Exhibit (c)(10)

 Discussion Materials  Project William  September 23, 2020 

 Analysis at Various Prices    Notes:Includes July and August estimated income of $3.63/shareAssumes 0.80x P/BV exit multiple at year fiveIncludes July trading gains of $34.4MM, July OCI gains of $6.2MM and August trading gains of $24.3MM    2 

 Potential Transaction Structures – $30  Key Objectives: 1) Maximization of Price, 2) Certainty of Price, 3) Form of Consideration    3  Unhedged Transaction  Hedged Transaction  Key transaction terms:Fixed price of $30Buyer has termination right below 36% of book valueOption for existing investors to elect equity rollover of up to 15% of equity value; minimum roll of $500K per investor  Key transaction terms:Fixed price of $30Buyer has termination right below 20% of book valueOption for existing investors to elect equity rollover of up to 15% of equity value; minimum roll of $500K per investorWatford to implement hedge with cost of $26MM, covering -5.5-20% downside on HPS non-IG portfolio 

 Hedge Illustration – $30  Hedge: (5.4)% - (20.0)% of HPS Non-IG ((10)% - (36)% of Book Value)  Key assumptions:Hedge structured to pay out max of $218MM Hedge expense assumed to be $26MMBook value adjustment occurs vs. post-hedge book value ($41.14)Walkaway once losses exceed (20%) down on HPS portfolio    4  Represents market movement over net assets between 4Q’19 and 1Q’20 (excl. interest income)      Hedge Corridor 

 Potential Transaction Structures – $31  Key Objectives: 1) Maximization of Price, 2) Certainty of Price, 3) Form of Consideration    5  Unhedged Transaction  Hedged Transaction  Key transaction terms:Fixed price of $31Buyer has termination right below 36% of book valueOption for existing investors to elect equity rollover of up to 15% of equity value; minimum roll of $500K per investor  Key transaction terms:Fixed price of $31Buyer has termination right below 20% of book valueOption for existing investors to elect equity rollover of up to 15% of equity value; minimum roll of $500K per investorWatford to implement hedge with cost of $26MM, covering -5.5-20% downside on HPS non-IG portfolio 

 Hedge Illustration – $31  Hedge: (5.4)% - (20.0)% of HPS Non-IG ((10)% - (36)% of Book Value)  Key assumptions:Hedge structured to pay out max of $218MMHedge expense assumed to be $26MMBook value adjustment occurs vs. post-hedge book value ($41.14)Walkaway once losses exceed (20%) down on HPS portfolio    6  Represents market movement over net assets between 4Q’19 and 1Q’20 (excl. interest income)      Hedge Corridor