On May 1, 2026, the Fund completed its acquisition of substantially all of the assets of BDC V, an affiliated BDC externally managed by Churchill. The BDC V Acquisition was completed pursuant to a Purchase and Sale Agreement, dated April 1, 2026 (the “Purchase Agreement”), by and between BDC V, as seller, and the Fund, as buyer.

Pursuant to the Purchase Agreement, the aggregate purchase price of $346,954 was equal to the net asset value of BDC V as of April 29, 2026 (the “Purchase Price”). Upon closing, BDC V sold, transferred, assigned and conveyed to the Fund substantially all of its assets, and the Fund assumed all of BDC V’s liabilities, including indebtedness outstanding under BDC V’s Scotiabank Credit Facility II (defined in Note 6). The Fund borrowed $337,310 under its Bank of America Credit Facility and Scotiabank Credit Facility I to fund the Purchase Price.

The BDC V Acquisition was accounted for as an asset acquisition in accordance with the asset acquisition method of accounting as detailed in ASC 805-50, Business Combinations - Related Issues (“ASC 805”). Generally, under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of the group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value as of the closing date of net identifiable assets acquired other than “non-qualifying” assets (for example cash) and does not give rise to goodwill.


	April 29, 2026

Assets acquired
Non-controlled/non-affiliated investments, at fair value	$	840,972
Cash and cash equivalents	11,638
Other assets	9,149
Total assets acquired	$	861,759

Liabilities assumed
Secured borrowings (net of $951 deferred financing costs)	$	510,049
Other liabilities	4,756
Total liabilities assumed	$	514,805

Net Assets acquired	$	346,954