SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2024

The Fund’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of December 31, 2024, except as discussed below.

Distributions

On January 29, 2025, the Fund declared regular distributions for each class of its Common Shares in the amounts per share set forth below. The distributions for each class of Common Shares are payable on February 28, 2025 to shareholders of record as of January 31, 2025.


	Gross Distribution	Shareholder Servicing Fee	Net Distribution
Class I Common Shares	$0.200	$—	$0.200
Class S Common Shares	$0.200	$0.017	$0.183
Class D Common Shares	$0.200	$0.005	$0.195

On February 27, 2025, the Fund declared regular distributions for each class of its Common Shares in the amounts per share set forth below. The distributions for each class of Common Shares are payable on March 28, 2025 to shareholders of record as of February 28, 2025.


	Gross Distribution	Shareholder Servicing Fee	Net Distribution
Class I Common Shares	$0.200	$—	$0.200
Class S Common Shares	$0.200	$0.017	$0.183
Class D Common Shares	$0.200	$0.005	$0.195

Subscriptions

The Fund received approximately $91.7 million in net proceeds, inclusive of distributions reinvested through the Fund’s distribution reinvestment plan, relating to the issuance of Class I shares, Class S shares, and Class D shares during the period subsequent to the quarter ended December 31, 2024 through March 4, 2025.

Scotiabank Credit Facility Agreement Amendment

On February 4, 2025, SPV IV entered into the Second Amendment (the “Second Amendment”) to the Scotiabank Credit Facility Agreement by and among SPV IV, as borrower, the Fund (as successor in interest to NCPCF), as servicer, the lenders from time to time party thereto, the Bank of Nova Scotia, as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as custodian. The Second Amendment amends the Scotiabank Credit Agreement to, among other things, add broadly syndicated loans to the definition of collateral loan to permit advances thereon pursuant to the Scotiabank Credit Agreement. The other material terms of the Scotiabank Credit Agreement were unchanged.

Bank of America Credit Agreement Amendment

On February 6, 2025, SPV II entered into Amendment No. 5 (the “Fifth Amendment”) to the Bank of America Credit Agreement by and among SPV II, as borrower, the lenders party thereto, Bank of America, N.A., as administrative agent, and the Fund, as servicer. The Fifth Amendment amends the Bank of America Credit Agreement to, among other things: (i) reduces the portion of the applicable rate calculation attributable to qualifying syndicated loans from 1.75% to 1.60%; and (ii) extends the period in which a fee is payable by the Fund in the event that the commitments under the Bank of America Credit Agreement are terminated in whole or in part (such fee, the “Make-Whole Fee”) such that the rate upon which the Make-Whole Fee is calculated will equal (a) 2.00% prior to December 19, 2025, (b) 0.50% during the period beginning on December 19, 2025 through but excluding December 19, 2026 and (c) 0.0% thereafter.

Trustee Resignation

On February 10, 2025, Michael Perry notified the Board that he was resigning as a trustee of the Board, effective immediately. In submitting his resignation, Mr. Perry did not express any disagreement on any matter relating to the Fund's operations, policies or practices. In connection with Mr. Perry's resignation, the Board reduced the size of the Board from seven (7) trustees to six (6) trustees.