The Management Fee is calculated at a rate based on the value of the most recently published net asset value and payable quarterly in arrears at the rates set forth below: | | | | | | | | | | Base Management Fee | | Net Assets as of Most Recently Completed Quarter | 0.1125% (1.35% annualized) | | Less than or equal to $150.0 million | 0.0917% (1.10% annualized) | | Greater than $150.0 million but less than or equal to $300.0 million | 0.0823% (0.9875% annualized) | | Greater than $300.0 million but less than or equal to $500.0 million | 0.0710% (0.85% annualized) | | Greater than $500.0 million |
Reimbursement Payment, is determined by whether the Company exceeds an annual expense cap equal to a percentage of NAV (the “Annual Expense Cap”), as set forth below. | | | | | | | | | | Expense Cap | | NAV | 0.5% (2.00% annualized) | | Less than or equal to $150.0 million | 0.4375% (1.75% annualized) | | Greater than $150.0 million but less than or equal to $200.0 million | 0.375% (1.50% annualized) | | Greater than $200.0 million but less than or equal to $250.0 million | 0.3375% (1.35% annualized) | | Greater than$250.0 million but less than or equal to $300.0 million | 0.3125% (1.25% annualized) | | Greater than $300.0 million but less than or equal to $350.0 million | 0.2875% (1.15% annualized) | | Greater than $350.0 million but less than or equal to $400.0 million | 0.2500% (1.00% annualized) | | Greater than $400.0 million |
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