88
10.264
0.534
6.31
65.28
28.79
9.345
3.562
6.92
47.87
26.68
5.918
2.855
11.37
39.35
35.29
2.461
2.104
19.93
40.98
19.71
1.056
-0.011
24.56
36.66
23.81
0.493
-0.031
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objective and Investment Strategy</div></div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;">We intend to invest in and gain exposure to what we believe to be 100 of the top venture-backed private technology companies. Our investment objective is to maximize our portfolio’s total return, principally by seeking capital gains on our equity and equity-related investments. Under normal market conditions, we will invest at least 80% of our total assets either directly or through SPVs in equity and equity-linked securities of companies principally engaged in the technology sector. Equity-linked securities mean any debt or equity securities that are convertible, exercisable or exchangeable for equity securities of the issuer, or that provide us with economic exposure to the equity securities of such issuer. We will invest principally in the equity and equity-linked securities of what we believe to be rapidly growing venture-capital-backed emerging companies, located primarily in the United States. We may also invest on an opportunistic basis in select U.S. publicly traded equity securities or certain non-U.S. companies that otherwise meet our investment criteria. <div style="background: none; font-family: "Times New Roman", Times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">There can be no assurance that our investment objectives will be achieved or that our investment program will be successful. Our investment objective may be changed by our Board of Directors without prior shareholder approval.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">To achieve our investment objective, we will leverage the Adviser’s extensive network of relationships with other sophisticated institutions to source and evaluate investments.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We will seek to deploy capital primarily in the form of non-controlling equity and equity-related investments, including common stock, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity, and convertible debt securities with a significant equity component. In addition, we may purchase units or shares of Private Funds to gain economic exposure to private companies in the technology sector. We will limit our investments in such Private Funds to no more than 15% of our net assets, provided that, unlevered private funds whose investment strategy consists solely of investing directly or indirectly in a single private operating company are excluded from the 15% limitation. Nevertheless, as of the date of this prospectus, we have not invested in any private equity funds, venture funds or hedge funds, and will provide notice to investors 60 days before making any such investments.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">To maximize our portfolio’s total return, we will take a structure-agnostic approach to investing and also will deploy capital into equity-related and equity-linked investments such as forward contracts for future delivery of stock, swaps and purchases of units or other ownership of limited liability companies, limited partnerships, or other special purpose vehicles that serve to provide us with financial exposure to the equity of a single issuer or portfolio company.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We intend to achieve our investment objective by adopting the following investment strategies:</div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.25in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;"><div style="line-height: 10pt; font-size: 10pt;font-weight:bolder;display:inline;"><div style="line-height: 10pt; font-size: 10pt;font-style:italic;display:inline;">Identify high quality growth companies.</div></div> Based on our experience in analyzing technology trends and markets, we have identified growth-stage and mid-stage venture-backed companies as opportunities where we believe companies are capable of producing substantial growth.</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">We will further rely on our collective industry knowledge as well as an understanding of where leading venture capitalists and other institutional investors are investing. We will leverage a combination of our relationships throughout Silicon Valley and our independent research to identify companies that we believe are differentiated and best positioned for sustained growth. We will continue to expand our sourcing network in order to evaluate a wide range of investment opportunities in companies that demonstrate strong operating fundamentals. We will be targeting businesses that have been shown to provide scaled valuation growth before a potential IPO or strategic exit.</div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;"><div style="line-height: 10pt; font-size: 10pt;font-weight:bolder;display:inline;"><div style="line-height: 10pt; font-size: 10pt;font-style:italic;display:inline;">Acquire positions in targeted investments.</div></div> We will seek to selectively add to our portfolio by sourcing investments at an acceptable price through our disciplined investing strategy. To this end, we will utilize multiple methods to acquire equity stakes in private companies that are not available to most individual investors.</div></div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;"><div style="line-height: 10pt; font-size: 10pt;font-weight:bolder;display:inline;"><div style="line-height: 10pt; font-size: 10pt;font-style:italic;display:inline;">Create access to a varied investment portfolio.</div></div> We will seek to hold a varied portfolio of non-controlling equity investments, which we believe will minimize the impact on our portfolio of a negative downturn at any one specific company or industry. We believe that our relatively varied portfolio will provide a convenient means for accredited and non-accredited individual investors to obtain access to an asset class that has generally been limited to venture capital, private equity and similar large institutional investors.</div></div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Direct equity investments.</div> We will seek direct investments in private companies. There is a large market among emerging private companies for equity capital investments. Many of these companies, particularly within the technology sector, lack the necessary cash flows to sustain substantial amounts of debt, and therefore have viewed equity capital as a more attractive long-term financing tool. We will seek to be a source of such equity capital as a means of investing in these companies and look for opportunities to invest alongside other venture capital and private equity investors with whom we have established relationships.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">Private secondary marketplaces and direct share purchases.</div> We also will utilize private secondary marketplaces, such as Forge, SharesPost and CartaX, as a means to acquire equity and equity-related interests in privately held companies that meet our investment criteria. We believe that such markets offer new channels for access to equity investments in private companies and provide a potential source of liquidity should we decide to exit an investment. In addition, we also will purchase shares directly from stockholders, including current or former employees, of privately-held companies that meet our investment criteria. As certain companies grow and experience significant increased value while remaining private, employees and other stockholders may seek liquidity by selling shares directly to a third party or to a third party via a secondary marketplace. Sales of shares in private companies are typically restricted by contractual transfer restrictions and may be further restricted by provisions in company charter documents, investor rights of first refusal and co-sale and company employment and trading policies, which may impose strict limits on transfer. We believe that the reputation of our investment professionals within the industry and established history of investing affords us a favorable position to the extent we are required, pursuant to the underlying agreements with shareholders of a portfolio company, to seek approval from such portfolio company for a purchase of shares, if such approval is required in accordance with the transaction documents. See <div style="font-style:italic;display:inline;">“Risks Associated with the Transaction Structures in which we Invest—Risks Associated with Forward Security Transactions”.</div></div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">A significant portion of our investments may be held through SPVs which are private investment vehicles formed to invest in a particular portfolio company. Investments in SPVs are common in the venture capital industry and are an efficient way to pool capital with other investors in order to invest in a single issuer through the ownership of interests in the SPV. SPVs that we may invest in are not controlled by us and are not subsidiaries.</div></div>
<br/><div id="a_008_description"></div><div style="font-family: "Times New Roman", Times, serif; text-transform: uppercase; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">DESCRIPTION OF OUR CAPITAL STOCK</div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;">The following description is based on relevant portions of the Maryland General Corporation Law (the “MGCL”) and on our Articles of Amendment and Restatement (the “Charter”) and our <div style="display:inline;">Third</div> Amended and Restated Bylaws (“Bylaws”). This summary may not contain all of the information that is important to you, and we refer you to our Charter and Bylaws for a more detailed description of the provisions summarized below.</div></div></div>
<div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">General</div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Under the terms of our Charter, our authorized capital stock consists of 500,000,000 shares of common stock, par value $0.00001 per share, and no shares of preferred stock, par value $0.00001 per share. There are no outstanding options or warrants to purchase our stock. Under Maryland law, our shareholders generally are not personally liable for our debts or obligations. Under our Charter, the Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of the shares of stock without obtaining shareholder approval. As permitted by the MGCL, our Charter provides that the Board, without any action by our shareholders, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.</div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The following presents our outstanding classes of securities as of March 31, 2026:</div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
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<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none; text-align: center;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></div>
<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; text-align: left;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Title of Class</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt;">
<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; background: none; text-align: center;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></div>
<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; text-align: center;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Amount<br/>Authorized</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Amount Held by<br/>Us or for Our Account</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Amount<br/>Outstanding<br/>Exclusive of<br/>Amount Held by<br/>Us or for Our<br/>Account</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div>
</div>
</td>
</tr>
<tr>
<td style="width: 61%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Common Stock</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"><div style="display:inline;">500,000,000</div><div style="display:inline;"></div></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><br/></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">0</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;text-indent: 0px;"><div style="display:inline;font-family:Times New Roman, Times, serif;"><div style="font-size: 13.3333px; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">30,465,664</div></div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><br/></div>
</td>
</tr>
</table>
<div style="clear: both; max-height: 0px;text-indent: 0px;"></div>
<div style="clear:both;max-height:0pt;text-indent: 0px;"></div>
<div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Common Stock</div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">All shares of our common stock will have equal rights as to earnings, assets, voting, and distributions and other distributions and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as and when authorized by the Board and declared by us out of funds legally available therefor. The shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock possess exclusive voting power.</div></div>
<div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Preferred Stock</div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our charter authorizes our Board to classify and reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. The cost of any such reclassification would be borne by our existing common stockholders. Prior to issuance of shares of each class or series, our Board is required by Maryland law and by our charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, our Board could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. You should note, however, that any issuance of preferred stock must comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (1) immediately after issuance and before any dividend or other distribution is made with respect to our common stock and before any purchase of common stock is made, such preferred stock together with all other senior securities must not exceed an amount equal to 50% of our gross assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two full years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. We believe that the availability for issuance of preferred stock will provide us with increased flexibility in structuring future financings and acquisitions. However, we do not currently have any plans to issue preferred <div style="display:inline;">stock</div>.</div></div>
<div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses</div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our Charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act.</div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our Bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as our director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. Our Bylaws also provide that, to the maximum extent permitted by Maryland law, with the approval of the Board and provided that certain conditions described in our Bylaws are met, we may pay certain expenses incurred by any such indemnified person in advance of the final disposition of a proceeding upon receipt of an undertaking by or on behalf of such indemnified person to repay amounts we have so paid if it is ultimately determined that indemnification of such expenses is not authorized under our Bylaws. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person would be subject by reason of such person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.</div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Maryland law requires a corporation (unless its charter provides otherwise, which our Charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either, case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer in advance of final disposition of a proceeding upon the corporation’s receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.</div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our insurance policy does not currently provide coverage for claims, liabilities and expenses that may arise out of activities that our present or former directors or officers have performed for another entity at our request. There is no assurance that such entities will in fact carry such insurance. However, we note that we do not expect to request our present or former directors or officers to serve another entity as a director, officer, partner or trustee unless we can obtain insurance providing coverage for such persons for any claims, liabilities or expenses that may arise out of their activities while serving in such capacities.</div></div>
<div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Certain Provisions of the MGCL and Our Charter and Bylaws; Anti-Takeover Measures</div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The MGCL and our Charter and Bylaws contain provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with the Board. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our shareholders. These provisions could have the effect of depriving shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over us. Such attempts could have the effect of increasing our expenses and disrupting our normal operations. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms. Our Board has considered these provisions and has determined that the provisions are in the best interests of us and our shareholders generally.</div></div>
<div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div>
<div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Classified Board of Directors</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The Board is divided into three classes of directors serving staggered three-year terms. Directors of each class are elected to serve for three-year terms and until their successors are duly elected and qualify and each year one class of directors is elected by the shareholders. A classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified Board will help to ensure the continuity and stability of our management and policies.</div></div>
<div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div>
<div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Election of Directors</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Bylaws provide that, subject to the special rights of the holders of any class or series of preferred stock to elect directors, each director is elected by a plurality of the votes cast with respect to such director’s election. There is no cumulative voting in the election of directors. Pursuant to our Charter, the Board may amend the Bylaws to alter the vote required to elect directors.</div></div>
<div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div>
<div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Number of Directors; Vacancies; Removal</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Charter provides that the number of directors will be set by the Board in accordance with our Bylaws. Our Bylaws provide that a majority of our entire Board may at any time increase or decrease the number of directors, provided however, that the number of directors may never be less than one nor more than nine. Our Bylaws provide that, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Charter provides that a director may be removed only for cause, as defined in our Charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Action by Shareholders</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Under the MGCL, shareholder action can be taken only at an annual or special meeting of shareholders or by unanimous written consent in lieu of a meeting (unless the charter provides for shareholder action by less than unanimous written consent, which our Charter does not). These provisions, combined with the requirements of our Bylaws regarding the calling of a shareholder-requested special meeting of shareholders discussed below, may have the effect of delaying consideration of a shareholder proposal indefinitely.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Bylaws provide that with respect to an annual meeting of shareholders, nominations of persons for election to the Board and the proposal of business to be considered by shareholders may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) by a shareholder who is entitled to vote at the meeting, who has complied with the advance notice procedures of our Bylaws and who is a shareholder of record at the time of the annual meeting and at the time of giving notice pursuant to the advance notice procedures of our Bylaws. With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that directors will be elected at the meeting, by a shareholder who is entitled to vote at the meeting, who has complied with the advance notice provisions of the Bylaws and who is a shareholder of record at the time of the special meeting and at the time of giving notice pursuant to the advance notice procedures of our Bylaws.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The purpose of requiring shareholders to give us advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although our Bylaws do not give the Board any power to disapprove shareholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third-party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Calling of Special Meetings of Shareholders</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Bylaws provide that special meetings of shareholders may be called by the Board and certain of our officers. Additionally, our Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the corporation upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our Charter generally provides for approval of charter amendments and extraordinary transactions by the shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our Charter also provides that certain charter amendments, any proposal for our conversion, whether by charter amendment, merger or otherwise, from a closed-end company to an open-end company and any proposal for our liquidation or dissolution requires the approval of the shareholders entitled to cast at least 80% of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by a majority or more of our continuing directors (in addition to approval by the Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The “continuing directors” are defined in our Charter as (1) our current directors, (2) those directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of our current directors then on the Board or (3) any successor directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Charter and Bylaws provide that the Board will have the exclusive power to adopt, alter, amend or repeal any provision of our Bylaws and to make new Bylaws.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">No Appraisal Rights</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Except with respect to appraisal rights arising in connection with the Maryland Control Share Acquisition Act discussed below, as permitted by the MGCL, our Charter provides that shareholders will not be entitled to exercise appraisal rights unless a majority of the Board determines such rights apply.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Control Share Acquisitions</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The MGCL provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter (the “Control Share Acquisition Act”). Shares owned by the acquiror, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:</div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="line-height: 10pt;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="line-height: 10pt;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">one-tenth or more but less than one-third;</div></div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">one-third or more but less than a majority; or</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">a majority or more of all voting power.</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The requisite shareholder approval must be obtained each time an acquiror crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained shareholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of shareholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any shareholders meeting.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations, including, as provided in our Bylaws, compliance with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of shareholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a shareholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. We intend to amend our bylaws to be subject to the Control Share Acquisition Act upon our Board’s determination that it would be in our best interests, including in light of the Board’s fiduciary obligations, applicable federal and state laws, and the particular facts and circumstances surrounding the Board’s decision.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Business Combinations</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Under Maryland law, “business combinations” between a corporation and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder (the “Business Combination Act”). These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested shareholder is defined as:</div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock; or</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding voting stock of the corporation.</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">A person is not an interested shareholder under this statute if the board of directors approved in advance the transaction by which the shareholder otherwise would have become an interested shareholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">After the five-year prohibition, any business combination between the corporation and an interested shareholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:</div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; margin: 0px 0px 0px 0.75in; text-align: justify; text-indent: -0.25in; font-family: "Times New Roman", Times, serif; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; font-family: "Times New Roman"; border-spacing: 0px; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0.5in; overflow-wrap: break-word; vertical-align: top; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: Symbol; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">·</div></div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: "Times New Roman", Times, serif; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px; line-height: 10pt; font-size: 10pt;"><div style="font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; font-size: 10pt; line-height: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 10pt;display:inline;">two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder.</div></div></div></td></tr></table><div style="clear:both;max-height:0pt;text-indent: 0px;"></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">These super-majority vote requirements do not apply if the corporation’s common shareholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its shares.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested shareholder becomes an interested shareholder. The Board has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Business Combination Act, provided that the business combination is first approved by the Board, including a majority of the directors who are not interested persons as defined in the 1940 Act. This resolution may be altered or repealed in whole or in part at any time. However, the Board will adopt resolutions so as to make us subject to the provisions of the Business Combination Act only if the Board determines that it would be in our best interests and if the SEC staff does not object to our determination that our being subject to the Business Combination Act does not conflict with the 1940 Act. If this resolution is repealed, or the Board does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.</div></div><div style="font-size: 10pt; text-align: justify; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"><div style="font-style:italic;display:inline;"> </div></div></div><div style="font-style:italic;display:inline;"><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Conflict with the 1940 Act</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">If and to the extent that any provision of the MGCL, including the Control Share Acquisition Act (if we amend our Bylaws to be subject to such Act) and the Business Combination Act, or any provision of our Charter or Bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.</div></div><div style="font-size: 10pt; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;text-indent: 0px;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: "Times New Roman", Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Exclusive Forum</div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Our Charter requires that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of the Company’s director, officer or other agent to the Company or to its stockholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in our Charter does not apply to claims arising under the federal securities laws, including the Securities Act and the Exchange Act.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for stockholders in bringing a claim against us or our directors, officers or other agents. Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision.</div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The exclusive forum selection provision in our Charter may limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable.</div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">The following presents our outstanding classes of securities as of March 31, 2026:</div></div>
<div style="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin-top: 0px; font-family: "Times New Roman", Times, serif; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none;"><div style="font-family: "Times New Roman", Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;white-space:pre-wrap;"> </div></div>
<table cellpadding="0" cellspacing="0" style="text-align:start; width: 100%; border-collapse: collapse; border-left-style: unset; border-right-style: unset; border-left-width: 0px; border-right-width: 0px;text-indent: 0px;margin-right : auto;">
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<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt;">
<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; margin-bottom: 0px; line-height: 12pt; background: none; text-align: center;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></div>
<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; text-align: left;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Title of Class</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div></div>
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<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; font-family: "Times New Roman", Times, "serif"; margin-bottom: 0px; line-height: 12pt; background: none; text-align: center;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;white-space:pre-wrap;"> </div></div></div>
<div style="font-size: 10pt; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; text-align: center;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div></div>
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<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Amount<br/>Authorized</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
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<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
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<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
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<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Amount Held by<br/>Us or for Our Account</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
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<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
</td>
<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
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<td colspan="2" style="padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom; width: 11%;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-weight:bolder;display:inline;width:100%;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">Amount<br/>Outstanding<br/>Exclusive of<br/>Amount Held by<br/>Us or for Our<br/>Account</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div></div>
</div>
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<td style="padding: 0in 0in 0.5pt; font-family: "Times New Roman", Times, serif; white-space: nowrap; vertical-align: bottom;">
<div style="border-bottom-width: medium; border-bottom-style: none; border-bottom-color: currentcolor; padding: 0in 0in 1pt; white-space: nowrap;">
<div style="font-size: 10pt; text-align: center; border-width: medium; border-style: none; border-color: currentcolor; border-image: initial; padding: 0in; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; background: none; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div>
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<tr>
<td style="width: 61%; padding: 0px 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0px; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;">Common Stock</div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div>
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<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"> </div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;display:inline;"></div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"><div style="display:inline;">500,000,000</div><div style="display:inline;"></div></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in; text-align: left;"><br/></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap; text-align: right;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;">0</div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; margin-left: 0in; text-indent: 0in; text-align: left;"><div style="font-family: "Times New Roman", Times, "serif"; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"> </div></div>
</td>
<td style="width: 10%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: right; vertical-align: bottom;">
<div style="font-size: 10pt; text-align: right; margin-top: 0px; margin-bottom: 0px; font-family: "Times New Roman", Times, "serif"; margin-right: 0in; line-height: 12pt; white-space: nowrap;text-indent: 0px;"><div style="display:inline;font-family:Times New Roman, Times, serif;"><div style="font-size: 13.3333px; text-wrap-mode: nowrap; letter-spacing: 0px; top: 0px;display:inline;">30,465,664</div></div><div style="font-family: "Times New Roman", Times, "serif"; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; white-space: nowrap; font-size: 10pt;display:inline;"></div></div>
</td>
<td style="width: 1%; padding: 0in; font-family: "Times New Roman", Times, serif; white-space: nowrap; background-color: rgb(204, 238, 255); text-align: left; vertical-align: bottom;">
<div style="font-size: 10pt; text-align: left; margin: 0px 0px 0px 0in; font-family: "Times New Roman", Times, "serif"; line-height: 12pt; white-space: nowrap; text-indent: 0in;"><br/></div>
</td>
</tr>
</table>
Common Stock
500000000
0
30465664
Common Stock
Distributions may be paid to the holders of our common stock if, as and when authorized by the Board and declared by us out of funds legally available therefor.
In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time.
Each share of our common stock is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock possess exclusive voting power.
Preferred Stock
Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).
NAV per share is generally determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
Other Expenses are based on estimated amounts for the current fiscal year and include all direct operating expenses of the Company. Other Expenses include the Company’s organization and offering fees and expenses.
Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.
Within the first 12 months following the filing of this registration statement, we do not intend to borrow money or issue debt securities or preferred shares.
Under the Investment Advisory Agreement, we will pay the Adviser a Management Fee, payable quarterly, in an amount equal to an annualized rate of 2.50% of our average gross assets, at the end of the two most recently completed calendar quarters. For purposes of the Investment Advisory Agreement, the term “gross assets” includes assets purchased with borrowed amounts, if any. See “Management — Investment Advisory Agreement.”
The Management Fee reflected in the table is calculated by determining the ratio that the Management Fee bears to our net assets attributable to common stock (rather than our gross assets).