0001633336 Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 450 Interest Rate 8.29% Maturity/ Dissolution Date 03/2028 2025-12-31 0001633336 Company Automated Control Concepts, Inc. Investment Type Revolver Commitment Expiration Date 10/22/2026 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 03/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials Cary Street Partners Financial LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 05/2031 2025-01-01 2025-12-31 0001633336 Company Patriot Growth Insurance Services, LLC Investment Type Revolver Commitment Expiration Date 10/14/2028 2025-12-31 0001633336 Company Hospice Care Buyer, Inc. Investment Type Revolver Commitment Expiration Date 1/28/2028 2025-01-01 2025-12-31 0001633336 Equity Investments Software & Services Lexipol (Ranger Buyer, Inc.) Two Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.11% Maturity/ Dissolution Date 07/2031 2024-01-01 2024-12-31 0001633336 ccap:UnitrancheFirstLienMember 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 08/2029 2024-12-31 0001633336 ccap:DiligenceProcessAdviserUndertakesInInvestmentsMayNotRevealAllTheFactsRelevantInAnInvestmentMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1475 PIK Interest Rate 14.75% Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 Company Concord III, LLC Investment Type Revolver Commitment Expiration Date 12/20/2028 2024-01-01 2024-12-31 0001633336 Equity Investments Insurance Evolution BuyerCo, Inc. Investment Type Common Stock 2024-12-31 0001633336 Company The Hilb Group, LLC Investment Type Revolver Commitment Expiration Date 10/31/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.77% Maturity/ Dissolution Date 12/2029 One 2025-12-31 0001633336 2025-03-31 0001633336 Company GH Parent Holdings Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.55% Maturity/ Dissolution Date 12/2027 One 2024-01-01 2024-12-31 0001633336 Company Alera Group Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/2028 2024-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 10/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/2029 2024-01-01 2024-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured Second Lien Term Loan Interest Term E + 1000 (including 1339 PIK) Interest Rate 13.39% Maturity/ Dissolution Date 08/2030 2024-12-31 0001633336 ccap:PortfolioCompaniesMayIncurDebtOrIssueEquitySecuritiesRankEquallyWithOrSeniorToInvestmentsInSuchCompaniesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 Two 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2027 2025-12-31 0001633336 Investments United States Debt Investments Materials Action Signature Acquisition, Inc. Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 06/2026 One 2024-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2028Member 2025-02-18 2025-02-18 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 (including 150 PIK) Interest Rate 9.39% Maturity/ Dissolution Date 08/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/2027 2024-12-31 0001633336 Company SC MidCo Oy Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/19/2032 2025-01-01 2025-12-31 0001633336 Company Stepping Stones Healthcare Services, LLC Investment Type Revolver Commitment Expiration Date 12/30/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials Miracle Mile Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 11/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.69% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/2/2029 2024-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.91% Maturity/Dissolution Date 05/2028 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 3/22/2028 2025-12-31 0001633336 Company Gener8, LLC Investment Type Revolver Commitment Expiration Date 2/19/2026 2025-12-31 0001633336 Investments United States Debt Investments Insurance Integro Parent, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 1225 PIK (100 Floor) Interest Rate 16.85% 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.11% Maturity/ Dissolution Date 07/2031 2024-12-31 0001633336 ccap:SeniorSecuredFirstLienMember 2024-12-31 0001633336 country:US ccap:EnergyMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/2031 2025-01-01 2025-12-31 0001633336 Company Stepping Stones Healthcare Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/25/2026 2025-01-01 2025-12-31 0001633336 Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 3/31/2026 2025-12-31 0001633336 Company Plasma Buyer LLC (PathGroup) Investment Type Revolver Commitment Expiration Date 5/12/2029 2025-01-01 2025-12-31 0001633336 Company USA Hometown Experts, Inc. Investment Type Revolver Commitment Expiration Date 11/8/2029 2024-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2025-12-31 0001633336 country:US ccap:DiversifiedFinancialsMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/2029 2024-12-31 0001633336 Company Quorum Health Resources Investment Type Revolver Commitment Expiration Date 5/26/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.67% Maturity/ Dissolution Date 08/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Affinitiv, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 07/2027 2025-12-31 0001633336 Company Balance Partners Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/3/2030 2024-01-01 2024-12-31 0001633336 Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2027 2024-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.23% Maturity/Dissolution Date 04/2028 2024-12-31 0001633336 ccap:AllyCorporateRevolvingFacilityMember 2019-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.93% Maturity/ Dissolution Date 12/2026 2024-12-31 0001633336 us-gaap:ForeignExchangeForwardMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) (plus 75 PIK) Interest Rate 10.33% Maturity/ Dissolution Date 03/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/2026 2024-12-31 0001633336 us-gaap:RevolvingCreditFacilityMember 2015-06-29 0001633336 Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/2030 2025-12-31 0001633336 Company Quorum Health Resources Investment Type Revolver Commitment Expiration Date 5/26/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Transportation 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.97% Maturity/Dissolution Date 11/2027 2024-12-31 0001633336 Equity Investments Diversified Financials Freeport Financial SBIC Fund LP Investment Type Partnership Interest 2024-12-31 0001633336 Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 636.93 Interest Rate 10.10% Maturity/ Dissolution Date 10/2030 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:AxViInv2HoldingAbMember 2024-01-01 2024-12-31 0001633336 country:GB ccap:CommercialAndProfessionalServicesMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 08/2029 2024-01-01 2024-12-31 0001633336 Company Hercules Borrower LLC Investment Type Revolver Commitment Expiration Date 12/15/2026 2024-01-01 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock One 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 10/2029 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.23% Maturity/Dissolution Date 12/2027 One 2024-01-01 2024-12-31 0001633336 Company GH Parent Holdings Inc. Investment Type Revolver Commitment Expiration Date 5/4/2027 2024-12-31 0001633336 Company Strata Information Group, Inc. Investment Type Revolver Commitment Expiration Date 12/31/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.82% Maturity/Dissolution Date 12/2028 2024-12-31 0001633336 Equity Investments Software & Services New Era Technology, Inc. Investment Type Preferred Stock 2025-12-31 0001633336 Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 04/2031 2024-12-31 0001633336 Company Minuteman Security Technologies, Inc. Investment Type Revolver Commitment Expiration Date 2/2/2029 2024-12-31 0001633336 Company Patriot Acquisition Topco S.A.R.L Investment Type Revolver Commitment Expiration Date 1/29/2026 2024-01-01 2024-12-31 0001633336 Company Action Signature Acquisition, Inc. Investment Type Revolver Commitment Expiration Date 6/17/2026 2024-12-31 0001633336 Equity Investments Retailing Palmetto Moon LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.42% Maturity/ Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Company Acu-Serve, LLC Investment Type Revolver Commitment Expiration Date 10/18/2029 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.28% Maturity/ Dissolution Date 12/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Automated Control Concepts, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 10/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (75 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 05/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services SolutionReach, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 12.40% Maturity/ Dissolution Date 07/2025 2024-01-01 2024-12-31 0001633336 Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2027 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 12/2030 2025-01-01 2025-12-31 0001633336 Foreign Currency Exchange Contract Three Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/2026 2024-01-01 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (plus 775 PIK) Interest Rate 11.72% Maturity/ Dissolution Date 07/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 05/2029 2024-01-01 2024-12-31 0001633336 Company Alpine SG, LLC Investment Type Revolver Commitment Expiration Date 11/5/2027 2024-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 07/2028 2025-12-31 0001633336 Company WCT Group Holdings, LLC Investment Type Revolver Commitment Expiration Date 12/12/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.49% Maturity/Dissolution Date 09/2028 2025-12-31 0001633336 ccap:SPVAssetFacilityMember 2025-04-09 0001633336 Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan 12/2027 2025-12-31 0001633336 Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/2027 2024-12-31 0001633336 ccap:RisksRelatedToCorporateSocialResponsibilityMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 06/2028 2024-12-31 0001633336 Company Bandon Fitness Investment Type Revolver Commitment Expiration Date 7/27/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 10.77% Maturity/ Dissolution Date 11/2029 One 2025-01-01 2025-12-31 0001633336 srt:MinimumMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2025-12-31 0001633336 ccap:Series2024AUnsecuredNotesTwoThousandAndTwentyEightMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.58% Maturity/ Dissolution Date 05/2026 2024-12-31 0001633336 ccap:UnitrancheFirstLienMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 12/2027 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.68% Maturity/Dissolution Date 10/2030 2024-01-01 2024-12-31 0001633336 Company Efor Holding Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/2030 2024-12-31 0001633336 ccap:SemiconductorAndSemiconductorEquipmentMember 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Cary Street Partners Financial LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 05/2031 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.81% Maturity/Dissolution Date 09/2026 2024-01-01 2024-12-31 0001633336 Equity Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 04/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 One 2024-01-01 2024-12-31 0001633336 Company UHY Advisors , Inc. Investment Type Revolver Commitment Expiration Date 11/21/2031 2024-01-01 2024-12-31 0001633336 ccap:TransportationMember 2024-12-31 0001633336 us-gaap:MaturityOvernightMember ccap:SONIAMember 2025-12-31 0001633336 Company Hamsard 3778 Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 03/2030 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 One 2025-12-31 0001633336 Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 08/2026 2025-12-31 0001633336 Foreign Currency Exchange Contract 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 02/2026 2024-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/ Dissolution Date 10/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (200 Floor) (including 150 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/2025 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 country:GB ccap:HealthCareEquipmentAndServicesMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 country:GB us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 srt:MinimumMember us-gaap:FairValueInputsLevel3Member ccap:EquityAndOtherMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2025-12-31 0001633336 Company Banker's Toolbox, Inc. Investment Type Revolver Commitment Expiration Date 7/27/2027 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:FirstEagleLoganJvLlcMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.47% Maturity/ Dissolution Date 10/2028 2025-12-31 0001633336 Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/2029 2024-12-31 0001633336 Investments United States Debt Investments Insurance Integro Parent, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 1225 PIK (100 Floor) Interest Rate 16.85% 2024-01-01 2024-12-31 0001633336 ccap:SmbcCorporateRevolvingFacilityMember 2022-12-31 0001633336 ccap:EquityAndOtherMember 2024-12-31 0001633336 Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/2027 One 2025-01-01 2025-12-31 0001633336 Equity Investments Energy Loadmaster Derrick & Equipment, Inc. Investment Type Preferred Stock 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.58% Maturity/ Dissolution Date 05/2026 One 2024-01-01 2024-12-31 0001633336 ccap:KeyPersonnelOfCrescentAndTheAdviserMember 2025-01-01 2025-12-31 0001633336 Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/4/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 265 (100 Floor) (plus 510 PIK) Interest Rate 11.69% Maturity/ Dissolution Date 09/2027 2025-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.17% Maturity/Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Company Avidity Acquisition B.V. Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/4/2029 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) (including 100 PIK) Interest Rate 9.82% Maturity/Dissolution Date 07/2028 2025-01-01 2025-12-31 0001633336 country:US ccap:CapitalGoodsMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Equity Investments Capital Goods Envocore Holding, LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/2029 2024-12-31 0001633336 Equity Investments Insurance Integrity Marketing Acquisition, LLC Investment Type Preferred Stock 2024-12-31 0001633336 ccap:SunLifeFinancialIncMember 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/Dissolution Date 12/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.33% Maturity/ Dissolution Date 11/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/ Dissolution Date 08/2030 2024-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 08/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 03/2032 2025-12-31 0001633336 ccap:O2025Q2DividendsMember 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 03/2028 One 2025-01-01 2025-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2030Member 2025-12-31 0001633336 country:GB 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/2027 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 550 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 08/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Three 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.58% Maturity/Dissolution Date 10/2030 2024-01-01 2024-12-31 0001633336 Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/2031 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 05/2027 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 2025-01-01 2025-12-31 0001633336 Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 6/18/2027 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/Dissolution Date 12/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 Interest Rate 12.69% Maturity/Dissolution Date 05/2030 2024-01-01 2024-12-31 0001633336 ccap:UnitrancheFirstLastOutMember 2024-12-31 0001633336 Company HGH Purchaser, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.22% Maturity/ Dissolution Date 09/2028 2025-01-01 2025-12-31 0001633336 Equity Investments Software & Services Certify, Inc. Investment Type Common Stock 2024-12-31 0001633336 Company Stepping Stones Healthcare Services, LLC Investment Type Revolver Commitment Expiration Date 12/30/2026 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 11.03% Maturity/ Dissolution Date 11/2029 2025-12-31 0001633336 Investments Canada Equity Investments Telecommunication Services Sandvine Corporation Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2030 2025-12-31 0001633336 Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 200 (100 Floor) (plus 600 PIK) Interest Rate 11.67% Maturity/ Dissolution Date 10/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Staff Boom, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 09/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.64% Maturity/Dissolution Date 12/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 10/2027 2024-12-31 0001633336 ccap:DiversifiedFinancialsMember 2025-12-31 0001633336 Company Minuteman Security Technologies, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/2/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 590 (75 Floor) Interest Rate 10.81% Maturity/ Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/2028 2024-12-31 0001633336 us-gaap:RevolvingCreditFacilityMember 2016-12-31 0001633336 Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/2028 2025-01-01 2025-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 (including 187.5 PIK) Interest Rate 11.55% Maturity/ Dissolution Date 07/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 08/2030 2024-01-01 2024-12-31 0001633336 Company Banker's Toolbox, Inc. Investment Type Revolver Commitment Expiration Date 7/27/2029 2025-12-31 0001633336 Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 06/2026 One 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Marlin DTC-LS Midco 2, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 07/2026 2025-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Company iLending LLC Investment Type Revolver Commitment Expiration Date 12/21/2028 2025-12-31 0001633336 Company UHY Advisors , Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/21/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 Two 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 265 (100 Floor) (plus 510 PIK) Interest Rate 11.69% Maturity/ Dissolution Date 09/2027 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/2028 One 2024-12-31 0001633336 Investments United States Debt Investments Retailing Slickdeals Holdings, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.12% Maturity/Dissolution Date 06/2030 2025-12-31 0001633336 srt:MinimumMember us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.47% Maturity/Dissolution Date 05/2028 2025-01-01 2025-12-31 0001633336 Equity Investments Commercial & Professional Services Allied Universal Holdings, LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.35% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Centria Subsidiary Holdings, LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Revolver, Interest Term S + 525, (100 Floor), Interest Rate 9.10%, Maturity/ Dissolution Date 08/2027 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 One 2024-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/2028 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.26% Maturity/ Dissolution Date 12/2029 2025-12-31 0001633336 Company Everlast Parent Inc. Investment Type Revolver Commitment Expiration Date 10/30/2028 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 08/2026 2024-01-01 2024-12-31 0001633336 ccap:FCRXUnsecuredNotesMember 2023-12-31 0001633336 Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/ Dissolution Date 05/2026 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/2026 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 2024-01-01 2024-12-31 0001633336 Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/2030 2025-12-31 0001633336 Company The Hilb Group, LLC Investment Type Revolver Commitment Expiration Date 10/31/2031 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 200 (100 Floor) (plus 600 PIK) Interest Rate 11.82% Maturity/ Dissolution Date 08/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/2032 2025-01-01 2025-12-31 0001633336 ccap:SeniorSecuredSecondLienMember 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan One Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 8.44% Maturity/Dissolution Date 02/2028 2025-01-01 2025-12-31 0001633336 ccap:Series2021AUnsecuredNotesMember 2024-12-31 0001633336 Company Patriot Acquisition Topco S.A.R.L Investment Type Revolver Commitment Expiration Date 1/29/2026 2025-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/2028 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 06/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 Two 2024-12-31 0001633336 Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 10/2029 2025-12-31 0001633336 Equity Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/2032 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/2027 2024-12-31 0001633336 Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 10/2031 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/2030 2025-12-31 0001633336 Company Imagenet, LLC Investment Type Revolver Commitment Expiration Date 12/31/2030 2024-01-01 2024-12-31 0001633336 Equity Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Preferred Stock 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.11% Maturity/ Dissolution Date 01/2029 2024-01-01 2024-12-31 0001633336 Company Slickdeals Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/30/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unsecured Debt Interest Term 1400 PIK Interest Rate 14.00% Maturity/ Dissolution Date 02/2030 2024-12-31 0001633336 ccap:MaterialsMember 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien - Last Out Term Loan Interest Term 1483.5 PIK Interest Rate 14.84% Maturity/ Dissolution Date 04/2032 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2030 2024-12-31 0001633336 Company Benesys Inc. Investment Type Revolver One Commitment Expiration Date 10/5/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Revolver Interest Term S + 525 Interest Rate 9.07% Maturity/ Dissolution Date 05/2027 2025-12-31 0001633336 country:CH us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 06/2030 2024-01-01 2024-12-31 0001633336 ccap:SeniorSecuredFirstLienMember 2024-12-31 0001633336 Company Painters Supply & Equipment Company Investment Type Revolver Commitment Expiration Date 8/10/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Maturity/Dissolution Date 08/2027 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 Two 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services NRG Controls Unitranche First Lien Delayed Draw Term Loan 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Common Stock One 2025-12-31 0001633336 Company King Mid LLC Investment Type Revolver Commitment Expiration Date 12/15/2027 2024-01-01 2024-12-31 0001633336 ccap:InvestmentPaysZeroPointFiveZeroPercentageMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 410 PIK) Interest Rate 15.35% Maturity/ Dissolution Date 04/2028 2024-12-31 0001633336 Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/2031 2025-12-31 0001633336 ccap:ChangesInInterestRatesAffectBusinessAndFinancialConditionMember 2025-01-01 2025-12-31 0001633336 Company Iris Buyer, LLC Investment Type Revolver Commitment Expiration Date 10/2/2029 2024-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/2028 2025-01-01 2025-12-31 0001633336 2026-02-24 0001633336 Company Acu-Serve, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/2029 2024-01-01 2024-12-31 0001633336 Company Medicus IT Investment Type Revolver Commitment Expiration Date 7/9/2030 2024-01-01 2024-12-31 0001633336 Company Lightspeed Buyer, Inc. Investment Type Revolver Commitment Expiration Date 2/3/2027 2025-12-31 0001633336 Equity Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Investment Type Common Stock 2024-12-31 0001633336 Company SQAD Holdco, Inc. Investment Type Revolver Commitment Expiration Date 4/25/2028 2024-12-31 0001633336 Foreign Currency Exchange Contract One Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/2026 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.34% Maturity/Dissolution Date 11/2030 2024-12-31 0001633336 us-gaap:FairValueInputsLevel2Member 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/2029 2024-12-31 0001633336 Company Duraserv LLC Investment Type Revolver Commitment Expiration Date 6/10/2030 2024-01-01 2024-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.24% Maturity/ Dissolution Date 06/2028 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 02/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/2026 Two 2024-01-01 2024-12-31 0001633336 Company Evergreen IX Borrower 2023, LLC Investment Type Revolver Commitment Expiration Date 9/29/2029 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.96% Maturity/Dissolution Date 09/2026 2024-12-31 0001633336 Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 One 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.67% Maturity/ Dissolution Date 08/2029 2025-12-31 0001633336 Company AX VI INV2 Holding AB (Voff) Investment Type Revolver Commitment Expiration Date 8/31/2029 2024-01-01 2024-12-31 0001633336 Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/29/2030 2025-12-31 0001633336 Company Pi Buyer, LLC Investment Type Revolver Commitment Expiration Date 8/29/2032 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/Dissolution Date 08/2030 One 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 775 (100 Floor) (plus 75 PIK) Interest Rate 12.37% Maturity/ Dissolution Date 03/2028 2025-12-31 0001633336 country:US ccap:EnergyMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Pi Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2032 2025-01-01 2025-12-31 0001633336 2022-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.43% Maturity/ Dissolution Date 05/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/2026 2025-01-01 2025-12-31 0001633336 Investments Switzerland Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Solvias AG Investment Type Senior Secured First Lien Term Loan Interest Term S + 550, (75 Floor) Interest Rate 6.25% Maturity/ Dissolution Date 02/2032 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:AxViInv2HoldingAbMember 2023-12-31 0001633336 ccap:RevolvingCreditFacilitySecondMember 2018-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.59% Maturity/ Dissolution Date 06/2028 2024-12-31 0001633336 country:SE us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Career Certified, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 02/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/2029 One 2025-12-31 0001633336 Company Essential Services Holding Corporation Investment Type Revolver Commitment Expiration Date 6/17/2031 2024-12-31 0001633336 Company BVI Medical Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/7/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Imagenet, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) interest Rate 9.33% Maturity/ Dissolution Date 12/2030 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 Three 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/2025 One 2024-12-31 0001633336 ccap:ChangesInTaxLawsAffectBusinessMember 2025-01-01 2025-12-31 0001633336 Company Online Labels Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) (plus 100 PIK) Interest Rate 10.32% Maturity/ Dissolution Date 03/2027 2025-01-01 2025-12-31 0001633336 Company Bayside Opco, LLC Investment Type Revolver Commitment Expiration Date 5/31/2026 2024-01-01 2024-12-31 0001633336 Company Hamsard 3778 Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/2031 2024-01-01 2024-12-31 0001633336 Company Balance Partners Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/3/2030 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.65% Maturity / Dissolution Date 06/2031 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) (plus 100 PIK) Interest Rate 10.32% Maturity/ Dissolution Date 03/2027 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember ccap:ValuationTechniqueEnterpriseValueMember 2024-12-31 0001633336 Company EMS Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/23/2027 2025-12-31 0001633336 ccap:RetailingMember 2024-12-31 0001633336 country:US ccap:FoodAndStaplesRetailingMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Company Hospice Care Buyer, Inc. Investment Type Revolver Commitment Expiration Date 12/9/2026 2024-12-31 0001633336 Company Strata Information Group, Inc. Investment Type Revolver Commitment Expiration Date 12/31/2030 2024-01-01 2024-12-31 0001633336 country:SE us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:EquityAndOtherMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2025-12-31 0001633336 Company Concord III, LLC Investment Type Revolver Commitment Expiration Date 12/20/2028 2025-12-31 0001633336 ccap:StockholdersMayBeRequiredToPayTaxMember 2025-01-01 2025-12-31 0001633336 ccap:SeniorSecuredSecondLienMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan One Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 11/2027 2024-12-31 0001633336 Company JTM Foods LLC Investment Type Revolver Commitment Expiration Date 5/14/2029 2025-01-01 2025-12-31 0001633336 country:JE ccap:DiversifiedFinancialsMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/2029 One 2025-12-31 0001633336 Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 04/2030 2024-12-31 0001633336 Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.28% Maturity/Dissolution Date 06/2028 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 Three 2025-01-01 2025-12-31 0001633336 Company Online Labels Group, LLC Investment Type Revolver Commitment Expiration Date 12/19/2029 2024-12-31 0001633336 country:SE ccap:RetailingMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Company FS Whitewater Borrower, LLC Investment Type Revolver Commitment Expiration Date 12/21/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. 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Investment Type Senior Secured First Lien Revolver Interest Term P + 425 (100 Floor) Interest Rate 12.00% Maturity/Dissolution Date 10/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 07/2027 2024-01-01 2024-12-31 0001633336 Company Lash Opco LLC Investment Type Revolver Commitment Expiration Date 9/18/2027 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Unitranche First Lien Revolver Maturity/Dissolution Date 12/2029 2025-12-31 0001633336 Company Lash Opco LLC Investment Type Revolver Commitment Expiration Date 9/18/2025 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.44% Maturity/ Dissolution Date 09/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Retailing Slickdeals Holdings, LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/Dissolution Date 12/2026 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/2027 One 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 525 (75 Floor) Interest Rate 9.58% Maturity/Dissolution Date 10/2031 2024-01-01 2024-12-31 0001633336 country:BE ccap:CommercialAndProfessionalServicesMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Equity Investments Software & Services Saturn Borrower Inc Investment Type Common Stock 2024-12-31 0001633336 2025-01-01 2025-03-31 0001633336 Company PCS Retirement Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/27/2026 2024-01-01 2024-12-31 0001633336 Company Homecare Partners Management, LLC Investment Type Revolver Commitment Expiration Date 5/25/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 11.17% Maturity/Dissolution Date 07/2027 2024-01-01 2024-12-31 0001633336 country:US 2025-12-31 0001633336 ccap:Series2020AUnsecuredNotesMember 2022-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 10/2030 2025-01-01 2025-12-31 0001633336 Equity Investments Semiconductor and Semiconductor Equipment OEM Group, LLC Investment Type Common Stock 2024-12-31 0001633336 Company Sun Acquirer Corp. Investment Type Revolver Commitment Expiration Date 9/5/2027 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:SmartoursLlcMember 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. 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Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 One 2025-12-31 0001633336 Investments United States Equity Investments Diversified Financials Freeport Financial SBIC Fund LP Investment Type Partnership Interest 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.67% Maturity/Dissolution Date 07/2028 2024-12-31 0001633336 ccap:ManagementAndIncentiveFeeStructureMember 2025-01-01 2025-12-31 0001633336 srt:MaximumMember ccap:SMBCCorporateRevolvingFacilityMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-03 2024-12-03 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 10/6/2028 2024-12-31 0001633336 Equity Investments Consumer Services Mario Purchaser, LLC Investment Type Common Stock 2024-12-31 0001633336 Company Advanced Diabetes Supply Investment Type Revolver Commitment Expiration Date 12/30/2027 2024-12-31 0001633336 Company Essential Services Holding Corporation Investment Type Revolver Commitment Expiration Date 6/17/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 11/2030 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember 2025-12-31 0001633336 Company Mario Purchaser, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/2029 2025-01-01 2025-12-31 0001633336 Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/2029 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Revolver Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 9.22% Maturity/ Dissolution Date 05/2028 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Halo Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest S + 600 (100 Floor) Interest Rate 9.72% Maturity/ Dissolution Date 02/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 One 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.90% Maturity/Dissolution Date 06/2031 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Infobase Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.35% Maturity/Dissolution Date 06/2028 2025-12-31 0001633336 Company Blue Mantis Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/24/2027 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-12-31 0001633336 Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 05/2026 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.97% Maturity/ Dissolution Date 04/2026 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials iLending LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 100 (100 Floor) (plus 500 PIK) Interest Rate 9.82% Maturity / Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 02/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Laseraway Intermediate Holdings II, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.89% Maturity/ Dissolution Date 10/2027 2025-12-31 0001633336 Company C-4 Analytics Investment Type Revolver Commitment Expiration Date 5/14/2030 2025-12-31 0001633336 Company Soltis Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 Two 2025-12-31 0001633336 Company CallRevu, LLC Investment Type Revolver Commitment Expiration Date 10/10/2032 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Perforce Software, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 Interest Rate 12.46% Maturity/ Dissolution Date 07/2027 2024-01-01 2024-12-31 0001633336 ccap:CommonStockholdersParticipateInDistributionReinvestmentIncreaseRiskOfOverconcentrationMember 2025-01-01 2025-12-31 0001633336 Company ABACUS Holdings I LLC Investment Type Revolver Commitment Expiration Date 6/24/2028 2024-12-31 0001633336 Company CRS TH Holdings, Corp. Investment Type Revolver Commitment Expiration Date 12/31/2032 2025-01-01 2025-12-31 0001633336 country:NL us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/2027 2024-01-01 2024-12-31 0001633336 Company MB2 Dental Investment Type Revolver Commitment Expiration Date 2/13/2031 2025-12-31 0001633336 country:US ccap:TechnologyHardwareEquipmentMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 525, 100 Floor Interest Rate 9.25% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Company USA Hometown Experts, Inc. Investment Type Revolver Commitment Expiration Date 11/8/2029 2025-12-31 0001633336 Equity Investments Software & Services Park Place Technologies, LLC Investment Type Common Stock Class A2 2024-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.22% Maturity/ Dissolution Date 09/2028 2025-12-31 0001633336 Company Ancora Bidco PTY LTD Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/6/2030 2025-01-01 2025-12-31 0001633336 ccap:SeniorSecuredSecondLienMember 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 10.02% Maturity/ Dissolution Date 02/2031 2024-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/Dissolution Date 05/2030 2025-01-01 2025-12-31 0001633336 ccap:RiskUnderHedgingTransactionsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 11/2029 2024-12-31 0001633336 Company Balance Partners Investment Type Revolver Commitment Expiration Date 4/3/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien RevolverInterest Term S + 575 (75 Floor) Interest Rate 9.63% Maturity/ Dissolution Date 08/2029 2025-01-01 2025-12-31 0001633336 ccap:GoldmanSachsFinancialSquareGovernmentFundMember 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Affinitiv, Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) (including 200 PIK) Interest Rate 11.59% Maturity/Dissolution Date 07/2027 2024-12-31 0001633336 2026-02-25 0001633336 Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/2027 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/Dissolution Date 08/2030 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Ruffalo Noel Levitz, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) (including 425 PIK) Interest Rate 11.20% Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 Company DataVail Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/4/2029 2024-12-31 0001633336 ccap:UnitrancheFirstLastOutMember 2024-01-01 2024-12-31 0001633336 Company AX VI INV2 Holding AB (Voff) Investment Type Revolver Commitment Expiration Date 8/31/2029 2025-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.22% Maturity/ Dissolution Date 09/2028 2025-01-01 2025-12-31 0001633336 Company Safco Dental Supply, LLC Investment Type Revolver Commitment Expiration Date 3/31/2026 2025-12-31 0001633336 Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/2027 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Automobile & Components Auveco Holdings Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.91% Maturity/Dissolution Date 05/2028 2024-12-31 0001633336 Investments Australia Debt Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Unitranche First Lien Term Loan Interest Term B + 500, (50 Floor) Interest Rate 8.60% Maturity/ Dissolution Date 11/2030 2025-01-01 2025-12-31 0001633336 Company JTM Foods LLC Investment Type Revolver Commitment Expiration Date 5/14/2027 2024-12-31 0001633336 Company Medicus IT Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.23% Maturity/ Dissolution Date 05/2027 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Learn-It Systems, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) (including 275 PIK) Interest Rate 10.76% Maturity/Dissolution Date 09/2026 Second 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/Dissolution Date 12/2027 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:EnvocoreLLCMember 2024-12-31 0001633336 Company Lighthouse Lab Services Investment Type Revolver Commitment Expiration Date 10/25/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 05/2031 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Smartronix, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.35% Maturity/Dissolution Date 11/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.51% Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services CC Amulet Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 Interest Rate 9.78% Maturity/ Dissolution Date 08/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/2029 2024-01-01 2024-12-31 0001633336 Company Patriot Growth Insurance Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/2028 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember 2024-12-31 0001633336 us-gaap:UnsecuredDebtMember 2024-12-31 0001633336 Company Lightspeed Buyer, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/3/2027 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:FirstEagleLoganJvLlcMember 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Career Certified, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 02/2031 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) (including 100 PIK) Interest Rate 9.82% Maturity/Dissolution Date 07/2028 one 2025-01-01 2025-12-31 0001633336 Company Lexipol (Ranger Buyer, Inc.) Investment Type Revolver Commitment Expiration Date 11/18/2027 2024-12-31 0001633336 Company Minuteman Security Technologies, Inc. Investment Type Revolver Commitment Expiration Date 2/2/2029 2024-01-01 2024-12-31 0001633336 ccap:InsuranceMember 2024-12-31 0001633336 Company Everlast Parent Inc. Investment Type Revolver Commitment Expiration Date 10/30/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/Dissolution Date 03/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.97% Maturity/ Dissolution Date 04/2026 2024-12-31 0001633336 Company Vantage Insurance Partners, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/22/2028 2024-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/ Dissolution Date 10/2026 One 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:IsagenixInternationalLLCMember 2023-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 06/2031 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/Dissolution Date 12/2027 2024-12-31 0001633336 ccap:InsuranceMember 2025-12-31 0001633336 Company MB2 Dental Investment Type Revolver Commitment Expiration Date 2/13/2031 2024-01-01 2024-12-31 0001633336 Company USA Hometown Experts, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/29/2027 2025-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Security Risk Advisors Intl, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.49% Maturity/Dissolution Date 09/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Revolver Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 12/2028 Two 2025-01-01 2025-12-31 0001633336 Company Patriot Growth Insurance Services, LLC Investment Type Revolver Commitment Expiration Date 10/14/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.86% Maturity/Dissolution Date 10/2028 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 ccap:Series2020ANotesMember 2023-07-28 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.25% Maturity/ Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Company Slickdeals Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/30/2025 2024-12-31 0001633336 country:US ccap:InsuranceMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 ccap:InvestmentPaysZeroPointThreeEightPercentageMember 2025-01-01 2025-12-31 0001633336 Company Galway Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/7/2026 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Software & Services Jordan Bidco, Ltd. Investment Type Unitranche First Lien Term Loan Interest Term SN + 600 Interest Rate 9.97% Maturity/ Dissolution Date 08/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Semiconductor and Semiconductor Equipment OEM Group, LLC Investment Type Senior Secured First Lien Maturity/Dissolution Date 09/2025 2024-12-31 0001633336 ccap:CrescentToManageOurBusinessEffectivelyMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 450 (100 Floor) Interest Rate 11.25% Maturity/ Dissolution Date 04/2026 2025-12-31 0001633336 Company Lightspeed Buyer, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/3/2027 2025-01-01 2025-12-31 0001633336 ccap:SeniorSecuredSecondLienMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Transportation A&R Logistics Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/2026 Two 2024-01-01 2024-12-31 0001633336 Company Online Labels Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2027 2025-12-31 0001633336 ccap:CharterDesignatesCircuitCourtForBaltimoreCityMarylandAsSoleAndExclusiveForumForCertainTypesOfActionsAndProceedingsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Odessa Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.27% Maturity/Dissolution Date 10/2027 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited One Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 03/2028 2024-12-31 0001633336 Company Arrow Management Acquisition, LLC Investment Type Revolver Commitment Expiration Date 10/14/2027 2024-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Banker's Toolbox, Inc. Investment Type Unitranche First Lien Revolver Interest Term Interest Rate Maturity/ Dissolution Date 07/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan One Interest Term S + 650 (100 Floor) Interest Rate 11.24% Maturity/Dissolution Date 06/2026 2024-01-01 2024-12-31 0001633336 Equity Investments Retailing MeriCal, LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 09/2028 2024-12-31 0001633336 country:FI us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services TMA Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 11.00% Maturity/Dissolution Date 09/2027 2024-01-01 2024-12-31 0001633336 Company Medical Review Institute of America Investment Type Revolver Commitment Expiration Date 7/1/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/2026 2024-01-01 2024-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 450 (plus 150 PIK) Interest Rate 8.02% Maturity/ Dissolution Date 08/2029 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.33% Maturity/ Dissolution Date 11/2027 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.61% Maturity/ Dissolution Date 08/2028 Two 2024-12-31 0001633336 Company Annuity Health Investment Type Revolver Commitment Expiration Date 2/8/2029 2025-12-31 0001633336 Company Pi Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/29/2027 2025-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/2027 2024-12-31 0001633336 Company Unifeye Vision Partners Investment Type Revolver Commitment Expiration Date 9/13/2027 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) (plus 100 PIK) Interest Rate 10.32% Maturity/ Dissolution Date 03/2027 One 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Maturity/ Dissolution Date 01/2026 2025-12-31 0001633336 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences BioAgilytix Investment Type Senior Secured First Lien Term Loan Interest Term S + 250 (plus 400 PIK) Interest Rate 10.27% Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 05/2027 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:FirstEagleLoganJvLlcMember 2023-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Revolver Interest S + 500 (75 Floor) Interest Rate 8.77% Maturity/ Dissolution Date 10/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 550 Interest Rate 9.22% Maturity/ Dissolution Date 10/2031 2025-01-01 2025-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 2/24/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/2026 One 2025-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.01% Maturity/Dissolution Date 5/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.48% Maturity/Dissolution Date 10/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/Dissolution Date 03/2026 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 09/2027 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:BaysideOpcoLlcMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services NRG Controls Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/2030 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Alera Group Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.82% Maturity/Dissolution Date 09/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Transportation Breeze Buyer, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 675 (including 425 PIK) Interest Rate 9.17% Maturity/Dissolution Date 01/2028 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:SlickdealsHoldingsLLCMember 2025-12-31 0001633336 Company Benesys Inc. Investment Type Revolver One Commitment Expiration Date 10/3/2025 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials Cary Street Partners Financial LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 05/2031 2025-12-31 0001633336 Company Right Networks, LLC Investment Type Revolver Commitment Expiration Date 5/21/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 04/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.55% Maturity/ Dissolution Date 12/2027 One 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.96% Maturity/Dissolution Date 09/2026 One 2024-12-31 0001633336 ccap:Maturity90To180DaysMember us-gaap:EuriborFutureMember 2024-12-31 0001633336 Company WCT Group Holdings, LLC Investment Type Revolver Commitment Expiration Date 12/12/2029 One 2025-01-01 2025-12-31 0001633336 Company Affinitiv, Inc. Investment Type Revolver Commitment Expiration Date 7/26/2027 2024-12-31 0001633336 2024-07-01 2024-09-30 0001633336 Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 636.93 Interest Rate 10.34% Maturity/ Dissolution Date 10/2030 2025-12-31 0001633336 Company Benesys Inc. Investment Type Revolver Commitment Expiration Date 10/3/2025 2024-01-01 2024-12-31 0001633336 Company Net Health Acquisition Corp Investment Type Revolver Commitment Expiration Date 7/5/2031 2024-12-31 0001633336 Company Medical Review Institute of America Investment Type Revolver Commitment Expiration Date 7/1/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.47% Maturity/ Dissolution Date 01/2029 2025-01-01 2025-12-31 0001633336 ccap:InvestingAccordingToOurCurrentBusinessStrategyMember 2025-01-01 2025-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.09% Maturity/Dissolution Date 09/2028 One 2024-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:EquityAndOtherMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 800 Interest Rate 12.67% Maturity/Dissolution Date 05/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.70% Maturity/Dissolution Date 12/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. 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Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 04/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/2028 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.09% Maturity/Dissolution Date 12/2026 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Miracle Mile Holdings, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 11/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 02/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Three 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 Equity Investments Commercial & Professional Services ASP MCS Acquisition Corp. Investment Type Common Stock One 2025-12-31 0001633336 Company Strata Information Group, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2030 2025-12-31 0001633336 ccap:Series2024AUnsecuredNotes2030Member 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/2027 2024-01-01 2024-12-31 0001633336 ccap:EquityAndOtherMember 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.59% Maturity/ Dissolution Date 02/2029 2024-01-01 2024-12-31 0001633336 Company HS Spa Holdings Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 07/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 07/2027 2024-01-01 2024-12-31 0001633336 Company Lightspeed Buyer, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/3/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 One 2025-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 ccap:WellsFargoBankNAMember us-gaap:ForeignExchangeForwardMember 2025-12-31 0001633336 Company King Mid LLC Investment Type Revolver Commitment Expiration Date 12/15/2027 2024-12-31 0001633336 Company Sydney US Buyer Corp. 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Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 2025-12-31 0001633336 ccap:Series2021AUnsecuredNotesClosedOnMayFifthTwoThousandAndTwentyOneMember 2021-05-05 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 11/2027 2025-12-31 0001633336 Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 6/18/2027 2025-12-31 0001633336 Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/4/2026 2025-12-31 0001633336 ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember 2025-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.72% Maturity/ Dissolution Date 02/2029 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 10/2030 2025-12-31 0001633336 Company Premier Dental Care Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/2028 2024-12-31 0001633336 ccap:InterNotesMember 2021-03-31 0001633336 Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 3/31/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 Interest Rate 10.90% Maturity/ Dissolution Date 07/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 06/2032 One 2025-12-31 0001633336 Investments Switzerland Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Solvias AG Investment Type Senior Secured First Lien Term Loan Interest Term S + 550, (75 Floor) Interest Rate 6.25% Maturity/ Dissolution Date 02/2032 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Revolver Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/2031 2025-01-01 2025-12-31 0001633336 Company Smile Doctors LLC Investment Type Revolver Commitment Expiration Date 12/23/2027 2024-01-01 2024-12-31 0001633336 Company GB Eagle Buyer, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/29/2030 2024-12-31 0001633336 Company Infobase Investment Type Revolver Commitment Expiration Date 6/14/2028 2024-12-31 0001633336 country:AU us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan One Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 One 2024-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Revolver Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 9.22% Maturity/ Dissolution Date 05/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 One 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 05/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Pi Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2032 2025-12-31 0001633336 us-gaap:RetainedEarningsMember 2023-01-01 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.07% Maturity/ Dissolution Date 05/2026 One 2025-01-01 2025-12-31 0001633336 Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/2028 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/2027 One 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.36% Maturity/ Dissolution Date 12/2030 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.61% Maturity/ Dissolution Date 08/2028 Two 2024-01-01 2024-12-31 0001633336 Company King Mid LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/23/2031 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.65% Maturity/ Dissolution Date 09/2027 One 2025-12-31 0001633336 ccap:FaceCertainConflictsOfInterestFromAdviserCrescentAndTheirAffiliatesOfficersDirectorsAndEmployeesMember 2025-01-01 2025-12-31 0001633336 country:NL ccap:CommercialAndProfessionalServicesMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 One 2025-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Term Loan Interest Term E + 450 (plus 150 PIK) Interest Rate 8.06% Maturity/ Dissolution Date 08/2029 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:IsagenixInternationalLLCMember 2024-01-01 2024-12-31 0001633336 Company Nurture Landscapes Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 01/2026 One 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) (plus 75 PIK) Interest Rate 9.90% Maturity/ Dissolution Date 10/2027 2025-12-31 0001633336 Investments United States Debt Investments Retailing MeriCal, LLC Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 11/2025 2024-12-31 0001633336 srt:MinimumMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 srt:MinimumMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Investments United Kingdom Debt Investments Software & Services Jordan Bidco, Ltd. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 575 Interest Rate 10.73% Maturity/ Dissolution Date 08/2028 2024-01-01 2024-12-31 0001633336 ccap:SarbanesOxleyActAndTheRelatedRulesForPublicCompanyMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Perforce Software, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/2028 2024-12-31 0001633336 Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 10/2031 2024-12-31 0001633336 2023-03-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 02/2027 2025-12-31 0001633336 ccap:O2024Q2DividendsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/2026 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember 2024-12-31 0001633336 Company CC Amulet Management, LLC Investment Type Revolver Commitment Expiration Date 8/31/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S +650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/2027 2024-12-31 0001633336 Company Smartronix, LLC Investment Type Revolver Commitment Expiration Date 11/23/2028 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Preferred Stock One 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 11/2028 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:AxViInv2HoldingAbMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Career Certified, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 02/2031 2025-01-01 2025-12-31 0001633336 Company Strata Information Group, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 Two 2025-12-31 0001633336 country:FR 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien RevolverInterest Term S + 575 (75 Floor) Interest Rate 9.63% Maturity/ Dissolution Date 08/2029 2025-12-31 0001633336 ccap:O2025Q4DividendsMember 2025-01-01 2025-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 One 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Crusoe Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 652.66 Interest Rate 11.72% Maturity/ Dissolution Date 12/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Laseraway Intermediate Holdings II, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.66% Maturity/Dissolution Date 10/2027 2024-01-01 2024-12-31 0001633336 Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/2030 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.67% Maturity/Dissolution Date 07/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Transportation A&R Logistics Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/2026 Two 2024-12-31 0001633336 Company Ancora Bidco PTY LTD Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/6/2030 2024-01-01 2024-12-31 0001633336 Company Acu-Serve, LLC Investment Type Revolver Commitment Expiration Date 10/18/2029 2025-01-01 2025-12-31 0001633336 country:US ccap:HealthCareEquipmentAndServicesMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2030Member 2025-12-31 0001633336 Company GH Parent Holdings Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 2025-01-01 2025-12-31 0001633336 Company Bayside Opco, LLC Investment Type Revolver Commitment Expiration Date 5/31/2026 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 Two 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 04/2026 2025-01-01 2025-12-31 0001633336 Company MWD Management LLC (United Derm) Investment Type Revolver Commitment Expiration Date 6/15/2027 2025-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 265 (100 Floor) (plus 510 PIK) Interest Rate 11.69% Maturity/ Dissolution Date 09/2027 Two 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 10.41% Maturity/Dissolution Date 08/2027 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 11/2030 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Staff Boom, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 09/2031 2025-12-31 0001633336 Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 250 (100 Floor) (plus 500 PIK) Interest Rate 11.39 Maturity / Dissolution Date 04/2028 2025-01-01 2025-12-31 0001633336 country:US ccap:EnergyMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/2025 2024-01-01 2024-12-31 0001633336 Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.65% Maturity / Dissolution Date 06/2031 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 2025-01-01 2025-12-31 0001633336 Company Sydney US Buyer Corp. 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Investment Type Unitranche First Lien Term Loan Interest Term Interest Term S + 450 (75 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 09/2028 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 06/2029 2025-01-01 2025-12-31 0001633336 ccap:FCRXUnsecuredNotesMember 2025-12-31 0001633336 Company Odessa Technologies, Inc. Investment Type Revolver Commitment Expiration Date 10/19/2027 2024-01-01 2024-12-31 0001633336 Company Smile Doctors LLC Investment Type Revolver Commitment Expiration Date 12/23/2027 2025-01-01 2025-12-31 0001633336 country:AU ccap:CommercialAndProfessionalServicesMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Company GrapeTree Medical Staffing, LLC Investment Type Revolver Commitment Expiration Date 4/30/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 02/2027 2024-01-01 2024-12-31 0001633336 country:US ccap:FoodAndStaplesRetailingMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/2027 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 Company Eagle Midco B.V. (Avania) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/5/2029 2025-12-31 0001633336 Equity Investments Software & Services Park Place Technologies, LLC Investment Type Common Stock Class B2 2024-12-31 0001633336 Foreign Currency Exchange Contract One Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/2026 2024-01-01 2024-12-31 0001633336 Company Lion Cashmere Bidco Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/23/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.01% Maturity/Dissolution Date 5/2030 2024-12-31 0001633336 ccap:InvestmentsInConsumerProductsAndServicesSectorMember 2025-01-01 2025-12-31 0001633336 Company Omni Ophthalmic Management Consultants, LLC Investment Type Revolver Commitment Expiration Date 1/31/2026 One 2025-12-31 0001633336 Company Balance Partners Investment Type Revolver Commitment Expiration Date 4/3/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 Interest Rate 10.74% Maturity/Dissolution Date 11/2027 2024-12-31 0001633336 Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/2029 2025-01-01 2025-12-31 0001633336 srt:MinimumMember ccap:SPVAssetFacilityMember 2025-04-10 2025-04-10 0001633336 Company Affinitiv, Inc. Investment Type Revolver Commitment Expiration Date 7/26/2027 2024-01-01 2024-12-31 0001633336 ccap:Maturity180To365DaysMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 200 PIK) Interest Rate 12.48% Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, 100 Floor Interest Rate 9.28% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 09/2027 2025-12-31 0001633336 Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/2029 2024-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (100 Floor) (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 03/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/2029 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) (including 100 PIK) Interest Rate 9.82% Maturity/Dissolution Date 07/2028 2025-12-31 0001633336 ccap:RevolvingCreditFacilitySecondMember 2017-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 One 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/2026 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/2028 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.24% Maturity/ Dissolution Date 06/2028 2024-01-01 2024-12-31 0001633336 Company Cary Street Partners Financial LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/30/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) (plus 50 PIK) Interest Rate 10.51% Maturity/ Dissolution Date 07/2028 2025-01-01 2025-12-31 0001633336 Equity Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Common Stock 2025-12-31 0001633336 ccap:HealthCareEquipmentAndServicesMember 2024-12-31 0001633336 country:US us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Automated Control Concepts, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.09% Maturity/Dissolution Date 10/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 03/2030 2024-01-01 2024-12-31 0001633336 ccap:InvestorsSubjectToExchangeActFilingRequirementsMember 2025-01-01 2025-12-31 0001633336 ccap:SeniorSecuredSecondLienMember 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.83% Maturity / Dissolution Date 12/2027 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/Dissolution Date 03/2026 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 09/2030 One 2024-12-31 0001633336 Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 12/1/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 05/2027 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:OemGroupLlcMember 2024-12-31 0001633336 Company Miracle Mile Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/2027 2025-01-01 2025-12-31 0001633336 Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Revolver Commitment Expiration Date 6/2/2028 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services UHY Advisors , Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 11/2031 2025-01-01 2025-12-31 0001633336 ccap:GACPIILPAndWhiteHawkIIIOnshoreFundLPMember 2022-01-01 2022-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 08/2030 2025-01-01 2025-12-31 0001633336 ccap:ConsumerServicesMember 2024-12-31 0001633336 Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2028 2024-12-31 0001633336 Company DecisionHR Holdings, Inc Investment Type Revolver Commitment Expiration Date 12/8/2031 2025-12-31 0001633336 Company Solvias AG Investment Type Revolver Commitment Expiration Date 2/27/2032 2025-01-01 2025-12-31 0001633336 Equity Investments Retailing Vivid Seats Ltd. Investment Type Common Stock Two 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Centria Subsidiary Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/ Dissolution Date 06/2027 2024-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/2027 2025-12-31 0001633336 Company List Partners, Inc. Investment Type Revolver Commitment Expiration Date 6/30/2025 2024-12-31 0001633336 ccap:GACPIILPAndWhiteHawkIIIOnshoreFundLPMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Materials Formulations Parent Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.27% Maturity/Dissolution Date 11/2030 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 11.17% Maturity/Dissolution Date 07/2027 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.59% Maturity/Dissolution Date 07/2027 2024-01-01 2024-12-31 0001633336 Company Career Certified, LLC Investment Type Revolver Commitment Expiration Date 2/19/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/2031 One 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 01/2026 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) (plus 75 PIK) Interest Rate 9.57% Maturity/ Dissolution Date 10/2027 2025-12-31 0001633336 ccap:LackOfLiquidityInInvestmentsAffectBusinessMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Transportation Breeze Buyer, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.45% Maturity/Dissolution Date 01/2028 2025-01-01 2025-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 2025-01-01 2025-12-31 0001633336 ccap:UnitrancheFirstLienMember 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 Two 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 07/2027 2025-01-01 2025-12-31 0001633336 Company Sydney US Buyer Corp. (3B Scientific) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/8/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.12% Maturity/Dissolution Date 04/2030 2024-12-31 0001633336 us-gaap:UnsecuredDebtMember 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 07/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Revolver Interest Term Interest Rate Maturity/ Dissolution Date 06/2026 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/2026 One 2025-01-01 2025-12-31 0001633336 Company FS Whitewater Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2027 One 2025-01-01 2025-12-31 0001633336 ccap:AllyCorporateRevolvingFacilityMember 2020-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:EquityAndOtherMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.06% Maturity/ Dissolution Date 01/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/2026 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/2029 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:FirstEagleLoganJvLlcMember 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:EnvocoreLLCMember 2025-01-01 2025-12-31 0001633336 Company Vantage Insurance Partners, Inc. 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Investment Type Common Stock 2024-12-31 0001633336 Company Integrity Marketing Acquisition, LLC Investment Type Revolver Commitment Expiration Date 8/28/2028 2024-01-01 2024-12-31 0001633336 Company Mario Purchaser, LLC Investment Type Revolver Commitment Expiration Date 4/26/2028 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/2028 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) (plus 75 PIK) Interest Rate 10.60% Maturity/ Dissolution Date 03/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/2031 2025-12-31 0001633336 ccap:RiskOfDistributionsMember 2025-01-01 2025-12-31 0001633336 country:US ccap:MaterialsMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2029 2025-12-31 0001633336 ccap:AnticipatedGainsOnEquityInterestsMember 2025-01-01 2025-12-31 0001633336 Investments United States Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Preferred Stock One 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 One 2024-01-01 2024-12-31 0001633336 ccap:USFederalIncomeTaxOnDistributionsForNonUSStockholdersMember 2025-01-01 2025-12-31 0001633336 Company Sun Acquirer Corp. Investment Type Revolver Commitment Expiration Date 9/5/2027 2025-12-31 0001633336 ccap:UnitrancheFirstLastOutMember 2023-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.78% Maturity/Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Investments United States Equity Investments Consumer Services Ingenio, LLC Investment Type Common Stock 2025-12-31 0001633336 us-gaap:CommonStockMember 2022-12-31 0001633336 ccap:FcrdAcquisitionMember ccap:CrescentCapAdvisorsLLCMember ccap:ElectingShareMember 2023-03-09 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/2028 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 Two 2025-01-01 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Preferred Stock 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575.3 (100 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. 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Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 06/2026 2024-12-31 0001633336 Company Balance Partners Investment Type Revolver Commitment Expiration Date 4/3/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.17% Maturity/ Dissolution Date 05/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.64% Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/ Dissolution Date 10/2025 One 2024-01-01 2024-12-31 0001633336 Equity Investments Materials Action Signature Acquisition, Inc. Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/Dissolution Date 03/2026 One 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650, (100 Floor) Interest Rate 10.69% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Company AX VI INV2 Holding AB (Voff) Investment Type Revolver Commitment Expiration Date 8/31/2029 2025-01-01 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.61% Maturity/Dissolution Date 12/2028 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 09/2030 2024-12-31 0001633336 country:GB ccap:ConsumerDurablesAndApparelMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/Dissolution Date 05/2028 2024-01-01 2024-12-31 0001633336 ccap:AbilityToSellOrOtherwiseExitInvestmentsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/2029 2024-01-01 2024-12-31 0001633336 Company Galway Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/2028 One 2024-12-31 0001633336 us-gaap:UnsecuredDebtMember 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.07% Maturity/Dissolution Date 12/2027 2025-12-31 0001633336 Company Teal Acquisition Co., Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/2026 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:EquityAndOtherMember ccap:ValuationTechniqueEnterpriseValueMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 11/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 05/2029 One 2025-01-01 2025-12-31 0001633336 ccap:SmbcCorporateRevolvingFacilityMember 2021-12-31 0001633336 Company USA Hometown Experts, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.36% Maturity/ Dissolution Date 12/2030 2024-01-01 2024-12-31 0001633336 Company Newcleus, LLC Investment Type Revolver Commitment Expiration Date 8/2/2026 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 525 (75 Floor) Interest Rate 9.58% Maturity/Dissolution Date 10/2031 2024-12-31 0001633336 Investments United States Debt Investments Retailing MeriCal, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 01/2026 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 775 (100 Floor) (plus 75 PIK) Interest Rate 12.37% Maturity/ Dissolution Date 03/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 One 2024-12-31 0001633336 Company Lexipol (Ranger Buyer, Inc.) Investment Type Revolver Commitment Expiration Date 11/18/2027 2025-12-31 0001633336 Company C-4 Analytics Investment Type Revolver Commitment Expiration Date 5/14/2030 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 10.02% Maturity/ Dissolution Date 02/2031 Two 2024-12-31 0001633336 Company Nurture Landscapes Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/2028 2024-12-31 0001633336 Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/2030 2024-01-01 2024-12-31 0001633336 Company REP Behavioral Health, LLC Investment Type Revolver Commitment Expiration Date 12/31/2030 2025-12-31 0001633336 Equity Investments Transportation Xpress Global Systems, LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Transportation Breeze Buyer, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.45% Maturity/Dissolution Date 01/2028 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 12/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 350 (100 Floor) (plus 450 PIK) Interest Rate 11.76% Maturity/ Dissolution Date 04/2026 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.88% Maturity / Dissolution Date 06/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575.3 (100 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2027 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 10.41% Maturity/Dissolution Date 08/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/2027 2025-01-01 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:EquityAndOtherMember 2024-12-31 0001633336 country:US ccap:HouseholdAndPersonalProductsMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 550 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 08/2027 2025-01-01 2025-12-31 0001633336 Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/2029 2025-12-31 0001633336 ccap:InvestmentPaysFivePointZeroZeroMember 2025-01-01 2025-12-31 0001633336 country:US ccap:EnergyMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 600 (including 185.5 PIK) Interest Rate 9.68% Maturity/ Dissolution Date 07/2029 2024-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 10.47% Maturity/ Dissolution Date 06/2028 Two 2025-01-01 2025-12-31 0001633336 Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2029 One 2025-01-01 2025-12-31 0001633336 Equity Investments Diversified Financials WhiteHawk III Onshore Fund L.P. Investment Type Partnership Interest 2024-12-31 0001633336 us-gaap:CommonStockMember 2025-12-31 0001633336 country:NL 2024-12-31 0001633336 Company Banker's Toolbox, Inc. Investment Type Revolver Commitment Expiration Date 7/27/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 800 (100 Floor) (including 200 PIK) Interest Rate 12.48% Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:EnvocoreLLCMember 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2027 Two 2024-12-31 0001633336 ccap:InvestmentPaysOnePointFiveZeroPercentageMember 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited One Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 03/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Affinitiv, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 07/2027 2024-12-31 0001633336 Company Security Risk Advisors Intl, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.69% Maturity/Dissolution Date 01/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Learn-It Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) (including 275 PIK) Interest Rate 10.00% Maturity/Dissolution Date 09/2026 2024-12-31 0001633336 Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 2024-12-31 0001633336 Company Landscape Workshop, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/16/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 02/2027 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/2030 One 2024-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/2025 2024-12-31 0001633336 2023-04-01 2023-06-30 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 03/2027 One 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500, 75 Floor Interest Rate 8.67% Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 07/2030 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 Two 2025-01-01 2025-12-31 0001633336 Company Headlands Buyer, Inc. Investment Type Revolver Commitment Expiration Date 9/29/2032 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/2026 2024-01-01 2024-12-31 0001633336 Investments Canada Debt Investments Commercial & Professional Services Klick Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 11/2032 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 02/2031 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Great Lakes Dental Partners, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 725 (100 Floor) (including 100 PIK) Interest Rate 11.71% Maturity/ Dissolution Date 06/2026 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:LoadmasterDerrickEquipmentIncMember 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 10/2028 2025-12-31 0001633336 Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 07/2027 2024-01-01 2024-12-31 0001633336 Company Homecare Partners Management, LLC Investment Type Revolver Commitment Expiration Date 5/25/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Great Lakes Dental Partners, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 725 (100 Floor) (including 100 PIK) Interest Rate 11.71% Maturity/ Dissolution Date 06/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/2025 2024-12-31 0001633336 Company Hospice Care Buyer, Inc. Investment Type Revolver Commitment Expiration Date 1/28/2028 2025-12-31 0001633336 Company Bandon Fitness (Texas) Inc. Investment Type Term Loan Commitment Expiration Date 7/27/2028 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Perforce Software, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 Interest Rate 11.82% Maturity/Dissolution Date 07/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 10/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Infobase Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/Dissolution Date 06/2028 2024-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) (plus 200 PIK) Interest Rate 10.82% Maturity/ Dissolution Date 09/2027 Two 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/ Dissolution Date 04/2030 2024-01-01 2024-12-31 0001633336 ccap:SMBCCorporateRevolvingFacilityMember 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 One 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services NRG Controls Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 10/2030 2025-12-31 0001633336 Investments United States Debt Investments Food, Beverage & Tobacco Mann Lake Ltd. Investment Type Senior Secured First Lien Term Loan Maturity/ Dissolution Date 01/2025 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.86% Maturity/ Dissolution Date 02/2031 2024-12-31 0001633336 country:GB 2024-12-31 0001633336 srt:MaximumMember ccap:SPVAssetFacilityMember 2024-05-31 2024-05-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/2027 2024-01-01 2024-12-31 0001633336 ccap:AbilityToGrowDependsOnOurAbilityToRaiseCapitalMember 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:IsagenixInternationalLLCMember 2025-01-01 2025-12-31 0001633336 Company Formulations Parent Corporation Investment Type Revolver Commitment Expiration Date 11/15/2029 2024-01-01 2024-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2028Member 2024-12-31 0001633336 country:US ccap:FoodAndStaplesRetailingMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 475, 75 Floor Interest Rate 8.94% Maturity/ Dissolution Date 11/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 04/2029 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/2027 One 2024-01-01 2024-12-31 0001633336 Company Miracle Mile Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/2027 2025-12-31 0001633336 Equity Investments Materials A&A Global Imports, LLC Investment Type Common Stock 2025-12-31 0001633336 Investments Australia Debt Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 11/2030 2024-12-31 0001633336 Company Landscape Workshop, LLC Investment Type Revolver Commitment Expiration Date 5/16/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 07/2032 2025-12-31 0001633336 Company Lighthouse Lab Services Investment Type Revolver Commitment Expiration Date 10/25/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, Centria Subsidiary Holdings, LLC, Investment Type Unitranche First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.05%, Maturity/ Dissolution Date 06/2027 2025-01-01 2025-12-31 0001633336 ccap:LLCLPEquityInterestsMember 2024-12-31 0001633336 Equity Investments Retailing Vivid Seats Ltd. Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 650 (100 Floor) (including 75 PIK) Interest Rate 11.28% Maturity/Dissolution Date 03/2028 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 11/2028 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 100 (100 Floor) (plus 950 PIK) Interest Rate 11.50% Maturity/ Dissolution Date 11/2029 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-01-01 2025-12-31 0001633336 ccap:InvestmentPaysOnePointTwoZeroPercentageMember 2025-01-01 2025-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Company MB2 Dental Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/13/2031 2024-12-31 0001633336 Company Flow Service Partners Intermediate Holdco LLC Investment Type Revolver Commitment Expiration Date 11/19/2030 2025-01-01 2025-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:EquityAndOtherMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:WhiteHawkIIIOnshoreFundLPMember 2025-01-01 2025-12-31 0001633336 country:US ccap:MaterialsMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Company RWA Wealth Partners, LLC. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured Second Lien Term Loan Interest Term 1000 PIK Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 03/2027 One 2025-01-01 2025-12-31 0001633336 Company USA Hometown Experts, Inc. Investment Type Revolver Commitment Expiration Date 11/8/2029 2025-01-01 2025-12-31 0001633336 Company Lash Opco LLC Investment Type Revolver Commitment Expiration Date 9/18/2025 2024-01-01 2024-12-31 0001633336 country:US ccap:TransportationMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments Canada Debt Investments Commercial & Professional Services Klick Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 11/2032 2025-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/Dissolution Date 05/2030 2025-01-01 2025-12-31 0001633336 2025-07-01 2025-09-30 0001633336 Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.49% Maturity/Dissolution Date 05/2028 2025-01-01 2025-12-31 0001633336 Company PPV Intermediate Holdings LLC (Vetcor) Investment Type Revolver Commitment Expiration Date 8/31/2029 2025-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.35% Maturity/ Dissolution Date 01/2029 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 Two 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 06/2032 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/2026 One 2024-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 10.01% Maturity/Dissolution Date 05/2030 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 04/2031 2025-01-01 2025-12-31 0001633336 Equity Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Common Stock 2024-12-31 0001633336 country:AU ccap:RetailingMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Company USA Hometown Experts, Inc. 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(3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 Interest Rate 8.72% Maturity/ Dissolution Date 07/2029 2024-01-01 2024-12-31 0001633336 ccap:LLCLPEquityInterestsMember 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/2029 Two 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services BVI Medical Inc Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services CC Amulet Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.73% Maturity/ Dissolution Date 08/2027 2024-01-01 2024-12-31 0001633336 2020-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.75% Maturity/Dissolution Date 10/2028 2024-01-01 2024-12-31 0001633336 ccap:FCRXUnsecuredNotesMember 2024-12-31 0001633336 srt:MinimumMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2025-12-31 0001633336 Company GB Eagle Buyer, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/29/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.22% Maturity/ Dissolution Date 10/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.07% Maturity/ Dissolution Date 05/2026 2025-12-31 0001633336 us-gaap:FairValueInputsLevel2Member ccap:UnitrancheFirstLienMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 425 (100 Floor) (plus 300 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 06/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term 993 PIK (75 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Crusoe Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 625 Interest Rate 9.98% Maturity/ Dissolution Date 12/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.83% Maturity / Dissolution Date 12/2027 2024-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.22% Maturity/ Dissolution Date 06/2028 2024-12-31 0001633336 ccap:UnsecuredDebtOneMember 2025-12-31 0001633336 ccap:TrancheANotesMember us-gaap:SubsequentEventMember 2026-02-17 0001633336 Equity Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Common Stock 2025-12-31 0001633336 Equity Investments Commercial & Professional Services Receivable Solutions, Inc. Investment Type Preferred Stock 2025-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.47% Maturity/ Dissolution Date 01/2029 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember ccap:ValuationTechniqueTransactionsPrecedentMember 2025-12-31 0001633336 us-gaap:UnsecuredDebtMember 2024-01-01 2024-12-31 0001633336 ccap:EnergyMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 06/2031 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:AxViInv2HoldingAbMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Revolver 2024-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 05/2030 2025-12-31 0001633336 Company Action Signature Acquisition, Inc. Investment Type Revolver Commitment Expiration Date 12/17/2027 2025-12-31 0001633336 Company Arrow Management Acquisition, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/2027 2024-01-01 2024-12-31 0001633336 Company Omni Ophthalmic Management Consultants, LLC Investment Type Revolver Commitment Expiration Date 1/31/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.23% Maturity/Dissolution Date 12/2027 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.33% Maturity/Dissolution Date 10/2028 2024-12-31 0001633336 Company Medicus IT Investment Type Revolver Commitment Expiration Date 6/30/2032 2025-01-01 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 ccap:UnitrancheFirstLienLastOutMember 2025-12-31 0001633336 country:CA us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 450, (75 Floor) Interest Rate 8.29% Maturity/ Dissolution Date 03/2028 2025-01-01 2025-12-31 0001633336 Equity Investments Commercial & Professional Services ASP MCS Acquisition Corp. Investment Type Common Stock 2024-12-31 0001633336 Company PromptCare Intermediate, LP Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/19/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Claritas, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 03/2026 2024-12-31 0001633336 Equity Investments Commercial & Professional Services ASP MCS Acquisition Corp. Investment Type Common Stock One 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 12/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.28% Maturity/Dissolution Date 06/2028 2024-01-01 2024-12-31 0001633336 Investments Sweden Equity Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Common Stock 2025-12-31 0001633336 Company JTM Foods LLC Investment Type Revolver Commitment Expiration Date 5/14/2029 2025-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Revolver Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/2025 2024-01-01 2024-12-31 0001633336 Company Gener8, LLC Investment Type Revolver Commitment Expiration Date 8/14/2025 2024-01-01 2024-12-31 0001633336 ccap:SpvAssetFacilityMember 2025-12-31 0001633336 Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.58% Maturity/Dissolution Date 12/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.33% Maturity/Dissolution Date 10/2028 2024-01-01 2024-12-31 0001633336 country:NL us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.67% Maturity/ Dissolution Date 08/2029 2025-01-01 2025-12-31 0001633336 Company Patriot Acquisition Topco S.A.R.L Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/29/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 05/2031 2024-01-01 2024-12-31 0001633336 Equity Investments Retailing Vivid Seats Ltd. Investment Type Common Stock Three 2025-12-31 0001633336 ccap:SPVAssetFacilityMember 2024-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember ccap:MeasurementInputRoyaltyPaymentDiscountRateMember ccap:ValuationTechniqueDiscountedCashFlowsRelatedToOtherInputMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/2027 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/2028 2024-01-01 2024-12-31 0001633336 ccap:FcrdAcquisitionMember 2023-03-09 2023-03-09 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 11/2028 One 2025-01-01 2025-12-31 0001633336 country:US ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 Interest Rate 10.90% Maturity/ Dissolution Date 07/2029 2024-12-31 0001633336 ccap:MaterialsMember 2024-12-31 0001633336 Company Mann Lake Ltd. Investment Type Revolver Commitment Expiration Date 1/31/2025 2024-01-01 2024-12-31 0001633336 Company Mario Purchaser, LLC Investment Type Revolver Commitment Expiration Date 4/26/2028 2024-01-01 2024-12-31 0001633336 Company Lion Cashmere Bidco Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/23/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650, (100 Floor) Interest Rate 10.41% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 04/2029 2025-01-01 2025-12-31 0001633336 Equity Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 11/2029 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/2025 One 2024-01-01 2024-12-31 0001633336 Investments United States Equity Investments Food & Staples Retailing Isagenix International, LLC Investment Type Common Stock 2025-12-31 0001633336 ccap:Series2023AUnsecuredNotesMember 2023-05-09 2023-05-09 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/4/2026 2025-01-01 2025-12-31 0001633336 Company Envocore Holding, LLC Investment Type Revolver Commitment Expiration Date 12/31/2025 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 08/2030 2024-12-31 0001633336 Company Learn-It Systems, LLC Investment Type Revolver Commitment Expiration Date 9/18/2026 2024-01-01 2024-12-31 0001633336 us-gaap:CommonStockMember 2023-12-31 0001633336 Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 11/16/2025 2024-12-31 0001633336 Company MB2 Dental Investment Type Revolver Commitment Expiration Date 2/13/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. 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(Hand & Stone) Investment Type Unitranche First Lien Revolver Interest Term S + 575 (75 Floor) Interest Rate 9.61% Maturity/Dissolution Date 06/2028 2024-01-01 2024-12-31 0001633336 ccap:SMBCCorporateRevolvingFacilityMember 2025-12-31 0001633336 Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/2027 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 08/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.97% Maturity/ Dissolution Date 04/2026 2024-01-01 2024-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 08/2029 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 8.62% Maturity/ Dissolution Date 11/2030 2025-01-01 2025-12-31 0001633336 Company GB Eagle Buyer, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/2030 2025-01-01 2025-12-31 0001633336 Company MRI Software LLC Investment Type Revolver Commitment Expiration Date 2/10/2028 2025-12-31 0001633336 Company Staff Boom, LLC Investment Type Revolver Commitment Expiration Date 9/19/2031 2025-01-01 2025-12-31 0001633336 Company Klick Inc. 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Investment Type Senior Secured Second Lien Note Interest Term 1200 Interest Rate 12.00% Maturity / Dissolution Date 03/2031 2024-01-01 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Common Stock 2024-12-31 0001633336 Company Online Labels Group, LLC Investment Type Revolver Commitment Expiration Date 12/19/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.26% Maturity/Dissolution Date 08/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan One Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2028 One 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 550 Interest Rate 9.22% Maturity/ Dissolution Date 10/2031 2025-12-31 0001633336 country:US ccap:AutomobilesAndComponentsMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Company Minuteman Security Technologies, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/17/2027 2025-12-31 0001633336 Equity Investments Software & Services Certify, Inc. Investment Type Common Stock 2025-12-31 0001633336 Company Eagle Midco B.V. (Avania) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/5/2029 2024-12-31 0001633336 Company Painters Supply & Equipment Company Investment Type Revolver Commitment Expiration Date 8/10/2027 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 04/2031 2025-01-01 2025-12-31 0001633336 Company REP Behavioral Health, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2030 2024-01-01 2024-12-31 0001633336 ccap:O2024Q4DividendsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 600 Interest Rate 9.99% Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 Company NRG Controls Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/2030 2024-12-31 0001633336 country:JE us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 650, (100 Floor) Interest Rate 10.13% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 09/2027 2025-12-31 0001633336 2024-12-31 0001633336 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:VividSeatsLtdMember 2024-01-01 2024-12-31 0001633336 Company Blue Mantis Investment Type Revolver Commitment Expiration Date 8/19/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Perforce Software, Inc. Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 Interest Rate 12.46% Maturity/ Dissolution Date 07/2027 2024-12-31 0001633336 Company Hsid Acquisition, LLC Investment Type Revolver Commitment Expiration Date 1/31/2026 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 06/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan Two Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Company REP Behavioral Health, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2030 2024-12-31 0001633336 Company Patriot Growth Insurance Services, LLC Investment Type Revolver Commitment Expiration Date 10/14/2028 2024-01-01 2024-12-31 0001633336 country:AU 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/2029 2024-12-31 0001633336 Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 575 (75 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 03/2028 2024-12-31 0001633336 ccap:RetailingMember 2025-12-31 0001633336 us-gaap:Maturity30To90DaysMember us-gaap:EuriborFutureMember 2024-12-31 0001633336 us-gaap:InvestmentUnaffiliatedIssuerMember 2025-01-01 2025-12-31 0001633336 country:US ccap:ConsumerServicesMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Centria Subsidiary Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/ Dissolution Date 06/2027 2024-01-01 2024-12-31 0001633336 Company Vital Care Buyer, LLC Investment Type Revolver Commitment Expiration Date 7/30/2031 2024-12-31 0001633336 ccap:AutomobilesAndComponentsMember 2024-12-31 0001633336 Company Headlands Buyer, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/29/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, ConvenientMD Investment Type Senior Secured First Lien Revolver, Interest Term S + 550, Interest Rate 9.44%, Maturity/ Dissolution Date 06/2029 2025-12-31 0001633336 Company MRI Software LLC Investment Type Revolver Commitment Expiration Date 2/10/2026 2024-01-01 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/2026 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 Interest Rate 10.01% Maturity/ Dissolution Date 07/2029 2025-01-01 2025-12-31 0001633336 Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.19% Maturity/Dissolution Date 10/2025 2024-12-31 0001633336 Company Bandon Fitness Investment Type Revolver Commitment Expiration Date 7/27/2028 2024-12-31 0001633336 ccap:CapitalGoodsMember 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.10% Maturity/ Dissolution Date 11/2030 2024-01-01 2024-12-31 0001633336 ccap:DilutionOfOwnershipPercentageIfOptOutOfDividendReinvestmentPlanMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 450 (100 Floor) Interest Rate 11.25% Maturity/ Dissolution Date 04/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 06/2026 2024-12-31 0001633336 Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 04/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services List Partners, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 50 PIK) Interest Rate 10.96% Maturity/ Dissolution Date 06/2025 2024-01-01 2024-12-31 0001633336 Company REP Behavioral Health, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2030 2025-01-01 2025-12-31 0001633336 Company Jordan Bidco, Ltd. Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2028 2024-01-01 2024-12-31 0001633336 Company UHY Advisors , Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/21/2031 2025-12-31 0001633336 Equity Investments Consumer Services Wrench Group LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Company Oliver Packaging LLC Investment Type Revolver Commitment Expiration Date 7/6/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 10/2030 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.21% Maturity/Dissolution Date 01/2026 2024-01-01 2024-12-31 0001633336 Company UHY Advisors , Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/21/2031 2024-12-31 0001633336 Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 08/2026 2024-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.17% Maturity/Dissolution Date 12/2028 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 2025-01-01 2025-12-31 0001633336 2023-06-30 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 One 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.23% Maturity/Dissolution Date 12/2027 2024-01-01 2024-12-31 0001633336 Company NRG Controls Investment Type Revolver Commitment Expiration Date 10/28/2030 2025-01-01 2025-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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(3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.05% Maturity/ Dissolution Date 07/2029 2025-12-31 0001633336 Company Lash Opco LLC Investment Type Revolver Commitment Expiration Date 9/18/2027 2025-01-01 2025-12-31 0001633336 country:NL 2025-12-31 0001633336 country:US ccap:HealthCareEquipmentAndServicesMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 525, (100 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 05/2027 2025-01-01 2025-12-31 0001633336 us-gaap:FairValueInputsLevel2Member ccap:EquityAndOtherMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/ Dissolution Date 06/2025 2024-01-01 2024-12-31 0001633336 Equity Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Avalign Technologies, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 362.5 (75 Floor) (plus 362.5 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Company ABACUS Holdings I LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/22/2028 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term E + 750 (plus 750 PIK) Interest Rate 9.53% Maturity/ Dissolution Date 07/2029 2025-12-31 0001633336 ccap:RisksAssociatedWithTechnologicalAdvancesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.49% Maturity/Dissolution Date 05/2028 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences BioAgilytix Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 650 PIK (75 Floor) Interest Rate 11.21% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 ccap:PortfolioCompaniesMayBeHighlyLeveragedMember 2025-01-01 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember 2025-12-31 0001633336 ccap:UnitrancheFirstLastOutMember 2025-12-31 0001633336 Company King Mid LLC Investment Type Revolver Commitment Expiration Date 4/23/2031 2025-01-01 2025-12-31 0001633336 Equity Investments Commercial & Professional Services TecoStar Holdings, Inc. Investment Type Common Stock 2024-12-31 0001633336 Equity Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Common Stock One 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 06/2030 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.20% Maturity/ Dissolution Date 06/2028 One 2024-01-01 2024-12-31 0001633336 Company MRI Software LLC Investment Type Revolver Commitment Expiration Date 2/10/2026 2024-12-31 0001633336 Foreign Currency Exchange Contract Three Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/2026 2025-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Investments Australia Debt Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Unitranche First Lien Term Loan Interest Term B + 500 (50 Floor) Interest Rate 9.38% Maturity/ Dissolution Date 11/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 9.46% Maturity/Dissolution Date 10/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/2027 2025-12-31 0001633336 Foreign Currency Exchange Contract One Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/2026 2025-12-31 0001633336 Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 250 (100 Floor) (plus 500 PIK) Interest Rate 11.39 Maturity / Dissolution Date 04/2028 2025-12-31 0001633336 Investments Belgium Equity Investments Commercial & Professional Services Miraclon Corporation Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 06/2029 2025-12-31 0001633336 Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 06/2028 2024-12-31 0001633336 Company Soltis Investment Type Revolver Commitment Expiration Date 8/5/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.65% Maturity/ Dissolution Date 09/2027 2025-01-01 2025-12-31 0001633336 Company WCT Group Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/25/2027 2025-01-01 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember ccap:ValuationTechniqueEnterpriseValueMember 2024-12-31 0001633336 Company Medicus IT Investment Type Revolver Commitment Expiration Date 6/30/2032 2025-12-31 0001633336 Company FS Whitewater Borrower, LLC Investment Type Revolver Commitment Expiration Date 12/21/2029 2025-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Ruffalo Noel Levitz, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) (including 425 PIK) Interest Rate 11.20% Maturity/Dissolution Date 12/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 100 (100 Floor) (plus 950 PIK) Interest Rate 11.50% Maturity/ Dissolution Date 11/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 One 2025-12-31 0001633336 Company GrapeTree Medical Staffing, LLC Investment Type Revolver Commitment Expiration Date 4/30/2026 2025-01-01 2025-12-31 0001633336 Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 1/23/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver 1 Interest Term S + 575 (100 Floor) Interest Rate 10.35% Maturity/ Dissolution Date 01/2029 2024-12-31 0001633336 Company Annuity Health Investment Type Revolver Commitment Expiration Date 2/8/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.49% Maturity/ Dissolution Date 07/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/2027 2024-12-31 0001633336 country:US ccap:CommercialAndProfessionalServicesMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Company Medical Review Institute of America Investment Type Revolver Commitment Expiration Date 7/1/2030 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 500 (100 Floor) Interest Rate 8.62% Maturity/ Dissolution Date 11/2030 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/2026 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/2029 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 590 (75 Floor) Interest Rate 10.81% Maturity/ Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 01/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/Dissolution Date 07/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 12/2029 2025-12-31 0001633336 Company Soltis Investment Type Revolver Commitment Expiration Date 8/5/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/2027 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Revolver Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 12/2029 2025-01-01 2025-12-31 0001633336 country:FR us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Equity Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Common Stock One 2025-12-31 0001633336 us-gaap:Maturity30To90DaysMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-31 0001633336 ccap:Series2023AUnsecuredNotesMember 2025-01-01 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Common Stock One 2025-12-31 0001633336 Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.33% Maturity/ Dissolution Date 03/2028 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 srt:MaximumMember ccap:SPVAssetFacilityMember 2025-04-10 2025-04-10 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.50% Maturity/ Dissolution Date 10/2027 2024-01-01 2024-12-31 0001633336 ccap:EconomicRecessionsOrDownturnsMember 2025-01-01 2025-12-31 0001633336 Company Claritas, LLC Investment Type Revolver Commitment Expiration Date 3/31/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.25% Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. 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Investment Type Common Stock 2025-12-31 0001633336 Company Duraserv LLC Investment Type Revolver Commitment Expiration Date 6/10/2030 2024-12-31 0001633336 Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 06/2026 2024-12-31 0001633336 us-gaap:RetainedEarningsMember 2025-12-31 0001633336 Company CC Amulet Management, LLC Investment Type Revolver Commitment Expiration Date 8/31/2027 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:FirstEagleLoganJvLlcMember 2025-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/2030 2024-12-31 0001633336 Company Galway Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/2028 2024-12-31 0001633336 country:BE ccap:CommercialAndProfessionalServicesMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 05/2030 2024-12-31 0001633336 Company Hospice Care Buyer, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.59% Maturity/ Dissolution Date 02/2029 2024-12-31 0001633336 Company MHS Acquisition Holdings, LLC Investment Type Revolver Commitment Expiration Date 7/21/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (75 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 04/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.62% Maturity/ Dissolution Date 06/2030 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 03/2030 2025-01-01 2025-12-31 0001633336 ccap:AbilityToEnterIntoTransactionsWithAffiliatesIsRestrictedMember 2025-01-01 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember ccap:ValuationTechniqueBrokerQuotedMember 2024-12-31 0001633336 Investments Canada Debt Investments Commercial & Professional Services Klick Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 11/2032 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.55% Maturity/ Dissolution Date 12/2027 Two 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 01/2029 One 2025-12-31 0001633336 Equity Investments Retailing Slickdeals Holdings, LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 265 (100 Floor) (plus 510 PIK) Interest Rate 11.69% Maturity/ Dissolution Date 09/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 05/2029 2024-01-01 2024-12-31 0001633336 Company Slickdeals Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/30/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/2028 One 2024-01-01 2024-12-31 0001633336 Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 6/18/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 09/2030 One 2025-01-01 2025-12-31 0001633336 ccap:SubjectToCorporateLevelIncomeTaxMember 2025-01-01 2025-12-31 0001633336 Company Premier Dental Care Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/2028 2025-01-01 2025-12-31 0001633336 ccap:NotesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 01/2031 2025-01-01 2025-12-31 0001633336 Company The Hilb Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026 2025-12-31 0001633336 ccap:O2026Q1DividendsMember us-gaap:SubsequentEventMember 2026-02-12 2026-02-12 0001633336 Company EMS Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/23/2027 2024-01-01 2024-12-31 0001633336 Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 1/23/2026 2025-12-31 0001633336 Company MB2 Dental Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/13/2026 2025-01-01 2025-12-31 0001633336 ccap:S2025Q13DividendsMember 2025-01-01 2025-12-31 0001633336 Company Odessa Technologies, Inc. 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Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 06/2031 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/ Dissolution Date 09/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/ Dissolution Date 07/2031 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Retailing Slickdeals Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.94% Maturity/Dissolution Date 06/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services 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Investment Type Revolver Commitment Expiration Date 9/5/2027 2024-12-31 0001633336 Equity Investments Software & Services Lexipol (Ranger Buyer, Inc.) Two Investment Type Common Stock 2024-12-31 0001633336 Company RWA Wealth Partners, LLC. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2030 2025-12-31 0001633336 country:SE 2025-12-31 0001633336 Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/2030 2024-12-31 0001633336 ccap:FoodBeverageAndTobaccoMember 2024-12-31 0001633336 Company AX VI INV2 Holding AB (Voff) Investment Type Term Loan Commitment Expiration Date 8/31/2029 2025-12-31 0001633336 Investment, Identifier [Axis] > Equity Investments Commercial & Professional Services Receivable Solutions, Inc. Investment Type Preferred Stock Class A 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 Interest Rate 12.69% Maturity/Dissolution Date 05/2030 2024-12-31 0001633336 Company Auveco Holdings Investment Type Revolver Commitment Expiration Date 5/5/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Maturity/ Dissolution Date 01/2026 One 2025-12-31 0001633336 Company Essential Services Holding Corporation Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/2030 2024-12-31 0001633336 Equity Investments Commercial & Professional Services RN Enterprises, LLC Investment Type Common Stock Common Equity 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity / Dissolution Date 06/2030 2025-12-31 0001633336 us-gaap:MaturityUpTo30DaysMember us-gaap:EuriborFutureMember 2024-12-31 0001633336 Company Evolution BuyerCo, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.67% Maturity/Dissolution Date 07/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 475 (75 Floor) Interest Rate 8.57% Maturity/ Dissolution Date 06/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.61% Maturity/ Dissolution Date 08/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.86% Maturity/Dissolution Date 10/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Claritas, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.32% Maturity/ Dissolution Date 03/2028 2025-01-01 2025-12-31 0001633336 ccap:FcrdAcquisitionMember ccap:NonElectingShareMember 2023-03-09 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/ Dissolution Date 10/2030 2025-12-31 0001633336 Company Centria Subsidiary Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/9/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Transportation A&R Logistics Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/2026 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.95% Maturity/Dissolution Date 11/2029 2024-01-01 2024-12-31 0001633336 ccap:CommercialAndProfessionalServicesMember 2024-12-31 0001633336 Company AX VI INV2 Holding AB (Voff) Investment Type Term Loan Commitment Expiration Date 8/31/2029 2025-01-01 2025-12-31 0001633336 Company TriStrux, LLC Investment Type Revolver Commitment Expiration Date 12/15/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (100 Floor) (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 03/2026 2024-12-31 0001633336 Company Online Labels Group, LLC Investment Type Revolver Commitment Expiration Date 12/19/2029 2025-01-01 2025-12-31 0001633336 Company MWD Management LLC (United Derm) Investment Type Revolver Commitment Expiration Date 6/15/2027 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock One 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. 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Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 12/2027 Three 2025-12-31 0001633336 Company ConvenientMD Investment Type Revolver Commitment Expiration Date 6/15/2029 2024-01-01 2024-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 08/2029 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Marlin DTC-LS Midco 2, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 11.03% Maturity/Dissolution Date 07/2025 2024-12-31 0001633336 ccap:ConsumerServicesMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Belay Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.49% Maturity/ Dissolution Date 11/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/2027 2024-01-01 2024-12-31 0001633336 Company WCT Group Holdings, LLC Investment Type Revolver Commitment Expiration Date 12/12/2029 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/2029 Two 2025-01-01 2025-12-31 0001633336 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001633336 Company Summit 7 Systems, LLC Investment Type Revolver Commitment Expiration Date 5/23/2028 2025-01-01 2025-12-31 0001633336 Company Hercules Borrower LLC Investment Type Revolver Commitment Expiration Date 12/15/2026 2024-12-31 0001633336 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver 1 Interest Term S + 575 (100 Floor) Interest Rate 10.35% Maturity/ Dissolution Date 01/2029 2024-01-01 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 10/6/2028 2025-12-31 0001633336 Investments United States Debt Investments Materials Action Signature Acquisition, Inc. Investment Type Unitranche First Lien Term Loan Maturity/Dissolution Date 12/2027 2025-12-31 0001633336 Company Vantage Insurance Partners, Inc. Investment Type Revolver Commitment Expiration Date 12/22/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 01/2028 2025-01-01 2025-12-31 0001633336 Company Integrity Marketing Acquisition, LLC Investment Type Revolver Commitment Expiration Date 8/28/2028 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (75 Floor) (including 250 PIK) Interest Rate 11.78% Maturity/Dissolution Date 11/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 Interest Rate 10.64% Maturity/ Dissolution Date 06/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 2025-12-31 0001633336 Investments United States Debt Investments Food & Staples Retailing Isagenix International, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 410 PIK) Interest Rate 15.35% Maturity/ Dissolution Date 04/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/2028 2024-12-31 0001633336 Company Alera Group Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/30/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (200 Floor) (including 150 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/2025 One 2024-12-31 0001633336 ccap:S2024Q3DividendsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 06/2029 2025-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.17% Maturity/Dissolution Date 12/2028 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) (including 100 PIK) Interest Rate 9.82% Maturity/Dissolution Date 07/2028 2025-01-01 2025-12-31 0001633336 ccap:Series2023AUnsecuredNotesMember 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:ASPMCSAcquisitionCorpMember 2025-01-01 2025-12-31 0001633336 ccap:UnsecuredDebtOneMember 2024-12-31 0001633336 Company Envocore Holding, LLC Investment Type Revolver Commitment Expiration Date 12/31/2027 2025-12-31 0001633336 ccap:TrancheANotesMember us-gaap:SubsequentEventMember 2026-02-17 2026-02-17 0001633336 Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.87% Maturity / Dissolution Date 06/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 10.48% Maturity/Dissolution Date 08/2026 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 11/2028 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 12/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Unsecured Debt Interest Term 1350 PIK Interest Rate 13.50% Maturity/ Dissolution Date 03/2027 2025-01-01 2025-12-31 0001633336 country:SE ccap:RetailingMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 ccap:SeniorSecuredFirstLienMember 2023-12-31 0001633336 Company iLending LLC Investment Type Revolver Commitment Expiration Date 6/21/2026 2024-12-31 0001633336 country:US ccap:DiversifiedFinancialsMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 10/2026 One 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.33% Maturity/ Dissolution Date 03/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Revolver Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Energy Loadmaster Derrick & Equipment, Inc. Investment Type Senior Secured Second Lien Note Interest Term 1200 Interest Rate 12.00% Maturity / Dissolution Date 03/2031 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) (plus 50 PIK) Interest Rate 10.51% Maturity/ Dissolution Date 07/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Revolver, Interest Term S + 525, (100 Floor), Interest Rate 9.10%, Maturity/ Dissolution Date 08/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.92% Maturity/Dissolution Date 10/2030 2025-01-01 2025-12-31 0001633336 Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 12/1/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 08/2030 2024-12-31 0001633336 Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/2027 2024-01-01 2024-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.22% Maturity/ Dissolution Date 06/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 08/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Automobiles & Components Sun Acquirer Corp. Investment Type Common Stock Common Equity One 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 2025-12-31 0001633336 Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.67% Maturity/Dissolution Date 11/2028 2025-12-31 0001633336 Company Ancora Bidco PTY LTD Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/6/2030 2025-12-31 0001633336 Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.89% Maturity/ Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Odessa Technologies, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 10/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/2028 2024-12-31 0001633336 country:AU ccap:CommercialAndProfessionalServicesMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.58% Maturity/ Dissolution Date 11/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/Dissolution Date 04/2028 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel2Member ccap:UnitrancheFirstLienMember 2024-12-31 0001633336 Equity Investments Food & Staples Retailing Isagenix International, LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 09/2028 2024-12-31 0001633336 Company Newcleus, LLC Investment Type Revolver Commitment Expiration Date 8/2/2026 2025-01-01 2025-12-31 0001633336 2025-04-01 2025-06-30 0001633336 ccap:AmountAvailableForDistributionToStockholdersMember 2025-01-01 2025-12-31 0001633336 Company Lightspeed Buyer, Inc. Investment Type Revolver Commitment Expiration Date 2/3/2027 2024-01-01 2024-12-31 0001633336 country:SE ccap:RetailingMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 ccap:CybersecurityRisksAndCyberIncidentsMember 2025-01-01 2025-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 425 (100 Floor) (plus 300 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 06/2027 2025-01-01 2025-12-31 0001633336 Company Flow Service Partners Intermediate Holdco LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 06/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 07/2032 2025-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 600 (including 150 PIK) Interest Rate 10.18% Maturity/ Dissolution Date 08/2029 2024-12-31 0001633336 Investments United States Debt Investments Transportation A&R Logistics Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 690 (including 425 PIK) Interest Rate 11.49% Maturity/Dissolution Date 08/2026 One 2024-01-01 2024-12-31 0001633336 2024-04-01 2024-06-30 0001633336 Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/2029 2024-01-01 2024-12-31 0001633336 Equity Investments Commercial & Professional Services Allied Universal Holdings, LLC Investment Type Common Stock Class A One 2024-12-31 0001633336 Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A. 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(3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 Interest Rate 8.00% Maturity/ Dissolution Date 07/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/2028 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 03/2030 2024-12-31 0001633336 Company Seko Global Logistics Network, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/27/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 04/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 07/2027 2025-12-31 0001633336 ccap:SPVAssetFacilityMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Headlands Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.74% Maturity/ Dissolution Date 09/2032 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 11/2028 One 2025-12-31 0001633336 Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.36% Maturity/Dissolution Date 09/2028 2024-01-01 2024-12-31 0001633336 Company Alcanza Clinical Research Investment Type Revolver Commitment Expiration Date 12/15/2027 2024-01-01 2024-12-31 0001633336 Company CRS TH Holdings, Corp. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2027 2025-12-31 0001633336 Company Cary Street Partners Financial LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/30/2027 2025-12-31 0001633336 Equity Investments Retailing MeriCal, LLC Investment Type Preferred Stock 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember ccap:ValuationTechniqueEnterpriseValueMember 2025-12-31 0001633336 Company Gener8, LLC Investment Type Revolver Commitment Expiration Date 8/14/2025 2024-12-31 0001633336 us-gaap:Maturity30To90DaysMember ccap:BBSYMember 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 550 Interest Rate 10.20% Maturity/Dissolution Date 10/2031 2024-01-01 2024-12-31 0001633336 ccap:RiskOfLimitOnAmountOfFundsUseFromAvailableSourcesMember 2025-01-01 2025-12-31 0001633336 Investments United States Equity Investments Consumer Services Mario Purchaser, LLC Investment Type Common Stock 2025-12-31 0001633336 Company Pi Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/29/2027 2025-01-01 2025-12-31 0001633336 Company Learn-It Systems, LLC Investment Type Revolver Commitment Expiration Date 9/18/2026 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.86% Maturity/Dissolution Date 10/2028 2024-12-31 0001633336 Company Sydney US Buyer Corp. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2030 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.48% Maturity/ Dissolution Date 01/2028 2025-01-01 2025-12-31 0001633336 country:BE us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 75 PIK) Interest Rate 11.37% Maturity/Dissolution Date 03/2028 2024-12-31 0001633336 Equity Investments Transportation Xpress Global Systems, LLC Investment Type Common Stock 2025-12-31 0001633336 2024-03-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 10.77% Maturity/ Dissolution Date 11/2029 2025-12-31 0001633336 Company Vantage Insurance Partners, Inc. Investment Type Revolver Commitment Expiration Date 12/22/2028 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 10/2029 2024-12-31 0001633336 Company Soltis Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/2030 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. 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Investment Type Revolver Commitment Expiration Date 8/7/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/Dissolution Date 05/2028 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) interest Rate 9.08% Maturity/ Dissolution Date 02/2026 One 2024-01-01 2024-12-31 0001633336 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 Three 2024-12-31 0001633336 Company Minuteman Security Technologies, Inc. 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Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 11/2030 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/ Dissolution Date 06/2025 2024-12-31 0001633336 Company Omega Systems Intermediate Holdings, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/15/2027 2025-12-31 0001633336 Investments United States Debt Investments Software & Services List Partners, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) (including 50 PIK) Interest Rate 10.96% Maturity/ Dissolution Date 06/2025 2024-12-31 0001633336 country:SE us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.24% Maturity/ Dissolution Date 04/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 06/2027 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien - Last Out Term Loan Interest Term 1237.5 PIK Interest Rate 12.38% Maturity/ Dissolution Date 06/2030 2025-12-31 0001633336 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001633336 country:BE 2024-12-31 0001633336 Company Soltis Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/2026 2025-12-31 0001633336 Company Security Risk Advisors Intl, LLC Investment Type Revolver Commitment Expiration Date 9/30/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.49% Maturity/ Dissolution Date 11/2030 2025-01-01 2025-12-31 0001633336 Company Solvias AG Investment Type Revolver Commitment Expiration Date 2/27/2032 2025-12-31 0001633336 Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/2031 2025-12-31 0001633336 Company Lighthouse Lab Services Investment Type Revolver Commitment Expiration Date 10/25/2027 2024-01-01 2024-12-31 0001633336 country:FI 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 04/2026 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.35%, Maturity/ Dissolution Date 08/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 08/2029 2024-01-01 2024-12-31 0001633336 Foreign Currency Exchange Contract Two Counterparty Wells Fargo Bank, N.A. Settlement Date 3/22/2028 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Common Stock One 2024-12-31 0001633336 Investments United Kingdom Equity Investments Health Care Equipment & Services VetStrategy Investment Type Preferred Stock 2024-12-31 0001633336 ccap:GACPIILPAndWhiteHawkIIIOnshoreFundLPMember 2021-01-01 2021-12-31 0001633336 Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.88% Maturity / Dissolution Date 06/2031 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 06/2029 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.35% Maturity/Dissolution Date 12/2028 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Company Cary Street Partners Financial LLC Investment Type Revolver Commitment Expiration Date 5/30/2031 2025-12-31 0001633336 Company Arrow Management Acquisition, LLC Investment Type Revolver Commitment Expiration Date 10/14/2027 2024-01-01 2024-12-31 0001633336 Company Hamsard 3778 Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/2031 2024-12-31 0001633336 country:US ccap:RetailingMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Company Benesys Inc. Investment Type Revolver One Commitment Expiration Date 10/3/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.91% Maturity/Dissolution Date 05/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.01% Maturity/ Dissolution Date 04/2029 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 11/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Term Loan Maturity/ Dissolution Date 07/2028 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.86% Maturity/Dissolution Date 11/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 12/2030 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:AxViInv2HoldingAbMember 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 640 (100 Floor) Interest Rate 10.39% Maturity/Dissolution Date 02/2029 2025-01-01 2025-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 10.44% Maturity/ Dissolution Date 06/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/2026 2024-01-01 2024-12-31 0001633336 ccap:SpvAssetFacilityMember 2024-12-31 0001633336 Equity Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Preferred Stock 2025-12-31 0001633336 Company Sydney US Buyer Corp. (3B Scientific) Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/14/2026 2025-01-01 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, CC Amulet Management, LLC., Investment Type Senior Secured First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.35%, Maturity/ Dissolution Date 08/2027 2025-12-31 0001633336 Equity Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Term Loan Interest Term S + 475, 75 Floor Interest Rate 8.94% Maturity/ Dissolution Date 11/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Maturity/ Dissolution Date 01/2026 Two 2025-12-31 0001633336 Company The Hilb Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2031 2024-12-31 0001633336 Company MeriCal, LLC Investment Type Revolver Commitment Expiration Date 11/16/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 07/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 09/2027 2025-12-31 0001633336 Equity Investments Commercial & Professional Services Allied Universal Holdings, LLC Investment Type Common Stock Class A 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Bayside Opco, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 725 (100 Floor) Interest Rate 11.58% Maturity/ Dissolution Date 05/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Marlin DTC-LS Midco 2, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.32% Maturity/ Dissolution Date 07/2026 2025-12-31 0001633336 Company C-4 Analytics Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/14/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 07/2027 2024-01-01 2024-12-31 0001633336 Company PCS Retirement Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/27/2026 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.86% Maturity/Dissolution Date 10/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 640 (100 Floor) Interest Rate 10.39% Maturity/ Dissolution Date 04/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 475 (75 Floor) Interest Rate 8.57% Maturity/ Dissolution Date 06/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 06/2030 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.58% Maturity/ Dissolution Date 07/2030 2024-12-31 0001633336 country:GB us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Alera Group Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.82% Maturity/Dissolution Date 09/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services C-4 Analytics Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.07% Maturity/Dissolution Date 05/2030 2025-12-31 0001633336 Investments United States Equity Investments Diversified Financials Gryphon Partners 3.5, L.P. Investment Type Partnership Interest 2025-12-31 0001633336 Equity Investments Retailing Palmetto Moon LLC Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Software & Services ABACUS Holdings I LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.28% Maturity/Dissolution Date 06/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 02/2029 2025-12-31 0001633336 Equity Investments Capital Goods Envocore Holding, LLC Investment Type Preferred Stock 2024-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 10.22% Maturity/ Dissolution Date 06/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 02/2027 2025-01-01 2025-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured Second Lien Term Loan Interest Term E + 1000 (including 1339 PIK) Interest Rate 13.39% Maturity/ Dissolution Date 08/2030 2024-01-01 2024-12-31 0001633336 Investments France Debt Investments Commercial & Professional Services Efor Holding Investment Type Unitranche First Lien Term Loan Interest Term E + 650 Interest Rate 9.36% Maturity/ Dissolution Date 10/2030 2024-12-31 0001633336 ccap:SPVAssetFacilityMember 2024-05-31 2024-05-31 0001633336 us-gaap:RetainedEarningsMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 03/2026 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 10.59% Maturity/ Dissolution Date 11/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 05/2032 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:GACPIILPMember 2024-01-01 2024-12-31 0001633336 Equity Investments Capital Goods Envocore Holding, LLC Investment Type Preferred Stock 2025-12-31 0001633336 Investments United States Debt Investments Software & Services List Partners, Inc Investment Type Senior Secured First Lien Revolver Interest Term S + 650 (100 Floor) (including 50 PIK) Interest Rate 10.96% Maturity/ Dissolution Date 06/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 10.59% Maturity/ Dissolution Date 11/2029 2025-12-31 0001633336 ccap:CapitalGoodsMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 11.65% Maturity/Dissolution Date 08/2026 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 Two 2025-12-31 0001633336 ccap:Series2023AUnsecuredNotesMember 2023-05-09 0001633336 Company Sydney US Buyer Corp. 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Investment Type Unitranche First Lien - Last Out Delayed Draw Term Loan Interest Term E + 525 Interest Rate 7.37% Maturity/ Dissolution Date 03/2032 2025-12-31 0001633336 Company Flow Service Partners Intermediate Holdco LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/19/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Advanced Diabetes Supply Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 12/2027 2024-12-31 0001633336 Company Winxnet Holdings LLC Investment Type Revolver Commitment Expiration Date 12/31/2026 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 12/2026 2025-01-01 2025-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2030Member 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hamsard 3778 Limited Investment Type Unitranche First Lien - Last Out Delayed Draw Term Loan Maturity/Dissolution Date 10/2031 2025-12-31 0001633336 country:US ccap:AutomobilesAndComponentsMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services TMA Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.92% Maturity/Dissolution Date 09/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.73% Maturity/ Dissolution Date 10/2026 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 08/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.70% Maturity/Dissolution Date 12/2030 2025-01-01 2025-12-31 0001633336 Company Avalign Technologies, Inc. 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Settlement Date 6/3/2026 2024-01-01 2024-12-31 0001633336 Company New Era Technology, Inc. Investment Type Revolver Commitment Expiration Date 6/30/2030 2025-01-01 2025-12-31 0001633336 Investments United States Equity Investments Consumer Services HGH Purchaser, Inc. Investment Type Common Stock 2025-12-31 0001633336 Company Balance Partners Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 10/2026 2024-12-31 0001633336 Equity Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2027 2025-01-01 2025-12-31 0001633336 Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 One 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Investments United States Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Preferred Stock 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.98% Maturity/ Dissolution Date 06/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.49% Maturity/ Dissolution Date 07/2027 2025-01-01 2025-12-31 0001633336 Investments Sweden Equity Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences BioAgilytix Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 250 (plus 400 PIK) Interest Rate 10.27% Maturity/ Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Company PromptCare Intermediate, LP Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/19/2030 2025-01-01 2025-12-31 0001633336 ccap:RevolvingCreditFacilityWithCapitalOneMember 2017-06-29 0001633336 Company Medical Review Institute of America Investment Type Revolver Commitment Expiration Date 7/1/2030 2024-12-31 0001633336 Company GH Parent Holdings Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 Two 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 Two 2024-12-31 0001633336 Company List Partners, Inc. Investment Type Revolver Commitment Expiration Date 6/30/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials CRS TH Holdings, Corp. Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 12/2032 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 06/2026 One 2025-12-31 0001633336 Investments United States Debt Investments Insurance The Hilb Group, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 10/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ConvenientMD Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 Interest Rate 9.66% Maturity/ Dissolution Date 06/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 03/2030 2025-12-31 0001633336 Company Strata Information Group, Inc. 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Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 10/2027 2025-12-31 0001633336 Company Mario Purchaser, LLC Investment Type Revolver Commitment Expiration Date 4/26/2028 2025-12-31 0001633336 Company Nurture Landscapes Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/2028 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 01/2029 2024-12-31 0001633336 Company Affinitiv, Inc. Investment Type Revolver Commitment Expiration Date 7/26/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 2025-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.83% Maturity/ Dissolution Date 10/2026 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 10/2029 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.76% Maturity/Dissolution Date 09/2026 2024-01-01 2024-12-31 0001633336 Company Essential Services Holding Corporation Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/2027 2024-12-31 0001633336 Company Landscape Workshop, LLC Investment Type Revolver Commitment Expiration Date 5/16/2031 2025-12-31 0001633336 country:AU 2025-12-31 0001633336 Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 450 Interest Rate 8.29% Maturity/ Dissolution Date 03/2028 2025-01-01 2025-12-31 0001633336 Company GB Eagle Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/29/2030 2024-01-01 2024-12-31 0001633336 Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Revolver Commitment Expiration Date 6/2/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.62% Maturity/ Dissolution Date 06/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term 942 PIK (75 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Advanced Diabetes Supply Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.48% Maturity/ Dissolution Date 12/2027 2024-01-01 2024-12-31 0001633336 Company Painters Supply & Equipment Company Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/29/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) (including 100 PIK) Interest Rate 11.00% Maturity/ Dissolution Date 03/2027 One 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.59% Maturity/Dissolution Date 07/2027 2024-12-31 0001633336 Company Evergreen IX Borrower 2023, LLC Investment Type Revolver Commitment Expiration Date 9/29/2029 2024-01-01 2024-12-31 0001633336 ccap:RiskOfInvestorsInvestingInCommonStockAndDebtSecuritiesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 06/2029 One 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. 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Investment Type Unitranche First Lien Term Loan Interest Term S + 362.5 (75 Floor) (plus 362.5 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 Company USA Hometown Experts, Inc. Investment Type Revolver Commitment Expiration Date 11/8/2029 2024-01-01 2024-12-31 0001633336 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences WCT Group Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 10.01% Maturity/Dissolution Date 12/2029 2024-12-31 0001633336 Company DecisionHR Holdings, Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/8/2027 2025-01-01 2025-12-31 0001633336 Investments United States Equity Investments Diversified Financials iLending LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 09/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 Interest Rate 8.00% Maturity/ Dissolution Date 07/2029 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2028 One 2025-12-31 0001633336 ccap:FCRXUnsecuredNotesMember 2025-01-01 2025-12-31 0001633336 Investments United States Equity Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Common Stock 2025-12-31 0001633336 2025-01-01 2025-12-31 0001633336 Company Action Signature Acquisition, Inc. 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Investment Type Common Stock 2025-12-31 0001633336 us-gaap:MaturityOvernightMember us-gaap:PrimeRateMember 2024-12-31 0001633336 country:US ccap:CommercialAndProfessionalServicesMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.94% Maturity/Dissolution Date 11/2029 2024-01-01 2024-12-31 0001633336 Company Stepping Stones Healthcare Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/2028 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember ccap:ValuationTechniqueEnterpriseValueMember 2024-12-31 0001633336 Company NRG Controls Investment Type Revolver Commitment Expiration Date 10/28/2030 2024-12-31 0001633336 Company Homecare Partners Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/18/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.77% Maturity/ Dissolution Date 10/2031 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Seko Global Logistics Network, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 11/2029 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.57% Maturity/Dissolution Date 08/2027 2025-01-01 2025-12-31 0001633336 Investments Finland Debt Investments Software & Services SC MidCo Oy Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 525 Interest Rate 7.33% Maturity/ Dissolution Date 03/2032 Investments Finland Debt Investments Software & Services SC MidCo Oy Investment Type Unitranche First Lien Term Loan Interest Term SN + 525 Interest Rate 7.67% Maturity/ Dissolution Date 03/2032 2025-12-31 0001633336 Company Eagle Midco B.V. (Avania) Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/5/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/2028 2025-12-31 0001633336 Company FS Whitewater Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2027 2025-01-01 2025-12-31 0001633336 country:US ccap:DiversifiedFinancialsMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Ingenio, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 200 (100 Floor) (plus 600 PIK) Interest Rate 11.82% Maturity/ Dissolution Date 08/2027 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. 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Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/2030 2024-12-31 0001633336 Company Receivable Solutions, Inc Investment Type Revolver Commitment Expiration Date 4/1/2026 2025-01-01 2025-12-31 0001633336 ccap:FcrdAcquisitionMember ccap:ElectingShareMember 2023-03-09 0001633336 Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.70% Maturity/Dissolution Date 12/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475, (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 10/2029 2025-01-01 2025-12-31 0001633336 Company Centria Subsidiary Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/9/2027 2025-12-31 0001633336 Company RN Enterprises, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/17/2031 2025-12-31 0001633336 ccap:RisksOfInflationMember 2025-01-01 2025-12-31 0001633336 Company DataVail Investment Type Revolver Commitment Expiration Date 1/4/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 11/2029 2025-12-31 0001633336 Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525, 100 Floor Interest Rate 9.07% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 country:US ccap:CapitalGoodsMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.96% Maturity/ Dissolution Date 05/2027 2024-01-01 2024-12-31 0001633336 Company RN Enterprises, LLC Investment Type Revolver Commitment Expiration Date 10/17/2031 2024-12-31 0001633336 ccap:Series2021AUnsecuredNotesMember 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/2028 2024-01-01 2024-12-31 0001633336 Company Alcanza Clinical Research Investment Type Revolver Commitment Expiration Date 12/15/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 06/2030 2024-12-31 0001633336 Company Premier Dental Care Management, LLC Investment Type Revolver Commitment Expiration Date 8/5/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.24% Maturity/ Dissolution Date 07/2027 2025-12-31 0001633336 ccap:AllyCorporateRevolvingFacilityMember 2021-10-27 0001633336 ccap:HealthCareEquipmentAndServicesMember 2025-12-31 0001633336 Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.67% Maturity/Dissolution Date 11/2028 2025-01-01 2025-12-31 0001633336 ccap:RiskInPaymentOfAdviserFeesMember 2025-01-01 2025-12-31 0001633336 Company MWD Management LLC (United Derm) Investment Type Revolver Commitment Expiration Date 6/15/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services FH MD Buyer, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.47% Maturity/ Dissolution Date 07/2028 2024-01-01 2024-12-31 0001633336 Equity Investments Consumer Services Legalshield Investment Type Common Stock 2024-12-31 0001633336 Company Avalign Technologies, Inc. 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Investment Type Revolver Commitment Expiration Date 12/31/2032 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Automated Control Concepts, Inc. Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 10/2026 2024-12-31 0001633336 Investments United States Debt Investments Retailing Slickdeals Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.94% Maturity/Dissolution Date 06/2025 2024-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment CallRevu, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/Dissolution Date 10/2032 2025-01-01 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services Headlands Buyer, Inc. 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Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 Two 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, Centria Subsidiary Holdings, LLC, Investment Type Unitranche First Lien Revolver, Maturity/ Dissolution Date 06/2027 2024-12-31 0001633336 Equity Investments Consumer Services HGH Purchaser, Inc. Investment Type Common Stock Class A 2024-12-31 0001633336 Company Minuteman Security Technologies, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/2/2029 2024-01-01 2024-12-31 0001633336 Company Hercules Borrower LLC Investment Type Revolver Commitment Expiration Date 12/15/2028 2025-01-01 2025-12-31 0001633336 Company Essential Services Holding Corporation Investment Type Revolver Commitment Expiration Date 6/17/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.49% Maturity/Dissolution Date 05/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Imagenet, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2030 2025-01-01 2025-12-31 0001633336 Equity Investments Commercial & Professional Services TecoStar Holdings, Inc. Investment Type Common Stock 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:SlickdealsHoldingsLLCMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.58% Maturity/ Dissolution Date 11/2027 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Pi Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 08/2032 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:OemGroupLlcMember 2025-01-01 2025-12-31 0001633336 Company Annuity Health Investment Type Revolver Commitment Expiration Date 2/8/2029 2024-01-01 2024-12-31 0001633336 Company BVI Medical Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 9/7/2027 2025-12-31 0001633336 country:JE us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Equity Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Common Stock 2025-12-31 0001633336 Company Strata Information Group, Inc. Investment Type Revolver Commitment Expiration Date 12/31/2030 2024-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/2029 2025-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured Second Lien Term Loan Interest Term 1206.2 PIK Interest Rate 12.06% Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575.3 (100 Floor) Interest Rate 10.21% Maturity/Dissolution Date 04/2029 One 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services List Partners, Inc Investment Type Senior Secured First Lien Revolver Interest Term S + 650 (100 Floor) (including 50 PIK) Interest Rate 10.96% Maturity/ Dissolution Date 06/2025 2024-12-31 0001633336 srt:MinimumMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 665 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 06/2026 2024-12-31 0001633336 Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/2027 2025-01-01 2025-12-31 0001633336 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 575, (100 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 11/2027 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 2025-01-01 2025-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (plus 775 PIK) Interest Rate 11.72% Maturity/ Dissolution Date 07/2029 2025-01-01 2025-12-31 0001633336 2025-12-31 0001633336 Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 625 Interest Rate 11.32% Maturity/ Dissolution Date 10/2030 2024-12-31 0001633336 Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.53% Maturity/Dissolution Date 09/2028 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember ccap:ValuationTechniqueBrokerQuotedMember 2025-12-31 0001633336 Company Evolution BuyerCo, Inc. Investment Type Revolver Commitment Expiration Date 4/30/2027 2024-12-31 0001633336 ccap:Maturity180To365DaysMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.83% Maturity/ Dissolution Date 10/2026 2024-01-01 2024-12-31 0001633336 Company Odessa Technologies, Inc. Investment Type Revolver Commitment Expiration Date 10/19/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.43% Maturity/ Dissolution Date 06/2027 2024-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (100 Floor) (including 407.5 PIK) Interest Rate 11.48% Maturity/Dissolution Date 01/2027 2024-12-31 0001633336 Company Transportation Insight, LLC Investment Type Revolver Commitment Expiration Date 6/18/2027 2025-01-01 2025-12-31 0001633336 Company Plasma Buyer LLC (PathGroup) Investment Type Revolver Commitment Expiration Date 5/12/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional UHY Advisors, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.26% Maturity/Dissolution Date 11/2031 2024-12-31 0001633336 2023-10-01 2023-12-31 0001633336 Company Avidity Acquisition B.V. 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Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/15/2027 2025-01-01 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 12/2029 2025-12-31 0001633336 Company Career Certified, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/19/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.09% Maturity/ Dissolution Date 06/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 11/2028 One 2024-12-31 0001633336 ccap:RisksOfSubordinatedInvestmentsMember 2025-01-01 2025-12-31 0001633336 country:GB us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 2025-01-01 2025-12-31 0001633336 Company Benesys Inc. Investment Type Revolver Commitment Expiration Date 10/5/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.32% Maturity/ Dissolution Date 03/2027 2025-01-01 2025-12-31 0001633336 ccap:InvestmentAdvisoryAgreementMember 2025-01-01 2025-12-31 0001633336 Company Plasma Buyer LLC (PathGroup) Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/12/2029 2025-01-01 2025-12-31 0001633336 Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Consumer Services Wrench Group LLC Investment Type Common Stock One 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/2026 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:SlickdealsHoldingsLLCMember 2023-12-31 0001633336 country:US ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan 2024-12-31 0001633336 ccap:O2023Q4DividendsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 9.22% Maturity/ Dissolution Date 05/2028 2025-01-01 2025-12-31 0001633336 country:SE us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 ccap:FCRXUnsecuredNotesMember 2023-03-09 2023-03-09 0001633336 ccap:CrescentsPrincipalsAndEmployeesAdviserMember 2025-01-01 2025-12-31 0001633336 Company Guardian Access Solutions Investment Type Revolver Commitment Expiration Date 8/24/2029 2025-12-31 0001633336 country:US ccap:InsuranceMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 country:AU ccap:CommercialAndProfessionalServicesMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Term Loan Interest Term S + 700 (100 Floor) (including 407.5 PIK) Interest Rate 11.48% Maturity/Dissolution Date 01/2027 2024-12-31 0001633336 ccap:O2026Q1DividendsMember us-gaap:SubsequentEventMember 2026-02-12 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 06/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Software & Services Park Place Technologies, LLC Investment Type Common Stock Class W 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 9.97% Maturity/ Dissolution Date 03/2032 2025-01-01 2025-12-31 0001633336 Company GH Parent Holdings Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/4/2029 One 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember ccap:ValuationTechniqueEnterpriseValueMember 2024-12-31 0001633336 Company Eshipping Investment Type Revolver Commitment Expiration Date 11/5/2027 2024-12-31 0001633336 Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 9.78% Maturity/Dissolution Date 09/2028 2024-12-31 0001633336 Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Term Loan One Interest Term S + 500 (75 Floor) Interest Rate 9.36% Maturity/Dissolution Date 09/2028 2024-12-31 0001633336 Company APC Bidco Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/2027 2025-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 600 (including 150 PIK) Interest Rate 10.18% Maturity/ Dissolution Date 08/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 07/2027 2024-12-31 0001633336 Investments Switzerland Equity Investments Pharmaceuticals, Biotechnology & Life Sciences Sequence Parent Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 09/2029 2025-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Continental Battery Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 700 (100 Floor) (including 407.5 PIK) Interest Rate 11.48% Maturity/Dissolution Date 01/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.20% Maturity/Dissolution Date 12/2026 2024-01-01 2024-12-31 0001633336 country:US us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Summit 7 Systems, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 05/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 775 (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 03/2026 2024-12-31 0001633336 Company Bandon Fitness (Texas) Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 1/26/2026 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 ccap:SMBCCorporateRevolvingFacilityMember ccap:RevolvingCommitmentMember 2024-12-03 2024-12-03 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Four 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 ccap:SharesOfCommonStockTradedAtDiscountFromNetAssetValueMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/ Dissolution Date 07/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. 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Investment Type Unitranche First Lien Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2029 2025-12-31 0001633336 ccap:InvestmentPaysOnePointSevenFivePercentageMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 07/2027 2025-01-01 2025-12-31 0001633336 Equity Investments Automobiles & Components Sun Acquirer Corp. Investment Type Common Stock Common Equity 2025-12-31 0001633336 Investments Netherlands Debt Investments Commercial & Professional Services Avidity Acquisition B.V. Investment Type Unitranche First Lien - Last Out Term Loan Interest Term E + 525 Interest Rate 7.37% Maturity/ Dissolution Date 03/2032 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 08/2027 2025-12-31 0001633336 ccap:TechnologyHardwareAndEquipmentMember 2025-12-31 0001633336 country:AU us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Company Newcleus, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/2026 2024-12-31 0001633336 Company Security Risk Advisors Intl, LLC Investment Type Revolver Commitment Expiration Date 9/30/2031 2025-12-31 0001633336 country:US ccap:AutomobilesAndComponentsMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Company Medicus IT Investment Type Revolver Commitment Expiration Date 6/30/2032 One 2025-12-31 0001633336 Company iLending LLC Investment Type Revolver Commitment Expiration Date 12/21/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Unsecured Debt Interest Term 1375 PIK Interest Rate 13.75% Maturity/ Dissolution Date 08/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/2029 2024-12-31 0001633336 ccap:SeniorSecuredFirstLienMember 2024-01-01 2024-12-31 0001633336 ccap:Maturity180To365DaysMember us-gaap:EuriborFutureMember 2024-12-31 0001633336 ccap:ConsumerDurablesAndApparelMember 2024-12-31 0001633336 Company MB2 Dental Investment Type Revolver Commitment Expiration Date 2/13/2031 2024-12-31 0001633336 country:CH ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Company Seniorlink Incorporated Investment Type Revolver Commitment Expiration Date 12/31/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) (plus 75 PIK) Interest Rate 9.90% Maturity/ Dissolution Date 10/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 11/2030 2024-01-01 2024-12-31 0001633336 Company Arrow Management Acquisition, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 525, (100 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 05/2027 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 12/2026 2025-12-31 0001633336 Company Cary Street Partners Financial LLC Investment Type Revolver Commitment Expiration Date 5/30/2031 2025-01-01 2025-12-31 0001633336 Investments Jersey Debt Investments Diversified Financials Primrose Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 550 Interest Rate 10.20% Maturity/ Dissolution Date 10/2031 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Revolver Interest Term S +650 (100 Floor) (including 100 PIK) Interest Rate 11.98% Maturity/ Dissolution Date 03/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Common Stock 2024-12-31 0001633336 Company RWA Wealth Partners, LLC. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2030 2024-12-31 0001633336 Company Mario Purchaser, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DecisionHR Holdings, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.28% Maturity/ Dissolution Date 12/2031 2025-01-01 2025-12-31 0001633336 us-gaap:MaturityUpTo30DaysMember ccap:SaronMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 06/2030 2025-01-01 2025-12-31 0001633336 ccap:InvestmentPaysTwoPointTwoFivePercentageMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 05/2031 2024-01-01 2024-12-31 0001633336 Equity Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Common Stock 2024-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Crusoe Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 652.66 Interest Rate 11.72% Maturity/ Dissolution Date 12/2027 2024-12-31 0001633336 Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Two Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 03/2028 2024-01-01 2024-12-31 0001633336 country:GB ccap:HealthCareEquipmentAndServicesMember us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 05/2029 2024-12-31 0001633336 Company Avalign Technologies, Inc. Investment Type Revolver Commitment Expiration Date 12/20/2028 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 01/2029 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.71% Maturity/Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 12/2030 2024-12-31 0001633336 Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 2025-01-01 2025-12-31 0001633336 ccap:SemiconductorAndSemiconductorEquipmentMember 2024-12-31 0001633336 Company Teal Acquisition Co., Inc Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Semiconductor and Semiconductor Equipment OEM Group, LLC Investment Type Senior Secured Second Lien Term Loan Maturity/Dissolution Date 09/2025 2024-12-31 0001633336 Company Bayside Opco, LLC Investment Type Revolver Commitment Expiration Date 5/31/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 10.25% Maturity/Dissolution Date 07/2028 2024-01-01 2024-12-31 0001633336 Investments Netherlands Debt Investments Commercial & Professional Services Avidity Acquisition B.V. Investment Type Unitranche First Lien - Last Out Delayed Draw Term Loan Interest Term E + 525 Interest Rate 7.37% Maturity/ Dissolution Date 03/2032 2025-01-01 2025-12-31 0001633336 Company EMS Buyer, Inc. Investment Type Revolver Commitment Expiration Date 11/23/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 One 2024-01-01 2024-12-31 0001633336 Company Duraserv LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/10/2031 2024-12-31 0001633336 country:US ccap:SemiconductorAndSemiconductorEquipmentMember us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Maturity/Dissolution Date 02/2026 One 2025-12-31 0001633336 ccap:EquityAndOtherMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 02/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Claritas, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.32% Maturity/ Dissolution Date 03/2028 2025-12-31 0001633336 Company CRS TH Holdings, Corp. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 10.13% Maturity/ Dissolution Date 03/2032 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Integrated Pain Management Medical Group, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.64% Maturity/ Dissolution Date 06/2026 2025-12-31 0001633336 Company Eshipping Investment Type Revolver Commitment Expiration Date 11/5/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured First Lien Revolver Interest Term 750 Interest Rate 7.50% Maturity/Dissolution Date 12/2025 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 02/2029 2025-12-31 0001633336 us-gaap:FairValueInputsLevel1Member 2025-12-31 0001633336 Company Guardian Access Solutions Investment Type Revolver Commitment Expiration Date 8/24/2029 2024-12-31 0001633336 Investments Australia Debt Investments Retailing Greencross (Vermont Aus Pty Ltd) Investment Type Unitranche First Lien Term Loan Interest Term B + 575 Interest Rate 10.23% Maturity/ Dissolution Date 03/2028 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredSecondLienMember 2024-12-31 0001633336 Company iLending LLC Investment Type Revolver Commitment Expiration Date 6/21/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Headlands Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 09/2032 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/2027 2024-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 (50 Floor) Interest Rate 12.47% Maturity/Dissolution Date 12/2029 2024-12-31 0001633336 ccap:Maturity90To180DaysMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-31 0001633336 Company Saturn Borrower Inc Investment Type Revolver Commitment Expiration Date 11/10/2028 2025-01-01 2025-12-31 0001633336 ccap:Series2023AUnsecuredNotesMember 2023-12-31 0001633336 Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.46% Maturity/ Dissolution Date 06/2026 2024-12-31 0001633336 Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 625 Interest Rate 11.07% Maturity/ Dissolution Date 10/2030 2024-12-31 0001633336 ccap:MarketPriceOfCommonStockMayFluctuateSignificantlyMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Bankers Toolbox, Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/ Dissolution Date 07/2027 2024-12-31 0001633336 country:CH us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 ccap:EquityAndOtherMember 2025-12-31 0001633336 Company Staff Boom, LLC Investment Type Revolver Commitment Expiration Date 9/19/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.11% Maturity/ Dissolution Date 01/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 Interest Rate 10.01% Maturity/ Dissolution Date 07/2029 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials iLending LLC Investment Type Senior Secured First Lien Revolver Maturity / Dissolution Date 06/2026 2024-12-31 0001633336 Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/2027 One 2025-12-31 0001633336 ccap:TransportationMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.83% Maturity/ Dissolution Date 10/2026 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 Three 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Advanced Diabetes Supply Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.48% Maturity/ Dissolution Date 12/2027 2024-12-31 0001633336 Investments United Kingdom Debt Investments Consumer Durables & Apparel Lion Cashmere Bidco Limited Two Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 03/2028 2024-12-31 0001633336 ccap:DifficultyPayingOurRequiredDistributionsMember 2025-01-01 2025-12-31 0001633336 Company Online Labels Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2027 One 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unsecured Debt Interest Term 1400 PIK Interest Rate 14.00% Maturity/ Dissolution Date 02/2030 2025-12-31 0001633336 Company RWA Wealth Partners, LLC. Investment Type Revolver Commitment Expiration Date 11/15/2030 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Claritas, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 03/2028 2025-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.22% Maturity/ Dissolution Date 09/2028 2025-12-31 0001633336 ccap:SmbcCorporateRevolvingFacilityMember 2023-12-31 0001633336 Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/2028 2025-12-31 0001633336 Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V. Investment Type Unitranche First Lien Term Loan Interest Term E + 550 Interest Rate 7.52% Maturity/ Dissolution Date 04/2031 2025-01-01 2025-12-31 0001633336 Company Avalign Technologies, Inc. Investment Type Revolver Commitment Expiration Date 12/20/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods TriStrux, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/2027 2025-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 6/3/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.51% Maturity/ Dissolution Date 08/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Bandon Fitness (Texas) Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) (plus 50 PIK) Interest Rate 10.54% Maturity/ Dissolution Date 07/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/Dissolution Date 04/2028 2024-12-31 0001633336 Company FS Whitewater Borrower, LLC Investment Type Revolver Commitment Expiration Date 12/21/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Apps Associates LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 07/2027 2024-12-31 0001633336 Company Ancora Bidco PTY LTD Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/6/2030 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/2025 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (including 245 PIK) Interest Rate 8.93% Maturity/Dissolution Date 06/2027 2024-12-31 0001633336 country:US ccap:TransportationMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 ccap:RisksRelatingToRepaymentOfPriorToMaturityMember 2025-01-01 2025-12-31 0001633336 Company MRI Software LLC Investment Type Revolver Commitment Expiration Date 2/10/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.58% Maturity/Dissolution Date 12/2029 2024-12-31 0001633336 Company RWA Wealth Partners, LLC. Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Senior Secured First Lien Revolver Maturity / Dissolution Date 12/2027 2024-12-31 0001633336 Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 2025-12-31 0001633336 Company IVX Health Merger Sub, Inc. Investment Type Revolver Commitment Expiration Date 6/7/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Belay Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.46% Maturity/ Dissolution Date 06/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (including 200 PIK) Interest Rate 10.48% Maturity/Dissolution Date 08/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 8.92% Maturity/ Dissolution Date 12/2029 One 2025-01-01 2025-12-31 0001633336 ccap:SpvAssetFacilityMember 2022-12-31 0001633336 Investments United States Debt Investments Consumer Services FS Whitewater Borrower, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 275 (75 Floor) (plus 325 PIK) Interest Rate 9.77% Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 Company New Era Technology, Inc. Investment Type Revolver Commitment Expiration Date 6/30/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.32% Maturity/ Dissolution Date 03/2027 2025-12-31 0001633336 Company C-4 Analytics Investment Type Revolver Commitment Expiration Date 5/14/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 10.33% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 550 Interest Rate 5.50% Maturity/ Dissolution Date 04/2031 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.81% Maturity/Dissolution Date 09/2026 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.19% Maturity/Dissolution Date 04/2030 2024-12-31 0001633336 Company JTM Foods LLC Investment Type Revolver Commitment Expiration Date 5/14/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Common Stock 2025-12-31 0001633336 country:NL ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 Investments United Sates Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.67% Maturity/Dissolution Date 11/2028 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 04/2029 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Envocore Holding, LLC Investment Type Senior Secured First Lien Term Loan Interest Term 750 Interest Rate 7.50% Maturity/Dissolution Date 12/2025 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Term Loan One Interest Term S + 600 (100 Floor) Interest Rate 10.74% Maturity/Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Company PCS Retirement Investment Type Revolver Commitment Expiration Date 3/1/2030 2025-01-01 2025-12-31 0001633336 ccap:SoftwareAndServicesMember 2024-12-31 0001633336 Company Lexipol (Ranger Buyer, Inc.) Investment Type Revolver Commitment Expiration Date 11/18/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.35% Maturity/Dissolution Date 12/2028 One 2024-12-31 0001633336 Company BVI Medical Inc. Investment Type Revolver Commitment Expiration Date 3/7/2032 2025-01-01 2025-12-31 0001633336 Company Pitch MidCo B.V.Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/26/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Right Networks, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.72% Maturity/Dissolution Date 05/2029 2025-12-31 0001633336 Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2029 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Lion Cashmere Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 03/2028 Two 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Alpine SG, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 11/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (75 Floor) Interest Rate 9.22% Maturity/ Dissolution Date 02/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 8.19% Maturity/ Dissolution Date 09/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Behavioral Health Solutions, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 650 (100 Floor) (including 75 PIK) Interest Rate 11.35% Maturity/Dissolution Date 03/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.93% Maturity/Dissolution Date 08/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 12/2026 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.02% Maturity/ Dissolution Date 02/2029 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Miracle Mile Holdings, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 11/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.96% Maturity/Dissolution Date 09/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional UHY Advisors, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.26% Maturity/Dissolution Date 11/2031 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/Dissolution Date 05/2031 2024-12-31 0001633336 Investments United States Debt Investments Automobile & Components Sun Acquirer Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 9.53% Maturity/Dissolution Date 09/2028 2024-01-01 2024-12-31 0001633336 Company Newcleus, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/2026 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien - Last Out Term Loan Interest Term 1483.5 PIK Interest Rate 14.84% Maturity/ Dissolution Date 04/2032 2025-12-31 0001633336 Company Premier Dental Care Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/5/2028 2024-01-01 2024-12-31 0001633336 Company Centria Subsidiary Holdings, LLC Investment Type Revolver Commitment Expiration Date 6/9/2027 2024-12-31 0001633336 Company APC Bidco Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2030 2024-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 04/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials PCS Retirement Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.08% Maturity/ Dissolution Date 03/2030 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 2/24/2028 2025-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 450 (plus 150 PIK) Interest Rate 8.02% Maturity/ Dissolution Date 08/2029 2025-01-01 2025-12-31 0001633336 Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, Centria Subsidiary Holdings, LLC, Investment Type Unitranche First Lien Term Loan, Interest Term S + 525, (100 Floor), Interest Rate 9.05%, Maturity/ Dissolution Date 06/2027 2025-12-31 0001633336 Company NRG Controls Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/2030 2024-01-01 2024-12-31 0001633336 Investments Australia Equity Investments Commercial & Professional Services Ancora Bidco PTY LTD Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.82% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.20% Maturity/Dissolution Date 12/2026 2024-12-31 0001633336 Company Hamsard 3778 Limited Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/28/2031 2025-12-31 0001633336 Company Summit 7 Systems, LLC Investment Type Revolver Commitment Expiration Date 5/23/2028 2025-12-31 0001633336 ccap:Series2023AUnsecuredNotesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.70% Maturity/Dissolution Date 12/2030 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 10.02% Maturity/Dissolution Date 09/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (50 Floor) Interest Rate 9.66% Maturity/ Dissolution Date 07/2029 2025-12-31 0001633336 Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 06/2026 2025-12-31 0001633336 Foreign Currency Exchange Contract 2025-12-31 0001633336 Investments United States Debt Investments Household & Personal Products Lash Opco LLC Investment Type Unitranche First Lien Revolver Interest Term S + 775 (100 Floor) (including 510 PIK) Interest Rate 12.94% Maturity/Dissolution Date 09/2025 2024-12-31 0001633336 us-gaap:FairValueInputsLevel1Member ccap:EquityAndOtherMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term 942 PIK (75 Floor) Interest Rate 9.93% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 us-gaap:InvestmentUnaffiliatedIssuerMember 2024-01-01 2024-12-31 0001633336 country:GB ccap:FoodBeverageAndTobaccoMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Insurance Vantage Insurance Partners, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2028 2024-12-31 0001633336 Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 04/2030 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Service Logic Acquisition, Inc. Investment Type Senior Secured Second Lien Delayed Draw Term Loan Interest Term 1150 Interest Rate 11.50% Maturity/Dissolution Date 10/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials CRS TH Holdings, Corp. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 12/2032 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 450 (plus 100 PIK) Interest Rate 9.22% Maturity/Dissolution Date 03/2026 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Software & Services Jordan Bidco, Ltd. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 575 Interest Rate 10.73% Maturity/ Dissolution Date 08/2028 2024-12-31 0001633336 Investments United States Debt Investments Insurance Patriot Growth Insurance Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 10/2028 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 10/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Receivable Solutions, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 425 (100 Floor) Interest Rate 12.00% Maturity/Dissolution Date 10/2025 2024-12-31 0001633336 Company SQAD Holdco, Inc. Investment Type Revolver Commitment Expiration Date 4/25/2028 2024-01-01 2024-12-31 0001633336 us-gaap:Maturity30To90DaysMember ccap:BBSYMember 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.22% Maturity/ Dissolution Date 04/2031 2025-12-31 0001633336 ccap:RisksRelatedToInvestInMiddleMarketCompaniesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Balance Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 04/2030 2025-01-01 2025-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2028Member 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Iris Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.68% Maturity/Dissolution Date 10/2030 2024-12-31 0001633336 Company Alcanza Clinical Research Investment Type Revolver Commitment Expiration Date 12/15/2027 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 One 2024-12-31 0001633336 Company Patriot Growth Insurance Services, LLC Investment Type Revolver Commitment Expiration Date 10/14/2028 2024-12-31 0001633336 Company The Hilb Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026 2025-01-01 2025-12-31 0001633336 Investments Sweden Debt Investments Retailing AX VI INV2 Holding AB (Voff) Investment Type Senior Secured Second Lien Term Loan Interest Term 1206.2 PIK Interest Rate 12.06% Maturity/ Dissolution Date 08/2030 2025-01-01 2025-12-31 0001633336 Equity Investments Commercial & Professional Services MHS Acquisition Holdings, LLC Investment Type Common Stock 2024-12-31 0001633336 Company PCS Retirement Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/27/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 04/2029 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:IsagenixInternationalLLCMember 2024-12-31 0001633336 Company WCT Group Holdings, LLC Investment Type Revolver Commitment Expiration Date 12/12/2029 One 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/2026 2025-12-31 0001633336 Company UHY Advisors , Inc. 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Investment Type Revolver Commitment Expiration Date 8/2/2027 2024-01-01 2024-12-31 0001633336 ccap:SeniorSecuredFirstLienMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Alera Group Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.82% Maturity/Dissolution Date 09/2028 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.07% Maturity/ Dissolution Date 06/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Banker's Toolbox, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 07/2029 2025-01-01 2025-12-31 0001633336 Investments Canada Debt Investments Commercial & Professional Services Klick Inc. 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Investment Type Unitranche First Lien Term Loan One Interest Term S + 650 (100 Floor) Interest Rate 11.24% Maturity/Dissolution Date 06/2026 2024-12-31 0001633336 Company Acu-Serve, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 590 (75 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 Company Teal Acquisition Co., Inc Investment Type Revolver Commitment Expiration Date 9/22/2028 2025-01-01 2025-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:SeniorSecuredFirstLienMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2025-12-31 0001633336 Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/2/2029 2025-01-01 2025-12-31 0001633336 Company Stepping Stones Healthcare Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/25/2026 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Alcanza Clinical Research Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/Dissolution Date 12/2027 2024-12-31 0001633336 ccap:Series2023AUnsecuredNotesMember 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 9.75% Maturity/Dissolution Date 07/2028 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/2027 2024-01-01 2024-12-31 0001633336 Equity Investments Automobiles & Components Sun Acquirer Corp. Investment Type Common Stock Common Equity 2024-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 04/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 04/2030 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2028 One 2025-01-01 2025-12-31 0001633336 Equity Investments Insurance Integro Parent, Inc. Investment Type Common Stock 2024-12-31 0001633336 2024-09-30 0001633336 Investments United States Debt Investments Software & Services TMA Buyer, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.92% Maturity/Dissolution Date 09/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Benesys Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 10/2025 2024-01-01 2024-12-31 0001633336 ccap:TechnologyHardwareAndEquipmentMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services SolutionReach, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 600 Interest Rate 13.75% Maturity/ Dissolution Date 07/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 ccap:FcrdAcquisitionMember ccap:CrescentCapAdvisorsLLCMember 2023-03-09 2023-03-09 0001633336 Company MHS Acquisition Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/21/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 06/2030 2025-12-31 0001633336 Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 09/2028 2025-12-31 0001633336 Company Marlin DTC-LS Midco 2, LLC Investment Type Revolver Commitment Expiration Date 7/1/2026 2025-01-01 2025-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/2029 2024-12-31 0001633336 country:US us-gaap:EquitySecuritiesMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.47% Maturity/ Dissolution Date 05/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.50% Maturity/ Dissolution Date 10/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/2028 One 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.69% Maturity/Dissolution Date 01/2031 2025-12-31 0001633336 country:JE 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services SolutionReach, Inc. Investment Type Senior Secured First Lien Revolver Interest Term P + 600 Interest Rate 13.75% Maturity/ Dissolution Date 07/2025 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/2028 2024-12-31 0001633336 Company Advanced Diabetes Supply Investment Type Revolver Commitment Expiration Date 12/30/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.61% Maturity/ Dissolution Date 08/2028 2024-12-31 0001633336 Company Saturn Borrower Inc Investment Type Revolver Commitment Expiration Date 11/10/2028 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Arrow Management Acquisition, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.00% Maturity/ Dissolution Date 10/2027 2024-12-31 0001633336 Company Affinitiv, Inc. 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Investment Type Revolver Commitment Expiration Date 5/4/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/2026 2024-12-31 0001633336 Investments United States Equity Investments Consumer Services PPV Intermediate Holdings LLC (Vetcor) Investment Type Common Stock 2025-12-31 0001633336 Company Pye-Barker Fire & Safety, LLC Investment Type Revolver Commitment Expiration Date 5/24/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.22% Maturity/ Dissolution Date 10/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 625 (100 Floor) Interest Rate 9.92% Maturity/ Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 10.07% Maturity/ Dissolution Date 08/2030 2024-01-01 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock 2024-12-31 0001633336 Company Stepping Stones Healthcare Services, LLC Investment Type Revolver Commitment Expiration Date 12/30/2026 2025-12-31 0001633336 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Revolver Interest Term P + 500 (100 Floor) Interest Rate 11.75% Maturity/ Dissolution Date 07/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. 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Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 Two 2024-01-01 2024-12-31 0001633336 Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/2030 2024-01-01 2024-12-31 0001633336 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0001633336 ccap:RisksRelatedToSyndicatedLoansMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials King Mid LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 04/2031 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan One Interest Term S + 625 (100 Floor) Interest Rate 10.61% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Safco Dental Supply, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 03/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.42% Maturity/ Dissolution Date 11/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lightspeed Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 02/2027 2024-12-31 0001633336 Company Flow Service Partners Intermediate Holdco LLC Investment Type Revolver Commitment Expiration Date 11/19/2030 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services MWD Management LLC (United Derm) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.82% Maturity/ Dissolution Date 06/2027 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Everlast Parent Inc. 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Settlement Date 8/20/2027 2024-01-01 2024-12-31 0001633336 ccap:FluctuationsInQuarterlyOperatingResultsMember 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:VividSeatsLtdMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2028 One 2025-01-01 2025-12-31 0001633336 Company Auveco Holdings Investment Type Revolver Commitment Expiration Date 5/5/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hsid Acquisition, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.21% Maturity/Dissolution Date 01/2026 2024-01-01 2024-12-31 0001633336 Company Banker's Toolbox, Inc. 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Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/ Dissolution Date 08/2028 2024-01-01 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment 3SI Security Systems Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.09% Maturity/Dissolution Date 12/2026 2025-01-01 2025-12-31 0001633336 2023-01-01 2023-03-31 0001633336 Equity Investments Retailing MeriCal, LLC Investment Type Preferred Stock 2025-12-31 0001633336 2021-12-31 0001633336 Company Net Health Acquisition Corp Investment Type Revolver Commitment Expiration Date 7/5/2031 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.17% Maturity/Dissolution Date 11/2029 2025-01-01 2025-12-31 0001633336 ccap:FcrdAcquisitionMember 2023-03-09 2023-03-09 0001633336 Company Safco Dental Supply, LLC Investment Type Revolver Commitment Expiration Date 3/31/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Retailing Slickdeals Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.12% Maturity/Dissolution Date 06/2030 2025-12-31 0001633336 Company ConvenientMD Investment Type Revolver Commitment Expiration Date 6/15/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.24% Maturity/ Dissolution Date 04/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.59% Maturity/ Dissolution Date 01/2026 2025-01-01 2025-12-31 0001633336 country:US ccap:RetailingMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Company IVX Health Merger Sub, Inc. 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Investment Type Common Stock 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:LoadmasterDerrickEquipmentIncMember 2024-12-31 0001633336 Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/2027 One 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Landscape Workshop, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 05/2032 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 8.35% Maturity/ Dissolution Date 12/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Transportation Insight, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 450 (plus 100 PIK) Interest Rate 9.22% Maturity/Dissolution Date 03/2026 2025-12-31 0001633336 Company Klick Inc. 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Investment Type Revolver Commitment Expiration Date 4/30/2030 2025-12-31 0001633336 Company Team Select (CSC TS Merger SUB, LLC) Investment Type Revolver Commitment Expiration Date 5/4/2029 One 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional RN Enterprises, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.77% Maturity/ Dissolution Date 10/2031 One 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Net Health Acquisition Corp. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 07/2031 2024-01-01 2024-12-31 0001633336 Equity Investments Retailing Vivid Seats Ltd. Investment Type Common Stock One 2025-12-31 0001633336 Investments United States Debt Investments Food, Beverage & Tobacco JTM Foods LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.73% Maturity/ Dissolution Date 05/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services EMS Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials iLending LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 100 (100 Floor) (plus 500 PIK) Interest Rate 9.82% Maturity / Dissolution Date 12/2028 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 10.07% Maturity/ Dissolution Date 08/2030 2024-12-31 0001633336 Company MHS Acquisition Holdings, LLC Investment Type Revolver Commitment Expiration Date 7/21/2027 2024-01-01 2024-12-31 0001633336 Company Patriot Growth Insurance Services, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/14/2028 2024-12-31 0001633336 Company Lightspeed Buyer, Inc. Investment Type Revolver Commitment Expiration Date 2/3/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services PromptCare Intermediate, LP Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.95% Maturity/ Dissolution Date 09/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services American Refrigeration Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/Dissolution Date 04/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.99% Maturity/ Dissolution Date 01/2028 Two 2024-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 01/2029 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/Dissolution Date 12/2029 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Premier Dental Care Management, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.72% Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 08/2030 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Common Stock 2025-12-31 0001633336 country:BE us-gaap:EquitySecuritiesMember 2025-12-31 0001633336 srt:MinimumMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienLastOutMember us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 ccap:InvestmentPaysTwoPointOneNinePercentageMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services DataVail Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 9.42% Maturity/ Dissolution Date 01/2029 2025-12-31 0001633336 Company Landscape Workshop, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/16/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services IVX Health Merger Sub, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 06/2030 2024-01-01 2024-12-31 0001633336 Company Career Certified, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 2/19/2031 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Guardian Access Solutions Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 9.82% Maturity/ Dissolution Date 08/2029 2025-12-31 0001633336 Company Claritas, LLC Investment Type Revolver Commitment Expiration Date 3/31/2028 2025-12-31 0001633336 ccap:UnitrancheFirstLienMember 2024-12-31 0001633336 Investments United Kingdom Debt Investments Software & Services Jordan Bidco, Ltd. Investment Type Unitranche First Lien Term Loan Interest Term SN + 575 Interest Rate 10.73% Maturity/ Dissolution Date 08/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services GH Parent Holdings Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 8.97% Maturity/ Dissolution Date 05/2029 One 2025-12-31 0001633336 Company Guardian Access Solutions Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/1/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Insurance Integrity Marketing Acquisition, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 08/2028 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Infobase Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.03% Maturity/Dissolution Date 06/2028 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Avalign Technologies, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650 (75 Floor) Interest Rate 10.86% Maturity/ Dissolution Date 12/2028 2024-12-31 0001633336 Company Iris Buyer, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/2030 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 800 (100 Floor) (including 350 PIK) Interest Rate 12.70% Maturity/ Dissolution Date 09/2025 Two 2024-12-31 0001633336 Company Belay Inc. Investment Type Revolver Commitment Expiration Date 6/25/2026 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 06/2032 One 2025-01-01 2025-12-31 0001633336 Company TMA Buyer, LLC Investment Type Revolver Commitment Expiration Date 9/30/2027 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:SlickdealsHoldingsLLCMember 2025-01-01 2025-12-31 0001633336 ccap:SPVAssetFacilityMember 2016-03-28 2016-03-28 0001633336 Investments United States Debt Investments Software & Services Strata Information Group, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.80% Maturity/Dissolution Date 12/2030 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 One 2025-01-01 2025-12-31 0001633336 ccap:SpvAssetFacilityMember 2016-12-31 0001633336 ccap:TrancheBNotesMember us-gaap:SubsequentEventMember 2026-02-17 2026-02-17 0001633336 Investments United States Debt Investments Software & Services Banker's Toolbox, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 07/2029 2025-01-01 2025-12-31 0001633336 Company RN Enterprises, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 10/17/2031 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HS Spa Holdings Inc. (Hand & Stone) Investment Type Unitranche First Lien Term Loan Interest Term S + 525 (75 Floor) Interest Rate 9.76% Maturity/Dissolution Date 06/2029 2024-01-01 2024-12-31 0001633336 ccap:RisksRelatedToDebtInvestmentsToClaimsOfOtherCreditorOrLenderLiabilityClaimsMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Lexipol (Ranger Buyer, Inc.) Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 11/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Delayed Draw Term Maturity/ Dissolution Date 02/2027 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services REP Behavioral Health, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 12/2030 2025-12-31 0001633336 ccap:RisksRelatedToHoldTheDebtSecuritiesOfLeveragedCompaniesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 04/2030 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 1075 PIK Interest Rate 15.21% Maturity/Dissolution Date 04/2032 2024-01-01 2024-12-31 0001633336 Equity Investments Diversified Financials First Eagle Logan JV, LLC Investment Type Partnership Interest 2024-12-31 0001633336 Company MHS Acquisition Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/21/2027 2025-12-31 0001633336 Investments United States Debt Investments Food, Beverage & Tobacco Mann Lake Ltd. Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 01/2025 2024-12-31 0001633336 Investments United States Debt Investments Technology, Hardware & Equipment Gener8, LLC Investment Type Senior Secured First Lien Term Loan Revolver Interest Term S + 800 (including 200 PIK) Interest Rate 12.59% Maturity/Dissolution Date 08/2025 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/ Dissolution Date 02/2027 2024-12-31 0001633336 srt:MinimumMember us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 425 (100 Floor) (plus 300 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 06/2027 2025-12-31 0001633336 Company DecisionHR Holdings, Inc Investment Type Revolver Commitment Expiration Date 12/8/2031 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Sydney US Buyer Corp. (3B Scientific) Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (50 Floor) Interest Rate 10.30% Maturity/ Dissolution Date 07/2029 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:SlickdealsHoldingsLLCMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Duraserv LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.90% Maturity/Dissolution Date 06/2031 2024-12-31 0001633336 ccap:HouseholdAndPersonalProductsMember 2025-12-31 0001633336 Company Everlast Parent Inc. Investment Type Revolver Commitment Expiration Date 10/30/2028 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Unifeye Vision Partners Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.48% Maturity/ Dissolution Date 09/2025 One 2024-01-01 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Preferred Stock 2024-12-31 0001633336 ccap:InformationSystemsAndSystemsFailuresCouldSignificantlyDisruptMember 2025-01-01 2025-12-31 0001633336 ccap:S2024Q4DividendsMember 2025-01-01 2025-12-31 0001633336 Investments United Kingdom Debt Investments Commercial & Professional Services Nurture Landscapes Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 650 Interest Rate 11.20% Maturity/ Dissolution Date 06/2028 Two 2024-12-31 0001633336 ccap:SmbcCorporateRevolvingFacilityMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Term Loan Interest Term S + 525, (100 Floor) Interest Rate 9.09% Maturity/ Dissolution Date 02/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Teal Acquisition Co., Inc Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.76% Maturity/Dissolution Date 09/2026 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. Settlement Date 8/24/2026 2025-01-01 2025-12-31 0001633336 Company Strata Information Group, Inc. Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services SQAD Holdco, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 04/2028 2024-12-31 0001633336 Investments Belgium Equity Investments Commercial & Professional Services Miraclon Corporation Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services SolutionReach, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 700 (100 Floor) Interest Rate 12.40% Maturity/ Dissolution Date 07/2025 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Revolver Interest Term S + 475 (100 Floor) Interest Rate 8.44% Maturity/Dissolution Date 02/2028 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials RWA Wealth Partners, LLC. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.27% Maturity/ Dissolution Date 11/2030 2024-12-31 0001633336 Investments United Kingdom Debt Investments Software & Services Jordan Bidco, Ltd. Investment Type Unitranche First Lien Term Loan Interest Term SN + 575 Interest Rate 10.73% Maturity/ Dissolution Date 08/2028 2024-12-31 0001633336 Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.17% Maturity/ Dissolution Date 11/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Lighthouse Lab Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 10/2027 2024-01-01 2024-12-31 0001633336 Company Newcleus, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/2026 2025-01-01 2025-12-31 0001633336 Company REP Behavioral Health, LLC Investment Type Revolver Commitment Expiration Date 12/31/2030 2025-01-01 2025-12-31 0001633336 Company Smile Doctors LLC Investment Type Revolver Commitment Expiration Date 12/23/2027 2024-12-31 0001633336 Company PromptCare Intermediate, LP Investment Type Delayed Draw Term Loan Commitment Expiration Date 4/19/2030 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Plasma Buyer LLC (PathGroup) Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (75 Floor) Interest Rate 10.58% Maturity/ Dissolution Date 05/2029 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Medicus IT Investment Type Unitranche First Lien Revolver Interest Term P + 500 (75 Floor) Interest Rate 11.75% Maturity/Dissolution Date 06/2032 One 2025-01-01 2025-12-31 0001633336 Investments France Debt Investments Commercial & Professional Services Efor Holding Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 650 Interest Rate 9.36% Maturity/ Dissolution Date 10/2030 2024-12-31 0001633336 Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 2024-12-31 0001633336 Company Great Lakes Dental Partners, LLC Investment Type Revolver Commitment Expiration Date 6/23/2026 2024-12-31 0001633336 Company Klick Inc. Investment Type Revolver Commitment Expiration Date 11/5/2032 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Quorum Health Resources Investment Type Unitranche First Lien Revolver Interest Term S + 525 Interest Rate 9.07% Maturity/ Dissolution Date 05/2027 2025-01-01 2025-12-31 0001633336 ccap:FcrdAcquisitionMember 2025-01-01 2025-12-31 0001633336 Company UHY Advisors , Inc. Investment Type Revolver Commitment Expiration Date 11/21/2031 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Revolver Interest Term S + 650, (100 Floor) Interest Rate 10.41% Maturity/ Dissolution Date 01/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Minuteman Security Technologies, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.68% Maturity/Dissolution Date 02/2029 2024-01-01 2024-12-31 0001633336 ccap:InterNotesMember 2020-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) (plus 100 PIK) Interest Rate 10.32% Maturity/ Dissolution Date 03/2027 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Wrench Group LLC Investment Type Senior Secured Second Lien Term Loan Interest Term 1125 Interest Rate 11.25% Maturity/Dissolution Date 04/2027 2024-01-01 2024-12-31 0001633336 Company Concord III, LLC Investment Type Revolver Commitment Expiration Date 12/20/2028 2025-01-01 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:WhiteHawkIIIOnshoreFundLPMember 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 07/2031 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term E + 600 (including 187.5 PIK) Interest Rate 11.55% Maturity/ Dissolution Date 07/2029 2024-12-31 0001633336 Company Everlast Parent Inc. Investment Type Revolver Commitment Expiration Date 10/30/2028 2024-01-01 2024-12-31 0001633336 Company Lightspeed Buyer, Inc. Investment Type Revolver Commitment Expiration Date 2/3/2027 2024-12-31 0001633336 Investments United States Debt Investments Software & Services MRI Software LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 02/2028 2025-01-01 2025-12-31 0001633336 Investments Belgium Equity Investments Commercial & Professional Services Miraclon Corporation Investment Type Preferred Stock 2024-12-31 0001633336 Investments Netherlands Debt Investments Commercial & Professional Services Pitch MidCo B.V. Investment Type Unitranche First Lien Term Loan Interest Term E + 550 Interest Rate 7.52% Maturity/ Dissolution Date 04/2031 2025-12-31 0001633336 Company Bandon Fitness (Texas) Inc. Investment Type Term Loan Commitment Expiration Date 7/27/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Stepping Stones Healthcare Services, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 9.08% Maturity/Dissolution Date 12/2028 2024-12-31 0001633336 ccap:Series2020AUnsecuredNotesMember 2021-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Medical Review Institute of America Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/ Dissolution Date 07/2030 2024-01-01 2024-12-31 0001633336 ccap:ConflictsOfInterestMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Annuity Health Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 02/2029 2024-12-31 0001633336 ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services USA Hometown Experts, Inc Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 525 (100 Floor) Interest Rate 9.86% Maturity/Dissolution Date 11/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 10.13% Maturity/ Dissolution Date 03/2032 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services, BVI Medical Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 125 (75 Floor) (plus 500 PIK) Interest Rate 9.97% Maturity/ Dissolution Date 03/2032 2025-12-31 0001633336 Company FS Whitewater Borrower, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2027 2025-12-31 0001633336 Equity Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Common Stock Class B 2024-12-31 0001633336 Company Apps Associates LLC Investment Type Revolver Commitment Expiration Date 7/2/2027 2025-12-31 0001633336 Investments United States Debt Investments Software & Services TMA Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 11.00% Maturity/Dissolution Date 09/2027 2024-12-31 0001633336 ccap:Series2024AUnsecuredNotes-2028And2030Member 2025-02-18 0001633336 Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term SN + 625 Interest Rate 11.07% Maturity/ Dissolution Date 10/2030 2024-01-01 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Revolver Interest Term S + 650, (75 Floor) Interest Rate 10.22% Maturity/ Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Painters Supply & Equipment Company Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.42% Maturity/Dissolution Date 04/2030 2025-01-01 2025-12-31 0001633336 Equity Investments Software & Services Lexipol (Ranger Buyer, Inc.) One Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Automobiles & Components Auveco Holdings Investment Type Unitranche First Lien Term Loan Interest Term Investments United States Debt Investments Capital Goods GB Eagle Buyer, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 11/2030 Interest Rate 9.22% Maturity/ Dissolution Date 05/2028 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:BaysideOpcoLlcMember 2023-12-31 0001633336 Investments United States Debt Investments Insurance Galway Borrower, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 9.78% Maturity/Dissolution Date 09/2028 2024-01-01 2024-12-31 0001633336 Company Painters Supply & Equipment Company Investment Type Revolver Commitment Expiration Date 8/10/2027 2025-12-31 0001633336 Company C-4 Analytics Investment Type Delayed Draw Term Loan Commitment Expiration Date 5/14/2026 2025-12-31 0001633336 Investments United States Debt Investments Insurance Evolution BuyerCo, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 8.42% Maturity/Dissolution Date 04/2030 2025-12-31 0001633336 2024-10-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember ccap:OemGroupLlcMember 2023-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Hospice Care Buyer, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 650, (100 Floor) Interest Rate 10.13% Maturity/ Dissolution Date 01/2028 One 2025-12-31 0001633336 Company Medicus IT Investment Type Delayed Draw Term Loan Commitment Expiration Date 7/9/2026 2024-12-31 0001633336 Company Iris Buyer, LLC Investment Type Revolver Commitment Expiration Date 10/2/2029 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Pye-Barker Fire & Safety, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 450 (75 Floor) Interest Rate 9.10% Maturity/Dissolution Date 05/2030 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Diversified Financials Soltis Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 8.35% Maturity/ Dissolution Date 08/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 350 (100 Floor) (plus 450 PIK) Interest Rate 11.76% Maturity/ Dissolution Date 04/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Team Select (CSC TS Merger SUB, LLC) Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.96% Maturity/ Dissolution Date 05/2029 2024-01-01 2024-12-31 0001633336 Company Integrity Marketing Acquisition, LLC Investment Type Revolver Commitment Expiration Date 8/28/2028 2024-12-31 0001633336 country:NL ccap:PharmaceuticalsBiotechnologyAndLifeSciencesMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 country:CH 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (100 Floor) Interest Rate 10.46% Maturity/Dissolution Date 12/2025 One 2024-12-31 0001633336 Investments United States Debt Investments Materials A&A Global Imports, LLC Investment Type Senior Secured First Lien Term Loan Maturity/Dissolution Date 06/2026 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Omni Ophthalmic Management Consultants, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 01/2026 2025-12-31 0001633336 Company Soltis Investment Type Revolver Commitment Expiration Date 8/5/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 11.03% Maturity/ Dissolution Date 11/2029 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Claritas, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 03/2026 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services HGH Purchaser, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 325 (75 Floor) (plus 375 PIK) Interest Rate 10.77% Maturity/ Dissolution Date 11/2029 One 2025-12-31 0001633336 ccap:InvestmentPaysTwoPointFiveZeroPercentageMember 2025-01-01 2025-12-31 0001633336 ccap:SeniorSecuredFirstLienMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Claritas, LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 9.33% Maturity/Dissolution Date 03/2026 2024-01-01 2024-12-31 0001633336 Company Alpine SG, LLC Investment Type Revolver Commitment Expiration Date 11/5/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Acu-Serve, LLC Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 10/2029 2024-12-31 0001633336 Company Homecare Partners Management, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 6/18/2030 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Consumer Services Mario Purchaser, LLC Investment Type Unitranche First Lien - Last Out Term Loan Interest Term S + 1075 PIK Interest Rate 15.21% Maturity/Dissolution Date 04/2032 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Revolver Interest Term S +650 (100 Floor) (including 100 PIK) Interest Rate 11.25% Maturity/ Dissolution Date 03/2027 2024-01-01 2024-12-31 0001633336 Company Effective School Solutions LLC Investment Type Revolver Commitment Expiration Date 11/30/2027 One 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Saturn Borrower Inc Investment Type Unitranche First Lien Revolver Interest Term S + 650 (100 Floor) Interest Rate 10.98% Maturity/Dissolution Date 09/2026 2024-12-31 0001633336 Company WCT Group Holdings, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 8/25/2027 2025-12-31 0001633336 country:US ccap:SemiconductorAndSemiconductorEquipmentMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 us-gaap:MaturityOvernightMember ccap:SONIAMember 2024-12-31 0001633336 ccap:RiskOfInvestorsInvestingInCommonSharesAndDebtSecuritiesMember 2025-01-01 2025-12-31 0001633336 Company HS Spa Holdings Inc. (Hand & Stone) Investment Type Revolver Commitment Expiration Date 6/2/2028 2024-01-01 2024-12-31 0001633336 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.61% Maturity/Dissolution Date 12/2028 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-12-31 0001633336 Investments United States Debt Investments Consumer Services Effective School Solutions LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 550 (100 Floor) Interest Rate 9.97% Maturity/Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Company Oliver Packaging LLC Investment Type Revolver Commitment Expiration Date 7/6/2028 2025-12-31 0001633336 ccap:RisksRelatedToInvestmentMember 2025-01-01 2025-12-31 0001633336 Company HGH Purchaser, Inc. Investment Type Revolver Commitment Expiration Date 11/1/2029 2025-12-31 0001633336 ccap:SpvAssetFacilityMember 2017-12-31 0001633336 Investments United States Debt Investments Diversified Financials Essential Services Holding Corporation Investment Unitranche First Lien Revolver Interest Term S + 500 (75 Floor) Interest Rate 8.87% Maturity / Dissolution Date 06/2031 2025-12-31 0001633336 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services New Era Technology, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 10.99% Maturity/ Dissolution Date 10/2026 2024-01-01 2024-12-31 0001633336 Equity Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Common Stock 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Patriot Acquisition Topco S.A.R.L Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (100 Floor) Interest Rate 9.06% Maturity/ Dissolution Date 01/2028 2025-12-31 0001633336 Investments United States Debt Investments Pharmaceuticals, Biotechnology & Life Sciences LSCS Holdings, Inc. (Eversana) Investment Type Senior Secured Second Lien Term Loan Interest Term S + 800 (50 Floor) Interest Rate 12.47% Maturity/Dissolution Date 12/2029 2024-01-01 2024-12-31 0001633336 Company ConvenientMD Investment Type Revolver Commitment Expiration Date 6/15/2029 2025-12-31 0001633336 ccap:UnitrancheFirstLienLastOutMember 2024-12-31 0001633336 Company Miracle Mile Holdings, LLC Investment Type Revolver Commitment Expiration Date 11/1/2028 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Omega Systems Intermediate Holdings, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 500 (75 Floor) Interest Rate 8.67% Maturity/Dissolution Date 01/2031 2025-12-31 0001633336 Investments United Kingdom Debt Investments Food, Beverage & Tobacco APC Bidco Limited Investment Type Unitranche First Lien Term Loan Interest Term SN + 625 Interest Rate 11.32% Maturity/ Dissolution Date 10/2030 2024-01-01 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember ccap:WhiteHawkIIIOnshoreFundLPMember 2024-01-01 2024-12-31 0001633336 ccap:SpvAssetFacilityMember 2019-12-31 0001633336 srt:MaximumMember us-gaap:FairValueInputsLevel3Member ccap:UnitrancheFirstLienMember us-gaap:MeasurementInputEbitdaMultipleMember ccap:ValuationTechniqueEnterpriseValueMember 2025-12-31 0001633336 Investments United States Debt Investments Insurance Newcleus, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 600 (plus 200 PIK) Interest Rate 11.82% Maturity/ Dissolution Date 08/2026 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Seniorlink Incorporated Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2027 One 2024-12-31 0001633336 Investments Netherlands Debt Investments Pharmaceuticals, Biotechnology & Life Sciences Eagle Midco B.V. (Avania) Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (including 218.75 PIK) Interest Rate 11.34% Maturity/ Dissolution Date 07/2029 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Smile Doctors LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 590 (75 Floor) Interest Rate 9.84% Maturity/ Dissolution Date 12/2028 2025-01-01 2025-12-31 0001633336 Company MHS Acquisition Holdings, LLC Investment Type Revolver Commitment Expiration Date 7/21/2027 2024-12-31 0001633336 ccap:InvestmentsInFinancialServicesMember 2025-01-01 2025-12-31 0001633336 Equity Investments Materials A&A Global Imports, LLC Investment Type Common Stock 2024-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Vital Care Buyer, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 450 (75 Floor) Interest Rate 8.83% Maturity/ Dissolution Date 07/2031 2024-12-31 0001633336 country:US ccap:SoftwareServicesMember us-gaap:DebtSecuritiesMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term A + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 05/2027 2024-12-31 0001633336 Equity Investments Commercial & Professional Services ASP MCS Acquisition Corp. Investment Type Preferred Stock 2024-12-31 0001633336 ccap:SMBCCorporateRevolvingFacilityMember 2025-01-01 2025-12-31 0001633336 Company Seko Global Logistics Network, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 11/27/2029 2025-12-31 0001633336 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services GrapeTree Medical Staffing, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 425 (100 Floor) (plus 300 PIK) Interest Rate 11.07% Maturity/ Dissolution Date 06/2027 2025-12-31 0001633336 ccap:RisksRelatedToInvestInHighYieldDebtOrBelowInvestmentGradeSecuritiesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Materials Action Signature Acquisition, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 06/2026 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Blue Mantis Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 08/2030 One 2025-12-31 0001633336 Investments United States Debt Investments Retailing Slickdeals Holdings, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 06/2025 2024-12-31 0001633336 ccap:TargetOfLitigationMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Ontario Systems, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (100 Floor) (plus 100 PIK) Interest Rate 10.32% Maturity/ Dissolution Date 03/2027 One 2025-01-01 2025-12-31 0001633336 us-gaap:MaturityUpTo30DaysMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2024-12-31 0001633336 Company GrapeTree Medical Staffing, LLC Investment Type Revolver Commitment Expiration Date 4/30/2026 2025-12-31 0001633336 Company Net Health Acquisition Corp Investment Type Revolver Commitment Expiration Date 7/5/2031 2024-01-01 2024-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/2031 2024-12-31 0001633336 country:US 2024-12-31 0001633336 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0001633336 us-gaap:InvestmentUnaffiliatedIssuerMember 2023-01-01 2023-12-31 0001633336 Company Auveco Holdings Investment Type Revolver Commitment Expiration Date 5/5/2028 2024-12-31 0001633336 Equity Investments Automobiles & Components Continental Battery Company Investment Type Common Stock Common Equity 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ConvenientMD Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 Interest Rate 9.66% Maturity/ Dissolution Date 06/2029 2024-12-31 0001633336 ccap:S2025Q11DividendsMember 2025-01-01 2025-12-31 0001633336 country:FI 2024-12-31 0001633336 ccap:Series2021AUnsecuredNotesMember 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Winxnet Holdings LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 550 (100 Floor) Interest Rate 9.32% Maturity/Dissolution Date 12/2026 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Hercules Borrower LLC Investment Type Unitranche First Lien Revolver Term Maturity/ Dissolution Date 12/2028 2025-12-31 0001633336 Investments United States Debt Investments Capital Goods Oliver Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) (including 50 PIK) Interest Rate 9.75% Maturity/Dissolution Date 07/2028 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Commercial & Professional Services Flow Service Partners Intermediate Holdco LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 500 (100 Floor) Interest Rate 8.67% Maturity/ Dissolution Date 11/2030 2025-12-31 0001633336 Equity Investments Software & Services Odessa Technologies, Inc. Investment Type Common Stock 2024-12-31 0001633336 Company REP Behavioral Health, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/2030 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Revolver Interest Term A + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 05/2027 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ConvenientMD Investment Type Senior Secured First Lien Revolver Maturity/ Dissolution Date 06/2029 2024-12-31 0001633336 Equity Investments Retailing MeriCal, LLC Investment Type Common Stock 2025-12-31 0001633336 Investments United States Debt Investments Diversified Financials iLending LLC Investment Type Unitranche First Lien Revolver Maturity / Dissolution Date 12/2028 2025-12-31 0001633336 Company Winxnet Holdings LLC Investment Type Revolver Commitment Expiration Date 12/31/2026 2025-01-01 2025-12-31 0001633336 Foreign Currency Exchange Contract Counterparty Wells Fargo Bank, N.A. 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Investment Type Revolver Commitment Expiration Date 10/22/2026 2025-01-01 2025-12-31 0001633336 Company Omni Ophthalmic Management Consultants, LLC Investment Type Revolver Commitment Expiration Date 1/31/2026 One 2025-01-01 2025-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services ACI Group Holdings, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (75 Floor) (including 325 PIK) Interest Rate 10.46% Maturity/Dissolution Date 08/2028 2024-01-01 2024-12-31 0001633336 country:GB ccap:FoodBeverageAndTobaccoMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 country:FR ccap:CommercialAndProfessionalServicesMember us-gaap:DebtSecuritiesMember 2024-12-31 0001633336 Company Blue Mantis Investment Type Revolver Commitment Expiration Date 8/19/2030 2024-01-01 2024-12-31 0001633336 Company ACI Group Holdings, Inc. 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Investment Type Unitranche First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.21% Maturity/ Dissolution Date 11/2027 2024-01-01 2024-12-31 0001633336 Company Flow Service Partners Intermediate Holdco LLC Investment Type Revolver Commitment Expiration Date 11/19/2030 2024-01-01 2024-12-31 0001633336 Company Online Labels Group, LLC Investment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2029 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 09/2030 One 2025-12-31 0001633336 Investments France Debt Investments Commercial & Professional Services Efor Holding Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term E + 650 Interest Rate 9.36% Maturity/ Dissolution Date 10/2030 2024-01-01 2024-12-31 0001633336 us-gaap:FairValueInputsLevel3Member us-gaap:UnsecuredDebtMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2024-12-31 0001633336 Investments United States Debt Investments Health Care Equipment & Services Homecare Partners Management, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.23% Maturity/ Dissolution Date 05/2027 2024-01-01 2024-12-31 0001633336 Company Galway Borrower, LLC Investment Type Revolver Commitment Expiration Date 9/30/2028 2024-01-01 2024-12-31 0001633336 Company Marlin DTC-LS Midco 2, LLC Investment Type Revolver Commitment Expiration Date 7/1/2025 2024-01-01 2024-12-31 0001633336 Investments United States Debt Investments Software & Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 8.42% Maturity/ Dissolution Date 09/2030 2025-12-31 0001633336 Investments United States Debt Investments Software & Services Odessa Technologies, Inc. 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MD 47-3162282 11100 Santa Monica Blvd Suite 2000 Los Angeles CA 90025 310 235-5900 Common Stock, $0.001 par value per share CCAP NASDAQ 5.00% Notes due 2026 FCRX NYSE No No Yes Yes Accelerated Filer false false true false false 36922692 346900000 <p style="font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">DOCUMENTS INCORPORATED BY REFERENCE</span></p><p style="font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Portions of the Registrant’s proxy statement for the 2026 annual meeting of stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III.</span></p> <p id="part1_item1a_riskfactors_1" style="font-size:10pt;margin-top:13pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Item 1A.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risk Factors</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investing in our common stock involves a number of significant risks. Before an investor invests in our common stock, the investor should be aware of various risks, including those described below. The investor should carefully consider these risk factors, together with all of the other information included in this Annual Report, before the investor decides whether to make an investment in our securities. 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 business, financial condition, and/or operating results. If any of the following events occur, our business, financial condition, and results of operations could be materially and adversely affected. In such case, the net asset value of our common stock and the trading price, if any, of our securities could decline, and an investor may lose all or part of his or her investment.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Our Business and Structure</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our Board may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board has the authority, except as otherwise provided in the 1940 Act or state law, as described below, to modify or waive certain of our investment objectives, operating policies and strategies without prior notice and without stockholder approval. Pursuant to Rule 35d-1 under the 1940 Act, we may not change our investment strategy with respect to 80% of our total assets without 60 days’ prior notice to stockholders. If we operate as a diversified management investment company for a period of three or more years, we will not resume operation as a non-diversified management investment company without prior stockholder approval. Additionally, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. Under Maryland law, we also cannot be dissolved without prior stockholder approval. We cannot predict the effect any changes to our operating policies and strategies would have on our business, operating results and the market price of our common shares. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our common stockholders.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We and the Adviser are subject to regulations and SEC oversight. If we or the Adviser fail to comply with applicable requirements, it may adversely impact our results relative to companies that are not subject to such regulations.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we are subject to a portion of the 1940 Act. In addition, we have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC in accordance with the requirements of Subchapter M of the Code. The 1940 Act and the Code impose various restrictions on the management of a BDC, including related to portfolio construction, asset selection, and tax. These restrictions may reduce the chances that we will achieve the same results as other vehicles managed by Crescent and/or the Adviser.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">However, if we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease our operating flexibility. In addition to these and other requirements applicable to us, our investment adviser is subject to regulatory oversight by the SEC. To the extent the SEC raises concerns or has negative findings concerning the manner in which we or our investment adviser operates, it could adversely affect our business.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are dependent upon key personnel of Crescent and the Adviser.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We do not have any internal management capacity or employees. Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">depend, in turn, on the diligence, skill and network of business contacts of Crescent’s senior professionals. We expect that these senior professionals will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of our Investment Advisory Agreement. We can offer no assurance, however, that Crescent’s senior professionals will continue to provide investment advice to us. If these individuals do not maintain their employment or other relationships with Crescent and do 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 Crescent’s investment professionals have relationships are not obligated to provide us with investment opportunities. Therefore, we can offer no assurance that such relationships will generate investment opportunities for us. The departure or misconduct of any of these individuals, or of a significant number of the investment professionals of Crescent, could have a material adverse effect on our business, financial condition or results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser is an affiliate of Crescent and depends upon access to the investment professionals and Crescent’s other resources to fulfill its obligations to us under the Investment Advisory Agreement. The Adviser will also depend upon such investment professionals to obtain access to deal flow generated by Crescent. In addition, we cannot assure you that an affiliate of Crescent will remain our investment adviser or that we will continue to have access to Crescent’s investment professionals or its information and deal flow.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent’s and the Adviser’s investment professionals, which are currently composed of the same personnel, have substantial responsibilities in connection with the management of other Crescent clients. Crescent’s personnel may be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which may increase as the number of investments grow, may distract them or slow our rate of investment.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s investment committee, which provides oversight over our investment activities, is provided to us by our investment adviser under the Investment Advisory Agreement. The loss of any member of the Adviser’s investment committee or of Crescent’s other senior professionals would limit our ability to achieve our investment objectives and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We will not provide key person life insurance for any of our key personnel. Further, we depend upon Crescent to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If Crescent fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom Crescent’s senior professionals have relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities in the future. There can be no assurance that Crescent will replicate its historical ability to generate investment opportunities, and we caution you that our investment returns could be substantially lower than the returns achieved by other Crescent-managed funds.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may not replicate the historical performance achieved by Crescent.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our primary focus in making investments may differ from those of existing investment funds, accounts or other investment vehicles that are or have been managed by members of our investment adviser’s investment committee or by Crescent. Past performance should not be relied upon as an indication of future results. There can be no guarantee that we will replicate the historical performance of Crescent or the historical performance of investment funds, accounts or other investment vehicles that are or have been managed by members of the Adviser’s investment committee or by Crescent or its employees, and we caution investors that our investment returns could be substantially lower than the returns achieved by them in prior periods. We cannot assure you that we will be profitable in the future or that the Adviser will be able to continue to implement our investment strategies or achieve our investment objectives with the same degree of success that it has had in the past. Additionally, all or a portion of the prior results may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We depend on Crescent to manage our business effectively.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on Crescent’s ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis will depend upon Crescent’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. Crescent’s investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. Crescent’s personnel may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from 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.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Adviser, the investment committee of the Adviser, Crescent and their affiliates, officers, directors and employees may face certain conflicts of interest.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a result of our arrangements with Crescent, the Adviser and the Adviser’s investment committee, there may be times when the Adviser or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The members of the Adviser’s investment committee 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 Crescent and/or its affiliates. Similarly, Crescent and its affiliates may have other clients with similar, different or competing investment objectives.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of, or which may be adverse to the interests of, us or our stockholders. For example, Crescent has, and will continue to have management responsibilities for other investment funds, accounts and investment vehicles. There is a potential that we will compete with these funds, and other entities managed by Crescent and its affiliates, for capital and investment opportunities. As a result, members of the Adviser’s investment committee who are affiliated with Crescent will face conflicts in the allocation of investment opportunities among us, and other investment funds, accounts and investment vehicles managed by Crescent and its affiliates and may make certain investments that are appropriate for us but for which we receive a relatively small allocation or no allocation at all. Crescent intends to allocate investment opportunities among eligible investment funds, accounts and investment vehicles in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time and we may not be given the opportunity to participate in investments made by investment funds managed by Crescent or its affiliates and there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Further, to the extent permitted by applicable law, we and our affiliates may own investments at different levels of a portfolio company’s capital structure or otherwise own different classes of a portfolio company’s securities, which may give rise to conflicts of interest or perceived conflicts of interest. Conflicts may also arise because decisions regarding our portfolio may benefit our affiliates. Our affiliates may pursue or enforce rights with respect to one of its portfolio companies, and those activities may have an adverse effect on us.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Conflicts may arise related to other arrangements with Crescent and the Adviser and other affiliates.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have entered into a license agreement with Crescent under which Crescent has agreed to grant us a non-exclusive, royalty-free license to use the name “Crescent Capital.” In addition, the Administration Agreement with the Administrator, an affiliate of Crescent, requires we pay to the Administrator our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, such as rent and our allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. In addition, the Adviser has entered into a Resource Sharing Agreement with Crescent pursuant to which Crescent provides the Adviser with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. These agreements create conflicts of interest that the independent members of our Board will monitor. For example, under the terms of the license agreement, we will be unable to preclude Crescent from licensing or transferring the ownership of the “Crescent Capital” name to third parties, some of whom may compete against us. Consequently, it will be unable to prevent any damage to goodwill that may occur as a result of the activities of Crescent or others. Furthermore, in the event the license agreement is terminated, we will be required to change our name and cease using “Crescent Capital” as part of our name. Any of these events could disrupt our recognition in the market place, damage any goodwill it may have generated and otherwise harm its business.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Investment Advisory Agreement, and the Administration Agreement were negotiated between related parties. Consequently, their terms, including fees payable to the Adviser, may not be as favorable to us as if they had been negotiated exclusively with an unaffiliated third party. In addition, we may desire not to enforce, or to enforce less vigorously, our rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Adviser, the Administrator and their respective affiliates. Any such decision, however, could breach our fiduciary obligations to our stockholders.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Crescent’s principals and employees, the Adviser or their affiliates may, from time to time, possess material non-public information, limiting our investment discretion</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent’s executive officers and directors, principals and other employees, including members of the Adviser’s investment committee, may serve as directors of, or in a similar capacity with, portfolio companies in which we invest, the securities of which are purchased or sold on our behalf and may come into possession of material non-public information with respect to issuers in which we may be considering making an investment. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies, Crescent’s policies or as a result of applicable law or regulations, we could be prohibited for a period of time or indefinitely from purchasing or selling the securities of such companies, or we may be precluded from providing such information or other ideas to other funds affiliated with Crescent that might benefit from such information, and this prohibition may have an adverse effect on us.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our management and incentive fee structure may create incentives for the Adviser that are not fully aligned with our stockholders’ interests and may induce the Adviser to make speculative investments.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the course of our investing activities, we will pay management and incentive fees to the Adviser. We have entered into the Investment Advisory Agreement with the Adviser that provides that these fees are based on the value of our gross assets (which includes assets purchased with borrowed amounts or other forms of leverage but excludes cash and cash equivalents), instead of net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable). As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, including the costs of leverage, resulting in a lower rate of return than one might achieve if distributions were made on a gross basis. Because our management fees are based on the value of our gross assets, incurrence of debt or the use of leverage will increase the management fees due to the Adviser. As such, the Adviser may have an incentive to use leverage to make additional investments. In addition, as additional leverage would magnify positive returns, if any, on our portfolio, the incentive fee would become payable to the Adviser (i.e., exceed the Hurdle Amount (as defined herein under the heading “</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Incentive Fee</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”)) at a lower average return on our portfolio. Thus, if we incur additional leverage, the Adviser may receive additional incentive fees without any corresponding increase (and potentially with a decrease) in the performance of our portfolio.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, under the incentive fee structure, the Adviser may benefit when capital gains are recognized and, because the Adviser will determine when to sell a holding, the Adviser will control the timing of the recognition of such capital gains. As a result of these arrangements, there may be times when the management team of the Adviser has interests that differ from those of our stockholders, giving rise to a conflict. Furthermore, there is a risk the Adviser will make more speculative investments in an effort to receive this payment. PIK interest and OID would increase our pre-incentive fee net investment income by increasing the size of the loan balance of underlying loans and increasing our assets under management and would make it easier for the Adviser to surpass the Hurdle Amount and increase the amount of incentive fees payable to the Adviser.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The part of the incentive fee payable to the Adviser relating to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash. This fee structure may give rise to a conflict of interest for the Adviser to the extent that it encourages the Adviser to favor debt financings that provide for deferred interest, rather than current cash payments of interest. The Adviser may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because, under the Investment Advisory Agreement, the Adviser is not obligated to reimburse us for incentive fees it receives even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board is charged with protecting our interests by monitoring how the Adviser addresses these and other conflicts of interest associated with its services and compensation. While our Board is not expected to review or approve each investment decision or incurrence of leverage, our independent directors will periodically review the Adviser’s services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, our independent directors will consider whether the Adviser’s fees and expenses (including those related to leverage) remain appropriate.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent we so invest, bear our ratable share of any such investment company’s expenses, including management and performance fees. We also remain obligated to pay management and incentive fees to the Adviser with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each of our stockholders bears his or her share of the management and incentive fees of the Adviser as well as indirectly bearing the management and performance fees and other expenses of any investment companies in which we invest.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Adviser has limited liability and is entitled to indemnification under the Investment Advisory Agreement.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under the Investment Advisory Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. The Adviser will not be responsible for any action of our Board in following or declining to follow the Adviser’s advice or recommendations. Under the Investment Advisory Agreement the Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including, without limitation, its general partner and the Administrator, and any person controlling or controlled by the Adviser will not be liable to us, any of our subsidiaries, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to us under the Investment Advisory Agreement. In addition, as part of the Investment Advisory Agreement, we have agreed to indemnify the Adviser and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including, without limitation, its general partner and the Administrator, and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by such party in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of us or our security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser of us, except in respect of any liability to us or our security holders to which such party would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than the Adviser would when acting for its own account.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our ability to enter into transactions with our affiliates is restricted.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, the SEC. We consider the Adviser and its affiliates, including Crescent, to be our affiliates for such purposes. In addition, any person that is an affiliate of ours for purposes of the 1940 Act generally is prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to us, absent the prior approval of our independent directors and, in some cases, of the SEC. We consider the Adviser and its affiliates, including Crescent, to be our affiliates for such purposes. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company, without prior approval of our independent directors and, in some cases, of the SEC. We are prohibited from buying or selling any security from or to any person who owns more than 25% of our voting securities or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. If we are prohibited by applicable law from investing alongside Crescent’s investment funds, accounts and investment vehicles with respect to an investment opportunity, we may not be able to participate in such investment opportunity.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may, however, invest alongside Crescent’s investment funds, accounts and investment vehicles in certain circumstances where doing so is consistent with our investment strategy as well as applicable law and SEC staff interpretations or exemptive orders. For example, we may invest alongside such investment funds, accounts and investment vehicles consistent with guidance promulgated by the SEC staff to purchase interests in a single class of privately placed securities so long as certain conditions and requirements are met, including that Crescent, acting on our behalf and on behalf of such investment funds, accounts and investment vehicles, negotiates no term other than price.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In situations where co-investment with investment funds, accounts and investment vehicles managed by Crescent is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer or where the different investments could be expected to result in a conflict between our interests and those of Crescent’s clients, subject to the limitations described in the preceding paragraph, Crescent will need to decide which client will proceed with the investment. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. These restrictions will limit the scope of investment opportunities that would otherwise be available to us.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent has been granted exemptive relief from the SEC, upon which we and the Adviser may rely, which permits greater flexibility to negotiate the terms of co-investments if our Board determines that it would be advantageous for us to co-invest with investment funds, accounts and investment vehicles managed by Crescent in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. We believe that co-investment by us and investment funds, accounts and investment vehicles managed by Crescent may afford us additional investment opportunities and an ability to achieve a more varied portfolio. Accordingly, our exemptive order permits us to invest with investment funds, accounts and investment vehicles managed by Crescent in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. The exemptive relief permitting co-investment transactions generally applies only if our independent directors and directors who have no financial interest in such transaction review and approve in advance each co-investment transaction. The exemptive relief provides that, if the size of a co-investment opportunity is insufficient to meet our and the other Crescent funds’ desired level of participation in full, allocations will generally be made pro rata based on capital available for investment, as determined, in our case, by our Board as well as the terms of our governing documents and those of such investment funds, accounts and investment vehicles. It is our policy to base our determinations on such factors as: the amount of cash on-hand, existing commitments and reserves, if any, our targeted leverage level, our targeted asset mix and diversification requirements and other investment policies and restrictions set by our Board or imposed by applicable laws, rules, regulations or interpretations. We expect that these determinations will be made similarly for investment funds, accounts and investment vehicles managed by Crescent. However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our ability to sell or otherwise exit investments also invested in by other Crescent investment vehicles is restricted.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be considered affiliates with respect to certain of our portfolio companies because our affiliates, which may include certain investment funds, accounts or investment vehicles managed by Crescent, also hold interests in these portfolio companies and as such these interests may be considered a joint enterprise under the 1940 Act. To the extent that our interests in these portfolio companies may need to be restructured in the future or to the extent that we choose to exit certain of these transactions, our ability to do so will be limited. Crescent has obtained exemptive relief from the SEC in relation to certain joint transactions upon which we and the Adviser may rely; however, there is no assurance that we will obtain relief that would permit us to negotiate future restructurings or other transactions that may be considered a joint enterprise.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Conflicts of interest may be created by the valuation process for certain portfolio holdings.</span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We make many of our portfolio investments in the form of loans and securities that are not publicly traded and for which no market-based price quotation is available. As a result, our investment adviser, as the Board's valuation designee (in such capacity, the “Valuation Designee”), will determine the fair value of these loans and securities as described below in “-Risks Relating to our Business and Structure - The majority of our portfolio investments are recorded at fair value as determined in good faith by the Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Each of the interested members of our Board has an indirect pecuniary interest in our investment adviser. The participation of our investment adviser’s investment professionals in our valuation process, and the pecuniary interest in our investment adviser by certain members of our Board, could result in a conflict of interest as our investment adviser’s management fee is based, in part, on the value of our net assets, and our incentive fees will be based, in part, on realized gains and realized and unrealized losses.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We operate in an increasingly competitive market for investment opportunities, which could make it difficult for us to identify and make investments that are consistent with our investment objectives.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A number of entities compete with us to make the types of investments that we make and plan to make. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC qualification. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objectives.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">With respect to the investments we make, we will not seek to compete based primarily on the interest rates we will offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we expect to compete generally on the basis of pricing terms. With respect to all investments, we may lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. We may also compete for investment opportunities with investment funds, accounts and investment vehicles managed by Crescent. Although Crescent will allocate opportunities in accordance with its policies and procedures, allocations to such investment funds, accounts and investment vehicles will reduce the amount and frequency of opportunities available to us and may not be in the best interests of us and our stockholders. Moreover, the performance of investments will not be known at the time of allocation. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See —“The Adviser, the investment committee of the Adviser, Crescent and their affiliates, officers, directors and employees may face certain conflicts of interest.”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our ability to grow depends on our ability to raise capital.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We will need to periodically access the capital markets to raise cash to fund new investments in excess of our repayments, and we may also need to access the capital markets to refinance any future debt obligations to the extent such maturing obligations are not repaid with availability under our revolving credit facilities or cash flows from operations. We intend to be treated as a RIC and operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. Among other things, in order to maintain our RIC status, we must distribute to our common stockholders on a timely basis generally an amount equal to at least 90% of our investment company taxable income, and, as a result, such distributions will not be available to fund investment originations or repay maturing debt. We must borrow from financial institutions and issue additional securities to fund our growth. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets may limit our ability to refinance our debt obligations as they come due and/or to fully execute our business strategy and could limit our ability to grow or cause us to have to shrink the size of our business, which could decrease our earnings, if any.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:2pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, we may borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” such that our asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). Such requirement, in certain circumstances, may restrict our ability to borrow or issue debt securities or preferred stock. The amount of leverage that we employ will depend on our investment adviser’s and our Board’s assessments of market and other factors at the time of any proposed borrowing or issuance of senior securities. We cannot assure you that we will be able to obtain lines of credit or issue senior securities at all or on terms acceptable to us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Further, we may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies and risks. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Regulations governing our operation as a BDC affect our ability to, and the way in which we may, raise additional capital.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may issue debt securities or 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 will be permitted as a BDC to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, as amended, equals at least 150% of our gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. 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 at a time when such sales may be disadvantageous to us in order to repay a portion of its indebtedness. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Furthermore, equity capital may be difficult to raise because, subject to some limited exceptions we are not generally able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, or warrants, options or rights to acquire shares of our common stock, at a price below the then-current NAV per share of our common stock if our Board determines that such sale is in our best interests, and if our stockholders, including a majority of those stockholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). We do not currently have authorization from our stockholders to issue our common stock at a price below the then-current NAV per share.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To maintain our status as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as a qualifying asset only if such issuer has a common equity market capitalization that is less than $250 million at the time of such investment.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in seeking to:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preserve or enhance the value of our investment. </span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our part 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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 investment's level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements of the 1940 Act or the desire to maintain our qualification as a RIC.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. Additionally, we invest in unitranche loans (loans that combine both senior and subordinated debt, generally in a first lien position), which may provide for a waterfall of cash flow priority between different lenders in the unitranche loan. In certain instances, we may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case the “first out” portion of the loan would generally receive priority with respect to repayment of principal, interest and any other amounts due thereunder over the “last out” portion of the loan that we would continue to hold.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the ability to cause the commencement of enforcement proceedings against the collateral; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the ability to control the conduct of such proceedings; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the approval of amendments to collateral documents; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">releases of liens on the collateral; and </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">waivers of past defaults under collateral documents. </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may not have the ability to control or direct such actions, even if its rights are adversely affected. </span></div></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We will be subject to corporate level income tax if we are unable to qualify as a RIC.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have elected to be treated as a RIC under the Code and intend to operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. As a RIC, we generally will not pay U.S. federal corporate-level income taxes on our income and net capital gains that we distribute (or are deemed to distribute) to our common stockholders as dividends on a timely basis. We will be subject to U.S. federal corporate-level income tax on any undistributed income and/or gains. To maintain our status as a RIC, we must meet certain source of income, asset diversification and annual distribution requirements. We may also be subject to certain U.S. federal excise taxes, as well as state, local and foreign taxes.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To qualify as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any) to our common stockholders on an annual basis (the “Annual Distribution Requirement”). We have the ability to pay a large portion of our distributions in shares of our stock, and as long as a portion of such distribution is paid in cash and other requirements are met, such distributions will be taxable as a dividend for U.S. federal income tax purposes. This may result in our U.S. stockholders having to pay tax on such dividends, even if no cash is received, and may result in our non-U.S. stockholders being subject to withholding tax in respect of amounts distributed in our stock. We will be subject, to the extent we use debt financing, to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Annual Distribution Requirement will be satisfied if we distribute dividends to our common stockholders in respect of each taxable year of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for distributions paid. In this regard, a RIC may, in certain cases, satisfy the Annual 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 of the Code. We will be subject to tax, at regular corporate rates, on any retained income and/or gains, including any short-term capital gains or long-term capital gains. We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for each calendar year, (2) 98.2% of our capital gain net income for each calendar year and (3) any income realized, but not distributed, in preceding years (to the extent that U.S. federal income tax was not imposed on such amounts) less certain over-distributions in the prior year (collectively, the “Excise Tax”). Because we use debt financing, we are subject to (i) an asset coverage ratio requirement under the</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">1940 Act and are 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 (i) be required to pay the Excise Tax and (ii) fail to qualify for RIC tax treatment, and thus become subject to corporate-level income tax on our taxable income (including gains).</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To qualify as a RIC, in addition to the Annual Distribution Requirement, we must also meet certain annual source of income requirements at the end of each taxable year (the “90% Income Test”) and asset diversification requirements at the end of each calendar quarter (the “Diversification Tests”). Failure to meet these tests may result in our having to (a) dispose of certain investments quickly or (b) raise additional capital in order to prevent the loss of our qualifications as a RIC. Because most of our investments will be in private or thinly traded public companies and are generally illiquid, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify as a RIC for any reason and become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to our common stockholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our common stockholders.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The 90% Income Test will be satisfied if we earn at least 90% of our gross income each taxable year from distributions, interest, gains from the sale of stock or securities, or other income derived from the business of investing in stock or securities. The Diversification Tests will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy the Diversification Tests, at least 50% of the value of our assets at the close of each quarter of each taxable year must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities, and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, 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 of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in us having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:2pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We also 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). If we fail to maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributio</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ns. In addition, because the relevant provisions of the Code may change, compliance with one or more of the RIC requirements may be impossible or impracticable.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain investors are limited in their ability to make significant investments in us.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Private funds that are excluded from the definition of “investment company” either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition). Investment companies registered under the 1940 Act and BDCs, such as us, are also currently subject to this restriction as well as other limitations under the 1940 Act that would restrict the amount that they are able to invest in our securities. As a result, certain investors will be limited in their ability to make significant investments in us at a time that they might desire to do so. The SEC has adopted Rule 12d1-4 under the 1940 Act. Subject to certain conditions, Rule 12d1-4 provides an exemption to permit registered investment companies and BDCs to invest in the securities of other registered investment companies and BDCs in excess of the limits currently prescribed by the 1940 Act.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be subject to withholding of U. S. federal income tax on distributions for non-U.S. stockholders.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Distributions by a RIC generally are treated as dividends for U.S. tax purposes, and will be subject to U.S. income or withholding tax unless the stockholder receiving the dividend qualifies for an exemption from U.S. tax, or the distribution is subject to one of the special look-through rules described below. Distributions paid out of net capital gains can qualify for a reduced rate of taxation in the hands of an individual U.S. stockholder, and an exemption from U.S. tax in the hands of a non-U.S. stockholder.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Properly reported dividend distributions by RICs paid out of certain interest income (such distributions, “interest-related dividends”) are generally exempt from U.S. withholding tax for non-U.S. stockholders. Under such exemption, a non-U.S. stockholder generally may receive interest-related dividends free of U.S. withholding tax if the stockholder would not have been subject to U.S. withholding tax if it had received the underlying interest income directly. No assurance can be given as to whether any of our distributions will be eligible for this exemption from U.S. withholding tax or, if eligible, will be designated as such by us. In particular, the exemption does apply to distributions paid in respect of a RIC’s non-U.S. source interest income, its dividend income or its foreign currency gains. In the case shares of our common stock held through an intermediary, the intermediary may withhold U.S. federal income tax even if we designate the payment as a dividend eligible for the exemption. Also, because our common stock will be subject to significant transfer restrictions, and an investment in our common stock will generally be illiquid, non-U.S. stockholders whose distributions on our common stock are subject to U.S. withholding tax may not be able to transfer their shares of our common stock easily or quickly or at all.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:11pt;font-family:'Calibri',sans-serif;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may retain income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax, reducing the amount available for distribution to stockholders.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may retain some income and capital gains in the future, including for purposes of providing additional liquidity, which amounts would be subject to a 4% U.S. federal excise tax</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">to the extent we do not distribute during the calendar year the amount of distributions required to avoid the excise tax. In that event, we will be liable for the tax on the amount by which it does not meet the foregoing distribution requirement. See </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1(c). Description of Business—Regulation as a Business Development Company—Taxation as a RIC.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For U.S. federal income tax purposes, we generally are required to include in income certain amounts that we have not yet received in cash, such as the accretion of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan principal balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contracted PIK arrangements, will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash, including, for example, amounts attributable to hedging and foreign currency transactions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Since in certain cases we may recognize income before or without receiving cash in respect of such income, we may have difficulty meeting the requirement to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain our qualification as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to qualify as a RIC and thus be subject to corporate-level income tax. Such a failure could have a material adverse effect on us and on any investment in us.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our investments may include OID and PIK instruments. To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in an accounting income and taxable income prior to receipt of cash, including the following:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID instruments and PIK securities may have unreliable valuations because the accretion of OID as interest income and the continuing accruals of PIK securities require judgments about their collectability and the collectability of deferred payments and the value of any associated collateral; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID income may also create uncertainty about the source of our cash dividends; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">for accounting purposes, cash distributions to stockholders that include a component of accreted OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of accreted OID income may come from the cash invested by the stockholders, the 1940 Act does not require that stockholders be given notice of this fact; </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">generally, we must recognize income for income tax purposes no later than when it recognizes such income for accounting purposes; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the higher interest rates on PIK securities reflects the payment deferral and increased credit risk associated with such instruments and PIK securities generally represent a significantly higher credit risk than coupon loans; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the presence of accreted OID income and PIK interest income create the risk of non-refundable cash payments to the Adviser in the form of incentive fees on income based on non-cash accreted OID income and PIK interest income accruals that may never be realized; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">even if accounting conditions are met, borrowers on such securities could still default when our actual collection is expected to occur at the maturity of the obligation; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID and PIK create the risk that incentive fees will be paid to the Adviser based on </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">non-cash accruals that ultimately may not be realized, which the Adviser will be under no obligation to reimburse us or these fees; and </span></div></div></div><div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">PIK interest has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK interest also reduces the loan-to-value ratio at a compounding rate.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Stockholders may be required to pay tax in excess of the cash they receive.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under our dividend reinvestment plan, if a stockholder owns shares of our common stock, the stockholder will have all cash distributions automatically reinvested in additional shares of our common stock unless such stockholder, or his, her or its nominee on such stockholder’s behalf, specifically “opts out” of the dividend reinvestment plan by delivering a written notice to the plan administrator prior to the record date of the next distribution. If a stockholder does not “opt out” of the dividend reinvestment plan, that stockholder will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in our common stock to the extent the amount reinvested was not a tax-free return of capital. As a result, a stockholder may have to use funds from other sources to pay U.S. federal income tax liability on the value of the common stock received. Even if a stockholder chooses to “opt out” of the dividend reinvestment plan, we will have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash in order to satisfy the Annual Distribution Requirement (as defined </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">herein under the heading </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">“</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1(c). Description of Business—Regulation as a Business Development Company—Election to Be Taxed as a RIC</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”). As long as a sufficient portion of this dividend is available to be paid in cash (generally 20%) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally will be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of common stock.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our business could be adversely affected in the event we default under our existing credit facilities or any future credit or other borrowing facility.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have entered, and in the future may enter into, one or more credit facilities. The closing of any additional credit facility is contingent on a number of conditions including, without limitation, the negotiation and execution of definitive documents relating to such credit facility. If we obtain any additional credit facilities, we intend to use borrowings under such credit facilities to make additional investments and for other general corporate purposes. However, there can be no assurance that we will be able to close such additional credit facilities or obtain other financing.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the event we default under one of our credit facilities or any other future borrowing facility, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under the relevant credit facility or such future borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under any future borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, ability to pay dividends, financial condition, results of operations and cash flows. If we were unable to obtain a waiver of a default from the lenders or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness, which might result in cross-acceleration of other indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, following any such default, the agent for the lenders under the relevant credit facility or such future credit or other borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Lastly, as a result of any such default, we may be unable to obtain additional leverage, which could, in turn, affect our return on capital.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"> </p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are and may be subject to restrictions under our credit facilities and any future credit or other borrowing facility that could adversely impact our business.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our credit facilities, and any future borrowing facility, may be backed by all or a portion of our loans and securities on which the lenders may have a security interest. We currently pledge and may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. Like with its current credit facilities, we expect that any future security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders, and we expect that the custodian for our securities serving as collateral for such loan would include in the custodian’s electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. Under our current credit facilities, we are subject to customary events of default. If we were to default under the terms of our current credit facilities and any future borrowing facility, the agent for the applicable lenders would be able to assume control of the timing of disposition of the assets pledged under the facility, which could include any or all of our assets securing such debt. Such remedial action would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the security interests as well as negative covenants under its credit facilities, or any other future borrowing facility, may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under our credit facilities or any other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the relevant credit facility or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to pay dividends.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, under our credit facilities, or any other future borrowing facility, we may be limited as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under our credit facilities or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the relevant credit facility or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">In addition to regulatory or existing credit facility requirements that restrict our ability to raise capital, any future debt facilities may contain various covenants that, if not complied with, could accelerate repayment under such debt facilities, thereby materially and adversely affecting our liquidity, financial condition and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Agreements covering our current credit facility require and future agreements governing any debt facilities may require us to comply with certain financial and operational covenants. These covenants may include, among other things:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">restrictions on our ability to incur liens; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">maintenance of a minimum level of stockholders’ equity.</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our compliance with these covenants depends on many factors, some of which are beyond our control. For example, depending on the condition of the public debt and equity markets and pricing levels, unrealized depreciation in our portfolio may increase in the future. Any such increase could result in our inability to comply with an obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of stockholders’ equity.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Accordingly, there are no assurances that we will be able to comply with the covenants in our credit facilities or any debt facilities we enter into. Failure to comply with these covenants could result in a default under these debt facilities, that, if we were unable to obtain a waiver from the lenders or holders of such indebtedness, as applicable, such lenders or holders could accelerate repayment under such indebtedness and thereby have a material adverse impact on our business, financial condition and results of operations.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. However, we have borrowed from, and may in the future issue debt securities to, banks, insurance companies and other lenders. Lenders of these funds have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. We have and may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instruments we may enter into with lenders. In addition, under the terms of our credit facilities and any borrowing facility or other debt instrument we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make dividend payments on our common stock or preferred stock. Our ability to service any debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management fee payable to the Adviser.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our credit facilities or otherwise in an amount sufficient to enable us to repay our indebtedness or to fund our</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before it matures. There can be no assurance that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. There can be no assurance that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to stockholders or on terms that would not require us to breach the terms and conditions of our future debt agreements.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we are generally required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when we are otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on the Adviser’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure stockholders that we will be able to obtain credit at all or on terms acceptable to it.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our debt investments are generally based on floating rates, such as Secured Overnight Financing Rate (“SOFR”), EURIBOR, the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During periods of rising interest rates, the cost of borrowing for the companies in which we invest will increase and may make them less profitable, which generally would decrease the value of our investments in them. In addition, although we generally expect to invest a limited percentage of our assets in instruments with a fixed interest rate, including subordinated loans, senior and junior secured and unsecured debt securities and loans in high yield bonds, an increase in interest rates could decrease the value of those fixed rate investments. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to the Company. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because we have borrowed money, and may issue preferred stock to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of high interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold under the Investment Advisory Agreement and may result in a substantial increase in the amount of Incentive Fees payable to our Adviser with respect to the portion of the Incentive Fee based on income.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be the target of litigation.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be the target of securities litigation in the future, particularly if the value of shares of our common stock fluctuates significantly. We could also generally be subject to litigation, including derivative actions by stockholders. In addition, our investment activities subject it to litigation relating to the bankruptcy process and the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where we exercise control or significant influence over a portfolio company’s direction. Any litigation could result in substantial costs and divert management’s attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in its reinvestment plan, we may be forced to sell some of its investments in order to make cash dividend payments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of our credit facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The above-referenced restrictions on distributions may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of its debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of its debt agreements.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The majority of our portfolio investments are recorded at fair value as determined in good faith by the Adviser as Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Many of our portfolio investments are in the form of loans and securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at </span><span style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">fair value as determined by the Adviser as Valuation Designee in good faith in accordance with Rule 2a-5 and subject to the oversight of our Board, including to reflect significant events affecting the value of our investments. Most, if not all, of our investments (other than cash and cash equivalents) will be classified as Level 3 under the FASB Accounting Standards Codification, Fair Value Measurements and Disclosures (ASC Topic 820). This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. We expect that inputs into the determination of fair value of our portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We retain the services of one or more independent service providers to review the valuation of these loans and securities. However, the ultimate determination of fair value will be made by the Adviser as Valuation Designee subject to the oversight of our Board and not by such third-party valuation firm. The types of factors that the Valuation Designee may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future, comparisons to publicly traded companies, relevant credit market indices and other relevant factors.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Also, since these valuations are, to a large extent, based on estimates, comparisons and qualitative evaluations of private information, our fair valuation process could make it more difficult for investors to accurately value our investments and could lead to undervaluation or overvaluation of our securities. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger public competitors.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities. Further, our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in the NAV.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We will adjust quarterly the valuation of our portfolio to reflect the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the participation of the Adviser in the valuation process could result in a conflict of interest as the management fee payable is based on our gross assets and the incentive fees earned by the Adviser will be based, in part, on unrealized gains and losses.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">New or modified laws or regulations governing our operations may adversely affect our business.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of its business and may be subject to civil fines and criminal penalties.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, changes to the laws and regulations governing our operations, including those associated with RICs, may cause us to alter our investment strategy in order to avail our self of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to the strategies and plans set forth therein and may shift our investment focus from the areas of Crescent’s expertise to other types of investments in which Crescent may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of an investor’s investment. If we invest in commodity interests in the future, the Adviser may determine not to use investment strategies that trigger additional regulation by the U.S. Commodity Futures Trading Commission (“CFTC”) or may determine to operate subject to</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CFTC regulation, if applicable. If we or the Adviser were to operate subject to CFTC regulation, we may incur additional expenses and would be subject to additional regulation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation, interest rates, fiscal or monetary policy and other areas in ways that adversely impact us or our portfolio companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Further, there has been increasing commentary amongst regulators and intergovernmental institutions, including the Financial Stability Board and International Monetary Fund, on the topic of so called “shadow banking” (a term generally taken to refer to credit intermediation involving entities and activities outside the regulated banking system). We are an entity outside the regulated banking system and certain of our activities may be argued to fall within this definition and, in consequence, may be subject to regulatory developments. As a result, we and the Adviser could be subject to increased levels of oversight and regulation. This could increase costs and limit operations. In an extreme eventuality, it is possible that such regulations could render our continued operation unviable and lead to our premature termination or restructuring.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are subject to risks related to corporate social responsibility.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our business (including that of our portfolio companies) faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities, which are increasingly considered to contribute to the long-term sustainability of a company’s performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Crescent also recognizes the importance of considering ESG factors in the investment-decision making process in accordance with its ESG policy.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as diversity, equity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, new regulatory initiatives related to ESG that are applicable to us and our portfolio companies could adversely affect our business. Compliance with any new laws, regulations or disclosure obligations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are subject to risks associated with artificial intelligence and machine learning technology.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Recent technological advances in artificial intelligence and machine learning technology pose risks to our Company and our portfolio investments. Our Company and our portfolio investments could be exposed to the risks of artificial intelligence and machine learning technology if third-party service providers or any counterparties, whether or not known to our Company, also use artificial intelligence and machine learning technology in their business activities. We and our portfolio companies may not be in a position to control the use of artificial intelligence and machine learning technology in third-party products or services.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Use of artificial intelligence and machine learning technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party artificial intelligence and machine learning technology applications and users. The use of artificial intelligence and machine learning technology by our and our portfolio companies’ competitors may adversely affect our and our portfolio companies’ performance.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence and machine learning technology. To the extent that we or our portfolio investments are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our Company or our investments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Additionally, legislative or other actions relating to taxes could have a negative effect on us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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, our common stockholders, or our portfolio companies. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our common stockholders of such qualification or could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There have recently been significant changes to U.S. trade policies, treaties and tariffs, and there is ongoing discussion and commentary regarding further potential changes. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The lack of liquidity in our investments may adversely affect our business.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">All of our assets may be invested in illiquid loans and securities, and a substantial portion of our investments in leveraged companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of its portfolio quickly, we may realize significantly less than the value at which it has previously recorded its investments. Some of our debt investments may contain interest rate reset provisions that may make it more difficult for the borrowers to make periodic interest payments to us. In addition, some of our debt investments may not pay down principal until the end of their lifetimes, which could result in a substantial loss to us if the portfolio companies are unable to refinance or repay their debts at maturity.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be obligated to pay the Adviser certain fees even if we incur a loss.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser is entitled to incentive fees for each fiscal quarter in an amount equal to a percentage of the excess of our pre-incentive fee net investment income for that quarter (before deducting any incentive fees and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income for incentive fee purposes excludes realized and unrealized capital losses or depreciation and income taxes related to realized gains that we may incur in the fiscal quarter, even if such capital losses or depreciation and income taxes related to realized gains result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay the Adviser incentive fees for a fiscal quarter even if there is a decline in the value of our portfolio or the net asset value of our common shares or we incur a net loss for that quarter.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If a portfolio company defaults on a loan that is structured to provide interest, it is possible that accrued and unpaid interest previously used in the calculation of incentive fees will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of incentive fees it received that was based on accrued income that we never receive.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There is a risk that investors in our common shares may not receive distributions or that our distributions may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We make distributions to our common stockholders out of assets legally available for distribution. There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital to stockholders or offering proceeds, and we have no limits on the amounts we may pay from such sources. In addition, distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by our investment adviser or its affiliates, that may be subject to reimbursement to our investment adviser or its affiliates. The repayment of any amounts owed to the Adviser or our affiliates will reduce future distributions to which you would otherwise be entitled. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in its reinvestment plan, we may be forced to sell some of our investments in order to make cash dividend payments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of our credit facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The above-referenced restrictions on distributions may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of its debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of its debt agreements.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our offerings. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your tax basis in your common shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares and reduce the amount of funds we have for investment in targeted assets.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may fund our cash distributions to stockholders from any sources of funds available to us, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and expense reimbursement waivers from the investment adviser or the administrator, if any. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described in this registration statement. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC may limit our ability to pay distributions. All distributions are and will be paid at the sole discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. We cannot assure you that we will continue to pay distributions to our common stockholders in the future. A return of capital is a return of your investment, rather than a return of earnings or gains derived from our investment activities.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Stockholders should understand that any distributions made from sources other than cash flow from operations or relying on expense reimbursement waivers, if any, from the Adviser or our administrator are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser or our administrator continues to makes such expense reimbursements, if any. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Stockholders should also understand that our future repayments to the Adviser will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve such performance in order to sustain these distributions, or be able to pay distributions at all. The Adviser and our Administrator have no obligation to waive fees or receipt of expense reimbursements, if any.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our Adviser and Administrator each have the ability to resign on 120 days’ and 60 days’ notice, respectively, and we may not be able to find a suitable replacement within that time, resulting in a disruption in operations that could adversely affect our financial condition, business and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Adviser has the right under the Investment Advisory Agreement to resign as our investment adviser at any time upon not less than 120 days’ written notice, whether we have found a replacement or not. Similarly, our Administrator has the right under the Administration Agreement to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If the Adviser or Administrator were to resign, we may not be able to find a new investment adviser or administrator, as applicable, or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 120 days or 60 days, respectively, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions to our common stockholders are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment or administrative activities, as applicable, is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our investment Adviser and Administrator, as applicable. Even if we are able to retain a comparable service provider or individuals performing such services are retained, whether internal or external, their integration and lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, if the Adviser resigns or is terminated, we would lose the benefits of our relationship with Crescent, including the use of its communication and information systems, market expertise, sector and macroeconomic views and due diligence capabilities, as well as any investment opportunities referred to us by Crescent, and we would be required to change our name, which may have a material adverse impact on our operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and such regulations may adversely affect us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a public company, we are subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. This process also will result in a diversion of our management’s time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may not be able to obtain all required state licenses.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be required to obtain various state licenses in order to, among other things, originate commercial loans. Applying for and obtaining required licenses can be costly and take several months. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. Our failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Our Investments</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing NAV through increased net unrealized depreciation.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined by the Valuation Designee, as described above in “- Risks Relating to our Business and Structure - The majority of our portfolio investments are recorded at fair value as determined in good faith by the Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, our investment adviser considers the pricing indicated by the external event to corroborate its valuation. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of its valuation process that its investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interests rates may make it more difficult for portfolio companies to make periodic payments on their loans.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity. This risk and the risk of default is increased to the extent that the loan documents do not require the portfolio companies to pay down the outstanding principal of such debt prior to maturity. In addition, if general interest rates rise, there is a risk that our portfolio companies will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We will be subject to the risk that the debt investments we make in our portfolio companies may be repaid prior to maturity.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We expect that our investments will generally allow for repayment at any time subject to certain penalties. When such prepayment occurs, we intend to generally reinvest these proceeds in temporary investments, pending their future investment in accordance with our investment strategy. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elects to prepay amounts owed to us. Additionally, prepayments could negatively impact our ability to pay, or the amount of, dividends on our common stock, which could result in a decline in the market price of our shares.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of our portfolio companies may be in industries that have been, or are expected to be, impacted by inflation. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We typically invest in middle-market companies, which involves higher risk than investments in large companies.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investment in private and middle-market companies involves a number of significant risks. Generally, limited public information exists about these companies, and we will rely on the ability of Crescent’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision and may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Additionally, middle-market companies 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 one or more of the portfolio companies we invest in and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, investment in middle-market companies involves a number of other significant risks, including:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">they generally have less predictable operating results, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in laws and regulations, as well as their interpretations, may adversely affect their businesses, financial structures or prospects; and </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.</span></div></div></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments may be risky and we could lose all or part of our investment.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The debt that we invest in is typically not initially rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard &amp; Poor’s Ratings Services). Below investment grade securities have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” Therefore, our investments may result in an above average amount of risk and volatility or loss of principal. While the debt we invest in is often secured, such security does not guarantee that we will receive principal and interest payments according to the terms of the loan, or that the value of any collateral will be sufficient to allow us to recover all or a portion of the outstanding amount of the loan should we be forced to enforce our remedies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Some of the loans in which we may invest directly or indirectly through investments in CDOs, CLOs or other types of structured entities may be “covenant-lite” loans, which means the loans contain fewer covenants than other loans (in some cases, none) and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by us in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. We may also experience delays in enforcing our rights under covenant-lite loans. Furthermore, we will generally not have direct rights against the underlying borrowers or entities that sponsor CLOs, which means we will not be able to directly enforce any rights and remedies in the event of a default of a loan held by a CLO vehicle. As a result of these risks, our exposure to losses may be increased, which could result in an adverse impact on our net income and net asset value.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We also may invest in assets other than first and second lien and subordinated debt investments, including high-yield securities, U.S. government securities, credit derivatives and other structured securities and certain direct equity investments. These investments entail additional risks that could adversely affect our investment returns.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may invest in high yield debt, or below investment grade securities, which has greater credit and liquidity risk than more highly rated debt obligations.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may also invest in debt securities which will not be rated by any rating agency and, if they were rated, would be rated as below investment grade quality. Bonds that are rated below investment grade are sometimes referred as “high yield bonds” or “junk bonds.” Below investment grade securities have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.</span></p></div><div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may purchase common and other equity securities. Although common stock has historically generated higher average total returns than fixed income securities over the long-term, common stock also has experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on the underlying portfolio company’s success. Investments in equity securities involve a number of significant risks, including:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) and senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company. Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.</span><span style="color:#000000;white-space:pre-wrap;font-size:6pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></div></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There are special risks associated with investing in preferred securities, including:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions.</span></div></div></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, when we invest in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position), second lien senior secured loans or subordinated debt, we may acquire warrants or other equity securities as well. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. 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.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay the management fee and incentive fees to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear his or her share of the management fee and incentive fees due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be subject to risks associated with syndicated loans.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">From time to time, our investments may consist of syndicated loans that were not originated by us or our investment adviser. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. Accordingly, we may be precluded from directing such actions unless we or our investment adviser is the designated administrative agent or collateral agent or we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure you that the actions taken will be in our best interests.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The disposition of our investments may result in contingent liabilities.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of an investment in loans and 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 its return of distributions previously made to us.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our subordinated investments may be subject to greater risk than investments that are not similarly subordinated.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may make subordinated investments that rank below other obligations of the borrower in right of payment. Subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the borrower or in general economic conditions. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender’s liability claim, if, among other things, we actually render significant managerial assistance.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may hold the debt securities of leveraged companies.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that it may have obtained in connection with its investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect the portfolio company. If the proceeding is converted to a liquidation, the value of the portfolio company may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations that we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities, that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt investments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements (including agreements governing “first out” and “last out” structures) that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as junior lenders are adversely affected.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our portfolio companies may be highly leveraged.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our investment strategy contemplates potential investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although we expect most of our investments will be U.S. dollar denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The due diligence process that the Adviser undertakes in connection with our investments may not reveal all the facts that may be relevant in connection with an investment.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s due diligence may not reveal all of a company’s liabilities and may not reveal other weaknesses in its business. There can be no assurance that our Adviser's due diligence process will uncover all relevant facts that would be material to an investment decision. Before making an investment in, or a loan to, a company, the Adviser will assess the strength and skills of the company’s management team and other factors that it believes are material to the performance of the investment. In making the assessment and otherwise conducting customary due diligence, the Adviser will rely on the resources available to it and, in some cases, an investigation by third parties. This process is particularly important and highly subjective with respect to newly organized entities because there may be little or no information publicly available about the entities. We may make investments in, or loans to, companies, including middle market companies, which are not subject to public company reporting requirements, including requirements regarding preparation of financial statements, and will, therefore, depend upon the compliance by investment companies with their contractual reporting obligations and the ability of the Adviser’ investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we and the Adviser are unable to uncover all material information about these companies, we may not make a fully informed investment decision and may lose money on our investments. As a result, the evaluation of potential investments and the ability to perform due diligence on and effective monitoring of investments may be impeded, and we may not realize the returns that it expects on any particular investment. In the event of fraud by any company in which we invest or with respect to which we make a loan, we may suffer a partial or total loss of the amounts invested in that company.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be subject to risks under hedging transactions and may become subject to risk if we invest in non-U.S. securities</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The 1940 Act generally requires that 70% of our investments be in issuers each of whom is organized under the laws of, and has its principal place of business in, any state of the United States, the District of Columbia, Puerto Rico, the Virgin Islands or any other possession of the United States. However, our portfolio may include debt securities of non-U.S. companies, including emerging market issuers, to the limited extent such transactions and investments would not cause us to violate the 1940 Act. We expect that these investments would focus on the same secured debt, unsecured debt and related equity security investments that we make in U.S. middle-market companies and, accordingly, would be complementary to our overall strategy and enhance the diversity of our holdings. Investing in loans and securities of emerging market issuers involves many risks including economic, social, political, financial, tax and security conditions in the emerging market, potential inflationary economic environments, regulation by foreign governments, different accounting standards and political uncertainties. Economic, social, political, financial, tax and security conditions also could negatively affect the value of emerging market companies. These factors could include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations or judgments or foreclosing on collateral, lack of uniform accounting and auditing standards and greater price volatility.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Engaging in either hedging transactions or investing in foreign loans and securities would entail additional risks to our stockholders. We could, for example, use instruments such as interest rate swaps, caps, collars and floors and, if we were to invest in foreign loans and securities, we could use instruments such as forward contracts or currency options and borrow under a credit facility in currencies selected to minimize our foreign currency exposure. In each such case, we generally would seek to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions could also limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that we would not be able to enter into a hedging transaction at an acceptable price.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it might not be possible for us to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those loans and securities would likely fluctuate as a result of factors not related to currency fluctuations.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may not realize anticipated gains on the equity interests in which we invest.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">When we invest in loans and debt securities, we may acquire warrants or other equity securities of portfolio companies as well. We may also invest in equity securities directly. To the extent we hold equity investments, we will attempt to dispose of them and realize gains upon such disposition. However, the equity interests we receive may not appreciate in value and, may decline in value. As a result, 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.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may invest in significant risk transfer securities, or other similar synthetic instruments, issued by banks or other financial institutions.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Significant risk transfer (“SRT”) securities, or other similar synthetic instruments, typically enable a bank, other financial institution or issuer to transfer the credit risk associated with a pool of underlying obligations (or “reference assets”) to investors, such as us, and are subject to, among other risks, the credit risks associated with the applicable reference assets. In connection with an investment in SRT securities or other similar synthetic instruments, we may have a contractual relationship only with the counterparty of such synthetic instrument, and not with the reference obligor of the reference asset. Accordingly, we generally will have no right to directly enforce compliance by the reference obligor with the terms of the reference asset nor will we have any rights of setoff against the reference obligor or rights with respect to the reference asset. We will not directly benefit from the collateral supporting the reference asset and will not have the benefit of the remedies that would normally be available to a holder of such reference asset. In addition, in the event of the insolvency of the counterparty, we may be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference asset. SRT transactions are typically linked to a first-loss or mezzanine tranche of a larger portfolio; accordingly, an exposure to that portfolio would be leveraged.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in the consumer products and services sector are subject to various risks including cyclical risks associated with the overall economy.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">General risks of companies in the consumer products and services sector include cyclicality of revenues and earnings, economic recession, currency fluctuations, changing consumer tastes, extensive competition, product liability litigation and increased government regulation. Generally, spending on consumer products and services is affected by the health of consumers. Companies in the consumer products and services sectors are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. A weak economy and its effect on consumer spending would adversely affect companies in the consumer products and services sector.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in the financial services sector are subject to various risks including volatility and extensive government regulation.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">risks include the effects of changes in interest rates on the profitability of financial services companies, the rate of corporate and consumer debt defaults, price competition, governmental limitations on a company’s loans, other financial commitments, product lines and other operations and recent ongoing changes in the financial services industry (including consolidations, development of new products and changes to the industry’s regulatory framework). There is continued instability and volatility in the financial markets. Insurance companies have additional risks, such as heavy price competition, claims activity and marketing competition, and</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">can </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">be particularly sensitive to specific events such as man-made and natural disasters (including weather catastrophes), climate change, terrorism, mortality risks and morbidity rates.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in technology companies are subject to many risks, including volatility, intense competition, shortened product life cycles, litigation and periodic downturn risks.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have invested and will continue investing in technology companies, many of which may have narrow product lines and small market shares, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as to general economic downturns. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, technology related markets are generally characterized by abrupt business cycles and intense competition, where the leading companies in any particular category may hold a highly concentrated percentage of the overall market share.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The effect of global climate change may impact the operations of our portfolio companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their businesses. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial conditions, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Other risks associated with climate change include risks related to the impact of climate-related legislation and regulation (both domestically and internationally), as well as risks related to climate-related business trends. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These events and the disruptions they cause, alone or in combination, could also lead to increased costs of insurance for us and/or our portfolio companies.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Risks Relating to Our Common Stock</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in our common stock may involve an above average degree of risk.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and volatility or loss of principal, including the risk that the investor may lose their entire investment. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain investors will be subject to Exchange Act filing requirements.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because our Common Shares are registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of our Common Shares must be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, our common stockholders who choose to reinvest their dividends may see their percentage stake in us increased to more than 5%, thus triggering this filing requirement. Each stockholder is responsible for determining its filing obligations and preparing the filings. In addition, our common stockholders who hold more than 10% of a class of our common shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of our profits from the purchase and sale of registered stock (and securities convertible or exchangeable into such registered stock) within a six-month period.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">You may receive dividends in the form of common stock instead of cash, which could result in adverse tax consequences to you.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In order to satisfy the Annual Distribution Requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a sufficient portion of such dividend is available to be paid in cash (generally 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder would be taxed on 100% of the dividend in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.</span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">No stockholder approval is required for certain mergers.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board may undertake to approve mergers between us and certain other funds or vehicles. Subject to the requirements of the 1940 Act and Maryland law, such mergers will not require stockholder approval so you will not be given an opportunity to vote on these matters unless such mergers are reasonably anticipated to result in a material dilution of our NAV per share or are otherwise required to be approved under Maryland law. These mergers may involve funds managed by affiliates of our investment adviser. Subject to stockholder approval, the Board may also seek to convert the form and/or jurisdiction of organization, including to take advantage of laws that are more favorable to maintaining board control in the face of dissident stockholders.</span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Shares of closed-end investment companies frequently trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to accurately predict whether any shares of our common stock will trade at, above, or below net asset value. In the recent past, the stocks of BDCs as an industry, including at times shares of our common stock, have traded below net asset value. When our common stock is trading below its net asset value per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The market price of our common stock may fluctuate significantly.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which may be beyond our control and may not be directly related to our operating performance. These factors include:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">significant volatility in the market price and trading volume of securities of publicly traded RICs, BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">price and volume fluctuations in the overall stock market from time to time; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the inclusion or exclusion of our common stock from certain indices; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">loss of RIC status; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in earnings or variations in operating results; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in the value of our portfolio of investments; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">announcements with respect to significant transactions; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">departure of key personnel of ours or the Adviser; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">operating performance of companies comparable to us; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">short-selling pressure with respect to shares of our common stock or BDCs generally; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">general economic trends and other external factors; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">uncertainty regarding U.S. immigration and work permit policies;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">loss of a major funding source; and </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">an increase in negative global media coverage relating to the private credit industry.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the past, securities class action litigation has been brought against numerous public companies resulting from volatility in the market price of their securities. Because of the potential volatility in the price of our common stock, we may become the target of securities litigation in the future. If we were to become involved in securities litigation, it could result in substantial costs, divert management’s attention and resources from the business and adversely affect the business.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Common stockholders who participate in the distribution reinvestment plan may increase their risk of overconcentration.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Common stockholders who opt in to our distribution reinvestment plan will have any cash distributions otherwise payable to them automatically reinvested in additional shares of our common stock. This may increase such stockholder’s ownership percentage in us and could increase such stockholder’s risk of overconcentration.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash distributions authorized by the Board on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and we declare a cash distribution, then stockholders who have not opted out of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of Common stock, rather than receiving the cash distribution. See “</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1—Business—Dividend Reinvestment Plan</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” for a description of the dividend reinvestment plan. The number of shares to be issued to a plan participant will be determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of our common stock at the close of regular trading on NASDAQ on the date of such distribution. The market price per share of our common stock on a particular date will be the closing price for such shares on NASDAQ on such date, or, if no sale is reported for such date, at the average of their reported bid and asked prices. However, if the market price per share exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed net asset value per share). Accordingly, participants in the dividend reinvestment plan may receive a greater number shares of our common stock than the number of shares associated with the market price of our common stock, resulting in dilution for other stockholders. Stockholders that opt out of the dividend reinvestment plan will experience dilution in their ownership percentage of our common stock over time.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our future credit ratings may not reflect all risks of an investment in our debt securities.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our credit ratings are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our debt securities. Our future credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of or trading market for the publicly issued debt securities.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Provisions of the Maryland General Corporation Law and of the Charter and the Bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain provisions of the Maryland General Corporation Law (the “MGCL”) may discourage, delay or make more difficult a change in control of the Company, including (i) the Maryland Business Combination Act (the “Business Combination Act”), which, subject to any applicable requirements of the 1940 Act and certain other limitations, prohibits certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of our outstanding shares of voting stock or an affiliate or associate of us who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding shares of stock) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter will impose special appraisal rights and supermajority voting requirements on these combinations and (ii) the Maryland Control Share Acquisition Act (the “Control Share Acquisition Act”), which, subject to any applicable requirements of the 1940 Act, provides that our “control shares” (defined as shares which, when aggregated with other shares controlled by the stockholder (except solely by virtue of a revocable proxy), entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. The Board has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, provided that the business combination is first approved by the Board, including a majority of the independent directors, and the Bylaws exempt from the Control Share Acquisition Act acquisitions of our stock by any person. However, if the resolution exempting business combinations is repealed or the Board or independent directors do not approve a business combination or we amend the Bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the 1940 Act, the Business Combination Act or Control Share Acquisition Act, as the case may be, may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We are also subject to other measures that may make it difficult for a third party to obtain control of us, including provisions of the Charter that (i) classify the Board into three classes serving staggered three-year terms and require that any vacancies be filled by a majority of directors remaining in office, (ii) require a two-thirds vote and cause for director removal, (iii) authorize the Board to classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock into other classes or series of stock, including preferred stock, and to cause the issuance of additional shares of our common stock and (iv) authorize the Board to amend the Charter, without stockholder approval, 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 the authority to issue. These provisions, as well as other provisions in the Charter and the Bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our Charter designates the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Charter provides that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the U.S. District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any Internal Corporate Claim, as such term is defined in Section 1-101(p) of the MGCL, including, without limitation, (a) any action asserting a claim of breach of any duty owed by any of our directors or officers or other employees to us or to our stockholders or (b) any action asserting a claim against us or any of our directors or officers or other employees arising pursuant to any provision of the MGCL or the Charter or the Bylaws; or (iii) any action asserting a claim against us or any of our directors or officers or other employees that is governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our common stock will be deemed to have notice of and to have consented and waived any objection to this exclusive forum provision of the Charter, as the same may be amended from time to time. The Charter includes this provision so that we can respond to litigation more efficiently, reduce the costs associated with our responses to such litigation, particularly litigation that might otherwise be brought in multiple forums, and make it less likely that plaintiffs’ attorneys will be able to employ such litigation to coerce us into otherwise unjustified settlements. However, this exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that such stockholder believes is favorable for disputes with us or our directors, officers or other employees, if any, and may discourage lawsuits against us and our directors, officers or other employees, if any. We believe the risk of a court declining to enforce this exclusive forum provision is remote, as the General Assembly of Maryland has specifically amended the MGCL to authorize the adoption of such provision. However, if a court were to find such provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings notwithstanding that the MGCL expressly provides that the charter or bylaws of a Maryland corporation may require that any Internal Corporate Claim be brought only in courts sitting in one or more specified jurisdictions, we may incur additional costs that it does not currently anticipate associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We incur significant costs as a result of being a publicly traded company.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">s a publicly-traded company, we incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including certain requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC and the listing standards of the Nasdaq Global Select Market. For example, the listing standards of the national securities exchanges require us to implement and disclose "clawback" policies mandating the recovery of incentive compensation paid to executive officers in connection with accounting restatements.</span></p></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline solid;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">General Risk Factors</span></p><div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Many of the portfolio companies in which we expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay their loans during such periods. Therefore, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. Macroeconomic factors such as real GDP growth, consumer confidence, the global health epidemics or pandemics, supply chain disruptions, inflation, employment levels, oil prices, interest rates, tax rates, foreign currency exchange rate fluctuations and other macroeconomic trends can adversely affect customer demand for the products and services that our portfolio companies offer and may adversely impact their businesses or financial results. In addition, although we invest primarily in companies located in the United States, our portfolio companies may rely on parts or supplies manufactured outside the United States. As a result, any event causing a disruption of imports, including natural disasters, public health crises, or the imposition of import or trade restrictions in the form of tariffs or quotas could increase the cost and reduce the supply of products available to our portfolio companies, which may negatively impact their businesses or financial results.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Adverse economic conditions may also decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. If the value of collateral underlying our loan declines during the term of the loan, a portfolio company may not be able to obtain the necessary funds to repay the loan at maturity through refinancing. Decreasing collateral value may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. Thus, economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit its access to the capital markets or result in a decision by lenders not to extend credit to us. We consider a number of factors in making our investment decisions, including, but not limited to, the financial condition and prospects of a portfolio company and its ability to repay our loan. Unfavorable economic conditions could negatively affect the valuations of our portfolio companies and, as a result, make it more difficult for such portfolio companies to repay or refinance our loans. Therefore, these events could prevent us from increasing our investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">or other lenders could lead to defaults and, potentially, acceleration of the time when its loans are due, termination of the portfolio company’s loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize its ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, which may include the waiver of certain financial covenants. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, depending on the facts and circumstances, including the extent to which we actually provide significant managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors, even though we may have structured our investment as senior secured debt.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which we and/or our portfolio companies have a commercial relationship could adversely affect, among other things, our and/or our portfolio companies’ ability to pursue key strategic initiatives, including by affecting our or our portfolio companies' ability to access deposits or borrow from financial institutions on favorable terms. Additionally, if a portfolio company or its sponsor has a commercial relationship with a bank that has failed or is otherwise distressed, the portfolio company may experience issues receiving financial support from a sponsor to support its operations or consummate transactions, to the detriment of their business, financial condition and/or results of operations. In addition, such bank failure(s) could affect, in certain circumstances, the ability of both affiliated and unaffiliated co-lenders, including syndicate banks or other fund vehicles, to undertake and/or execute co-investment transactions with us, which in turn may result in fewer co-investment opportunities being made available to us or impact our ability to provide additional follow-on support to portfolio companies. Our ability and our portfolio companies' ability to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, including liens placed on our respective assets as a result of a bank agreeing to provide financing.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 both the perception of credit risk associated with our debt portfolio and 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 shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The current global financial market situation, as well as various social and political circumstances in the U.S. 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, adverse effects of climate crisis and global health epidemics, may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Additionally, the U.S. government’s credit and deficit concerns, the European sovereign debt crisis, and the potential trade war with China, could cause interest rates to be volatile, which may negatively impact our ability to access the debt markets on favorable terms.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The impact of events described above on our portfolio companies could affect their ability to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Adverse developments in the credit markets may impair our ability to enter into new debt financing arrangements.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During the economic downturn in the United States that began in mid-2007, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited refinancing and loan modification transactions and reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, it may be difficult for us to enter into a new credit or other borrowing facility, obtain other financing to finance the growth of our investments, or refinance any outstanding indebtedness on acceptable economic terms, or at all.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may experience fluctuations in our quarterly operating results.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our business is dependent on our and third parties’ communications and information systems. Further, in the ordinary course of our business we or our investment adviser may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">sudden electrical or telecommunications outages;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">natural disasters such as earthquakes, tornadoes and hurricanes;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">disease pandemics;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">events arising from local or larger scale political or social matters, including terrorist acts; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">cyber-attacks.</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These events, in turn, could have a material adverse effect on our business, financial condition and operating results and negatively affect the NAV of our common shares and our ability to pay dividends to our common stockholders.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of its confidential information and/or damage to its business relationships.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify its protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We face risks posed to our information systems, both internal and those provided to it by third-party service providers. We, our investment adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, may be ineffective and do not guarantee that a cyber-incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Third parties with which we do business (including those that provide services to us) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.</span></p></div><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Valuation Risk </span><div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2. Summary of Significant Account Policies to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Interest Rate Risk</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of December 31, 2025, 98.0% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility and SMBC Corporate Revolving Facility also bear interest at variable rates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Assuming that our Consolidated Statement of Assets and Liabilities as of December 31, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">($ in millions)</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:31.9%;box-sizing:content-box;"></td> <td style="width:2.58%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.04%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.12%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:17.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:21.76%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Basis Point Change</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Interest Income</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Interest Expense</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Net Interest Income </span><span style="color:#000000;top:-4.6899999999999995pt;white-space:pre-wrap;font-weight:bold;font-size:6.7pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 100 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14.2</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.7</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">9.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 75 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.6</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 50 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.8</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 25 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.2</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 25 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(1.2</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 50 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(4.8</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 75 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(10.6</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 100 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(14.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(4.7</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(9.4</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> </table><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.</span></p></div><div style="font-size:10pt;font-family:Times New Roman;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Currency Risk</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">From time to time, we may make investments that are denominated in a foreign currency. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. To the extent the loan or investment is based on a floating rate, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate. As of December 31, 2025, we had </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">£16.9 million, CHF 18.7, AUD $44.8, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £13.6 million, CHF 19.1 million, AUD $44.1, and SEK 11.6 at par.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"></span></p></div> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our Board may change our investment objectives, operating policies and strategies without prior notice or stockholder approval.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board has the authority, except as otherwise provided in the 1940 Act or state law, as described below, to modify or waive certain of our investment objectives, operating policies and strategies without prior notice and without stockholder approval. Pursuant to Rule 35d-1 under the 1940 Act, we may not change our investment strategy with respect to 80% of our total assets without 60 days’ prior notice to stockholders. If we operate as a diversified management investment company for a period of three or more years, we will not resume operation as a non-diversified management investment company without prior stockholder approval. Additionally, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. Under Maryland law, we also cannot be dissolved without prior stockholder approval. We cannot predict the effect any changes to our operating policies and strategies would have on our business, operating results and the market price of our common shares. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions to our common stockholders.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">A failure on our part to maintain our status as a BDC may significantly reduce our operating flexibility.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the 1940 Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under our outstanding indebtedness, which could have a material adverse effect on our business, financial condition or results of operations.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We and the Adviser are subject to regulations and SEC oversight. If we or the Adviser fail to comply with applicable requirements, it may adversely impact our results relative to companies that are not subject to such regulations.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we are subject to a portion of the 1940 Act. In addition, we have elected to be treated, and intend to operate in a manner so as to continuously qualify, as a RIC in accordance with the requirements of Subchapter M of the Code. The 1940 Act and the Code impose various restrictions on the management of a BDC, including related to portfolio construction, asset selection, and tax. These restrictions may reduce the chances that we will achieve the same results as other vehicles managed by Crescent and/or the Adviser.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">However, if we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act which would significantly decrease our operating flexibility. In addition to these and other requirements applicable to us, our investment adviser is subject to regulatory oversight by the SEC. To the extent the SEC raises concerns or has negative findings concerning the manner in which we or our investment adviser operates, it could adversely affect our business.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are dependent upon key personnel of Crescent and the Adviser.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We do not have any internal management capacity or employees. Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will</span><span style="color:#000000;white-space:pre-wrap;font-size:8pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">depend, in turn, on the diligence, skill and network of business contacts of Crescent’s senior professionals. We expect that these senior professionals will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of our Investment Advisory Agreement. We can offer no assurance, however, that Crescent’s senior professionals will continue to provide investment advice to us. If these individuals do not maintain their employment or other relationships with Crescent and do 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 Crescent’s investment professionals have relationships are not obligated to provide us with investment opportunities. Therefore, we can offer no assurance that such relationships will generate investment opportunities for us. The departure or misconduct of any of these individuals, or of a significant number of the investment professionals of Crescent, could have a material adverse effect on our business, financial condition or results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser is an affiliate of Crescent and depends upon access to the investment professionals and Crescent’s other resources to fulfill its obligations to us under the Investment Advisory Agreement. The Adviser will also depend upon such investment professionals to obtain access to deal flow generated by Crescent. In addition, we cannot assure you that an affiliate of Crescent will remain our investment adviser or that we will continue to have access to Crescent’s investment professionals or its information and deal flow.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent’s and the Adviser’s investment professionals, which are currently composed of the same personnel, have substantial responsibilities in connection with the management of other Crescent clients. Crescent’s personnel may be called upon to provide managerial assistance to our portfolio companies. These demands on their time, which may increase as the number of investments grow, may distract them or slow our rate of investment.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s investment committee, which provides oversight over our investment activities, is provided to us by our investment adviser under the Investment Advisory Agreement. The loss of any member of the Adviser’s investment committee or of Crescent’s other senior professionals would limit our ability to achieve our investment objectives and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We will not provide key person life insurance for any of our key personnel. Further, we depend upon Crescent to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If Crescent fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom Crescent’s senior professionals have relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities in the future. There can be no assurance that Crescent will replicate its historical ability to generate investment opportunities, and we caution you that our investment returns could be substantially lower than the returns achieved by other Crescent-managed funds.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may not replicate the historical performance achieved by Crescent.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our primary focus in making investments may differ from those of existing investment funds, accounts or other investment vehicles that are or have been managed by members of our investment adviser’s investment committee or by Crescent. Past performance should not be relied upon as an indication of future results. There can be no guarantee that we will replicate the historical performance of Crescent or the historical performance of investment funds, accounts or other investment vehicles that are or have been managed by members of the Adviser’s investment committee or by Crescent or its employees, and we caution investors that our investment returns could be substantially lower than the returns achieved by them in prior periods. We cannot assure you that we will be profitable in the future or that the Adviser will be able to continue to implement our investment strategies or achieve our investment objectives with the same degree of success that it has had in the past. Additionally, all or a portion of the prior results may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We depend on Crescent to manage our business effectively.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our ability to achieve our investment objectives will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on Crescent’s ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis will depend upon Crescent’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. Crescent’s investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. Crescent’s personnel may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from 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.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Adviser, the investment committee of the Adviser, Crescent and their affiliates, officers, directors and employees may face certain conflicts of interest.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a result of our arrangements with Crescent, the Adviser and the Adviser’s investment committee, there may be times when the Adviser or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The members of the Adviser’s investment committee 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 Crescent and/or its affiliates. Similarly, Crescent and its affiliates may have other clients with similar, different or competing investment objectives.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of, or which may be adverse to the interests of, us or our stockholders. For example, Crescent has, and will continue to have management responsibilities for other investment funds, accounts and investment vehicles. There is a potential that we will compete with these funds, and other entities managed by Crescent and its affiliates, for capital and investment opportunities. As a result, members of the Adviser’s investment committee who are affiliated with Crescent will face conflicts in the allocation of investment opportunities among us, and other investment funds, accounts and investment vehicles managed by Crescent and its affiliates and may make certain investments that are appropriate for us but for which we receive a relatively small allocation or no allocation at all. Crescent intends to allocate investment opportunities among eligible investment funds, accounts and investment vehicles in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time and we may not be given the opportunity to participate in investments made by investment funds managed by Crescent or its affiliates and there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Further, to the extent permitted by applicable law, we and our affiliates may own investments at different levels of a portfolio company’s capital structure or otherwise own different classes of a portfolio company’s securities, which may give rise to conflicts of interest or perceived conflicts of interest. Conflicts may also arise because decisions regarding our portfolio may benefit our affiliates. Our affiliates may pursue or enforce rights with respect to one of its portfolio companies, and those activities may have an adverse effect on us.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Conflicts may arise related to other arrangements with Crescent and the Adviser and other affiliates.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have entered into a license agreement with Crescent under which Crescent has agreed to grant us a non-exclusive, royalty-free license to use the name “Crescent Capital.” In addition, the Administration Agreement with the Administrator, an affiliate of Crescent, requires we pay to the Administrator our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, such as rent and our allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. In addition, the Adviser has entered into a Resource Sharing Agreement with Crescent pursuant to which Crescent provides the Adviser with the resources necessary to fulfill its obligations under the Investment Advisory Agreement. These agreements create conflicts of interest that the independent members of our Board will monitor. For example, under the terms of the license agreement, we will be unable to preclude Crescent from licensing or transferring the ownership of the “Crescent Capital” name to third parties, some of whom may compete against us. Consequently, it will be unable to prevent any damage to goodwill that may occur as a result of the activities of Crescent or others. Furthermore, in the event the license agreement is terminated, we will be required to change our name and cease using “Crescent Capital” as part of our name. Any of these events could disrupt our recognition in the market place, damage any goodwill it may have generated and otherwise harm its business.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Investment Advisory Agreement, and the Administration Agreement were negotiated between related parties. Consequently, their terms, including fees payable to the Adviser, may not be as favorable to us as if they had been negotiated exclusively with an unaffiliated third party. In addition, we may desire not to enforce, or to enforce less vigorously, our rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Adviser, the Administrator and their respective affiliates. Any such decision, however, could breach our fiduciary obligations to our stockholders.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Crescent’s principals and employees, the Adviser or their affiliates may, from time to time, possess material non-public information, limiting our investment discretion</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent’s executive officers and directors, principals and other employees, including members of the Adviser’s investment committee, may serve as directors of, or in a similar capacity with, portfolio companies in which we invest, the securities of which are purchased or sold on our behalf and may come into possession of material non-public information with respect to issuers in which we may be considering making an investment. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies, Crescent’s policies or as a result of applicable law or regulations, we could be prohibited for a period of time or indefinitely from purchasing or selling the securities of such companies, or we may be precluded from providing such information or other ideas to other funds affiliated with Crescent that might benefit from such information, and this prohibition may have an adverse effect on us.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our management and incentive fee structure may create incentives for the Adviser that are not fully aligned with our stockholders’ interests and may induce the Adviser to make speculative investments.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the course of our investing activities, we will pay management and incentive fees to the Adviser. We have entered into the Investment Advisory Agreement with the Adviser that provides that these fees are based on the value of our gross assets (which includes assets purchased with borrowed amounts or other forms of leverage but excludes cash and cash equivalents), instead of net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable). As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, including the costs of leverage, resulting in a lower rate of return than one might achieve if distributions were made on a gross basis. Because our management fees are based on the value of our gross assets, incurrence of debt or the use of leverage will increase the management fees due to the Adviser. As such, the Adviser may have an incentive to use leverage to make additional investments. In addition, as additional leverage would magnify positive returns, if any, on our portfolio, the incentive fee would become payable to the Adviser (i.e., exceed the Hurdle Amount (as defined herein under the heading “</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Incentive Fee</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”)) at a lower average return on our portfolio. Thus, if we incur additional leverage, the Adviser may receive additional incentive fees without any corresponding increase (and potentially with a decrease) in the performance of our portfolio.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, under the incentive fee structure, the Adviser may benefit when capital gains are recognized and, because the Adviser will determine when to sell a holding, the Adviser will control the timing of the recognition of such capital gains. As a result of these arrangements, there may be times when the management team of the Adviser has interests that differ from those of our stockholders, giving rise to a conflict. Furthermore, there is a risk the Adviser will make more speculative investments in an effort to receive this payment. PIK interest and OID would increase our pre-incentive fee net investment income by increasing the size of the loan balance of underlying loans and increasing our assets under management and would make it easier for the Adviser to surpass the Hurdle Amount and increase the amount of incentive fees payable to the Adviser.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The part of the incentive fee payable to the Adviser relating to our net investment income is computed and paid on income that may include interest income that has been accrued but not yet received in cash. This fee structure may give rise to a conflict of interest for the Adviser to the extent that it encourages the Adviser to favor debt financings that provide for deferred interest, rather than current cash payments of interest. The Adviser may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because, under the Investment Advisory Agreement, the Adviser is not obligated to reimburse us for incentive fees it receives even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board is charged with protecting our interests by monitoring how the Adviser addresses these and other conflicts of interest associated with its services and compensation. While our Board is not expected to review or approve each investment decision or incurrence of leverage, our independent directors will periodically review the Adviser’s services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, our independent directors will consider whether the Adviser’s fees and expenses (including those related to leverage) remain appropriate.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest, to the extent permitted by law, in the securities and instruments of other investment companies, including private funds, and, to the extent we so invest, bear our ratable share of any such investment company’s expenses, including management and performance fees. We also remain obligated to pay management and incentive fees to the Adviser with respect to the assets invested in the securities and instruments of other investment companies. With respect to each of these investments, each of our stockholders bears his or her share of the management and incentive fees of the Adviser as well as indirectly bearing the management and performance fees and other expenses of any investment companies in which we invest.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The Adviser has limited liability and is entitled to indemnification under the Investment Advisory Agreement.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under the Investment Advisory Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. The Adviser will not be responsible for any action of our Board in following or declining to follow the Adviser’s advice or recommendations. Under the Investment Advisory Agreement the Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including, without limitation, its general partner and the Administrator, and any person controlling or controlled by the Adviser will not be liable to us, any of our subsidiaries, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Adviser owes to us under the Investment Advisory Agreement. In addition, as part of the Investment Advisory Agreement, we have agreed to indemnify the Adviser and each of its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including, without limitation, its general partner and the Administrator, and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by such party in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of us or our security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under the Investment Advisory Agreement or otherwise as an investment adviser of us, except in respect of any liability to us or our security holders to which such party would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than the Adviser would when acting for its own account.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our ability to enter into transactions with our affiliates is restricted.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, the SEC. We consider the Adviser and its affiliates, including Crescent, to be our affiliates for such purposes. In addition, any person that is an affiliate of ours for purposes of the 1940 Act generally is prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to us, absent the prior approval of our independent directors and, in some cases, of the SEC. We consider the Adviser and its affiliates, including Crescent, to be our affiliates for such purposes. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company, without prior approval of our independent directors and, in some cases, of the SEC. We are prohibited from buying or selling any security from or to any person who owns more than 25% of our voting securities or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. If we are prohibited by applicable law from investing alongside Crescent’s investment funds, accounts and investment vehicles with respect to an investment opportunity, we may not be able to participate in such investment opportunity.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may, however, invest alongside Crescent’s investment funds, accounts and investment vehicles in certain circumstances where doing so is consistent with our investment strategy as well as applicable law and SEC staff interpretations or exemptive orders. For example, we may invest alongside such investment funds, accounts and investment vehicles consistent with guidance promulgated by the SEC staff to purchase interests in a single class of privately placed securities so long as certain conditions and requirements are met, including that Crescent, acting on our behalf and on behalf of such investment funds, accounts and investment vehicles, negotiates no term other than price.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In situations where co-investment with investment funds, accounts and investment vehicles managed by Crescent is not permitted or appropriate, such as when there is an opportunity to invest in different securities of the same issuer or where the different investments could be expected to result in a conflict between our interests and those of Crescent’s clients, subject to the limitations described in the preceding paragraph, Crescent will need to decide which client will proceed with the investment. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. These restrictions will limit the scope of investment opportunities that would otherwise be available to us.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent has been granted exemptive relief from the SEC, upon which we and the Adviser may rely, which permits greater flexibility to negotiate the terms of co-investments if our Board determines that it would be advantageous for us to co-invest with investment funds, accounts and investment vehicles managed by Crescent in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. We believe that co-investment by us and investment funds, accounts and investment vehicles managed by Crescent may afford us additional investment opportunities and an ability to achieve a more varied portfolio. Accordingly, our exemptive order permits us to invest with investment funds, accounts and investment vehicles managed by Crescent in the same portfolio companies under circumstances in which such investments would otherwise not be permitted by the 1940 Act. The exemptive relief permitting co-investment transactions generally applies only if our independent directors and directors who have no financial interest in such transaction review and approve in advance each co-investment transaction. The exemptive relief provides that, if the size of a co-investment opportunity is insufficient to meet our and the other Crescent funds’ desired level of participation in full, allocations will generally be made pro rata based on capital available for investment, as determined, in our case, by our Board as well as the terms of our governing documents and those of such investment funds, accounts and investment vehicles. It is our policy to base our determinations on such factors as: the amount of cash on-hand, existing commitments and reserves, if any, our targeted leverage level, our targeted asset mix and diversification requirements and other investment policies and restrictions set by our Board or imposed by applicable laws, rules, regulations or interpretations. We expect that these determinations will be made similarly for investment funds, accounts and investment vehicles managed by Crescent. However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our ability to sell or otherwise exit investments also invested in by other Crescent investment vehicles is restricted.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be considered affiliates with respect to certain of our portfolio companies because our affiliates, which may include certain investment funds, accounts or investment vehicles managed by Crescent, also hold interests in these portfolio companies and as such these interests may be considered a joint enterprise under the 1940 Act. To the extent that our interests in these portfolio companies may need to be restructured in the future or to the extent that we choose to exit certain of these transactions, our ability to do so will be limited. Crescent has obtained exemptive relief from the SEC in relation to certain joint transactions upon which we and the Adviser may rely; however, there is no assurance that we will obtain relief that would permit us to negotiate future restructurings or other transactions that may be considered a joint enterprise.</span> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Conflicts of interest may be created by the valuation process for certain portfolio holdings.</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We make many of our portfolio investments in the form of loans and securities that are not publicly traded and for which no market-based price quotation is available. As a result, our investment adviser, as the Board's valuation designee (in such capacity, the “Valuation Designee”), will determine the fair value of these loans and securities as described below in “-Risks Relating to our Business and Structure - The majority of our portfolio investments are recorded at fair value as determined in good faith by the Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Each of the interested members of our Board has an indirect pecuniary interest in our investment adviser. The participation of our investment adviser’s investment professionals in our valuation process, and the pecuniary interest in our investment adviser by certain members of our Board, could result in a conflict of interest as our investment adviser’s management fee is based, in part, on the value of our net assets, and our incentive fees will be based, in part, on realized gains and realized and unrealized losses.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We operate in an increasingly competitive market for investment opportunities, which could make it difficult for us to identify and make investments that are consistent with our investment objectives.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A number of entities compete with us to make the types of investments that we make and plan to make. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC qualification. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objectives.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">With respect to the investments we make, we will not seek to compete based primarily on the interest rates we will offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we expect to compete generally on the basis of pricing terms. With respect to all investments, we may lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. We may also compete for investment opportunities with investment funds, accounts and investment vehicles managed by Crescent. Although Crescent will allocate opportunities in accordance with its policies and procedures, allocations to such investment funds, accounts and investment vehicles will reduce the amount and frequency of opportunities available to us and may not be in the best interests of us and our stockholders. Moreover, the performance of investments will not be known at the time of allocation. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">See —“The Adviser, the investment committee of the Adviser, Crescent and their affiliates, officers, directors and employees may face certain conflicts of interest.”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our ability to grow depends on our ability to raise capital.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We will need to periodically access the capital markets to raise cash to fund new investments in excess of our repayments, and we may also need to access the capital markets to refinance any future debt obligations to the extent such maturing obligations are not repaid with availability under our revolving credit facilities or cash flows from operations. We intend to be treated as a RIC and operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. Among other things, in order to maintain our RIC status, we must distribute to our common stockholders on a timely basis generally an amount equal to at least 90% of our investment company taxable income, and, as a result, such distributions will not be available to fund investment originations or repay maturing debt. We must borrow from financial institutions and issue additional securities to fund our growth. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or could result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets may limit our ability to refinance our debt obligations as they come due and/or to fully execute our business strategy and could limit our ability to grow or cause us to have to shrink the size of our business, which could decrease our earnings, if any.</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:2pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, we may borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” such that our asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% immediately after such borrowing (i.e., we are able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us). Such requirement, in certain circumstances, may restrict our ability to borrow or issue debt securities or preferred stock. The amount of leverage that we employ will depend on our investment adviser’s and our Board’s assessments of market and other factors at the time of any proposed borrowing or issuance of senior securities. We cannot assure you that we will be able to obtain lines of credit or issue senior securities at all or on terms acceptable to us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Further, we may pursue growth through acquisitions or strategic investments in new businesses. Completion and timing of any such acquisitions or strategic investments may be subject to a number of contingencies and risks. There can be no assurance that the integration of an acquired business will be successful or that an acquired business will prove to be profitable or sustainable.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Regulations governing our operation as a BDC affect our ability to, and the way in which we may, raise additional capital.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may issue debt securities or 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 will be permitted as a BDC to issue senior securities in amounts such that our asset coverage ratio, as defined in the 1940 Act, as amended, equals at least 150% of our gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. 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 at a time when such sales may be disadvantageous to us in order to repay a portion of its indebtedness. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Furthermore, equity capital may be difficult to raise because, subject to some limited exceptions we are not generally able to issue and sell our common stock at a price below NAV per share. We may, however, sell our common stock, or warrants, options or rights to acquire shares of our common stock, at a price below the then-current NAV per share of our common stock if our Board determines that such sale is in our best interests, and if our stockholders, including a majority of those stockholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the market value of such securities (less any distributing commission or discount). We do not currently have authorization from our stockholders to issue our common stock at a price below the then-current NAV per share.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To maintain our status as a BDC, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as a qualifying asset only if such issuer has a common equity market capitalization that is less than $250 million at the time of such investment.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in seeking to:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preserve or enhance the value of our investment. </span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our part 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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 investment's level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements of the 1940 Act or the desire to maintain our qualification as a RIC.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. Additionally, we invest in unitranche loans (loans that combine both senior and subordinated debt, generally in a first lien position), which may provide for a waterfall of cash flow priority between different lenders in the unitranche loan. In certain instances, we may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case the “first out” portion of the loan would generally receive priority with respect to repayment of principal, interest and any other amounts due thereunder over the “last out” portion of the loan that we would continue to hold.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the ability to cause the commencement of enforcement proceedings against the collateral; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the ability to control the conduct of such proceedings; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the approval of amendments to collateral documents; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">releases of liens on the collateral; and </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">waivers of past defaults under collateral documents. </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may not have the ability to control or direct such actions, even if its rights are adversely affected. </span></div></div> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We will be subject to corporate level income tax if we are unable to qualify as a RIC.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have elected to be treated as a RIC under the Code and intend to operate in a manner so as to qualify for the U.S. federal income tax treatment applicable to RICs. As a RIC, we generally will not pay U.S. federal corporate-level income taxes on our income and net capital gains that we distribute (or are deemed to distribute) to our common stockholders as dividends on a timely basis. We will be subject to U.S. federal corporate-level income tax on any undistributed income and/or gains. To maintain our status as a RIC, we must meet certain source of income, asset diversification and annual distribution requirements. We may also be subject to certain U.S. federal excise taxes, as well as state, local and foreign taxes.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To qualify as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we timely distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any) to our common stockholders on an annual basis (the “Annual Distribution Requirement”). We have the ability to pay a large portion of our distributions in shares of our stock, and as long as a portion of such distribution is paid in cash and other requirements are met, such distributions will be taxable as a dividend for U.S. federal income tax purposes. This may result in our U.S. stockholders having to pay tax on such dividends, even if no cash is received, and may result in our non-U.S. stockholders being subject to withholding tax in respect of amounts distributed in our stock. We will be subject, to the extent we use debt financing, to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Annual Distribution Requirement will be satisfied if we distribute dividends to our common stockholders in respect of each taxable year of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for distributions paid. In this regard, a RIC may, in certain cases, satisfy the Annual 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 of the Code. We will be subject to tax, at regular corporate rates, on any retained income and/or gains, including any short-term capital gains or long-term capital gains. We will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (1) 98% of our ordinary income for each calendar year, (2) 98.2% of our capital gain net income for each calendar year and (3) any income realized, but not distributed, in preceding years (to the extent that U.S. federal income tax was not imposed on such amounts) less certain over-distributions in the prior year (collectively, the “Excise Tax”). Because we use debt financing, we are subject to (i) an asset coverage ratio requirement under the</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">1940 Act and are 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 (i) be required to pay the Excise Tax and (ii) fail to qualify for RIC tax treatment, and thus become subject to corporate-level income tax on our taxable income (including gains).</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To qualify as a RIC, in addition to the Annual Distribution Requirement, we must also meet certain annual source of income requirements at the end of each taxable year (the “90% Income Test”) and asset diversification requirements at the end of each calendar quarter (the “Diversification Tests”). Failure to meet these tests may result in our having to (a) dispose of certain investments quickly or (b) raise additional capital in order to prevent the loss of our qualifications as a RIC. Because most of our investments will be in private or thinly traded public companies and are generally illiquid, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify as a RIC for any reason and become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to our common stockholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our common stockholders.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The 90% Income Test will be satisfied if we earn at least 90% of our gross income each taxable year from distributions, interest, gains from the sale of stock or securities, or other income derived from the business of investing in stock or securities. The Diversification Tests will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy the Diversification Tests, at least 50% of the value of our assets at the close of each quarter of each taxable year must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities, and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, 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 of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in us having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:2pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We also 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). If we fail to maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributio</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ns. In addition, because the relevant provisions of the Code may change, compliance with one or more of the RIC requirements may be impossible or impracticable.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain investors are limited in their ability to make significant investments in us.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Private funds that are excluded from the definition of “investment company” either pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the acquisition). Investment companies registered under the 1940 Act and BDCs, such as us, are also currently subject to this restriction as well as other limitations under the 1940 Act that would restrict the amount that they are able to invest in our securities. As a result, certain investors will be limited in their ability to make significant investments in us at a time that they might desire to do so. The SEC has adopted Rule 12d1-4 under the 1940 Act. Subject to certain conditions, Rule 12d1-4 provides an exemption to permit registered investment companies and BDCs to invest in the securities of other registered investment companies and BDCs in excess of the limits currently prescribed by the 1940 Act.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be subject to withholding of U. S. federal income tax on distributions for non-U.S. stockholders.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Distributions by a RIC generally are treated as dividends for U.S. tax purposes, and will be subject to U.S. income or withholding tax unless the stockholder receiving the dividend qualifies for an exemption from U.S. tax, or the distribution is subject to one of the special look-through rules described below. Distributions paid out of net capital gains can qualify for a reduced rate of taxation in the hands of an individual U.S. stockholder, and an exemption from U.S. tax in the hands of a non-U.S. stockholder.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Properly reported dividend distributions by RICs paid out of certain interest income (such distributions, “interest-related dividends”) are generally exempt from U.S. withholding tax for non-U.S. stockholders. Under such exemption, a non-U.S. stockholder generally may receive interest-related dividends free of U.S. withholding tax if the stockholder would not have been subject to U.S. withholding tax if it had received the underlying interest income directly. No assurance can be given as to whether any of our distributions will be eligible for this exemption from U.S. withholding tax or, if eligible, will be designated as such by us. In particular, the exemption does apply to distributions paid in respect of a RIC’s non-U.S. source interest income, its dividend income or its foreign currency gains. In the case shares of our common stock held through an intermediary, the intermediary may withhold U.S. federal income tax even if we designate the payment as a dividend eligible for the exemption. Also, because our common stock will be subject to significant transfer restrictions, and an investment in our common stock will generally be illiquid, non-U.S. stockholders whose distributions on our common stock are subject to U.S. withholding tax may not be able to transfer their shares of our common stock easily or quickly or at all.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may retain income and capital gains in excess of what is permissible for excise tax purposes and such amounts will be subject to 4% U.S. federal excise tax, reducing the amount available for distribution to stockholders.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may retain some income and capital gains in the future, including for purposes of providing additional liquidity, which amounts would be subject to a 4% U.S. federal excise tax</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">to the extent we do not distribute during the calendar year the amount of distributions required to avoid the excise tax. In that event, we will be liable for the tax on the amount by which it does not meet the foregoing distribution requirement. See </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1(c). Description of Business—Regulation as a Business Development Company—Taxation as a RIC.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">For U.S. federal income tax purposes, we generally are required to include in income certain amounts that we have not yet received in cash, such as the accretion of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan principal balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contracted PIK arrangements, will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash, including, for example, amounts attributable to hedging and foreign currency transactions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Since in certain cases we may recognize income before or without receiving cash in respect of such income, we may have difficulty meeting the requirement to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain our qualification as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to qualify as a RIC and thus be subject to corporate-level income tax. Such a failure could have a material adverse effect on us and on any investment in us.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in OID and PIK interest income may expose us to risks associated with such income being required to be included in accounting income and taxable income prior to receipt of cash.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our investments may include OID and PIK instruments. To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in an accounting income and taxable income prior to receipt of cash, including the following:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID instruments and PIK securities may have unreliable valuations because the accretion of OID as interest income and the continuing accruals of PIK securities require judgments about their collectability and the collectability of deferred payments and the value of any associated collateral; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID income may also create uncertainty about the source of our cash dividends; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">for accounting purposes, cash distributions to stockholders that include a component of accreted OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of accreted OID income may come from the cash invested by the stockholders, the 1940 Act does not require that stockholders be given notice of this fact; </span><span style="color:#000000;white-space:pre-wrap;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">generally, we must recognize income for income tax purposes no later than when it recognizes such income for accounting purposes; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the higher interest rates on PIK securities reflects the payment deferral and increased credit risk associated with such instruments and PIK securities generally represent a significantly higher credit risk than coupon loans; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the presence of accreted OID income and PIK interest income create the risk of non-refundable cash payments to the Adviser in the form of incentive fees on income based on non-cash accreted OID income and PIK interest income accruals that may never be realized; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">even if accounting conditions are met, borrowers on such securities could still default when our actual collection is expected to occur at the maturity of the obligation; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">OID and PIK create the risk that incentive fees will be paid to the Adviser based on </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:5pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">non-cash accruals that ultimately may not be realized, which the Adviser will be under no obligation to reimburse us or these fees; and </span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">PIK interest has the effect of generating investment income and increasing the incentive fees payable at a compounding rate. In addition, the deferral of PIK interest also reduces the loan-to-value ratio at a compounding rate.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Stockholders may be required to pay tax in excess of the cash they receive.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Under our dividend reinvestment plan, if a stockholder owns shares of our common stock, the stockholder will have all cash distributions automatically reinvested in additional shares of our common stock unless such stockholder, or his, her or its nominee on such stockholder’s behalf, specifically “opts out” of the dividend reinvestment plan by delivering a written notice to the plan administrator prior to the record date of the next distribution. If a stockholder does not “opt out” of the dividend reinvestment plan, that stockholder will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in our common stock to the extent the amount reinvested was not a tax-free return of capital. As a result, a stockholder may have to use funds from other sources to pay U.S. federal income tax liability on the value of the common stock received. Even if a stockholder chooses to “opt out” of the dividend reinvestment plan, we will have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash in order to satisfy the Annual Distribution Requirement (as defined </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">herein under the heading </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">“</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1(c). Description of Business—Regulation as a Business Development Company—Election to Be Taxed as a RIC</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">”). As long as a sufficient portion of this dividend is available to be paid in cash (generally 20%) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder generally will be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the stockholder in the same manner as a cash dividend, even though most of the dividend was paid in shares of common stock.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our business could be adversely affected in the event we default under our existing credit facilities or any future credit or other borrowing facility.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have entered, and in the future may enter into, one or more credit facilities. The closing of any additional credit facility is contingent on a number of conditions including, without limitation, the negotiation and execution of definitive documents relating to such credit facility. If we obtain any additional credit facilities, we intend to use borrowings under such credit facilities to make additional investments and for other general corporate purposes. However, there can be no assurance that we will be able to close such additional credit facilities or obtain other financing.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the event we default under one of our credit facilities or any other future borrowing facility, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under the relevant credit facility or such future borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under any future borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, ability to pay dividends, financial condition, results of operations and cash flows. If we were unable to obtain a waiver of a default from the lenders or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness, which might result in cross-acceleration of other indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, following any such default, the agent for the lenders under the relevant credit facility or such future credit or other borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Lastly, as a result of any such default, we may be unable to obtain additional leverage, which could, in turn, affect our return on capital.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are and may be subject to restrictions under our credit facilities and any future credit or other borrowing facility that could adversely impact our business.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our credit facilities, and any future borrowing facility, may be backed by all or a portion of our loans and securities on which the lenders may have a security interest. We currently pledge and may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. Like with its current credit facilities, we expect that any future security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders, and we expect that the custodian for our securities serving as collateral for such loan would include in the custodian’s electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. Under our current credit facilities, we are subject to customary events of default. If we were to default under the terms of our current credit facilities and any future borrowing facility, the agent for the applicable lenders would be able to assume control of the timing of disposition of the assets pledged under the facility, which could include any or all of our assets securing such debt. Such remedial action would have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the security interests as well as negative covenants under its credit facilities, or any other future borrowing facility, may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under our credit facilities or any other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the relevant credit facility or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to pay dividends.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, under our credit facilities, or any other future borrowing facility, we may be limited as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under our credit facilities or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the relevant credit facility or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">In addition to regulatory or existing credit facility requirements that restrict our ability to raise capital, any future debt facilities may contain various covenants that, if not complied with, could accelerate repayment under such debt facilities, thereby materially and adversely affecting our liquidity, financial condition and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Agreements covering our current credit facility require and future agreements governing any debt facilities may require us to comply with certain financial and operational covenants. These covenants may include, among other things:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">restrictions on our ability to incur liens; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">maintenance of a minimum level of stockholders’ equity.</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our compliance with these covenants depends on many factors, some of which are beyond our control. For example, depending on the condition of the public debt and equity markets and pricing levels, unrealized depreciation in our portfolio may increase in the future. Any such increase could result in our inability to comply with an obligation to restrict the level of indebtedness that we are able to incur in relation to the value of our assets or to maintain a minimum level of stockholders’ equity.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Accordingly, there are no assurances that we will be able to comply with the covenants in our credit facilities or any debt facilities we enter into. Failure to comply with these covenants could result in a default under these debt facilities, that, if we were unable to obtain a waiver from the lenders or holders of such indebtedness, as applicable, such lenders or holders could accelerate repayment under such indebtedness and thereby have a material adverse impact on our business, financial condition and results of operations.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. However, we have borrowed from, and may in the future issue debt securities to, banks, insurance companies and other lenders. Lenders of these funds have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. We have and may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instruments we may enter into with lenders. In addition, under the terms of our credit facilities and any borrowing facility or other debt instrument we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make dividend payments on our common stock or preferred stock. Our ability to service any debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management fee payable to the Adviser.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There can be no assurance that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our credit facilities or otherwise in an amount sufficient to enable us to repay our indebtedness or to fund our</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">other liquidity needs. We may need to refinance all or a portion of our indebtedness on or before it matures. There can be no assurance that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. There can be no assurance that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to stockholders or on terms that would not require us to breach the terms and conditions of our future debt agreements.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we are generally required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when we are otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on the Adviser’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure stockholders that we will be able to obtain credit at all or on terms acceptable to it.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our debt investments are generally based on floating rates, such as Secured Overnight Financing Rate (“SOFR”), EURIBOR, the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During periods of rising interest rates, the cost of borrowing for the companies in which we invest will increase and may make them less profitable, which generally would decrease the value of our investments in them. In addition, although we generally expect to invest a limited percentage of our assets in instruments with a fixed interest rate, including subordinated loans, senior and junior secured and unsecured debt securities and loans in high yield bonds, an increase in interest rates could decrease the value of those fixed rate investments. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to the Company. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because we have borrowed money, and may issue preferred stock to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of high interest rates, our cost of funds may increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold under the Investment Advisory Agreement and may result in a substantial increase in the amount of Incentive Fees payable to our Adviser with respect to the portion of the Incentive Fee based on income.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be the target of litigation.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be the target of securities litigation in the future, particularly if the value of shares of our common stock fluctuates significantly. We could also generally be subject to litigation, including derivative actions by stockholders. In addition, our investment activities subject it to litigation relating to the bankruptcy process and the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where we exercise control or significant influence over a portfolio company’s direction. Any litigation could result in substantial costs and divert management’s attention and resources from our business and cause a material adverse effect on our business, financial condition and results of operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in its reinvestment plan, we may be forced to sell some of its investments in order to make cash dividend payments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of our credit facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The above-referenced restrictions on distributions may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of its debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of its debt agreements.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The majority of our portfolio investments are recorded at fair value as determined in good faith by the Adviser as Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Many of our portfolio investments are in the form of loans and securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at </span><span style="color:#000000;white-space:pre-wrap;font-size:1pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">fair value as determined by the Adviser as Valuation Designee in good faith in accordance with Rule 2a-5 and subject to the oversight of our Board, including to reflect significant events affecting the value of our investments. Most, if not all, of our investments (other than cash and cash equivalents) will be classified as Level 3 under the FASB Accounting Standards Codification, Fair Value Measurements and Disclosures (ASC Topic 820). This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. We expect that inputs into the determination of fair value of our portfolio investments will require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We retain the services of one or more independent service providers to review the valuation of these loans and securities. However, the ultimate determination of fair value will be made by the Adviser as Valuation Designee subject to the oversight of our Board and not by such third-party valuation firm. The types of factors that the Valuation Designee may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly-traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made in the future, comparisons to publicly traded companies, relevant credit market indices and other relevant factors.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Also, since these valuations are, to a large extent, based on estimates, comparisons and qualitative evaluations of private information, our fair valuation process could make it more difficult for investors to accurately value our investments and could lead to undervaluation or overvaluation of our securities. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility. Also, privately held companies frequently have less diverse product lines and smaller market presence than larger public competitors.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities. Further, our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in the NAV.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We will adjust quarterly the valuation of our portfolio to reflect the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the participation of the Adviser in the valuation process could result in a conflict of interest as the management fee payable is based on our gross assets and the incentive fees earned by the Adviser will be based, in part, on unrealized gains and losses.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">New or modified laws or regulations governing our operations may adversely affect our business.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of its business and may be subject to civil fines and criminal penalties.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, changes to the laws and regulations governing our operations, including those associated with RICs, may cause us to alter our investment strategy in order to avail our self of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to the strategies and plans set forth therein and may shift our investment focus from the areas of Crescent’s expertise to other types of investments in which Crescent may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of an investor’s investment. If we invest in commodity interests in the future, the Adviser may determine not to use investment strategies that trigger additional regulation by the U.S. Commodity Futures Trading Commission (“CFTC”) or may determine to operate subject to</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CFTC regulation, if applicable. If we or the Adviser were to operate subject to CFTC regulation, we may incur additional expenses and would be subject to additional regulation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation, interest rates, fiscal or monetary policy and other areas in ways that adversely impact us or our portfolio companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Further, there has been increasing commentary amongst regulators and intergovernmental institutions, including the Financial Stability Board and International Monetary Fund, on the topic of so called “shadow banking” (a term generally taken to refer to credit intermediation involving entities and activities outside the regulated banking system). We are an entity outside the regulated banking system and certain of our activities may be argued to fall within this definition and, in consequence, may be subject to regulatory developments. As a result, we and the Adviser could be subject to increased levels of oversight and regulation. This could increase costs and limit operations. In an extreme eventuality, it is possible that such regulations could render our continued operation unviable and lead to our premature termination or restructuring.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are subject to risks related to corporate social responsibility.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our business (including that of our portfolio companies) faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities, which are increasingly considered to contribute to the long-term sustainability of a company’s performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Crescent also recognizes the importance of considering ESG factors in the investment-decision making process in accordance with its ESG policy.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as diversity, equity and inclusion, environmental stewardship, support for local communities, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, our relationship with future portfolio companies, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, new regulatory initiatives related to ESG that are applicable to us and our portfolio companies could adversely affect our business. Compliance with any new laws, regulations or disclosure obligations increases our regulatory burden and could make compliance more difficult and expensive, affect the manner in which we or our portfolio companies conduct our businesses and adversely affect our profitability.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are subject to risks associated with artificial intelligence and machine learning technology.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Recent technological advances in artificial intelligence and machine learning technology pose risks to our Company and our portfolio investments. Our Company and our portfolio investments could be exposed to the risks of artificial intelligence and machine learning technology if third-party service providers or any counterparties, whether or not known to our Company, also use artificial intelligence and machine learning technology in their business activities. We and our portfolio companies may not be in a position to control the use of artificial intelligence and machine learning technology in third-party products or services.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Use of artificial intelligence and machine learning technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by other third-party artificial intelligence and machine learning technology applications and users. The use of artificial intelligence and machine learning technology by our and our portfolio companies’ competitors may adversely affect our and our portfolio companies’ performance.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence and machine learning technology. To the extent that we or our portfolio investments are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on our Company or our investments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Additionally, legislative or other actions relating to taxes could have a negative effect on us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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, our common stockholders, or our portfolio companies. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our common stockholders of such qualification or could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our securities.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There have recently been significant changes to U.S. trade policies, treaties and tariffs, and there is ongoing discussion and commentary regarding further potential changes. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The lack of liquidity in our investments may adversely affect our business.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">All of our assets may be invested in illiquid loans and securities, and a substantial portion of our investments in leveraged companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of its portfolio quickly, we may realize significantly less than the value at which it has previously recorded its investments. Some of our debt investments may contain interest rate reset provisions that may make it more difficult for the borrowers to make periodic interest payments to us. In addition, some of our debt investments may not pay down principal until the end of their lifetimes, which could result in a substantial loss to us if the portfolio companies are unable to refinance or repay their debts at maturity.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be obligated to pay the Adviser certain fees even if we incur a loss.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser is entitled to incentive fees for each fiscal quarter in an amount equal to a percentage of the excess of our pre-incentive fee net investment income for that quarter (before deducting any incentive fees and certain other items) above a threshold return for that quarter. Our pre-incentive fee net investment income for incentive fee purposes excludes realized and unrealized capital losses or depreciation and income taxes related to realized gains that we may incur in the fiscal quarter, even if such capital losses or depreciation and income taxes related to realized gains result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay the Adviser incentive fees for a fiscal quarter even if there is a decline in the value of our portfolio or the net asset value of our common shares or we incur a net loss for that quarter.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If a portfolio company defaults on a loan that is structured to provide interest, it is possible that accrued and unpaid interest previously used in the calculation of incentive fees will become uncollectible. The Adviser is not under any obligation to reimburse us for any part of incentive fees it received that was based on accrued income that we never receive.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There is a risk that investors in our common shares may not receive distributions or that our distributions may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We make distributions to our common stockholders out of assets legally available for distribution. There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital to stockholders or offering proceeds, and we have no limits on the amounts we may pay from such sources. In addition, distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by our investment adviser or its affiliates, that may be subject to reimbursement to our investment adviser or its affiliates. The repayment of any amounts owed to the Adviser or our affiliates will reduce future distributions to which you would otherwise be entitled. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in its reinvestment plan, we may be forced to sell some of our investments in order to make cash dividend payments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Certain of our credit facilities may also limit our ability to declare dividends if we default under certain provisions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The above-referenced restrictions on distributions may also inhibit our ability to make required interest payments to holders of our debt, which may cause a default under the terms of its debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of its debt agreements.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our offerings. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your tax basis in your common shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares and reduce the amount of funds we have for investment in targeted assets.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may fund our cash distributions to stockholders from any sources of funds available to us, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of preferred and common equity investments in portfolio companies and expense reimbursement waivers from the investment adviser or the administrator, if any. Our ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described in this registration statement. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC may limit our ability to pay distributions. All distributions are and will be paid at the sole discretion of our Board and will depend on our earnings, our financial condition, maintenance of our RIC status, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time. We cannot assure you that we will continue to pay distributions to our common stockholders in the future. A return of capital is a return of your investment, rather than a return of earnings or gains derived from our investment activities.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Stockholders should understand that any distributions made from sources other than cash flow from operations or relying on expense reimbursement waivers, if any, from the Adviser or our administrator are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser or our administrator continues to makes such expense reimbursements, if any. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Stockholders should also understand that our future repayments to the Adviser will reduce the distributions that they would otherwise receive. There can be no assurance that we will achieve such performance in order to sustain these distributions, or be able to pay distributions at all. The Adviser and our Administrator have no obligation to waive fees or receipt of expense reimbursements, if any.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our Adviser and Administrator each have the ability to resign on 120 days’ and 60 days’ notice, respectively, and we may not be able to find a suitable replacement within that time, resulting in a disruption in operations that could adversely affect our financial condition, business and results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Adviser has the right under the Investment Advisory Agreement to resign as our investment adviser at any time upon not less than 120 days’ written notice, whether we have found a replacement or not. Similarly, our Administrator has the right under the Administration Agreement to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If the Adviser or Administrator were to resign, we may not be able to find a new investment adviser or administrator, as applicable, or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 120 days or 60 days, respectively, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions to our common stockholders are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment or administrative activities, as applicable, is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by our investment Adviser and Administrator, as applicable. Even if we are able to retain a comparable service provider or individuals performing such services are retained, whether internal or external, their integration and lack of familiarity with our investment objectives may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, if the Adviser resigns or is terminated, we would lose the benefits of our relationship with Crescent, including the use of its communication and information systems, market expertise, sector and macroeconomic views and due diligence capabilities, as well as any investment opportunities referred to us by Crescent, and we would be required to change our name, which may have a material adverse impact on our operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and such regulations may adversely affect us.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a public company, we are subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. We are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. This process also will result in a diversion of our management’s time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may not be able to obtain all required state licenses.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may be required to obtain various state licenses in order to, among other things, originate commercial loans. Applying for and obtaining required licenses can be costly and take several months. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. Our failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing NAV through increased net unrealized depreciation.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined by the Valuation Designee, as described above in “- Risks Relating to our Business and Structure - The majority of our portfolio investments are recorded at fair value as determined in good faith by the Valuation Designee subject to the oversight of our Board and, as a result, there may be uncertainty as to the value of our portfolio investments.”</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, our investment adviser considers the pricing indicated by the external event to corroborate its valuation. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of its valuation process that its investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interests rates may make it more difficult for portfolio companies to make periodic payments on their loans.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity. This risk and the risk of default is increased to the extent that the loan documents do not require the portfolio companies to pay down the outstanding principal of such debt prior to maturity. In addition, if general interest rates rise, there is a risk that our portfolio companies will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on our business, financial condition, results of operations and cash flows.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We will be subject to the risk that the debt investments we make in our portfolio companies may be repaid prior to maturity.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We expect that our investments will generally allow for repayment at any time subject to certain penalties. When such prepayment occurs, we intend to generally reinvest these proceeds in temporary investments, pending their future investment in accordance with our investment strategy. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elects to prepay amounts owed to us. Additionally, prepayments could negatively impact our ability to pay, or the amount of, dividends on our common stock, which could result in a decline in the market price of our shares.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Inflation has adversely affected and may continue to adversely affect the business, results of operations and financial condition of our portfolio companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain of our portfolio companies may be in industries that have been, or are expected to be, impacted by inflation. Ongoing inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We typically invest in middle-market companies, which involves higher risk than investments in large companies.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investment in private and middle-market companies involves a number of significant risks. Generally, limited public information exists about these companies, and we will rely on the ability of Crescent’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision and may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Additionally, middle-market companies 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 one or more of the portfolio companies we invest in and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, directors and the Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, investment in middle-market companies involves a number of other significant risks, including:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">they generally have less predictable operating results, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in laws and regulations, as well as their interpretations, may adversely affect their businesses, financial structures or prospects; and </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">they may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.</span></div></div> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments may be risky and we could lose all or part of our investment.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The debt that we invest in is typically not initially rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard &amp; Poor’s Ratings Services). Below investment grade securities have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” Therefore, our investments may result in an above average amount of risk and volatility or loss of principal. While the debt we invest in is often secured, such security does not guarantee that we will receive principal and interest payments according to the terms of the loan, or that the value of any collateral will be sufficient to allow us to recover all or a portion of the outstanding amount of the loan should we be forced to enforce our remedies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Some of the loans in which we may invest directly or indirectly through investments in CDOs, CLOs or other types of structured entities may be “covenant-lite” loans, which means the loans contain fewer covenants than other loans (in some cases, none) and may not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by us in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. We may also experience delays in enforcing our rights under covenant-lite loans. Furthermore, we will generally not have direct rights against the underlying borrowers or entities that sponsor CLOs, which means we will not be able to directly enforce any rights and remedies in the event of a default of a loan held by a CLO vehicle. As a result of these risks, our exposure to losses may be increased, which could result in an adverse impact on our net income and net asset value.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We also may invest in assets other than first and second lien and subordinated debt investments, including high-yield securities, U.S. government securities, credit derivatives and other structured securities and certain direct equity investments. These investments entail additional risks that could adversely affect our investment returns.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may invest in high yield debt, or below investment grade securities, which has greater credit and liquidity risk than more highly rated debt obligations.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may also invest in debt securities which will not be rated by any rating agency and, if they were rated, would be rated as below investment grade quality. Bonds that are rated below investment grade are sometimes referred as “high yield bonds” or “junk bonds.” Below investment grade securities have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may purchase common and other equity securities. Although common stock has historically generated higher average total returns than fixed income securities over the long-term, common stock also has experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on the underlying portfolio company’s success. Investments in equity securities involve a number of significant risks, including:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) and senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company. Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.</span><span style="color:#000000;white-space:pre-wrap;font-size:6pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></div></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There are special risks associated with investing in preferred securities, including:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions.</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Additionally, when we invest in first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position), second lien senior secured loans or subordinated debt, we may acquire warrants or other equity securities as well. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. 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.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay the management fee and incentive fees to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear his or her share of the management fee and incentive fees due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be subject to risks associated with syndicated loans.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">From time to time, our investments may consist of syndicated loans that were not originated by us or our investment adviser. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. Accordingly, we may be precluded from directing such actions unless we or our investment adviser is the designated administrative agent or collateral agent or we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure you that the actions taken will be in our best interests.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The disposition of our investments may result in contingent liabilities.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of an investment in loans and 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 its return of distributions previously made to us.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our subordinated investments may be subject to greater risk than investments that are not similarly subordinated.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may make subordinated investments that rank below other obligations of the borrower in right of payment. Subordinated investments are subject to greater risk of default than senior obligations as a result of adverse changes in the financial condition of the borrower or in general economic conditions. If we make a subordinated investment in a portfolio company, the portfolio company may be highly leveraged, and its relatively high debt-to-equity ratio may create increased risks that its operations might not generate sufficient cash flow to service all of its debt obligations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender’s liability claim, if, among other things, we actually render significant managerial assistance.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may hold the debt securities of leveraged companies.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that it may have obtained in connection with its investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect the portfolio company. If the proceeding is converted to a liquidation, the value of the portfolio company may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations that we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities, that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt investments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements (including agreements governing “first out” and “last out” structures) that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as junior lenders are adversely affected.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other equity holders and management of the company may make decisions that could decrease the value of our investment in such portfolio company.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our portfolio companies may be highly leveraged.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our investment strategy contemplates potential investments in foreign companies. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although we expect most of our investments will be U.S. dollar denominated, our investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The due diligence process that the Adviser undertakes in connection with our investments may not reveal all the facts that may be relevant in connection with an investment.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Adviser’s due diligence may not reveal all of a company’s liabilities and may not reveal other weaknesses in its business. There can be no assurance that our Adviser's due diligence process will uncover all relevant facts that would be material to an investment decision. Before making an investment in, or a loan to, a company, the Adviser will assess the strength and skills of the company’s management team and other factors that it believes are material to the performance of the investment. In making the assessment and otherwise conducting customary due diligence, the Adviser will rely on the resources available to it and, in some cases, an investigation by third parties. This process is particularly important and highly subjective with respect to newly organized entities because there may be little or no information publicly available about the entities. We may make investments in, or loans to, companies, including middle market companies, which are not subject to public company reporting requirements, including requirements regarding preparation of financial statements, and will, therefore, depend upon the compliance by investment companies with their contractual reporting obligations and the ability of the Adviser’ investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we and the Adviser are unable to uncover all material information about these companies, we may not make a fully informed investment decision and may lose money on our investments. As a result, the evaluation of potential investments and the ability to perform due diligence on and effective monitoring of investments may be impeded, and we may not realize the returns that it expects on any particular investment. In the event of fraud by any company in which we invest or with respect to which we make a loan, we may suffer a partial or total loss of the amounts invested in that company.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may be subject to risks under hedging transactions and may become subject to risk if we invest in non-U.S. securities</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The 1940 Act generally requires that 70% of our investments be in issuers each of whom is organized under the laws of, and has its principal place of business in, any state of the United States, the District of Columbia, Puerto Rico, the Virgin Islands or any other possession of the United States. However, our portfolio may include debt securities of non-U.S. companies, including emerging market issuers, to the limited extent such transactions and investments would not cause us to violate the 1940 Act. We expect that these investments would focus on the same secured debt, unsecured debt and related equity security investments that we make in U.S. middle-market companies and, accordingly, would be complementary to our overall strategy and enhance the diversity of our holdings. Investing in loans and securities of emerging market issuers involves many risks including economic, social, political, financial, tax and security conditions in the emerging market, potential inflationary economic environments, regulation by foreign governments, different accounting standards and political uncertainties. Economic, social, political, financial, tax and security conditions also could negatively affect the value of emerging market companies. These factors could include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations or judgments or foreclosing on collateral, lack of uniform accounting and auditing standards and greater price volatility.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Engaging in either hedging transactions or investing in foreign loans and securities would entail additional risks to our stockholders. We could, for example, use instruments such as interest rate swaps, caps, collars and floors and, if we were to invest in foreign loans and securities, we could use instruments such as forward contracts or currency options and borrow under a credit facility in currencies selected to minimize our foreign currency exposure. In each such case, we generally would seek to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of the positions declined. However, such hedging could establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions could also limit the opportunity for gain if the values of the underlying portfolio positions increased. Moreover, it might not be possible to hedge against an exchange rate or interest rate fluctuation that was so generally anticipated that we would not be able to enter into a hedging transaction at an acceptable price.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we might not seek to establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it might not be possible for us to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those loans and securities would likely fluctuate as a result of factors not related to currency fluctuations.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may not realize anticipated gains on the equity interests in which we invest.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">When we invest in loans and debt securities, we may acquire warrants or other equity securities of portfolio companies as well. We may also invest in equity securities directly. To the extent we hold equity investments, we will attempt to dispose of them and realize gains upon such disposition. However, the equity interests we receive may not appreciate in value and, may decline in value. As a result, 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.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in the consumer products and services sector are subject to various risks including cyclical risks associated with the overall economy.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">General risks of companies in the consumer products and services sector include cyclicality of revenues and earnings, economic recession, currency fluctuations, changing consumer tastes, extensive competition, product liability litigation and increased government regulation. Generally, spending on consumer products and services is affected by the health of consumers. Companies in the consumer products and services sectors are subject to government regulation affecting the permissibility of using various food additives and production methods, which regulations could affect company profitability. A weak economy and its effect on consumer spending would adversely affect companies in the consumer products and services sector.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in the financial services sector are subject to various risks including volatility and extensive government regulation.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">risks include the effects of changes in interest rates on the profitability of financial services companies, the rate of corporate and consumer debt defaults, price competition, governmental limitations on a company’s loans, other financial commitments, product lines and other operations and recent ongoing changes in the financial services industry (including consolidations, development of new products and changes to the industry’s regulatory framework). There is continued instability and volatility in the financial markets. Insurance companies have additional risks, such as heavy price competition, claims activity and marketing competition, and</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">can </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">be particularly sensitive to specific events such as man-made and natural disasters (including weather catastrophes), climate change, terrorism, mortality risks and morbidity rates.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our investments in technology companies are subject to many risks, including volatility, intense competition, shortened product life cycles, litigation and periodic downturn risks.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have invested and will continue investing in technology companies, many of which may have narrow product lines and small market shares, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as to general economic downturns. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, technology related markets are generally characterized by abrupt business cycles and intense competition, where the leading companies in any particular category may hold a highly concentrated percentage of the overall market share.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The effect of global climate change may impact the operations of our portfolio companies.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their businesses. A decrease in energy use due to weather changes may affect some of our portfolio companies' financial conditions, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Other risks associated with climate change include risks related to the impact of climate-related legislation and regulation (both domestically and internationally), as well as risks related to climate-related business trends. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These events and the disruptions they cause, alone or in combination, could also lead to increased costs of insurance for us and/or our portfolio companies.</span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Investing in our common stock may involve an above average degree of risk.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and volatility or loss of principal, including the risk that the investor may lose their entire investment. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Certain investors will be subject to Exchange Act filing requirements.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because our Common Shares are registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of our Common Shares must be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, our common stockholders who choose to reinvest their dividends may see their percentage stake in us increased to more than 5%, thus triggering this filing requirement. Each stockholder is responsible for determining its filing obligations and preparing the filings. In addition, our common stockholders who hold more than 10% of a class of our common shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of our profits from the purchase and sale of registered stock (and securities convertible or exchangeable into such registered stock) within a six-month period.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">You may receive dividends in the form of common stock instead of cash, which could result in adverse tax consequences to you.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In order to satisfy the Annual Distribution Requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a sufficient portion of such dividend is available to be paid in cash (generally 20%) and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder would be taxed on 100% of the dividend in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">No stockholder approval is required for certain mergers.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Board may undertake to approve mergers between us and certain other funds or vehicles. Subject to the requirements of the 1940 Act and Maryland law, such mergers will not require stockholder approval so you will not be given an opportunity to vote on these matters unless such mergers are reasonably anticipated to result in a material dilution of our NAV per share or are otherwise required to be approved under Maryland law. These mergers may involve funds managed by affiliates of our investment adviser. Subject to stockholder approval, the Board may also seek to convert the form and/or jurisdiction of organization, including to take advantage of laws that are more favorable to maintaining board control in the face of dissident stockholders.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our shares of common stock have traded at a discount from net asset value and may do so again, which could limit our ability to raise additional equity capital.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Shares of closed-end investment companies frequently trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to accurately predict whether any shares of our common stock will trade at, above, or below net asset value. In the recent past, the stocks of BDCs as an industry, including at times shares of our common stock, have traded below net asset value. When our common stock is trading below its net asset value per share, we will generally not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">The market price of our common stock may fluctuate significantly.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The market price and liquidity of the market for our common stock may be significantly affected by numerous factors, some of which may be beyond our control and may not be directly related to our operating performance. These factors include:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">significant volatility in the market price and trading volume of securities of publicly traded RICs, BDCs or other companies in our sector, which are not necessarily related to the operating performance of these companies; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">price and volume fluctuations in the overall stock market from time to time; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the inclusion or exclusion of our common stock from certain indices; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in law, regulatory policies or tax guidelines, or interpretations thereof, particularly with respect to RICs or BDCs; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">loss of RIC status; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in earnings or variations in operating results; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">changes in the value of our portfolio of investments; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">announcements with respect to significant transactions; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">departure of key personnel of ours or the Adviser; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">operating performance of companies comparable to us; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">short-selling pressure with respect to shares of our common stock or BDCs generally; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">general economic trends and other external factors; </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">uncertainty regarding U.S. immigration and work permit policies;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">loss of a major funding source; and </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">an increase in negative global media coverage relating to the private credit industry.</span></div></div><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In the past, securities class action litigation has been brought against numerous public companies resulting from volatility in the market price of their securities. Because of the potential volatility in the price of our common stock, we may become the target of securities litigation in the future. If we were to become involved in securities litigation, it could result in substantial costs, divert management’s attention and resources from the business and adversely affect the business.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Common stockholders who participate in the distribution reinvestment plan may increase their risk of overconcentration.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Common stockholders who opt in to our distribution reinvestment plan will have any cash distributions otherwise payable to them automatically reinvested in additional shares of our common stock. This may increase such stockholder’s ownership percentage in us and could increase such stockholder’s risk of overconcentration.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have adopted a dividend reinvestment plan, pursuant to which we will reinvest all cash distributions authorized by the Board on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes and we declare a cash distribution, then stockholders who have not opted out of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of Common stock, rather than receiving the cash distribution. See “</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Item 1—Business—Dividend Reinvestment Plan</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">” for a description of the dividend reinvestment plan. The number of shares to be issued to a plan participant will be determined by dividing the total dollar amount of the distribution payable to such stockholder by the market price per share of our common stock at the close of regular trading on NASDAQ on the date of such distribution. The market price per share of our common stock on a particular date will be the closing price for such shares on NASDAQ on such date, or, if no sale is reported for such date, at the average of their reported bid and asked prices. However, if the market price per share exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeds the most recently computed net asset value per share). Accordingly, participants in the dividend reinvestment plan may receive a greater number shares of our common stock than the number of shares associated with the market price of our common stock, resulting in dilution for other stockholders. Stockholders that opt out of the dividend reinvestment plan will experience dilution in their ownership percentage of our common stock over time.</span> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our future credit ratings may not reflect all risks of an investment in our debt securities.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our credit ratings are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our debt securities. Our future credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of or trading market for the publicly issued debt securities.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Provisions of the Maryland General Corporation Law and of the Charter and the Bylaws could deter takeover attempts and have an adverse effect on the price of our common stock.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Certain provisions of the Maryland General Corporation Law (the “MGCL”) may discourage, delay or make more difficult a change in control of the Company, including (i) the Maryland Business Combination Act (the “Business Combination Act”), which, subject to any applicable requirements of the 1940 Act and certain other limitations, prohibits certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns, directly or indirectly, 10% or more of the voting power of our outstanding shares of voting stock or an affiliate or associate of us who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of our then outstanding shares of stock) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter will impose special appraisal rights and supermajority voting requirements on these combinations and (ii) the Maryland Control Share Acquisition Act (the “Control Share Acquisition Act”), which, subject to any applicable requirements of the 1940 Act, provides that our “control shares” (defined as shares which, when aggregated with other shares controlled by the stockholder (except solely by virtue of a revocable proxy), entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of issued and outstanding “control shares”) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares. The Board has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, provided that the business combination is first approved by the Board, including a majority of the independent directors, and the Bylaws exempt from the Control Share Acquisition Act acquisitions of our stock by any person. However, if the resolution exempting business combinations is repealed or the Board or independent directors do not approve a business combination or we amend the Bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the 1940 Act, the Business Combination Act or Control Share Acquisition Act, as the case may be, may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We are also subject to other measures that may make it difficult for a third party to obtain control of us, including provisions of the Charter that (i) classify the Board into three classes serving staggered three-year terms and require that any vacancies be filled by a majority of directors remaining in office, (ii) require a two-thirds vote and cause for director removal, (iii) authorize the Board to classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock into other classes or series of stock, including preferred stock, and to cause the issuance of additional shares of our common stock and (iv) authorize the Board to amend the Charter, without stockholder approval, 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 the authority to issue. These provisions, as well as other provisions in the Charter and the Bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Our Charter designates the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our Charter provides that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the U.S. District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any Internal Corporate Claim, as such term is defined in Section 1-101(p) of the MGCL, including, without limitation, (a) any action asserting a claim of breach of any duty owed by any of our directors or officers or other employees to us or to our stockholders or (b) any action asserting a claim against us or any of our directors or officers or other employees arising pursuant to any provision of the MGCL or the Charter or the Bylaws; or (iii) any action asserting a claim against us or any of our directors or officers or other employees that is governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our common stock will be deemed to have notice of and to have consented and waived any objection to this exclusive forum provision of the Charter, as the same may be amended from time to time. The Charter includes this provision so that we can respond to litigation more efficiently, reduce the costs associated with our responses to such litigation, particularly litigation that might otherwise be brought in multiple forums, and make it less likely that plaintiffs’ attorneys will be able to employ such litigation to coerce us into otherwise unjustified settlements. However, this exclusive forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that such stockholder believes is favorable for disputes with us or our directors, officers or other employees, if any, and may discourage lawsuits against us and our directors, officers or other employees, if any. We believe the risk of a court declining to enforce this exclusive forum provision is remote, as the General Assembly of Maryland has specifically amended the MGCL to authorize the adoption of such provision. However, if a court were to find such provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings notwithstanding that the MGCL expressly provides that the charter or bylaws of a Maryland corporation may require that any Internal Corporate Claim be brought only in courts sitting in one or more specified jurisdictions, we may incur additional costs that it does not currently anticipate associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition and results of operations.</span> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We incur significant costs as a result of being a publicly traded company.</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">s a publicly-traded company, we incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including certain requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC and the listing standards of the Nasdaq Global Select Market. For example, the listing standards of the national securities exchanges require us to implement and disclose "clawback" policies mandating the recovery of incentive compensation paid to executive officers in connection with accounting restatements.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Economic recessions or downturns could impair our portfolio companies, and defaults by our portfolio companies will harm our operating results.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Many of the portfolio companies in which we expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay their loans during such periods. Therefore, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. Macroeconomic factors such as real GDP growth, consumer confidence, the global health epidemics or pandemics, supply chain disruptions, inflation, employment levels, oil prices, interest rates, tax rates, foreign currency exchange rate fluctuations and other macroeconomic trends can adversely affect customer demand for the products and services that our portfolio companies offer and may adversely impact their businesses or financial results. In addition, although we invest primarily in companies located in the United States, our portfolio companies may rely on parts or supplies manufactured outside the United States. As a result, any event causing a disruption of imports, including natural disasters, public health crises, or the imposition of import or trade restrictions in the form of tariffs or quotas could increase the cost and reduce the supply of products available to our portfolio companies, which may negatively impact their businesses or financial results.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Adverse economic conditions may also decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. If the value of collateral underlying our loan declines during the term of the loan, a portfolio company may not be able to obtain the necessary funds to repay the loan at maturity through refinancing. Decreasing collateral value may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. Thus, economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit its access to the capital markets or result in a decision by lenders not to extend credit to us. We consider a number of factors in making our investment decisions, including, but not limited to, the financial condition and prospects of a portfolio company and its ability to repay our loan. Unfavorable economic conditions could negatively affect the valuations of our portfolio companies and, as a result, make it more difficult for such portfolio companies to repay or refinance our loans. Therefore, these events could prevent us from increasing our investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">or other lenders could lead to defaults and, potentially, acceleration of the time when its loans are due, termination of the portfolio company’s loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize its ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company, which may include the waiver of certain financial covenants. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, depending on the facts and circumstances, including the extent to which we actually provide significant managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors, even though we may have structured our investment as senior secured debt.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In addition, the failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which we and/or our portfolio companies have a commercial relationship could adversely affect, among other things, our and/or our portfolio companies’ ability to pursue key strategic initiatives, including by affecting our or our portfolio companies' ability to access deposits or borrow from financial institutions on favorable terms. Additionally, if a portfolio company or its sponsor has a commercial relationship with a bank that has failed or is otherwise distressed, the portfolio company may experience issues receiving financial support from a sponsor to support its operations or consummate transactions, to the detriment of their business, financial condition and/or results of operations. In addition, such bank failure(s) could affect, in certain circumstances, the ability of both affiliated and unaffiliated co-lenders, including syndicate banks or other fund vehicles, to undertake and/or execute co-investment transactions with us, which in turn may result in fewer co-investment opportunities being made available to us or impact our ability to provide additional follow-on support to portfolio companies. Our ability and our portfolio companies' ability to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, including liens placed on our respective assets as a result of a bank agreeing to provide financing.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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 both the perception of credit risk associated with our debt portfolio and 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 shares.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The current global financial market situation, as well as various social and political circumstances in the U.S. 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, adverse effects of climate crisis and global health epidemics, may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Additionally, the U.S. government’s credit and deficit concerns, the European sovereign debt crisis, and the potential trade war with China, could cause interest rates to be volatile, which may negatively impact our ability to access the debt markets on favorable terms.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The impact of events described above on our portfolio companies could affect their ability to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Adverse developments in the credit markets may impair our ability to enter into new debt financing arrangements.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">During the economic downturn in the United States that began in mid-2007, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited refinancing and loan modification transactions and reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. If these conditions recur, it may be difficult for us to enter into a new credit or other borrowing facility, obtain other financing to finance the growth of our investments, or refinance any outstanding indebtedness on acceptable economic terms, or at all.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We may experience fluctuations in our quarterly operating results.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our business is dependent on our and third parties’ communications and information systems. Further, in the ordinary course of our business we or our investment adviser may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:</span></p><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">sudden electrical or telecommunications outages;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">natural disasters such as earthquakes, tornadoes and hurricanes;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">disease pandemics;</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">events arising from local or larger scale political or social matters, including terrorist acts; and</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:2pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">•</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">cyber-attacks.</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">These events, in turn, could have a material adverse effect on our business, financial condition and operating results and negatively affect the NAV of our common shares and our ability to pay dividends to our common stockholders.</span></p> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of its confidential information and/or damage to its business relationships.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify its protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We face risks posed to our information systems, both internal and those provided to it by third-party service providers. We, our investment adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, may be ineffective and do not guarantee that a cyber-incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Third parties with which we do business (including those that provide services to us) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.</span></p> <p id="part1_item1c_cybersecurity" style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">ITEM 1C.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CYBERSECURITY</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company is externally managed by the Adviser and has no employees or internal information systems. Thus, the Company relies on the Adviser and the Administrator, their parent company, Crescent, as well as the custodian and other service providers to protect the Company’s information from cybersecurity threats.</span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Chief Compliance Officer (the “CCO”), together with Crescent’s Head of Information Technology, oversee the Company's risk management policies and procedures related to cybersecurity risks, subject to the oversight of the Board of Directors.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent uses various security tools and procedures that help the Company identify, escalate, investigate, resolve and recover from cybersecurity incidents in a timely manner. </span></span><span style="font-size:10pt;font-family:Times New Roman;"></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CCO and Crescent</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> also review key service providers’ compliance and risk management policies and procedures related to cybersecurity matters, evaluate such service providers’ use of information systems which have the potential to subject the Company to information technology vulnerabilities and receive reports from the service providers regarding any cybersecurity threats and incidents.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> As part of the oversight of the Company’s key service providers,</span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Crescent engages a third-party consultant to conduct a cybersecurity assessment and preparedness analysis on such service providers on an ongoing basis.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> The CCO and the Head of Information Technology provide regular </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">reports</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> to the Board of Directors regarding significant risks to the Company, including, among others, those relating to cybersecurity. In addition, the CCO will inform the Board of Directors regarding any material cybersecurity matters as they arise. The Company has also adopted policies and procedures designed to ensure the timely disclosure of any material cybersecurity incidents.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p></div><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent follows National Institute of Standards and Technology standards for cybersecurity risk management and has put policies, controls and multiple layers of security in place to safeguard its systems and data, including those of the Company. In particular, Crescent deploys specialized security technology and operational controls including, but not limited to firewalls, anti-virus systems, multi-factor authentication, restricted access, and electronic surveillance/monitoring. Crescent conducts regular testing to assess information technology vulnerabilities and employee cybersecurity awareness, utilizes third-party technology solutions for real-time vulnerability management, and </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">engages </span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">third-party consultants to conduct cybersecurity assessment and preparedness analyses periodically. Crescent also requires all employees, including those of the Adviser and the Administrator, to complete comprehensive cybersecurity training at least annually.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent’s Head of Information Technology has over 30 years of experience managing risks from cybersecurity threats and developing and implementing cybersecurity policies and procedures. Our CCO has over 15 years of experience advising on and managing compliance risks, including those related to cybersecurity, and developing and implementing policies and procedures to address such risks. Team members who support our information security and compliance programs also have relevant educational and industry experience.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Since our commencement of operations, we have not experienced a material cybersecurity incident and we are not aware of any cybersecurity risks that are</span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> reasonably likely</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations, or financial condition</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Aptos',sans-serif;font-kerning:none;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:'Aptos',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">See “Item 1A. Risk Factors— Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of its confidential information and/or damage to its business relationships”</span></p> <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Chief Compliance Officer (the “CCO”), together with Crescent’s Head of Information Technology, oversee the Company's risk management policies and procedures related to cybersecurity risks, subject to the oversight of the Board of Directors.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span> <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Company’s Chief Compliance Officer (the “CCO”), together with Crescent’s Head of Information Technology, oversee the Company's risk management policies and procedures related to cybersecurity risks, subject to the oversight of the Board of Directors.</span> <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Crescent uses various security tools and procedures that help the Company identify, escalate, investigate, resolve and recover from cybersecurity incidents in a timely manner. </span> <p style="text-indent:6.667%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CCO and Crescent</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> also review key service providers’ compliance and risk management policies and procedures related to cybersecurity matters, evaluate such service providers’ use of information systems which have the potential to subject the Company to information technology vulnerabilities and receive reports from the service providers regarding any cybersecurity threats and incidents.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> As part of the oversight of the Company’s key service providers,</span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> Crescent engages a third-party consultant to conduct a cybersecurity assessment and preparedness analysis on such service providers on an ongoing basis.</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> The CCO and the Head of Information Technology provide regular </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">reports</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> to the Board of Directors regarding significant risks to the Company, including, among others, those relating to cybersecurity. In addition, the CCO will inform the Board of Directors regarding any material cybersecurity matters as they arise. The Company has also adopted policies and procedures designed to ensure the timely disclosure of any material cybersecurity incidents.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">CCO and Crescent</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> also review key service providers’ compliance and risk management policies and procedures related to cybersecurity matters, evaluate such service providers’ use of information systems which have the potential to subject the Company to information technology vulnerabilities and receive reports from the service providers regarding any cybersecurity threats and incidents.</span> true true true true false <p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The following table sets forth, for each fiscal quarter during the last three most recently completed fiscal years, the range of high and low sales prices of the common stock as reported on NASDAQ, the premium (discount) of sales price to our net asset value, or NAV, and the distributions declared by us for each fiscal quarter.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="border-spacing:0;table-layout:auto;width:99.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:25.232%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.586%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.586%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:6.586%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:12.120999999999999%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:11.657%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.01%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:10.647%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:2.525%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Net Asset</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="6" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Price Range</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">High Sales Price Premium (Discount) to Net</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Low Sales Price Premium (Discount) to Net</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Cash Dividend</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Period</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Value </span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">High</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Low</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Asset Value </span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Asset Value </span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Per Share </span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(3)</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Year ended December 31, 2023</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">First Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.38</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15.79</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.26</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">18.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">31.6</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.41</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Second Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.58</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15.14</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.23</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">22.7</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">32.4</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.41</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Third Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.70</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.43</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15.59</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">11.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.9</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.49</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(4)</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fourth Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.04</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.95</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15.45</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.4</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">22.9</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.50</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(5)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Year ended December 31, 2024</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">First Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.28</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.66</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">16.03</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.9</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">21.0</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.51</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(6)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Second Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.30</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.10</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">16.96</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">5.9</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">16.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.53</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(7)</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Third Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.20</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.44</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.47</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.8</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.51</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(8)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fourth Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.98</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.98</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.55</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.0</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.2</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.49</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(9)</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Year ended December 31, 2025</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">First Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.62</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">20.00</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">16.82</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.9</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.47</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(10)</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Second Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.55</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.13</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14.10</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.4</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">27.9</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.47</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(10)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Third Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.28</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15.94</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14.10</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">17.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">26.9</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.47</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;top:-4.221pt;white-space:pre-wrap;font-size:6.03pt;font-family:'Calibri',sans-serif;position:relative;font-kerning:none;min-width:fit-content;">(10)</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Fourth Quarter</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">19.10</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">15.02</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">13.16</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">21.4</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(</span><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">31.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)%</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:11pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">0.42</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:9pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Net asset value per share is determined as of the last day in the relevant quarter and therefore does not reflect the net asset value per share disclosed to the market on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter. </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(2)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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). </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(3)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Represents the dividend or distribution declared in the relevant quarter. </span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(4)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Consists of a regular quarterly dividend of $0.41 per share and supplemental dividend of $0.08 per share.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(5)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Consists of a regular quarterly dividend of $0.41 per share and supplemental dividend of $0.09 per share.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(6)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Consists of a regular quarterly dividend of $0.41 per share and supplemental dividend of $0.10 per share.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(7)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.11 per share.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(8)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.09 per share.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(9)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.07 per share.</span></div></div><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(10)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Consists of a regular quarterly dividend of $0.42 per share and supplemental dividend of $0.05 per share.</span></div></div><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The last reported price for our common stock on February 24, 2026 was $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">12.88</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> per share, which represented a 32</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">% discount to our NAV as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">December 31, 2025. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"><br/> </span></p> 19.38 15.79 13.26 -0.185 -0.316 19.58 15.14 13.23 -0.227 -0.324 19.7 17.43 15.59 -0.115 -0.209 20.04 17.95 15.45 -0.104 -0.229 20.28 17.66 16.03 -0.129 -0.21 20.3 19.1 16.96 -0.059 -0.165 20.2 19.44 17.47 -0.038 -0.135 19.98 19.98 17.55 0 -0.122 19.62 20 16.82 0.019 -0.143 19.55 17.13 14.1 -0.124 -0.279 19.28 15.94 14.1 -0.173 -0.269 19.1 15.02 13.16 -0.214 -0.311 12.88 0.006 <p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Debt</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <table style="border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;"> <tr style="visibility:collapse;"> <td style="width:23.8%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.98%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:8.26%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.18%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.06%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:7.78%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:4.78%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:5.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:top;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-style:italic;font-kerning:none;min-width:fit-content;">($ in millions)</span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2025</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="14" style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">December 31, 2024</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;"> <td style="padding-top:0.01in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Aggregate Principal <br/>Amount Committed</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Drawn <br/>Amount</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amount Available </span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Carrying <br/>Value</span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-family:'Calibri',sans-serif;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Aggregate Principal <br/>Amount Committed</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Drawn <br/>Amount</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Amount Available </span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Carrying <br/>Value</span><span style="color:#000000;top:-3.752pt;white-space:pre-wrap;font-weight:bold;font-size:5.36pt;position:relative;font-kerning:none;min-width:fit-content;">(2)</span></p></td> <td style="padding-top:0.01in;padding-left:0in;vertical-align:bottom;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">SPV Asset Facility</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">400.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">329.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">70.4</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">329.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">500.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">344.9</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">155.1</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">344.9</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">SMBC Corporate Revolving Facility</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">310.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">138.4</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">171.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">138.4</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">310.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">242.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">67.4</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">242.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Series 2021A Unsecured Notes</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">135.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">135.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">135.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">135.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">135.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">135.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">FCRX Unsecured Notes</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">111.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">111.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">111.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">111.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">111.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">111.6</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Series 2023A Unsecured Notes</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">50.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">50.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">50.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">50.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">50.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">50.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Series 2024A Unsecured Notes - 2028</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">35.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">35.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">35.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">35.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">35.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:7pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Series 2024A Unsecured Notes - 2030</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">80.0</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">—</span></p></td> <td style="padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:8pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Total Debt</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,121.6</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">879.6</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">242.0</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">879.6</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1,221.6</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">884.1</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">337.5</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">$</span></p></td> <td style="border-top:2.25pt solid #646464;padding-top:0.01in;white-space:pre-wrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #646464;padding-right:0.01in;text-align:center;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">884.1</span></p></td> <td style="border-top:2.25pt solid #ffffff03;padding-top:0.01in;white-space:nowrap;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:2.25pt double #ffffff03;padding-right:0.01in;text-align:left;"><p style="font-size:8pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> </table><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><div class="item-list-element-wrapper" style="display:flex;margin-top:0;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.537%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The amount available is subject to any limitations related to the respective debt facilities’ borrowing bases and foreign currency translation adjustments. </span></div></div><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Amount presented excludes netting of deferred financing costs.</span><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Series 2021A Unsecured Notes </span></span><span style="font-size:10pt;font-family:Times New Roman;"></span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">On February 17, 2021, we completed a private offering of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">135.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> million aggregate principal amount of </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">4.00% senior unsecured notes due February 17, 2026</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> (the “Series 2021A Unsecured Notes”). The initial issuance of $50.0 million of Series 2021A Unsecured Notes closed February 17, 2021. The issuance of the remaining $85.0 million of 2026 Unsecured Notes closed on May 5, 2021.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Series 2021A Unsecured Notes </span> 135000000 <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">4.00% senior unsecured notes due February 17, 2026</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Series 2021A Unsecured Notes will mature on February 17, 2026 and may be redeemed in whole or in part, at our option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the Series 2021A Unsecured Notes is due and payable semiannually in arrears on February 17 and August 17 of each year.</span> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">FCRX Unsecured Notes</span></p> 111600000 <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">FCRX Unsecured Notes mature on May 25, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The FCRX Unsecured Notes</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> bear interest at a rate of 5.00% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year.</span> <p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Series 2023A Unsecured Notes</span></p> 50000000 <span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">7.54% senior unsecured notes due July 28, 2026</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The Series 2023A Unsecured Notes will mature on July 28, 2026 and may be redeemed in whole or in part, at our option, at any time or from time to time at par plus a “make-whole” premium, if applicable. Interest on the Series 2023A Unsecured Notes is due and payable semiannually in arrears on January 28 and July 28 of each year.</span> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Series 2024A </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Unsecured Notes - 2028 and 2030</span></p> 115000000 35000000 80000000 <span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Valuation Risk </span></span><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2. Summary of Significant Account Policies to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p> <p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Interest Rate Risk</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We also fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">As of December 31, 2025, 98.0% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors. The SPV Asset Facility and SMBC Corporate Revolving Facility also bear interest at variable rates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Assuming that our Consolidated Statement of Assets and Liabilities as of December 31, 2025 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">($ in millions)</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:auto;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:31.9%;box-sizing:content-box;"></td> <td style="width:2.58%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:16.04%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:3.12%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:17.1%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:1.5%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> <td style="width:21.76%;box-sizing:content-box;"></td> <td style="width:1%;box-sizing:content-box;"></td> </tr> <tr style="height:10pt;background-color:#ffffff;white-space:pre-wrap;word-break:break-word;text-align:left;"> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Basis Point Change</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Interest Income</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Interest Expense</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td colspan="2" style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #000000;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-kerning:none;min-width:fit-content;">Net Interest Income </span><span style="color:#000000;top:-4.6899999999999995pt;white-space:pre-wrap;font-weight:bold;font-size:6.7pt;position:relative;font-kerning:none;min-width:fit-content;">(1)</span></p></td> <td style="padding-top:0in;padding-left:0in;vertical-align:middle;padding-bottom:0in;border-bottom:0.5pt solid #ffffff03;padding-right:0in;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 100 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">14.2</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.7</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">9.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 75 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">10.6</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 50 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">4.8</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Up 25 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">1.2</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 25 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(1.2</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 50 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(2.3</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(4.8</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;background-color:#cff0fc;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 75 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(10.6</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(3.5</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(7.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;background-color:#ffffff;word-break:break-word;"> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">Down 100 basis points</span></p></td> <td style="padding-top:0in;text-indent:5pt;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="margin-left:0.92%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(14.1</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(4.7</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="white-space:pre-wrap;font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-kerning:none;min-width:fit-content;"> </span></p></td> <td style="padding-top:0in;white-space:pre-wrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:center;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-kerning:none;min-width:fit-content;">(9.4</span></p></td> <td style="padding-top:0in;white-space:nowrap;padding-left:0in;vertical-align:bottom;padding-bottom:0in;padding-right:0in;text-align:left;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-kerning:none;min-width:fit-content;">)</span></p></td> </tr> </table><div class="item-list-element-wrapper" style="margin-left:4.528%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:4.7521786492374725%;word-break:keep-all;display:inline-flex;justify-content:flex-start;">(1)</span><div style="display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.</span></p> <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Currency Risk</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">From time to time, we may make investments that are denominated in a foreign currency. These investments are converted into U.S. dollars at the balance sheet date, exposing us to movements in foreign exchange rates. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. To the extent the loan or investment is based on a floating rate, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate. As of December 31, 2025, we had </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">£16.9 million, CHF 18.7, AUD $44.8, and SEK 11.6 notional exposure to foreign currency forward contracts related to investments totaling £13.6 million, CHF 19.1 million, AUD $44.1, and SEK 11.6 at par.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"></span></p> 42 <p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Opinion on the Financial Statements</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We have audited the accompanying consolidated statements of assets and liabilities of Crescent Capital BDC, Inc. (the Company), including the consolidated schedules of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations, changes in its net assets, and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 25, 2026 expressed an unqualified opinion thereon.</span></p> Ernst & Young LLP Los Angeles, California 1504658000 1511386000 1479473000 1504013000 26826000 46104000 29594000 46793000 71985000 66416000 60351000 48051000 5043000 10130000 26454000 29292000 9333000 11008000 8019000 1163000 2135000 4815000 190000 746000 1543000 263000 1622135000 1656274000 5841000 8214000 873761000 875837000 15527000 15566000 12370000 10408000 5037000 5066000 3468000 4305000 190000 746000 2134000 3610000 3709000 916097000 915637000 0.001 0.001 10000 10000 0 0 0.001 0.001 200000000 200000000 36969285 36969285 37061547 37061547 37000 37000 957030000 959098000 -251029000 -218498000 706038000 740637000 1622135000 1656274000 19.1 19.98 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106229000 1407658000 1.942 1371016000 -5000 0 -11000 -11000 0 -11000 S + 500 (75 Floor) 0.0500 0.0075 0.0872 20604000 20501000 0.029 20501000 20485000 0.029 20479000 81818 0 0 20485000 0.029 20479000 SN + 525 0.0525 0.0733 83000 83000 0 83000 SN + 525 0.0525 0.0767 2110000 1921000 0.003 2109000 2193000 2004000 0.003 2192000 2193000 2004000 0.003 2192000 2193000 2004000 0.003 2192000 SN + 625 0.0625 0.0998 8262000 7692000 0.012 8262000 SN + 625 0.0625 0.0998 1117000 1008000 0.002 1117000 SN + 650 0.0650 0.1046 1909000 1970000 0.003 1909000 SN + 650 0.0650 0.1022 528000 527000 0.001 528000 SN + 650 0.0650 0.1047 14831000 13455000 0.02 14831000 SN + 650 0.0650 0.1047 2878000 2661000 0.004 2878000 SN + 650 0.0650 0.1044 3837000 3625000 0.005 3837000 SN + 650 0.0650 0.1047 6715000 6322000 0.01 6715000 40077000 37260000 0.057 40077000 S + 600 (50 Floor) 0.0600 0.0050 0.0984 4352000 4308000 0.004 2950000 S + 600 (50 Floor) 0.0600 0.0050 0.0984 9939000 9845000 0.01 6739000 S + 600 (50 Floor) 0.0600 0.0050 0.0984 4953000 4900000 0.005 3358000 -33000 -0.001 -1043000 19244000 19020000 0.018 12004000 SN + 636.93 0.063693 0.1034 5850000 5229000 0.008 5850000 SN + 636.93 0.063693 0.101 2685000 2534000 0.004 2685000 8535000 7763000 0.012 8535000 SN + 600 0.0600 0.0997 17842000 17953000 0.024 17843000 SN + 600 0.0600 0.0999 549000 522000 0.001 549000 18391000 18475000 0.025 18392000 86247000 82518000 0.112 79008000 37612 30000 2126875 968000 0.003 2051000 2164487 998000 0.003 2051000 998000 0.003 2051000 83516000 0.115 81059000 S + 550 0.0550 0.0947 6741000 6150000 0.01 6741000 6741000 6150000 0.01 6741000 6741000 6150000 0.01 6741000 6150000 0.01 6741000 E + 525 0.0525 0.0737 106000 105000 106000 E + 525 0.0525 0.0737 2574000 2284000 0.004 2574000 E + 550 0.0550 0.055 508000 477000 0.001 508000 E + 550 0.0550 0.0752 3366000 2997000 0.004 3366000 E + 625 0.0625 0.0828 1889000 1803000 0.003 1889000 8443000 7666000 0.012 8443000 E + 750 (plus 750 PIK) 7.50 7.50 0.0953 2800000 2465000 0.003 2047000 S + 775 (plus 775 PIK) 7.75 7.75 0.1187 1383000 1354000 0 232000 S + 775 (plus 775 PIK) 7.75 7.75 0.1172 3705000 3649000 0.004 2708000 7888000 7468000 0.007 4987000 16331000 15134000 0.019 13430000 15134000 0.019 13430000 1025 1000 0 0 90601 73000 0 106000 74000 0 106000 74000 0 106000 74000 0 106000 0 -23000 0 14000 B + 500 (50 Floor) 5 0.50 0.086 6928000 6726000 0.01 6998000 6928000 6703000 0.01 7012000 B + 450 4.50 0.0829 19270000 21283000 0.027 19269000 B + 450 (75 Floor) 4.50 0.75 0.0829 3214000 3316000 0.005 3214000 22484000 24599000 0.032 22483000 29412000 31302000 0.042 29495000 128654071 1325000 0.003 1778000 6771267 70000 0 94000 1395000 0.003 1872000 1395000 0.002 1872000 32697000 0.044 31367000 E + 450 (plus 150 PIK) 4.50 1.50 0.0806 10735000 9076000 0.015 10736000 0 -5000 0 0 1206.2 PIK 0.1206 3151000 2743000 0.004 3151000 E + 450 (plus 150 PIK) 4.50 1.50 0.0802 1814000 1632000 0.003 1814000 15700000 13446000 0.022 15701000 15700000 13446000 0.022 15701000 1140447 1086000 0.004 2561000 1086000 0.004 2561000 1086000 0.004 2561000 14532000 0.026 18262000 0 -59000 0 S + 550 (75 Floor) 0.0550 0.0075 0.0625 24122000 20770000 0.034 24182000 24122000 20711000 0.034 24182000 24122000 20711000 0.034 24182000 47124 409000 0.001 472000 685 99000 112000 508000 0.001 584000 508000 0.001 584000 21219000 0.035 24766000 1603469000 2.223 1569418000 2967000 0.004 2967000 28831000 0.041 28530000 31798000 0.045 31497000 706038000 0.0675 0.0369 0.0365 0.0357 0.0314 0.0196 0.0206 0.0212 0.0222 0.0373 0.036 -0.0004 0.05 0.25 0.70 0.097 1049000 11583000 2027-08-20 -170000 19163000 29250000 2028-03-22 1311000 3400000 5401000 2028-03-22 103000 6173000 10174000 2028-10-06 104000 21697000 18703000 2028-02-24 -1964000 167000 121000 2026-06-03 7000 1915000 1362000 2026-06-03 107000 365000 272000 2026-06-03 4000 3027000 2237000 2026-06-03 58000 17391000 12870000 2026-08-24 441000 1000 S + 525 (100 Floor) 0.0525 0.0100 0.0991 135000 131000 0 135000 S + 525 (100 Floor) 0.0525 0.0100 0.0991 3949000 3898000 0.005 3949000 S + 700 (100 Floor) (including 407.5 PIK) 0.0700 0.0100 0.04075 0.1148 7523000 7469000 0.007 5207000 S + 700 (100 Floor) (including 407.5 PIK) 0.0700 0.0100 0.04075 0.1148 2775000 2765000 0.003 1920000 S + 500 (75 Floor) 0.0500 0.0075 0.0936 8943000 8859000 0.012 8898000 -19000 0 -9000 S + 500 (75 Floor) 0.0500 0.0075 0.0953 12652000 12497000 0.017 12589000 S + 500 (75 Floor) 0.0500 0.0075 0.0936 2425000 2394000 0.003 2413000 38402000 37994000 0.047 35102000 0.0750 0.075 6736000 6715000 0.009 6736000 9381000 7052000 0.002 1514000 0.0750 0.075 972000 971000 0.001 972000