# EDGAR Filing Document

**Accession Number:** 0001911066
**File Stem:** 0001911066-26-000066
**Filing Date:** 2026-5
**Character Count:** 1564593
**Document Hash:** b7e0d0891cea75b32f02d60202ff51d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001911066-26-000066.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001911066-26-000066

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Churchill Private Capital Income Fund
- **CENTRAL INDEX KEY:** 0001911066

**ORGANIZATION NAME:**
- **EIN:** 886187397
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01494
- **FILM NUMBER:** 26964990

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** (212) 478-9200

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

?xml version='1.0' encoding='ASCII'? ncpif-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**(Mark One)**

---

| | |
|:---|:---|
| 🗷 | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended March 31, 2026** 

**OR**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from __ to __**

**Commission file number 001-04321** 

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **88-6187397** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| **375 Park Avenue, 9th Floor, New York, NY** | **10152** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(212) 478-9200** 

**(Registrant's telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| **None** | **N/A** | **N/A** |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No □

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ⌧ No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer | ⌧ | Smaller reporting company | □ |
| | | Emerging growth company | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes □ No ⌧

The registrant had outstanding 58,925,999 Class I shares, 1,355,853 Class D shares, and 1,920,528 Class S shares as of May 11, 2026.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **<u>[PART I](#i179485e4d5974b9194141071c2198a8e_112)</u>** | **<u>[FINANCIAL INFORMATION](#i179485e4d5974b9194141071c2198a8e_112)</u>** | |
| <u>[Item 1.](#i179485e4d5974b9194141071c2198a8e_1338)</u> | <u>[Consolidated Financial Statements (Unaudited)](#i179485e4d5974b9194141071c2198a8e_1338)</u> | <u>[3](#i179485e4d5974b9194141071c2198a8e_1338)</u> |
|  | <u>[Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025](#i179485e4d5974b9194141071c2198a8e_94)</u> | <u>[3](#i179485e4d5974b9194141071c2198a8e_94)</u> |
|  | <u>[Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#i179485e4d5974b9194141071c2198a8e_97)</u> | <u>[5](#i179485e4d5974b9194141071c2198a8e_97)</u> |
|  | <u>[Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#i179485e4d5974b9194141071c2198a8e_100)</u> | <u>[7](#i179485e4d5974b9194141071c2198a8e_100)</u> |
|  | <u>[Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#i179485e4d5974b9194141071c2198a8e_103)</u> | <u>[8](#i179485e4d5974b9194141071c2198a8e_103)</u> |
|  | <u>[Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025](#i179485e4d5974b9194141071c2198a8e_106)</u> | <u>[10](#i179485e4d5974b9194141071c2198a8e_106)</u> |
|  | <u>[Notes to Consolidated Financial Statements (Unaudited)](#i179485e4d5974b9194141071c2198a8e_112)</u> | <u>[63](#i179485e4d5974b9194141071c2198a8e_112)</u> |
| <u>[Item 2.](#i179485e4d5974b9194141071c2198a8e_46)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i179485e4d5974b9194141071c2198a8e_46)</u> | <u>[94](#i179485e4d5974b9194141071c2198a8e_46)</u> |
| <u>[Item 3.](#i179485e4d5974b9194141071c2198a8e_85)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i179485e4d5974b9194141071c2198a8e_85)</u> | <u>[121](#i179485e4d5974b9194141071c2198a8e_85)</u> |
| <u>[Item 4.](#i179485e4d5974b9194141071c2198a8e_199)</u> | <u>[Controls and Procedures](#i179485e4d5974b9194141071c2198a8e_199)</u> | <u>[123](#i179485e4d5974b9194141071c2198a8e_199)</u> |
| **<u>[PART II](#i179485e4d5974b9194141071c2198a8e_205)</u>** | **<u>[OTHER INFORMATION](#i179485e4d5974b9194141071c2198a8e_205)</u>** | <u>[124](#i179485e4d5974b9194141071c2198a8e_205)</u> |
| <u>[Item 1.](#i179485e4d5974b9194141071c2198a8e_208)</u> | <u>[Legal Proceedings](#i179485e4d5974b9194141071c2198a8e_208)</u> | <u>[124](#i179485e4d5974b9194141071c2198a8e_208)</u> |
| <u>[Item 1A.](#i179485e4d5974b9194141071c2198a8e_211)</u> | <u>[Risk Factors](#i179485e4d5974b9194141071c2198a8e_211)</u> | <u>[124](#i179485e4d5974b9194141071c2198a8e_211)</u> |
| <u>[Item 2.](#i179485e4d5974b9194141071c2198a8e_214)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i179485e4d5974b9194141071c2198a8e_214)</u> | <u>[124](#i179485e4d5974b9194141071c2198a8e_214)</u> |
| <u>[Item 3.](#i179485e4d5974b9194141071c2198a8e_217)</u> | <u>[Defaults Upon Senior Securities](#i179485e4d5974b9194141071c2198a8e_217)</u> | <u>[125](#i179485e4d5974b9194141071c2198a8e_217)</u> |
| <u>[Item 4.](#i179485e4d5974b9194141071c2198a8e_220)</u> | <u>[Mine Safety Disclosures](#i179485e4d5974b9194141071c2198a8e_220)</u> | <u>[125](#i179485e4d5974b9194141071c2198a8e_220)</u> |
| <u>[Item 5.](#i179485e4d5974b9194141071c2198a8e_223)</u> | <u>[Other Information](#i179485e4d5974b9194141071c2198a8e_223)</u> | <u>[125](#i179485e4d5974b9194141071c2198a8e_223)</u> |
| <u>[Item 6.](#i179485e4d5974b9194141071c2198a8e_226)</u> | <u>[Exhibits](#i179485e4d5974b9194141071c2198a8e_226)</u> | <u>[126](#i179485e4d5974b9194141071c2198a8e_226)</u> |
| <u>[Signatures](#i179485e4d5974b9194141071c2198a8e_229)</u> | <u>[Signatures](#i179485e4d5974b9194141071c2198a8e_229)</u> | <u>[127](#i179485e4d5974b9194141071c2198a8e_229)</u> |

---

------

**FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on our current expectations and estimates, our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the markets in which we invest and changes in financial and lending markets generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of increased competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic downturn or recession and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of interest rate volatility on our business, our financial condition and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of supply chain constraints and labor difficulties on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of inflation and its impact on our portfolio companies and on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policies and its impact on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of geopolitical conditions, including the conflict between Ukraine and Russia and the turmoil in Europe and the Middle East, and their impact on financial market volatility, global economic markets, and various sectors, industries and markets for commodities globally, such as oil and natural gas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with the Advisers, and/or their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Advisers to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Advisers or their respective affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify and maintain our qualification as a regulated investment company (a "RIC") for U.S. federal income tax purposes and operate as a business development company ("BDC"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of future legislation and regulation on our business and our portfolio companies.

------

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements except as otherwise provided by law.

------

**Part I - Financial Information**

**Item 1. Consolidated Financial Statements (Unaudited)**

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(dollars in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| **Assets** | **(Unaudited)** | |
| Investments |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliate company investments, at fair value (cost of $2,440,232 and $2,164,611, respectively) | $2415980 | $2155846 |
| Cash | 2670 | 7627 |
| Cash equivalents | 77004 | 46560 |
| Interest receivable | 13453 | 13332 |
| Due from affiliate for expense support (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 2546 | 2316 |
| Receivable for investments sold | 1932 | 431 |
| Deferred offering costs | 352 | 404 |
| Prepaid expenses | 41 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2513978 | $2226562 |
| **Liabilities** |  |  |
| Secured borrowings (net of $9,698 and $9,022 deferred financing and issuance costs, respectively) (See <u>[Note 6](#i179485e4d5974b9194141071c2198a8e_133)</u>) | $984302 | $786478 |
| Payable for investments purchased | 11138 | 10809 |
| Management fees payable | 927 | 868 |
| Incentive fees payable | 3260 | 4425 |
| Interest payable | 7387 | 6783 |
| Due to affiliate for expense support (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 2546 | 2316 |
| Distributions payable | 10505 | 9764 |
| Payable for share repurchases | 41911 | 13999 |
| Board of Trustees' fees payable | 125 | 128 |
| Offering costs payable | 172 |  |
| Accounts payable and accrued expenses | 4298 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $1066571 | $838433 |
| **Commitments and contingencies (See <u>[Note 7](#i179485e4d5974b9194141071c2198a8e_136)</u>)** |  |  |
| **Net Assets: (See <u>[Note 8](#i179485e4d5974b9194141071c2198a8e_139)</u>)** |  |  |
| Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 1,889,373 and 1,767,556 Class S shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | $19 | $18 |
| Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 1,328,570 and 1,271,348 Class D shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 13 | 13 |
| Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 57,051,748 and 54,034,583 Class I shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 571 | 540 |
| Paid-in-capital in excess of par value | 1486549 | 1408419 |
| Total distributable earnings (loss) | (39745) | (20861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net assets | $1447407 | $1388129 |
| &nbsp;&nbsp;&nbsp;Total liabilities and net assets | $2513978 | $2226562 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| **Net Asset Value per Share** | | |
| **Class S Shares:** | | |
| Net assets | $45238 | $42872 |
| Net asset value per share | $23.94 | $24.25 |
| **Class D Shares:** |  |  |
| Net assets | $31910 | $30926 |
| Net asset value per share | $24.02 | $24.32 |
| **Class I Shares:** |  |  |
| Net assets | $1370259 | $1314331 |
| Net asset value per share | $24.02 | $24.32 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**(dollars in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Investment income:** |  |  |
| Non-controlled/non-affiliated company investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $48210 | $40913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 2315 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 220 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 50745 | 42633 |
| **Expenses:** |  |  |
| Interest and debt financing expenses | 12989 | 14240 |
| Management fees (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 2635 | 1602 |
| Income based incentive fees (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 4864 | 3876 |
| Professional fees | 924 | 480 |
| Board of Trustees' fees | 125 | 131 |
| Administration fees (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 514 | 429 |
| Other general and administrative expenses | 682 | 410 |
| Distribution and shareholder servicing fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | 94 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | 16 | 10 |
| Offering costs | 236 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 23079 | 21411 |
| Expense support (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | (424) | (162) |
| Management fees waived (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) |  | (801) |
| Incentive fees waived (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | (1604) | (3876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 21051 | 16572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 29694 | 26061 |
| **Realized and unrealized gain (loss) on investments:** |  |  |
| Net realized gain (loss) on non-controlled/non-affiliated company investments | (2022) | 212 |
| Net change in unrealized appreciation (depreciation): |  |  |
| Non-controlled/non-affiliated company investments | (15487) | (10431) |
| Income tax (provision) benefit | (366) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation): | (15853) | (10425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gain (loss) on investments | (17875) | (10213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $11819 | $15848 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Per share data:** |  |  |
| Net investment income per share - Class S common share | $0.44 | $0.67 |
| Net investment income per share - Class D common share | $0.48 | $0.71 |
| Net investment income per share - Class I common share | $0.50 | $0.72 |
| Net increase (decrease) in net assets resulting from operations per share - Class S common share | $0.15 | $0.39 |
| Net increase (decrease) in net assets resulting from operations per share - Class D common share | $0.19 | $0.43 |
| Net increase (decrease) in net assets resulting from operations per share - Class I common share | $0.21 | $0.44 |
| Weighted average common shares outstanding - Class S common share | 1868014 | 892880 |
| Weighted average common shares outstanding - Class D common share | 1325468 | 849066 |
| Weighted average common shares outstanding - Class I common share | 57166472 | 34528300 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)**

**(dollars in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Increase (decrease) in net assets resulting from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $29694 | $26061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (2022) | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (15853) | (10425) |
| **Net increase (decrease) in net assets resulting from operations** | 11819 | 15848 |
| **Shareholder Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class S | (858) | (490) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class D | (656) | (497) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I | (29189) | (20718) |
| **Net increase (decrease) in net assets resulting from shareholder distributions** | (30703) | (21705) |
| **Capital share transactions:** |  |  |
| **Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 3305 | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions | 413 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfer between classes | (438) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (330) |  |
| **Net increase (decrease) in net assets resulting from capital share transactions - Class S** | 2950 | 4722 |
| **Class D:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 1045 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions | 466 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfer between classes |  | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (119) | (135) |
| **Net increase (decrease) in net assets resulting from capital share transactions - Class D** | 1392 | 1172 |
| **Class I:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common shares | 103936 | 80612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions | 10838 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share transfer between classes | 438 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (41392) | (5965) |
| **Net increase (decrease) in net assets resulting from capital share transactions - Class I** | 73820 | 83888 |
| **Total increase (decrease) in net assets** | $59278 | $83925 |
| Net assets, beginning of period | $1388129 | $826140 |
| **Net assets, end of period** | $1447407 | $910065 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**(dollars in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $11819 | $15848 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (321609) | (216122) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments | 47451 | 64403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | (2315) | (1544) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium/accretion of discount, net | (1170) | (1332) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 2022 | (212) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 15487 | 10431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 606 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of offering costs | 52 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliate expense support | (230) | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (1501) | 12704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | (121) | (1430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 5 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 329 | 23181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | 59 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs payable | 172 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 604 | (7034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliate expense support | 230 | (983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees payable | (1165) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Board of Trustees' fees payable | (3) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 1435 | 117 |
| **Net cash provided by (used in) operating activities** | (247843) | (100865) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common shares | 108286 | 86434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchased shares, net of early repurchase deduction | (13929) | (2006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from secured borrowings | 233000 | 188000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of secured borrowings | (34500) | (154500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid | (18245) | (12169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs | (1282) | (2898) |
| **Net cash provided by (used in) financing activities** | 273330 | 102861 |
| **Net increase (decrease) in cash and cash equivalents** | 25487 | 1996 |
| **Cash and cash equivalents, beginning of period** | 54187 | 66944 |
| **Cash and cash equivalents, end of period** | $79674 | $68940 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

---

| | | |
|:---|:---|:---|
| **Supplemental disclosure of cash flow information:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the period for interest | $11779 | $20995 |
| **Supplemental disclosure of non-cash flow financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of shareholder distributions | $11717 | $9448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | $10505 | $7417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for share repurchases | $41911 | $6100 |

---

The following tables provide a reconciliation of cash and cash equivalents reported on the consolidated statements of assets and liabilities to comparable amounts on the consolidated statements of cash flows (dollars in thousands):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Cash | $2670 | $1667 |
| Cash equivalents | 77004 | 67273 |
| **Total cash and cash equivalents shown on the consolidated statements of cash flows** | $79674 | $68940 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| **Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Debt Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIM Acquisition, LLC | (6) | First Lien Debt | S + 4.75% | 8.52% | 12/4/2028 | $2081 | $2071 | $2081 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIM Acquisition, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.58% | 12/4/2028 | 5413 | 5413 | 5412 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (15) | First Lien Debt | S + 5.00% | 8.67% | 7/25/2030 | 1368 | 1354 | 1374 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (15) | First Lien Debt (Delayed Draw) | &nbsp;&nbsp;&nbsp;&nbsp;S + 5.00% | 8.67% | 7/25/2030 | 784 | 782 | 787 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.65% | 7/25/2030 | 1039 | 473 | 481 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (15) | First Lien Debt | S + 4.75% | 8.42% | 7/25/2030 | 732 | 727 | 736 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (6) (15) | First Lien Debt | S + 4.75% | 8.45% | 12/21/2029 | 14367 | 14230 | 14367 | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 12/21/2029 | 5281 | 5251 | 5281 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMI (US) Bidco, Inc. | (6) (7) | First Lien Debt | S + 3.25% | 6.92% | 3/16/2033 | 4310 | 4289 | 4291 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMI (US) Bidco, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 3.25% | 6.92% | 3/16/2033 | 690 |  | (3) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turbine Engine Specialists, Inc. | (6) (12) | Subordinated Debt | S + 9.50% | 13.27% | 3/1/2029 | 626 | 612 | 627 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turbine Engine Specialists, Inc. | (6) (12) | Subordinated Debt | S + 9.50% | 13.27% | 3/1/2029 | 1928 | 1898 | 1929 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United AirLines, Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.43% | 2/22/2031 | 3676 | 3686 | 3675 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  |  |  | 40786 | 41038 | 2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient Global Holdings | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 1/31/2031 | 2450 | 2461 | 2449 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission, Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 1/2/2033 | 938 | 936 | 942 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.) | (6) (10) | Subordinated Debt (Delayed Draw) | N/A | 10.00% (Cash) 2.75% (PIK) | 4/30/2031 | 1000 | (10) | (40) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.) | (6) | Subordinated Debt | N/A | 10.00% (Cash) 2.75% (PIK) | 4/30/2031 | 3430 | 3361 | 3293 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) | First Lien Debt | S + 5.00% | 8.67% | 11/1/2029 | 1986 | 1982 | 1958 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.68% | 11/1/2029 | 7965 |  | (113) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.67% | 11/1/2029 | 11948 | 11880 | 11778 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 11/1/2029 | 4091 | 3927 | 3890 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  |  |  | 24537 | 24157 | 1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate, LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.17% | 9/19/2031 | 4620 | 4633 | 4590 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (6) (10) | Revolving Loan | S + 4.75% | 8.42% | 8/1/2031 | 1133 | 372 | 364 | 0.03% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/1/2031 | 12414 |  | (147) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.13% | 8/11/2031 | 7266 | 7227 | 7049 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (6) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.13% | 8/11/2031 | 12587 | 12539 | 12212 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion, LLC (fka Asurion Corporation) | (6) (11) | First Lien Debt | S + 4.25% | 7.92% | 9/19/2030 | 3427 | 3388 | 3393 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (6) (10) | Revolving Loan | S + 4.50% | 8.17% | 11/18/2031 | 1740 | (14) | (15) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 11/18/2031 | 4302 | 1134 | 1114 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (6) | First Lien Debt | S + 4.50% | 8.17% | 11/18/2031 | 8866 | 8792 | 8788 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bishop Street Underwriters LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 7/31/2031 | 8157 |  | (77) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bishop Street Underwriters LLC | (15) | First Lien Debt | S + 5.25% | 8.92% | 7/31/2031 | 8052 | 8016 | 7976 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bishop Street Underwriters LLC | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 7/31/2031 | 5382 | 5382 | 5331 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc. | (6) (11) | First Lien Debt | S + 2.50% | 6.17% | 6/13/2031 | 4542 | 4556 | 4438 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago US Midco III, LP | (6) (7) (10) (11) (12) | First Lien Debt (Delayed Draw) | S + 2.50% | 6.17% | 11/1/2032 | 1293 |  | (11) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago US Midco III, LP | (6) (7) (11) (12) | First Lien Debt | S + 2.50% | 6.17% | 11/1/2032 | 8707 | 8687 | 8636 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 12/31/2031 | 4263 | 173 | 190 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (6) (15) | First Lien Debt | S + 4.50%  | 8.20% | 12/31/2031 | 7581 | 7525 | 7581 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohnreznick Advisory LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 3.25% | 6.95% | 3/31/2032 | 1008 | (3) | (24) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohnreznick Advisory LLC | (6) (15) | First Lien Debt | S + 3.25% | 6.95% | 3/31/2032 | 17379 | 17333 | 16970 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight AcquireCo, LLC | (6) (7) | First Lien Debt | S + 4.50% | 8.16% | 11/8/2032 | 10316 | 10294 | 10283 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight AcquireCo, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.16% | 11/8/2032 | 3439 |  | (11) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (6) (7) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.85% | 10/16/2028 | 7789 | 7753 | 7695 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Group, LLC | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.67% | 9/15/2031 | 5038 | 5059 | 5038 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (6) (11) | First Lien Debt | S + 2.50% | 6.17% | 7/31/2031 | 1789 | 1790 | 1759 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (6) (15) | First Lien Debt | S + 5.00% | 8.66% | 11/26/2030 | 6329 | 6294 | 6187 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.66% | 11/26/2030 | 2521 | 1060 | 1004 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Insurance Holdings LLC | (6) (11) | First Lien Debt | S + 2.75% | 6.45% | 5/6/2031 | 2319 | 2324 | 2292 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 9/27/2031 | 2093 | (10) | (17) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.67% | 9/27/2031 | 16524 | 16427 | 16386 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  | 140731 | 138974 | 9.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (6) (15) | First Lien Debt | S + 5.00% | 8.67% | 9/10/2030 | 14220 | 14087 | 14045 | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 9/10/2030 | 3307 |  | (41) | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 9/10/2030 | 2265 | 2256 | 2237 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | (7) (11) (15) | Subordinated Debt | S + 7.25% | 11.03% | 6/8/2029 | 2544 | 2504 | 2519 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | (6) (11) | First Lien Debt | S + 4.00% | 7.78% | 6/9/2028 | 4825 | 4750 | 4818 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (12) | First Lien Debt | S + 5.25% | 8.95% | 9/25/2029 | 8728 | 8718 | 8684 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (12) | First Lien Debt | S + 5.25% | 8.95% | 9/25/2029 | 3721 | 3700 | 3702 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (12) (15) | First Lien Debt | S + 5.25% | 8.95% | 9/25/2029 | 9073 | 8977 | 9026 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (12) (15) | First Lien Debt | S + 5.25% | 8.90% | 9/25/2029 | 1767 | 1758 | 1758 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.36% | 11/14/2031 | 5570 | 1822 | 1826 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (6) | First Lien Debt | S + 4.75% | 8.49% | 11/14/2031 | 5173 | 5131 | 5166 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune International, LLC | (15) | First Lien Debt | S + 5.00% | 8.77% | 7/17/2027 | 6713 | 6713 | 6483 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri International Limited | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.88% | 9/30/2032 | 2801 | 2800 | 2752 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (6) | Subordinated Debt | S + 4.50% | 8.26% (Cash) 5.13% (PIK) | 4/3/2029 | 3334 | 3294 | 3232 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturpak PPC Buyer LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.20% | 12/22/2032 | 9108 | 9066 | 9079 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturpak PPC Buyer LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 12/22/2032 | 2070 |  | (6) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (15) | First Lien Debt | S + 5.75% | 9.45% | 9/18/2029 | 3273 | 3236 | 3142 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (15) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.45% | 9/18/2029 | 922 | 898 | 885 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corporation | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.45% | 3/31/2031 | 2370 | 2358 | 2377 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Razor Light, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.45% | 2/6/2032 | 18654 | 18566 | 18570 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Razor Light, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 2/6/2032 | 3587 | (17) | (16) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Razor Light, Inc. | (6) (10) | Revolving Loan | S + 4.75% | 8.45% | 2/6/2032 | 2758 | (13) | (12) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresco (Pegasus Bidco BV) | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.40% | 7/12/2029 | 3120 | 3132 | 3116 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (15) | First Lien Debt | S + 4.75% | 8.35% | 12/23/2028 | 5042 | 5012 | 4950 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.35% | 12/23/2028 | 1277 | 1272 | 1253 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC (Sugar Foods) | (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 10/2/2031 | 6959 | 6889 | 6921 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC (Sugar Foods) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.35% | 10/2/2031 | 4338 | 1277 | 1271 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC (Sugar Foods) | (6) (7) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 10/2/2031 | 2381 | 2372 | 2368 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 4/30/2031 | 1900 | (6) | 12 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (7) (15) | First Lien Debt | S + 4.50% | 8.20% | 4/30/2031 | 2769 | 2745 | 2786 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (7) (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 4/30/2031 | 120 | 120 | 121 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (7) (15) | First Lien Debt | S + 4.50% | 8.20% | 4/30/2031 | 1241 | 1241 | 1249 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  |  |  | 124658 | 124273 | 8.59% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Solutions Buyer, Inc. | (6) | First Lien Debt | S + 4.50% | 8.17% | 9/9/2030 | 8468 | 8402 | 8325 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Fastener Company, LLC (EFC International) | (6) | Subordinated Debt | N/A | 11.00% (Cash) 2.50% (PIK) | 5/1/2028 | 2595 | 2560 | 2552 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.45% | 6/27/2031 | 9825 | 9753 | 9763 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 6/27/2031 | 19794 | 19753 | 19669 | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Industries, Inc. | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.28% | 5/30/2028 | 4805 | 4816 | 4821 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyperion Materials & Technologies, Inc. | (11) (15) | First Lien Debt | S + 4.50% | 8.43% | 8/30/2028 | $2292 | $2292 | $1957 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jetson Buyer, Inc. (E-Technologies Group, Inc.) | (6) (15) | First Lien Debt | S + 5.50% | 9.20% | 4/9/2030 | 10760 | 10628 | 10375 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls Inc (aka Power Solutions) | (6) (11) | First Lien Debt | S + 2.75% | 6.42% | 1/28/2032 | 996 | 1001 | 995 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls Inc (aka Power Solutions) | (6) (11) | First Lien Debt | S + 2.50% | 6.17% | 5/6/2030 | 2232 | 2241 | 2228 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.18% | 9/26/2031 | 530 | 531 | 531 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (6) (15) | First Lien Debt | S + 6.00% | 9.67% | 6/1/2028 | 1560 | 1551 | 1549 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (6) | First Lien Debt | S + 6.00% | 9.67% | 6/1/2028 | 1666 | 1658 | 1655 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.67% | 6/1/2028 | 4295 | 4295 | 4265 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.67% | 6/1/2028 | 12082 | 12082 | 11999 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 2/4/2030 | 6911 | 6858 | 6877 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc. | (6) | First Lien Debt | S + 4.75% | 8.45% | 2/4/2030 | 828 | 821 | 823 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.45% | 2/4/2030 | 13332 | 13299 | 13267 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 2/4/2030 | 3060 | 3055 | 3045 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc. | (6) | First Lien Debt | S + 4.75% | 8.45% | 2/4/2030 | 2780 | 2766 | 2766 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 2/4/2030 | 3028 |  | (15) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 4/9/2030 | 166 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.45% | 4/9/2030 | 3746 | 3758 | 3746 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) | First Lien Debt | S + 5.25% | 9.06% | 4/4/2029 | 9015 | 8972 | 8850 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) (15) | First Lien Debt | S + 5.25% | 9.15% | 4/4/2029 | 10871 | 10801 | 10672 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.16% | 4/4/2029 | 2304 | 2294 | 2262 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (6) | First Lien Debt | S + 4.50% | 8.17% | 12/16/2032 | 16330 | 16255 | 16252 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/16/2032 | 5484 | 3698 | 3672 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/16/2032 | 8186 |  | (39) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Air & Heat Holdings, LLC | (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 4/1/2028 | 1351 | 1344 | 1351 | 0.09% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Air & Heat Holdings, LLC | (15) | First Lien Debt | S + 4.75% | 8.45% | 4/1/2028 | 1294 | 1288 | 1294 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Manufacturing Holdings, LLC | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.20% | 3/31/2033 | 9496 | 9448 | 9448 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Manufacturing Holdings, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 3/31/2033 | 1879 |  | (9) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.95% | 8/31/2028 | 9094 | (19) | (45) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (6) (7) (15) | First Lien Debt | S + 4.25% | 7.95% | 8/31/2028 | 6768 | 6767 | 6734 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Industries Holdings LLC | (6) | First Lien Debt | S + 4.25% | 7.91% | 12/10/2032 | 6058 | 6030 | 6049 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Industries Holdings LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.91% | 12/10/2032 | 3470 |  | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.17% | 7/24/2031 | 13706 | 13593 | 13447 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (7) (10) | Revolving Loan | S + 4.50% | 8.24% | 7/24/2031 | 1726 | (13) | (33) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 7/24/2031 | 4569 | 4201 | 4132 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  |  |  | 196779 | 195225 | 13.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akzo Nobel Speciality (aka Starfruit US Holdco LLC) | (6) (11) (12) | First Lien Debt | S + 3.25% | 7.04% | 4/3/2028 | 4235 | 4251 | 4161 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (6) (15) | First Lien Debt | S + 4.25% | 7.95% | 4/23/2029 | 6303 | 6260 | 6226 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.95% | 4/23/2029 | 1391 | 1384 | 1374 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Packaging Company Inc. | (6) (11) | First Lien Debt | S + 2.25% | 5.92% | 1/26/2033 | 250 | 249 | 248 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Composites (Fortis 333 Inc) | (6) (11) | First Lien Debt | S + 3.50% | 7.17% | 3/27/2032 | 641 | 640 | 625 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS, Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.41% | 2/4/2033 | 1010 | 1010 | 1013 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (6) (7) | First Lien Debt | S + 1.00% | 4.67% (Cash) 4.25% (PIK) | 9/30/2030 | 649 | 649 | 554 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (6) | First Lien Debt | S + 7.00% | 10.67% | 3/31/2030 | 382 | 375 | 382 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solstice Advanced Materials Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 10/29/2032 | 1100 | 1099 | 1107 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangent Technologies Acquisition, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.56% | 11/30/2027 | 12184 | 12149 | 12104 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univar Solutions USA Inc. | (6) (11) | First Lien Debt | S + 2.75% | 6.42% | 8/1/2030 | 2162 | 2173 | 2135 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USALCO | (6) (11) | First Lien Debt (Delayed Draw) | S + 3.50% | 7.18% | 9/30/2031 | 47 | 47 | 46 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USALCO | (6) (11) | First Lien Debt | S + 3.50% | 7.17% | 9/30/2031 | 446 | 445 | 445 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI-Momentum Bidco, LLC | (6) | First Lien Debt | S + 4.75% | 8.45% | 12/31/2032 | 3493 | 3477 | 3488 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI-Momentum Bidco, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S +4.75% | 8.45% | 12/31/2032 | 699 |  | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics & Rubber** |  |  |  |  |  |  | 34208 | 33907 | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group DE Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 1/3/2029 | 1672 | 1673 | 1674 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centuri Group, Inc. | (6) (11) | First Lien Debt | S + 2.00% | 5.67% | 7/9/2032 | 1578 | 1579 | 1583 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.45% | 10/13/2031 | 7268 | 7209 | 7207 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 10/13/2031 | 12627 | 9172 | 9115 | 0.63% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. | (6) (11) (12) | First Lien Debt | S + 1.75%  | 5.42% | 1/27/2033 | 353 | 352 | 355 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (6) (7) | First Lien Debt | S + 4.25% | 7.90% | 8/5/2030 | 17602 | 17400 | 17489 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (6) (7) (10) | Revolving Loan | S + 4.50% | 8.19% | 8/5/2030 | 2131 | 829 | 839 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 8/9/2030 | 8443 | 8378 | 8229 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 8/9/2030 | 5676 | 5045 | 4912 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 8/9/2030 | 5666 | 5656 | 5522 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyphen Solutions, LLC | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.17% | 8/6/2032 | 18509 | 18490 | 18421 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyphen Solutions, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 8/6/2032 | 1444 |  | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (6) | First Lien Debt | S + 5.75% | 9.43% | 3/15/2030 | 2677 | 2660 | 2660 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (6) (15) | First Lien Debt | S + 5.75% | 9.42% | 3/15/2030 | 8938 | 8862 | 8882 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (15) | First Lien Debt | S + 5.75% | 9.42% | 3/15/2030 | 1598 | 1560 | 1588 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Java Buyer, Inc. | (7) (15) | First Lien Debt | S + 4.75% | 8.45% | 12/15/2030 | 3860 | 3860 | 3852 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LJ Avalon Holdings, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 2/1/2030 | 5067 | 2449 | 2427 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.92% | 6/29/2029 | $1851 | $460 | $460 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (15) | First Lien Debt | S + 4.25% | 7.92% | 6/29/2029 | 10118 | 10080 | 10119 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.93% | 6/29/2029 | 1618 | 1618 | 1618 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. | (6) (11) | First Lien Debt | S + 2.25% | 5.92% | 2/10/2032 | 1307 | 1305 | 1306 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. | (6) (11) | First Lien Debt | S + 2.25% | 5.92% | 3/19/2029 | 1662 | 1664 | 1663 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (6) | Subordinated Debt (Delayed Draw) | N/A | 12.00% | 5/7/2030 | 146 | 146 | 141 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (6) | Subordinated Debt | N/A | 12.00% | 5/7/2030 | 2253 | 2233 | 2173 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIC Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 3/28/2031 | 2744 | 416 | 476 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIC Buyer, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.45% | 3/28/2031 | 12962 | 12851 | 13221 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thyssenkrupp Elevator (Vertical US Newco Inc) | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.38% | 4/30/2030 | 4519 | 4545 | 4534 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.70% | 11/8/2030 | 8970 | 1743 | 1484 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (6) (15) | First Lien Debt | S + 6.00% | 9.70% | 11/8/2030 | 3208 | 3186 | 3197 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.70% | 11/8/2030 | 5783 | 5758 | 5764 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 8/31/2029 | 8082 | 1972 | 1929 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (15) | First Lien Debt | S + 4.50% | 8.17% | 8/31/2029 | 4120 | 4082 | 4085 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 8/31/2029 | 2669 | 2647 | 2647 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  |  |  | 149880 | 149565 | 10.31% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callaway Golf Company | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.42% | 3/15/2030 | 324 | 325 | 326 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (7) (15) | First Lien Debt | S + 5.25% | 8.92% | 11/1/2028 | 2499 | 2499 | 2490 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MITER Brands (MIWD Holdco II LLC) | (6) (11) | First Lien Debt | S + 3.00% | 6.42% | 3/28/2031 | 3590 | 3610 | 3319 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Momentum Textiles, LLC | (6) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 9/25/2029 | 5155 | 5084 | 5081 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMC Skincare Intermediate Holdings II, LLC | (6) (7) | First Lien Debt | S + 5.00% | 8.80% (Cash) 1.50% (PIK) | 10/31/2028 | 6290 | 6290 | 5754 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings, Inc. | (6) (11) | First Lien Debt | S + 3.75% | 7.42% | 2/20/2030 | 11910 | 11858 | 11944 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (15) | First Lien Debt | S + 5.50% | 9.27% | 9/7/2028 | 1978 | 1971 | 1978 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (15) | First Lien Debt | S + 5.75% | 9.51% | 9/7/2028 | 1497 | 1482 | 1497 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  |  |  | 33119 | 32389 | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (6) | First Lien Debt | S + 4.75% | 8.42% | 8/28/2031 | $7522 | $7488 | $7500 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/28/2031 | 2514 |  | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodServices Brand Group, LLC | (6) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 2/8/2030 | 4305 | 4211 | 4177 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Image International Intermediate Holdco II, LLC | (6) (7) | First Lien Debt | S + 5.50% | 8.82% (Cash) 0.50% (PIK) | 9/10/2026 | 7525 | 7489 | 5666 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Image International Intermediate Holdco II, LLC | (6) (7) | First Lien Debt | S + 5.50% | 8.82% (Cash) 0.50% (PIK) | 9/10/2026 | 10722 | 10703 | 8073 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.52% | 6/30/2030 | 8455 |  | (43) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (6) (15) | First Lien Debt | S + 4.75% | 8.52% | 6/30/2030 | 4935 | 4928 | 4910 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.52% | 6/30/2030 | 1918 | 1916 | 1909 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 1/8/2030 | 4392 | 911 | 936 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) (15) | First Lien Debt | S + 5.00% | 8.66% | 1/8/2030 | 11842 | 11885 | 11890 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.66% | 1/8/2030 | 2870 | 2887 | 2882 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Investments | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 4/20/2029 | 1598 | 1600 | 1591 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revision Buyer LLC (Revision Skincare) | (6) | Subordinated Debt | N/A | 10.00% (Cash) 1.00% (PIK) | 12/1/2028 | 10408 | 10312 | 10256 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-Durable** |  |  |  |  |  |  | 64330 | 59740 | 4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron Finance 2019 LLC | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.66% | 10/16/2031 | 2395 | 2402 | 2398 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novolex (Clydesdale Acquisition Holdings Inc) | (6) (11) | First Lien Debt | S + 3.18% | 6.84% | 4/13/2029 | 1583 | 1589 | 1514 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (6) | Subordinated Debt | N/A | 11.50% (PIK) | 1/6/2029 | 1516 | 1505 | 1327 | 0.09% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (6) | Subordinated Debt | N/A | 13.00% (PIK) | 1/6/2029 | 286 | 282 | 260 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (15) | First Lien Debt | S + 4.75% | 8.45% | 12/19/2029 | 3108 | 3102 | 3108 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 12/19/2029 | 541 | 268 | 269 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 12/19/2029 | 227 | (1) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Packaging Buyer, LLC | (6) | First Lien Debt | S + 4.50% | 8.16% | 4/15/2031 | 1546 | 1538 | 1534 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Packaging Buyer, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.13% | 4/15/2031 | 6152 | 6098 | 6106 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProAmpac PG Borrower LLC | (6) (7) | First Lien Debt | S + 4.00% | 7.78% | 3/7/2033 | 13617 | 13413 | 13417 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  |  |  | 30196 | 29933 | 2.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy: Electricity** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environ Energy, LLC | (6) | First Lien Debt | S + 5.25% | 8.92% | 10/1/2031 | 11379 | 11300 | 11293 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environ Energy, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 10/1/2031 | 6711 | 1028 | 1023 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc. | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.92% | 2/2/2033 | 373 | 372 | 372 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (6) (12) (15) | First Lien Debt | S + 5.00% | 8.67% | 6/25/2030 | 19510 | 19362 | 19563 | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 6/25/2030 | 5162 | 5162 | 5176 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resilience Parent, LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.13% | 2/28/2033 | 675 | 673 | 672 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinicum Voltage Acquisition Corp. | (6) (15) | First Lien Debt | S + 4.75% | 8.57% | 12/15/2028 | 6728 | 6607 | 6687 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TK Elevator Midco GmbH | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.43% | 4/30/2030 | $250 | $250 | $251 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy: Electricity** |  |  |  |  |  |  | 44754 | 45037 | 3.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allredi, LLC (Abrasive Products and Equipment) | (6) | Subordinated Debt | N/A | 15.00% (PIK) | 9/30/2027 | 13964 | 13893 | 12459 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allredi, LLC (Abrasive Products and Equipment) | (6) | Subordinated Debt | N/A | 15.00% (PIK) | 9/30/2027 | 1084 | 1084 | 967 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy: Oil & Gas** |  |  |  |  |  |  | 14977 | 13426 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 3/27/2030 | 7175 |  | (35) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 3/27/2030 | 8580 | 8519 | 8538 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.65% | 3/27/2030 | 3450 | 3440 | 3433 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 3/27/2030 | 4405 | 3957 | 3942 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covanta Energy Corp | (6) (11) | First Lien Debt | S + 2.25% | 5.93% | 1/15/2031 | 2160 | 2159 | 2158 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covanta Energy Corp | (6) (11) | First Lien Debt | S + 2.25% | 5.92% | 11/30/2028 | 1048 | 1049 | 1048 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.05% | 3/23/2029 | 282 | 263 | 261 | 0.02% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.05% | 3/23/2029 | 3120 | 3123 | 3088 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (15) | First Lien Debt | S + 5.25% | 9.05% | 3/23/2029 | 10226 | 10237 | 10120 | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (15) | First Lien Debt | S + 5.25% | 9.05% | 3/23/2029 | 2029 | 2005 | 2008 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (15) | First Lien Debt | S + 5.25% | 9.05% | 3/23/2029 | 416 | 411 | 412 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.05% | 3/23/2029 | 1991 | 1989 | 1970 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.05% | 3/23/2029 | 1687 | 1682 | 1669 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTR Intermediate Holdings, Inc. | (6) (11) (15) | First Lien Debt | S + 3.75% | 7.43% | 12/17/2032 | 9375 | 9333 | 9410 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.52% | 11/30/2028 | 170 | 170 | 167 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (7) (15) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.52% | 11/30/2028 | 1936 | 1929 | 1896 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (7) (15) | First Lien Debt | S + 5.75% | 9.52% | 11/30/2028 | 2716 | 2707 | 2661 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (7) (15) | First Lien Debt | S + 5.75% | 9.52% | 11/30/2028 | 1904 | 1896 | 1865 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrition 101 Buyer, LLC (101 Inc) | (6) | First Lien Debt | S + 5.25% | 9.05% | 8/31/2028 | 3673 | 3652 | 3609 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (15) | First Lien Debt | S + 4.75% | 8.45% | 7/3/2029 | 2312 | 2300 | 2297 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (15) | First Lien Debt | S + 4.75% | 8.45% | 7/3/2029 | 3343 | 3322 | 3322 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 7/3/2029 | $19812 | $8593 | $8469 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 7/3/2029 | 2538 | 2535 | 2522 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reworld Holding Corporation | (6) (11) | First Lien Debt | S + 2.25% | 5.93% | 1/15/2031 | 131 | 131 | 131 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reworld Holding Corporation | (6) (11) | First Lien Debt | S + 2.25% | 5.93% | 1/15/2031 | 804 | 804 | 804 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 8/15/2030 | 4585 | 4568 | 4570 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 8/15/2030 | 10362 | 10285 | 10327 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/15/2030 | 4943 | 974 | 966 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Industries** |  |  |  |  |  |  | 92033 | 91628 | 6.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (6) | First Lien Debt | S + 5.25% | 8.92% | 7/2/2031 | 5882 | 5866 | 5810 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (6) (15) | First Lien Debt | S + 5.25% | 8.92% | 7/2/2031 | 13680 | 13569 | 13512 | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 7/2/2031 | 2507 | 1231 | 1205 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (15) | First Lien Debt | S + 5.25% | 8.92% | 7/2/2031 | 3354 | 3341 | 3312 | 0.23% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Maverick Holdings, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 3/18/2031 | 3622 | 2924 | 2922 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Maverick Holdings, Inc. | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.45% | 3/18/2031 | 16200 | 16061 | 16127 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (6) (7) (15) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.20% | 5/1/2030 | 1055 | 1055 | 1055 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (7) (15) | First Lien Debt | S + 5.50% | 9.20% | 5/1/2030 | 4177 | 4179 | 4177 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.20% | 5/1/2030 | 3943 | (8) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (6) (7) | First Lien Debt | S + 5.50% | 9.20% | 5/1/2030 | 546 | 542 | 546 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | (6) (10) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 5.00% (PIK) | 4/10/2031 | 1667 | (23) | (47) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | (6) | Subordinated Debt | N/A | 8.00% (Cash) 5.00% (PIK) | 4/10/2031 | 3413 | 3320 | 3318 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beantown Holdings, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 3/18/2031 | 4818 |  | (22) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biomarin Pharmaceutical Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 1/28/2033 | 750 | 748 | 749 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebird PM Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 2/3/2032 | 1019 | (2) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebird PM Buyer, Inc. | (6) | First Lien Debt | S + 4.75% | 8.45% | 2/3/2032 | 7399 | 7338 | 7399 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.87% | 12/22/2031 | 4262 | (18) | (61) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (6) (15) | First Lien Debt | S + 5.25% | 8.87% | 12/22/2031 | 5074 | 5031 | 5002 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (10) (15) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.87% | 12/22/2031 | 2420 | 1922 | 1897 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/7/2031 | 798 | (2) | (12) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) | First Lien Debt | S + 5.00% | 8.67% | 8/7/2031 | 607 | 602 | 598 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.67% | 8/7/2031 | 11910 | 11851 | 11737 | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (10) | Revolving Loan | S + 5.00% | 8.67% | 8/7/2031 | 1101 | (8) | (16) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/7/2031 | 460 | (1) | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (6) (15) | First Lien Debt | S + 5.50% | 9.27% | 10/5/2029 | 10502 | 10355 | 10352 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.27% | 10/5/2029 | 3388 | 3350 | 3339 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab A/S | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.70% | 12/10/2032 | 2771 | 2771 | 2785 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) | First Lien Debt | S + 5.25% | 8.96% | 3/30/2029 | 14929 | 14854 | 14854 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.01% | 3/30/2029 | 2384 |  | (12) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) (15) | First Lien Debt | S + 6.25% | 10.01% | 3/30/2029 | 8727 | 8680 | 8683 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.01% | 3/30/2029 | 1094 | 1085 | 1088 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) | First Lien Debt | S + 4.75% | 8.45% | 10/16/2030 | 10041 | 9995 | 10000 | 0.69% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 10/16/2030 | 1221 | 1219 | 1216 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) | First Lien Debt | S + 4.75% | 8.45%  | 10/16/2030 | 1267 | 1261 | 1262 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) (15) | First Lien Debt | S + 4.75% | 8.45%  | 10/16/2030 | 5422 | 5402 | 5400 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) (15) | First Lien Debt | S + 4.75% | 8.45%  | 10/16/2030 | 11897 | 11844 | 11849 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (6) | Subordinated Debt | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 1149 | 1146 | 1138 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (6) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 5747 | 5747 | 5691 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (6) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 5505 | 5505 | 5452 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 2/2/2033 | 7947 | 7912 | 7911 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HLSG Intermediate, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/2/2033 | 2591 |  | (12) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (15) | First Lien Debt | S + 4.50% | 8.20% | 11/5/2031 | 5759 | 5712 | 5709 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 11/5/2031 | 2144 | (4) | (18) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.92% | 1/14/2033 | 2593 | 2587 | 2565 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Advisors, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 3/19/2032 | 7143 | 12 | (43) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Advisors, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.20% | 3/19/2032 | 12729 | 12616 | 12576 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals (AKA FINANCING LUX SARL) | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.92% | 5/5/2028 | 3107 | 3120 | 3123 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JKC Buyer, Inc. (J. Knipper and Company Inc) | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.13% | 2/13/2032 | 1844 | 1835 | 1814 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JKC Buyer, Inc. (J. Knipper and Company Inc) | (15) | First Lien Debt | S + 4.50% | 8.13% | 2/13/2032 | 5328 | 5286 | 5240 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (6) (7) | First Lien Debt | S + 5.00% | 8.63% | 10/12/2029 | 5101 | 5076 | 5059 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (15) | First Lien Debt | S + 5.00% | 8.62%  | 10/12/2029 | 6387 | 6332 | 6335 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.63% | 10/12/2029 | 1888 | (6) | (15) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.63% | 10/10/2029 | 649 | 403 | 399 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (7) (15) | First Lien Debt | S + 5.00% | 8.63% | 10/12/2029 | 2417 | 2397 | 2397 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline (AKA Mozart Borrower LP) | (6) (11) | First Lien Debt | S + 2.00% | 5.42% | 10/23/2028 | 11 | 11 | 11 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline (AKA Mozart Borrower LP) | (6) (11) | First Lien Debt | S + 2.00% | 5.42% | 10/23/2030 | 2810 | 2813 | 2817 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New You Bariatric Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.07% | 10/31/2028 | 199 | 119 | 119 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New You Bariatric Group, LLC | (6) | First Lien Debt | S + 5.25% | 9.07% | 10/31/2028 | 1985 | 1985 | 1985 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.92% | 5/19/2031 | 1333 | 1328 | 1273 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Health Holdings, Inc | (6) (15) | First Lien Debt | S + 3.75% | 7.45% | 3/19/2032 | 14888 | 14753 | 14755 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (7) (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.95% | 9/1/2027 | 314 | 314 | 314 | 0.02% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (7) (15) | First Lien Debt | S + 6.00% | 9.95% | 9/1/2027 | 2013 | 2013 | 2013 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Select Medical Corporation | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.67% | 12/31/2031 | 365 | 362 | 365 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.18% | 12/4/2031 | 5042 | 5041 | 5005 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 11/24/2031 | 949 | (4) | (19) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.42% | 11/22/2030 | 1243 | (10) | (24) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 11/24/2031 | 8067 | 8005 | 7909 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.17% | 12/19/2029 | 15539 | 15534 | 15539 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (6) (7) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/19/2029 | 4162 | 4170 | 4162 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 4/16/2030 | 569 | 569 | 564 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) | First Lien Debt | S + 5.00% | 8.70% | 4/16/2030 | 1134 | 1129 | 1126 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 4/16/2030 | 19700 | 19556 | 19551 | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSC Specialty Molding Acquisition LLC | (6) | First Lien Debt | S + 4.25% | 7.90% | 10/6/2031 | 5306 | 5282 | 5225 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSC Specialty Molding Acquisition LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.95% | 10/6/2031 | 3230 | 2864 | 2815 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) | First Lien Debt | S + 4.50% | 8.34% | 8/22/2028 | 10620 | 10572 | 10534 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 8/22/2028 | 6382 | 6356 | 6330 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 8/22/2028 | 3709 | 3685 | 3679 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 8/22/2028 | 1843 | 1836 | 1828 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YI, LLC (Young Innovations) | (6) (7) (15) | First Lien Debt | S + 5.75% | 9.43% | 12/3/2029 | 15648 | 15544 | 15361 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  |  |  | 339837 | 338575 | 23.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings, LLC (Ahead Data Blue LLC) | (6) (11) (15) | First Lien Debt | S + 2.50% | 6.20% | 2/1/2031 | 9860 | 9826 | 9729 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC | (6) | First Lien Debt | S + 4.50% | 8.20% | 2/18/2033 | 22198 | 22119 | 21984 | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alta Buyer, LLC | (6) (10) | Revolving Loan | S + 4.50% | 8.20% | 2/18/2033 | 2802 | (10) | (27) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctiq, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 2/3/2032 | 26055 | 25941 | 25938 | 1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arctiq, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/3/2032 | 3945 |  | (18) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMC Software, Inc. | (6) (11) | First Lien Debt | S + 3.00% | 6.67% | 7/30/2031 | 4194 | 4168 | 3900 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International Inc | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 3/9/2033 | 167 | 167 | 167 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLEARWATER ANALYTICS LLC | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.67% | 4/21/2032 | 1493 | 1492 | 1493 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CompoSecure Holdings, L.L.C. | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.93% | 1/14/2033 | 900 | 899 | 899 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (6) (7) | First Lien Debt | S + 5.00% | 8.67% | 8/2/2030 | 2553 | 2544 | 2487 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.67% | 8/2/2030 | 14894 | 14838 | 14509 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/2/2030 | 2553 | (9) | (66) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer, Inc. (NCR Voyix) | (6) (11) | First Lien Debt | S + 2.75% | 6.45% | 9/30/2031 | 6913 | 6886 | 6601 | 0.46% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.45% | 4/14/2028 | 226 | 226 | 222 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (7) | First Lien Debt | S + 5.75% | 9.45% | 4/14/2028 | 3145 | 3145 | 3079 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (7) (15) | First Lien Debt | S + 4.25% | 7.95% | 5/28/2032 | 2964 | 2957 | 2975 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.95% | 5/28/2032 | 529 | (1) | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (6) (7) (10) | Revolving Loan | S + 4.25% | 7.95% | 5/28/2032 | 568 | (1) | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensono, Inc. | (6) (11) (15) | First Lien Debt | S + 4.00% | 7.78% | 5/26/2028 | 14768 | 14731 | 13802 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exterro, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 6/1/2027 | 1797 |  | (24) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exterro, Inc. | (6) (15) | First Lien Debt | S + 5.25% | 8.92% | 6/1/2027 | 5591 | 5585 | 5517 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS PARENT, LLC | (6) | First Lien Debt | S + 4.75% | 8.45% | 10/1/2031 | 7234 | 7201 | 7124 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS PARENT, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 10/1/2031 | 4266 |  | (65) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS AcquisitionCo, Inc. | (6) (7) (15) | First Lien Debt | S + 5.25% | 8.95% | 5/25/2028 | 5708 | 5699 | 5530 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I Inc. | (6) (7) (11) | First Lien Debt | S + 2.75% | 6.44% | 11/13/2031 | 1985 | 1978 | 1909 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II-VI INCORPORATED | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 7/2/2029 | 1091 | 1094 | 1094 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infobase Acquisition, Inc. | (15) | First Lien Debt | S + 5.50% | 9.35% | 6/14/2028 | 3242 | 3239 | 3242 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Buyer, Inc. | (6) (7) (15) | Subordinated Debt | S + 5.00% | 8.82% | 12/6/2032 | 6000 | 6015 | 5603 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Buyer, Inc. | (6) (7) (15) | First Lien Debt | S + 2.75% | 6.42% | 12/5/2031 | 6930 | 6926 | 6656 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mermaid Bidco Inc. | (6) | First Lien Debt | S + 3.25% | 6.91% | 7/3/2031 | 3970 | 3961 | 3901 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International, Inc. | (6) (11) | First Lien Debt | S + 3.00% | 6.67% | 6/17/2031 | 6064 | 6048 | 5803 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PointClickCare Technologies | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.42% | 11/3/2031 | 570 | 570 | 568 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (6) (7) (11) | First Lien Debt | S + 3.25% | 6.95% | 10/26/2030 | 990 | 988 | 755 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 11/1/2032 | 3001 | 3000 | 3001 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quartz Holding Company (Quickbase) | (6) (15) | First Lien Debt | S + 3.25% | 6.92% | 10/2/2028 | 11880 | 11880 | 11576 | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products, Inc. | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 4/30/2032 | 788 | 782 | 787 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (6) (7) | First Lien Debt | S + 4.50% | 8.20% | 9/30/2031 | 9125 | 9051 | 8953 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (6) (7) (10) | Revolving Loan | S + 4.50% | 8.20% | 3/31/2031 | 1062 | 279 | 267 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 9/30/2031 | 3187 | 102 | 48 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialist Resources Global Inc. | (15) | First Lien Debt | S + 5.00% | 8.67% | 9/23/2027 | 1308 | 1308 | 1277 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialist Resources Global Inc. | (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 9/23/2027 | 6716 | 6716 | 6560 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stratix Holding Corporation | (6) | First Lien Debt | S + 4.75% | 8.35% | 9/15/2028 | 3968 | 3964 | 3905 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stratix Holding Corporation | (6) (15) | First Lien Debt | S + 4.75% | 8.35% | 9/15/2028 | 6448 | 6448 | 6346 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIDITY INC | (15) | First Lien Debt | S + 5.25% | 8.90% | 4/12/2032 | 7746 | 7678 | 7666 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (7) (15) | First Lien Debt | S + 5.25% | 8.91% | 3/1/2030 | 7796 | 7764 | 7796 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.91% | 3/1/2030 | 283 | 283 | 283 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies, Inc. | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 10/22/2029 | 2255 | 2258 | 2252 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  |  |  | 220735 | 216008 | 14.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinemark USA, Inc. | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.95% | 5/24/2030 | 4094 | 4112 | 4110 | 0.28% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (15) | First Lien Debt | S + 5.00% | 8.67% | 10/31/2031 | 2790 | 2767 | 2817 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 10/31/2031 | 930 | 82 | 93 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBT US III LLC | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 7/25/2031 | 790 | 789 | 775 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oak-Eagle Acquireco, Inc. | (6) (11) (12) | First Lien Debt | S + 3.50% | 7.21% | 3/24/2033 | 600 | 591 | 597 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Worldwide Holdings, LLC | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.66% | 11/21/2031 | 957 | 959 | 958 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotel, Gaming & Leisure** |  |  |  |  |  |  | 9300 | 9350 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Acquisition, L.L.C. (Wpromote, LLC) | (15) | First Lien Debt | S + 5.75% | 9.45% | 10/23/2028 | 3424 | 3424 | 3369 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters IP & S (AKA Clarivate / Camelot Finance SA) | (6) (11) | First Lien Debt | S + 2.75% | 6.42% | 1/31/2031 | 4270 | 4272 | 3710 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Buyer, LLC (Vanguard Packaging LLC) | (6) (15) | First Lien Debt | S + 5.25% | 9.03% | 8/9/2026 | 5728 | 5728 | 5465 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VS Professional Training Acquisitionco, LLC | (15) | First Lien Debt | S + 5.25% | 8.92% | 9/30/2026 | 4176 | 4176 | 4123 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Advertising, Printing & Publishing** |  |  |  |  |  |  | 17600 | 16667 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Inc. | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.42% | 3/18/2033 | 454 | 449 | 449 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPC/Sunrise (UPC Financing Partnership) | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.10% | 2/15/2032 | 2875 | 2868 | 2861 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Broadcasting & Subscription** |  |  |  |  |  |  | 3317 | 3310 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (6) | Subordinated Debt | N/A | 10.00% (Cash) 3.75% (PIK) | 11/12/2027 | 2990 | 2964 | 2902 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Artists Agency, LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.17% | 10/1/2031 | 1571 | 1579 | 1572 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  |  |  | 4543 | 4474 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals & Mining** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC(Arconic) | (6) (11) | First Lien Debt | S + 2.75% | 6.42% | 8/18/2030 | 1763 | 1776 | 1770 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals & Mining** |  |  |  |  |  |  | 1776 | 1770 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varsity Brands, Inc. | (6) (11) | First Lien Debt | S + 3.00% | 6.45% | 8/26/2031 | 1995 | 1995 | 1989 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Retail** |  |  |  |  |  |  | 1995 | 1989 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AG Group Holdings, Inc. (Addison Group) | (6) (11) | First Lien Debt | S + 4.25% | 7.92% | 12/29/2028 | 1791 | 1799 | 1626 | 0.11% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Transport (Stonepeak Nile Parent LLC) | (6) (11) | First Lien Debt | S + 2.25% | 5.92% | 4/9/2032 | 2494 | 2490 | 2493 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALKU Intermediate Holdings, LLC | (6) | First Lien Debt | S + 6.25% | 9.95% | 5/23/2029 | 2650 | 2618 | 2624 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All4 Buyer, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 1/23/2032 | 2107 | 770 | 760 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All4 Buyer, LLC | (15) | First Lien Debt | S + 4.50% | 8.17% | 1/23/2032 | 2504 | 2483 | 2482 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC) | (6) (11) | First Lien Debt | S + 3.25% | 6.92% | 8/20/2032 | 3434 | 3434 | 3438 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (6) (15) | First Lien Debt | S + 4.75% | 8.55% | 10/8/2029 | 6247 | 6198 | 6201 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.55% | 10/8/2029 | 862 | 575 | 574 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astra Service Partners, LLC | (6) (7) | First Lien Debt | S + 4.50% | 8.20% | 11/26/2032 | 8585 | 8555 | 8537 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astra Service Partners, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 11/26/2032 | 2824 | 565 | 549 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azalea TopCo, Inc. | (6) (7) (15) | First Lien Debt | S + 3.00% | 6.67% | 4/30/2031 | 5098 | 5057 | 5098 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 8/2/2029 | 7279 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 8/2/2029 | 999 | 999 | 999 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 8/2/2029 | 487 | 487 | 487 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt | S + 4.50% | 8.17% | 8/2/2029 | 1930 | 1930 | 1930 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt | S + 4.50% | 8.17% | 8/2/2029 | 298 | 298 | 298 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caldwell & Gregory LLC | (6) | Subordinated Debt | S + 6.25% | 9.95% (Cash) 2.50% (PIK) | 3/31/2031 | 5800 | 5719 | 5797 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus NDT Group Buyer, LLC | (6) | Subordinated Debt | N/A  | 9.00% (Cash) 3.00% (PIK) | 2/11/2033 | 2536 | 2488 | 2499 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Village Green Acquisitions, Inc. (Village Green Holding) | (6) | Subordinated Debt | N/A | 12.25% | 3/26/2031 | 1403 | 1374 | 1408 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Village Green Acquisitions, Inc. (Village Green Holding) | (6) (10) | Subordinated Debt (Delayed Draw) | N/A | 12.25% | 3/26/2031 | 536 | (5) | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.45% | 5/13/2032 | 17576 | 17496 | 17381 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPL Consultants, LLC | (6) | First Lien Debt | S + 4.25% | 7.92% | 2/17/2032 | 1908 | 1899 | 1899 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CPL Consultants, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.92% | 2/17/2032 | 6105 | 76 | 48 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Holdco, LLC (Class Valuation) | (6) | Subordinated Debt | N/A  | 11.00% | 3/31/2028 | 444 | 444 | 430 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Holdco, LLC (Class Valuation) | (6) | Subordinated Debt | N/A  | 11.00% | 3/31/2028 | 10000 | 9978 | 9675 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dawn Bidco, LLC | (6) (11) | First Lien Debt | S + 3.00% | 6.66% | 2/4/2033 | 3371 | 3371 | 3198 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delphi Infrastructure Group LLC | (15) | First Lien Debt | S + 5.00% | 8.70% | 7/21/2028 | 1006 | 998 | 982 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. (DISA Global Solutions) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.66% | 9/9/2028 | 1181 | 1175 | 1177 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. (DISA Global Solutions) | (6) (15) | First Lien Debt | S + 5.00% | 8.66% | 9/9/2028 | 6567 | 6531 | 6541 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Env Automation Acquisition,LLC | (6) (7) | First Lien Debt | S + 4.50% | 8.17%  | 12/8/2031 | 10600 | 10552 | 10574 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Env Automation Acquisition,LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/8/2031 | 5129 | 786 | 774 | 0.05% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | (6) | Subordinated Debt | N/A | 14.00% (PIK) | 6/30/2029 | 2136 | 2107 | 2108 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fleet Midco I Limited | (6) (7) (12) | First Lien Debt | S + 2.75% | 6.42% | 2/21/2031 | 2488 | 2488 | 2488 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corporation | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.42% | 2/1/2029 | 2264 | 2285 | 2253 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Financial Holdings LLC (HireRight) | (11) (15) | First Lien Debt | S + 3.25% | 6.92% | 9/27/2030 | 1794 | 1780 | 1549 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON LUXEMBOURG SARL | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.70% | 7/3/2028 | 96 | 96 | 96 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON LUXEMBOURG SARL | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.70% | 7/3/2028 | 24 | 24 | 24 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ImageFirst Holdings, LLC | (6) (15) | First Lien Debt | S + 3.00% | 6.67% | 3/12/2032 | 13596 | 13567 | 13566 | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingram Micro Inc | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.94% | 9/22/2031 | 1716 | 1724 | 1722 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.17% | 8/1/2029 | 8943 | 8875 | 8944 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (6) (7) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 8/1/2029 | 5761 | 5752 | 5761 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (6) (7) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 8/1/2029 | 7664 | 7625 | 7664 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kofile, Inc. | (6) | Subordinated Debt | N/A | 9.00% (Cash) 3.00% (PIK) | 6/30/2029 | 6950 | 6950 | 6785 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 7/31/2031 | 6907 |  | (40) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (10) | Revolving Loan | S + 4.75% | 8.45% | 7/31/2031 | 628 | 264 | 262 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 7/31/2031 | 2783 | (9) | (16) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (15) | First Lien Debt | S + 4.75% | 8.45% | 7/31/2031 | 13298 | 13172 | 13221 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation | (6) | First Lien Debt | S + 5.25% | 8.92% | 12/17/2027 | 7405 | 7376 | 7359 | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (6) (7) | First Lien Debt | S + 5.25% | 8.93% | 12/17/2027 | 3210 | 3206 | 3191 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (6) (7) | First Lien Debt | S + 5.25% | 8.93% | 12/17/2027 | 616 | 615 | 612 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings, Inc. (Dohmen) | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.20% | 3/4/2032 | 2744 | 2733 | 2667 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Holdings Buyer, Inc. | (6) | First Lien Debt | S + 4.75% | 8.44% | 12/23/2032 | 5176 | 5152 | 5159 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Holdings Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.44% | 12/23/2032 | 941 |  | (3) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCM System One Buyer CTB, LLC (System One) | (6) (15) | First Lien Debt | S + 3.50% | 7.17% | 3/2/2028 | 1282 | 1282 | 1279 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus US Bidco LLC (Phaidon International) | (6) (12) (15) | First Lien Debt | S + 5.50% | 9.27% | 8/22/2029 | 19114 | 18894 | 18315 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Partners, LLC | (6) (7) (11) (15) | First Lien Debt | S + 2.75% | 6.43% | 12/31/2032 | 3454 | 3440 | 3455 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corporation | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 1/31/2030 | 2360 | 2373 | 2314 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer AcquisitionCo, LLC | (6) (7) | First Lien Debt | S + 3.25% | 6.96% | 10/27/2032 | 1000 | 998 | 996 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Buyer, Inc. | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 7/31/2031 | 15517 | 15446 | 15123 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 7/31/2031 | 4444 |  | (113) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower, LLC | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.41% | 3/7/2032 | 373 | 370 | 369 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection One (aka Prime Security Services) | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.66% | 10/13/2030 | 2272 | 2270 | 2265 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (6) (7) (15) | First Lien Debt | S + 4.25% | 7.91% | 5/24/2032 | 10212 | 10117 | 10262 | 0.71% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.91% | 5/24/2032 | 3158 | 947 | 963 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (6) (7) (10) | Revolving Loan | S + 4.25% | 7.91% | 5/24/2032 | 1579 |  | 8 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 6/15/2029 | 5615 | 4565 | 4585 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (7) (15) | First Lien Debt | S + 5.00% | 8.70% | 6/15/2029 | 8303 | 8228 | 8303 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (7) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 6/15/2029 | 942 | 937 | 942 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding Inc. | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 8/13/2032 | 1632 | 1632 | 1630 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety Infrastructure Services Intermediate LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 7/21/2028 | 2498 | 1020 | 964 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety Infrastructure Services Intermediate LLC | (15) | First Lien Debt | S + 5.00% | 8.70% | 7/21/2028 | 6200 | 6149 | 6050 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province) | (15) | First Lien Debt | S + 4.75% | 8.42% | 7/1/2030 | 3953 | 3923 | 3922 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province) | (6) | First Lien Debt | S + 4.75% | 8.42% | 7/1/2030 | 6842 | 6802 | 6788 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province) | (15) | First Lien Debt | S + 4.75% | 8.42% | 7/1/2030 | 4276 | 4251 | 4242 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.00% | 7.70% | 2/28/2032 | 835 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC | (6) (15) | First Lien Debt | S + 4.00% | 7.70% | 2/28/2032 | 6863 | 6833 | 6863 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sentinel Technologies, Inc | (6) (15) | First Lien Debt | S + 4.50% | 8.16% | 11/3/2031 | 6032 | 6004 | 6032 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliant Lower Intermediate, LLC | (6) (15) | First Lien Debt | S + 3.75% | 7.38% | 7/18/2031 | 17554 | 17409 | 15465 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC | (6) | First Lien Debt | S + 5.00% | 8.67% | 9/2/2032 | 13190 | 13129 | 12710 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC | (6) (10) | Revolving Loan | S + 5.00% | 8.67% | 9/2/2032 | 1777 | 418 | 362 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synechron | (6) (11) | First Lien Debt | S + 3.75% | 7.45% | 10/3/2031 | 1487 | 1475 | 1370 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 5.70% (Cash) 2.50% (PIK) | 2/2/2032 | 3442 | 2262 | 2208 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (6) (7) (10) | Revolving Loan | S + 4.50% | 8.20% | 2/2/2032 | 1720 | 536 | 516 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (6) (7) (15) | First Lien Debt | S + 4.50% | 5.70% (Cash) 2.50% (PIK) | 2/2/2032 | 9916 | 9833 | 9719 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 6/25/2032 | 13628 | 2064 | 1981 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | (6) (10) | Revolving Loan | P + 4.00% | 10.75% | 6/25/2032 | 1364 | 198 | 196 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TouchTunes Music Group, LLC (TouchTunes Interactive Network) | (6) (11) (15) | First Lien Debt | S + 4.75% | 8.45% | 4/2/2029 | 14361 | 14214 | 13809 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) | First Lien Debt | S + 4.75% | 8.43% | 1/31/2029 | 7699 | 7663 | 7694 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.43% | 1/31/2029 | 2444 |  | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.43% | 1/31/2029 | 1131 | 413 | 417 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (15) | First Lien Debt | S + 4.75% | 8.43% | 1/31/2029 | 6239 | 6201 | 6235 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.43% | 1/31/2029 | 3560 | 3546 | 3558 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.43% | 1/31/2029 | 8879 | 8868 | 8873 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 5/25/2029 | 6769 | 6752 | 6743 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) | First Lien Debt | S + 4.50% | 8.17% | 5/25/2029 | 2961 | 2942 | 2949 | 0.20% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 5/25/2029 | 9985 | 9985 | 9945 | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 6/22/2029 | 609 | 609 | 606 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (15) | First Lien Debt | S + 5.00% | 8.70% | 6/22/2029 | 1323 | 1323 | 1317 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (6) (7) | First Lien Debt | S + 5.00% | 8.67% | 6/1/2029 | 3024 | 3010 | 3010 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (6) (7) | First Lien Debt | S + 4.75% | 8.42% | 6/1/2029 | 1120 | 1115 | 1115 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 6/1/2029 | 1011 |  | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 6/1/2029 | 1348 | 1333 | 1341 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (7) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 6/1/2029 | 138 | 138 | 137 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.) | (6) (7) (15) | First Lien Debt | S + 3.75% | 7.45% | 7/13/2029 | 15010 | 14990 | 14888 | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  |  |  | 423829 | 418568 | 28.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (15) | First Lien Debt | S + 4.75% | 8.42% | 8/2/2028 | 3928 | 3911 | 3881 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/2/2028 | 3580 | 437 | 395 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADPD Holdings LLC (NearU) | (6) (7) | First Lien Debt | S + 1.00% | 5.03% (Cash), 5.00% (PIK) | 8/16/2028 | 5815 | 5787 | 5412 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC (All My Sons) | (15) | First Lien Debt | S + 4.75% | 8.71% | 10/25/2028 | 5435 | 5420 | 5435 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.69% | 10/24/2030 | 5170 | 583 | 572 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) (10) | Revolving Loan | S + 5.00% | 8.69% | 10/24/2029 | 1101 | 498 | 513 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.67% | 10/24/2030 | 12507 | 12411 | 12597 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.68% | 10/24/2030 | 3060 | 3048 | 3081 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 10/24/2030 | 3068 | 3044 | 3089 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightspring Health (aka Phoenix Gurantor Inc.) | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.17% | 2/21/2031 | 4519 | 4512 | 4526 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canopy Service Partners, LLC | (6) | First Lien Debt | S + 4.50% | 8.20% | 2/28/2033 | 8163 | 8115 | 8114 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canopy Service Partners, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 2/28/2033 | 6909 | 484 | 443 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Home Services LLC | (6) (10) | Subordinated Debt (Delayed Draw) | N/A | 12.00% | 11/27/2031 | 442 | (4) | (26) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Home Services LLC | (6) | Subordinated Debt | N/A | 10% (Cash), 2.00% (PIK) | 11/27/2031 | 1555 | 1528 | 1463 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (6) | Subordinated Debt | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | 708 | 696 | 690 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (6) | Subordinated Debt (Delayed Draw) | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | 540 | 535 | 527 | 0.04% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.45% | 4/29/2030 | 6250 | 6219 | 6170 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 4/29/2030 | 1677 | (9) | (21) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) | First Lien Debt | S + 4.50% | 8.20% | 11/10/2031 | 9445 | 9423 | 9387 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.20% | 11/10/2031 | 8406 | 8338 | 8354 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 11/10/2031 | 11951 |  | (74) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (10) | Subordinated Debt (Delayed Draw) | N/A | 13.25% (PIK) | 11/10/2032 | 47 | 37 | 37 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) | Subordinated Debt | N/A | 13.25% (PIK) | 11/10/2032 | 56 | 55 | 55 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norton Life Lock | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 9/12/2029 | 358 | 358 | 355 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS412, LLC | (6) | First Lien Debt | S + 4.50% | 8.30% | 11/6/2026 | 5015 | 5011 | 5015 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (6) (7) | First Lien Debt | S + 4.50% | 8.20% | 12/23/2032 | 15550 | 15479 | 15270 | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 12/23/2032 | 11348 | 5043 | 4839 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verscend Technologies | (6) (11) | First Lien Debt | S + 3.25% | 6.42% | 5/1/2031 | 197 | 198 | 182 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc. | (6) | First Lien Debt | S + 4.75% | 8.45% | 9/29/2028 | 17783 | 17673 | 17676 | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yard-Nique, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 9/29/2028 | 3420 |  | (21) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  |  |  | 118830 | 117936 | 8.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Buyer, LLC (LMI Consulting, LLC) | (15) | First Lien Debt | S + 4.75% | 8.44% | 7/18/2028 | 8858 | 8825 | 8858 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  |  |  | 8825 | 8858 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arise Holdings, Inc. | (6) | First Lien Debt | S + 4.50% | 8.16% | 12/9/2027 | 4676 | 3957 | 3416 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arise Holdings, Inc. | (6) (14) | First Lien Debt | S + 4.50% | 8.16% | 12/9/2027 | 2415 | 153 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.27% | 11/17/2027 | 653 | 653 | 653 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (15) | First Lien Debt | S + 4.50% | 8.27% | 11/17/2027 | 2061 | 2061 | 2061 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greeneden U.S. Holdings II, LLC (Genesys Telecom Holdings U.S., Inc.) | (6) (11) | First Lien Debt | S + 2.50% | 6.17% | 1/30/2032 | 1603 | 1602 | 1537 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Satellite LLC | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.92% | 9/20/2030 | 1049 | 1044 | 1029 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.40% | 10/16/2029 | 4487 | 566 | 540 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.40% | 10/16/2029 | 11548 | 11567 | 11480 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.40% | 10/16/2029 | 3802 | 3819 | 3780 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Telecom, Inc. | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 6/27/2029 | 16616 | 16525 | 16611 | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** |  |  |  |  |  |  | 41947 | 41107 | 2.84% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Midco, LLC (Armstrong Transport Group) | (6) | Subordinated Debt | N/A | 15.00% (PIK) | 6/30/2027 | 1361 | 1352 | 1341 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Transport Group, LLC | (6) | Subordinated Debt | N/A | 7.00% (Cash) 7.00% (PIK) | 6/30/2027 | 6380 | 6330 | 6287 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSK Pallet Holding Corp. (Kamps Pallets) | (6) | First Lien Debt | S + 6.25% | 10.07% | 12/23/2026 | 5446 | 5428 | 5378 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) (15) | First Lien Debt | S + 4.25% | 7.92% | 11/15/2029 | 20899 | 20817 | 20809 | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.92% | 11/15/2029 | 3489 | 3475 | 3474 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.03% | 11/15/2029 | 4920 | (33) | (21) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Cargo** |  |  |  |  |  |  | 37369 | 37268 | 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.42% | 3/21/2031 | 3984 | 3995 | 3959 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 2/14/2031 | 12628 | 12593 | 12325 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/14/2031 | 2051 | (7) | (49) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestJet Airlines | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.45% | 2/14/2031 | 2214 | 2224 | 2157 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Consumer** |  |  |  |  |  |  | 18805 | 18392 | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 12/23/2030 | 16039 | 15921 | 15909 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/23/2030 | 3063 | 1074 | 1061 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/23/2030 | 627 | 623 | 622 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (6) (7) | First Lien Debt | S + 4.75% | 8.42% | 8/27/2031 | 13772 | 13662 | 13804 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.42% | 8/27/2031 | 2567 | (20) | 6 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/27/2031 | 3487 | (14) | 8 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 10/21/2032 | 6756 | 6724 | 6719 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 10/21/2032 | 11516 | 875 | 813 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc. | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.70% | 8/14/2030 | 15754 | 15684 | 15477 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 8/14/2030 | 4167 |  | (73) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.45% | 4/28/2032 | 2371 | 2364 | 2371 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.45% | 4/28/2032 | 368 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.45% | 4/28/2032 | 311 | (1) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (6) (10) (15) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.01% | 4/3/2030 | 1571 | (3) | (70) | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2) (4)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Amortized Cost** | **Fair Value** <sup>(4)</sup> | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (15) | First Lien Debt | S + 6.25% | 10.01% | 4/3/2030 | 5840 | 5794 | 5578 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.01% | 4/3/2030 | 1889 | 1883 | 1804 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.20% | 9/30/2032 | 16410 | 16335 | 16185 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.20% | 9/30/2032 | 2999 | 1238 | 1203 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 4/30/2031 | 3582 | 3593 | 3570 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  |  |  | 85732 | 84987 | 5.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Osmosis Buyer Limited | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.16% | 7/30/2028 | 3412 | 3425 | 3409 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) | First Lien Debt | S + 4.50% | 8.21% | 2/21/2031 | 4696 | 4674 | 4673 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.21% | 2/21/2031 | 5680 |  | (29) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 2/21/2031 | 8916 | 8868 | 8871 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/21/2031 | 3480 | 2822 | 2804 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  |  |  | 19789 | 19728 | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (15) | First Lien Debt | S + 5.50% | 9.32% | 1/19/2029 | 7754 | 7683 | 7625 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (15) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 1/19/2029 | 1124 | 1115 | 1105 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (15) | First Lien Debt | S + 5.75% | 9.42% | 12/7/2028 | 2398 | 2374 | 2317 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.42% | 12/7/2028 | 11855 | 11781 | 11456 | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.42% | 12/7/2028 | 5143 | 5122 | 4969 | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnstone Supply, LLC | (6) (11) | First Lien Debt | S + 2.25% | 5.92% | 6/9/2031 | 1652 | 1658 | 1644 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Era Technology, LLC | (6) (7) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.10% (PIK) | 6/30/2030 | 5454 | 5454 | 5454 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaray, LLC | (6) (7) | First Lien Debt | S + 2.50% | 6.27% (Cash), 4.25% (PIK) | 3/27/2029 | 6575 | 5669 | 5718 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  |  |  | 40856 | 40288 | 2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | $2386073 | $2358567 | 162.93% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares / Units** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| **Equity Investments** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** |  |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares / Units** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPC Kodiak LLC (Turbine Engine Specialists) | (6) (8) (9) (12) | Class A-1 Units | 9/1/2023 | 1180000 | $1180 | $1753 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Terrapin Partners I LP (Clarity Innovations, Inc.) | (6) (8) (10) (13) | Partnership Interests | 12/8/2023 | 76054 | 76 | 87 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Terrapin Partners II LP (Clarity Innovations, Inc.) | (6) (8) (10) (13) | Partnership Interests | 6/21/2024 | 383427 | 383 | 438 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  | 1639 | 2278 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cool Acquisition Holdings, LP (Universal Air Conditioner, L.L.C.) | (6) (8) | Holdings Subscription | 10/31/2024 | 550000 | 550 | 273 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  | 550 | 273 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Co-Invest LP (Inszone) | (8) (10) (13) | Partnership Interests | 11/29/2023 | 77546 | 78 | 128 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Arax Co-Invest UB, LP (Arax Investment Partners) | (8) (10) (12) (13) | Limited Partnership Interest | 2/28/2024 | 1042158 | 1043 | 2055 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Chapel Avenue Holdings Co-Invest UB, LP | (8) (10) (13) | Partnership Interests | 12/24/2024 | 458961 | 460 | 928 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starlight Co-Invest LP (Sedgwick Claims Management Services) | (6) (8) (13) | Partnership Interests | 10/22/2024 | 1000000 | 1004 | 1125 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banking, Finance, Insurance, Real Estate** |  |  |  |  | 2585 | 4236 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lonestar Polaris Topco, LP | (6) (8) | Class A Units | 2/6/2026 | 807824 | 808 | 808 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlin Coinvest LP (Fortune International LLC) | (8) (13) | Limited Partnership Interests | 5/8/2023 | 200000 | 200 | 291 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Partners QT Co-Invest, L.P. (QualiTech) | (6) (8) (13) | Class A Units | 8/20/2024 | 972 | 976 | 974 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SW Ingredients LLC (Spice World) | (6) (8) | Common Equity | 3/31/2022 | 1000 | 126 | 163 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC FT Investor LLC (Sugar Foods) | (8) (13) | Parent Units | 9/29/2023 | 2000 | 200 | 294 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCP Tech24 Co-Invest Aggregator LP (Tech24) | (6) (8) (13) | Company Unit | 10/5/2023 | 200 | 200 | 169 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (6) (8) | Class B Common Units | 10/3/2022 | 464 | 1 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (6) (8) | Class A Preferred Units | 10/3/2022 | 464 | 464 | 217 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  | 2975 | 2916 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATL GSE Holdings, LP | (6) (8) | Class A Common Units | 12/16/2025 | 377 | 377 | 422 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) | Class A Common Units | 3/1/2023 | 114 | 46 | 8 | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares / Units** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) | Class A Preferred Units | 3/1/2023 | 114 | 114 | 145 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | (6) (8) | Partner Interests | 5/22/2024 | 1000000 | 1010 | 665 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  | 1547 | 1240 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meyer Lab Aggregator LP | (8) (13) | Units | 2/27/2024 | 977913 | 985 | 969 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (6) (8) | Common Units | 6/6/2025 | 83766 | 425 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics & Rubber** |  |  |  |  | 1410 | 969 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreyLion TGNL Holdings | (8) (10) (13) | Limited Partnership Interests | 5/2/2025 | 846770 | 865 | 1455 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceansound Partners Co-Invest II, LP (Gannett Fleming) | (6) (8) | Series F interests | 5/26/2023 | 254428 | 260 | 390 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP Gannett Aggregator, LP (Gannett Fleming) | (6) (8) (9) (12) | Class A Interests | 12/20/2022 | 178922 | 179 | 274 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPI Investments LP (Rose Paving) | (6) (8) | Class A Units | 11/27/2024 | 690 | 100 | 72 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. (Trench Safety Solutions Holdings, LLC) | (6) (8) | Common Equity | 3/31/2022 | 1000 | 127 | 43 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | (6) (8) | Preferred units | 4/3/2025 | 121 | 13 | 23 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  | 1544 | 2257 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LH Equity Investors, L.P. | (6) (8) (13) | Limited Partnership Interests | 9/3/2025 | 1443750 | 1444 | 2043 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  | 1444 | 2043 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBG Holdings LLC | (6) (8) | Common Units | 8/8/2025 | 90 | 704 | 425 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hermod Co-Invest, LP | (6) (8) (10) (13) | Common Units | 10/15/2024 | 500000 | 512 | 864 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVGD Aggregator LP (Revision Skincare) | (6) (8) | Common Equity | 3/31/2022 | 100 | 98 | 66 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Showtime Co-Investors LLC (WCI Holdings, LLC) | (8) (13) | Class A1 Units | 2/6/2023 | 534934 | 535 | 811 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultima Health Holdings, LLC | (6) (8) | Preferred units | 9/12/2022 | 11 | 130 | 271 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-Durable** |  |  |  |  | 1979 | 2437 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Investors, LP (Oliver Packaging) | (6) (8) | Class A Units | 4/22/2025 | 364 | 18 | 21 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Investors, LP (Oliver Packaging) | (6) (8) | Class A Common Units | 7/6/2022 | 7816 | 742 | 106 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Aggregator, LLC (Pacur) | (8) | LLC Units | 3/31/2022 | 100 | 109 | 121 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  | 869 | 248 | 0.02% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares / Units** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYBG Holdings, LLC | (6) (8) | Class A Common Units | 10/31/2025 | 26886 | 657 | 769 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMA Equity, LP (Health Management Associates) | (6) (8) | AA Equity Co-Invest | 3/30/2023 | 372244 | 416 | 559 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLC Fund 1222-CI LP (Spectrum Science) | (6) (8) (13) | Partnership Interests | 1/5/2024 | 261350 | 280 | 193 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NP/BF Holdings, L.P. | (6) (8) | AA Equity Co-Invest | 4/30/2025 | 1000 | 1000 | 922 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCP Nats Co-Investment Fund LP | (6) (8) (13) | LP Interests | 3/17/2025 | 779607 | 782 | 1336 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSC Specialty Molding Holdings LLC | (8) | LP Interests | 10/6/2025 | 2312 | 231 | 225 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE Select Fund 3, L.P. | (6) (8) (13) | Limited Partnership Interests | 9/10/2025 | 855000 | 877 | 1198 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  | 4243 | 5202 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS Holdings, LLC | (6) (8) | Limited Partnership Interests | 10/1/2025 | 172 | 172 | 166 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GrowthCurve Capital Nexus Co-Invest LP (Netchex) | (6) (8) (13) | Limited Partnership Interests | 3/28/2024 | 538708 | 574 | 677 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Rivers Co-Investment, L.P. | (6) (8) (13) | Limited Partnership Interests | 11/7/2025 | 900000 | 901 | 900 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  | 1647 | 1743 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (6) (8) | Series A-3 Preferred Units | 10/4/2022 | 43679 | 655 | 548 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  | 655 | 548 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BayPine Monarch Co-Invest, LP | (6) (8) (13) | Limited Partnership Interests | 6/3/2025 | 1000000 | 1018 | 1112 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certus NDT Group Holdings, LLC | (6) (8) | Class A Units | 2/11/2026 | 310 | 310 | 310 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Diamond Coinvest, L.P. | (8) (10) (13) | Limited Partner Interests | 5/19/2025 | 800000 | 805 | 802 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Village Green Investment, LLC (Village Green Holding) | (6) (8) | Class A Units | 9/26/2024 | 954000 | 954 | 1288 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crimson FLS TopCo, L.P. | (6) (8) | Class A Common Units | 2/18/2026 | 30000 | 3000 | 3000 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Holdco, LLC (Class Valuation) | (6) (8) | Class A Common Units | 3/31/2022 | 1208 | 123 | 95 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCP-Cranium Holdings, LLC (Brainlabs) | (6) (8) (12) | Class A Common Shares | 9/11/2023 | 3753613 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCP-Cranium Holdings, LLC (Brainlabs) | (6) (8) (12) | Class A Preferred Shares | 9/11/2023 | 10256410 | 389 | 566 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCP-Cranium Holdings, LLC (Brainlabs) | (6) (8) (12) | Class B Preferred Shares | 9/11/2023 | 3753613 | 600 | 573 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geds Equity Investors, LP (Esquire Deposition Services) | (6) (8) | Class A Limited Partnership Units | 7/1/2024 | 2424 | 320 | 263 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Group Topco Holdings, LP | (6) (8) | Class A Common Units | 3/2/2026 | 3000 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvest Group Topco Holdings, LP | (6) (8) | Preferred Units | 3/2/2026 | 3000 | 3000 | 3000 | 0.20% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares / Units** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKEMP Blocked Co-Invest, LP | (6) (8) | Limited Partnership Interests | 7/15/2025 | 1000 | 1029 | 1127 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kofile, Inc. | (6) (8) | Common Equity | 3/31/2022 | 100 | 108 | 103 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Co-Invest Holdings, L.P. (Riveron) | (6) (8) (13) | Class A Units | 7/17/2023 | 200 | 200 | 279 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwol Co-Invest LP (Worldwide Clinical Trials) | (6) (8) | Class A Interests | 12/12/2023 | 7 | 74 | 133 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Group Holdings,LLC | (6) (8) | Common Equity | 12/23/2025 | 3668 | 367 | 365 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMS VONA Case Management Acquisition, LP | (8) (13) | Class A Interests | 11/25/2025 | 3724 | 2000 | 2755 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMSEF II Holdings I, L.P. | (6) (8) (13) | Limited Partnership Interests | 9/29/2025 | 855000 | 858 | 887 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Topco L.P. | (6) (8) | Class A Units | 7/31/2025 | 344319 | 344 | 300 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Ultimate LP | (6) (8) | Class A Units | 2/19/2026 | 3000000 | 3000 | 3000 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety First Topco, L.P. (Smith System) | (6) (8) | Common Units | 12/13/2023 | 90077 | 95 | 94 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schill Blocker Agg, LLC | (6) (8) (13) | Limited Partnership Interests | 12/12/2025 | 3000000 | 3000 | 3000 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyKnight Financial Holdings LP | (6) (8) (10) (13) | Partnership Interests | 12/24/2024 | 409911 | 410 | 471 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STech Investors, LP | (6) (8) | Class A Units | 11/3/2025 | 1162 | 116 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron TopCo, L.P. | (8) (13) | Class A-2 Units | 12/27/2024 | 500000 | 500 | 715 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uplift Investors Finch Co-Invest Fund, LP | (6) (8) (13) | Interests | 3/31/2026 | 1500000 | 1500 | 1500 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  | 24120 | 25858 | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACS Celsius Aggregator LP (AirX Climate Solutions Company) | (6) (8) (10) | Partnership Interests | 11/7/2023 | 77 | 77 | 121 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Investors, LLC | (8) | Class A Units | 5/27/2025 | 1018 | 146 | 98 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (6) (8) | Class A Units | 7/31/2023 | 770000 | 862 | 995 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS NU Investors, LP (NearU) | (6) (7) (8) | Class A Units | 8/11/2022 | 1419 | 142 | 61 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (6) (8) | Class B-2 Units | 1/9/2023 | 48 | 6 | 7 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (6) (8) | Class B Units | 1/9/2023 | 1963 | 196 | 265 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  | 1429 | 1547 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Ren Partners I-A LP (LMI Consulting, LLC) | (6) (8) (10) | Limited Partnership Interests | 6/30/2022 | 106984 | 107 | 264 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  | 107 | 264 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arise Holdings, Inc. | (6) (8) | Class A-1 Units | 9/5/2025 | 1029330 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** |  |  |  |  |  |  | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Shares / Units** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | (6) (8) | Common Units | 4/3/2023 | 111875 | 112 | 32 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  | 112 | 32 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAW Parent LLC (USA Water) | (8) | Common Units | 2/21/2024 | 3540 | 354 | 507 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  | 354 | 507 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lettermen's Parent Holding, LLC | (6) (8) | Common Units | 11/20/2025 | 7000 | 700 | 705 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lettermen's Parent Holding, LLC | (6) (8) | Common Units | 12/5/2025 | 851 | 85 | 86 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Era Technology, LLC | (6) (7) (8) | Preferred Equity | 8/21/2025 | 4915 | 4112 | 1971 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Era Technology, LLC | (6) (7) (8) | Common Equity | 8/21/2025 | 4915 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaray, LLC | (6) (8) | Series A Common Stock | 3/27/2026 | 155 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaray, LLC | (6) (8) | Series A Preferred Stock | 3/27/2026 | 16 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaray, LLC | (6) (8) | Series A-1 Preferred Stock | 3/27/2026 | 3 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaray, LLC | (6) (8) | Series B-1 Preferred Stock | 3/27/2026 | 9 | 53 | 53 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  | 4950 | 2815 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments** |  |  |  |  | $54159 | $57413 | 3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  | $2440232 | $2415980 | 166.92% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1)</sup>  | **Interest Rate** | **Shares** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash Equivalents** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Class | 3.55% | 76452372 | $76452 | $76452 | 5.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class Z | 3.55% | 552101 | 552 | 552 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash Equivalents** |  |  | $77004 | $77004 | 5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments and Cash Equivalents** |  |  | $2517236 | $2492984 | 172.24% |

---

____________________

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)**

**March 31, 2026**

**(dollars in thousands, except share amounts)**

(1)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be "non-controlled" when the Fund owns 25% or less of the portfolio company's voting securities and "controlled" when the Fund owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio company's voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's voting securities.

(2)Refer to <u>[Note 3](#i179485e4d5974b9194141071c2198a8e_124)</u> "Investments" for the geographic composition of investments at cost and fair value.

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which generally resets periodically. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2026. As of March 31, 2026, effective rates for 1M S, 3M S, 6M S and 12M S are 3.66%, 3.68%, 3.70% and 3.73%, respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate ("P"). For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3), unless noted otherwise. See <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_118)</u> "Significant Accounting Policies - Valuation of Portfolio Investments" and <u>[Note 4](#i179485e4d5974b9194141071c2198a8e_127)</u> "Fair Value Measurements" for more information.

(5)Percentage is based on net assets of $1,447,407 as of March 31, 2026.

(6)Denotes that all or a portion of the assets are owned by the Fund, SPV II, SPV III, and/or BSL SPV I (as defined in <u>[Note 1](#i179485e4d5974b9194141071c2198a8e_115)</u> "Organization"), which serve as collateral for the Bank of America Credit Facility, the Scotiabank Credit Facility, and/or the SMBC Revolving Credit Facility (each as defined in the Notes), as applicable. Accordingly, such assets are not available to creditors of the Fund. See <u>[Note 6](#i179485e4d5974b9194141071c2198a8e_133)</u> "Secured Borrowings" for more information.

(7)Investment is a unitranche position.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a "restricted security" under the Securities Act. As of March 31, 2026, the Fund held ninety-three restricted securities with an aggregate fair value of $57,413, or 3.99% of the Fund's net assets.

(9)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(10)Position or portion thereof is an unfunded loan or equity commitment. For unfunded loan commitments, no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See <u>[Note 7](#i179485e4d5974b9194141071c2198a8e_136)</u> "Commitments and Contingencies".

(11)Investments valued using observable inputs (Level 2), if applicable. See <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_118)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" and <u>[Note 4](#i179485e4d5974b9194141071c2198a8e_127)</u> "Fair Value Measurements" for more information.

(12)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. As of March 31, 2026, total non-qualifying assets at fair value represented 7.40% of the Fund's total assets calculated in accordance with the 1940 Act.

(13)Investments measured at net asset value ("NAV"). See <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_118)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" for more information.

(14)Loan was on non-accrual status as of March 31, 2026.

(15)Denotes that all or a portion of the assets are owned by CLO-I and/or CLO-II (as defined in <u>[Note 1](#i179485e4d5974b9194141071c2198a8e_115)</u> "Organization"), which serve as collateral for the 2024 Debt Securitization and 2025 Debt Securitization, respectively (each as defined in the Notes). See <u>[Note 6](#i179485e4d5974b9194141071c2198a8e_133)</u> "Secured Borrowings".

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| **Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Debt Investments** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIM Acquisition, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.58% | 12/2/2027 | $5428 | $5428 | $5398 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (15) | First Lien Debt | S + 4.75% | 8.47% | 7/25/2030 | 1371 | 1357 | 1374 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 7/25/2030 | 786 | 784 | 787 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.59% | 7/25/2030 | 1041 | 474 | 481 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERA Industries, LLC (BTX Precision) | (15) | First Lien Debt | S + 4.75% | 8.59% | 7/25/2030 | 734 | 728 | 736 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 12/21/2029 | 14404 | 14255 | 14387 | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAG Holding Corp. (Precision Aviation Group) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/21/2029 | 5295 | 5261 | 5288 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turbine Engine Specialists, Inc. | (6) | Subordinated Debt | S + 9.50% | 13.38% | 3/1/2029 | 628 | 612 | 627 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turbine Engine Specialists, Inc. | (6) | Subordinated Debt | S + 9.50% | 13.32% | 3/1/2029 | 1933 | 1900 | 1931 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  |  |  | 30799 | 31009 | 2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adient Global Holdings | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.97% | 1/31/2031 | 2456 | 2468 | 2469 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission, Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.45% | 1/2/2033 | 938 | 936 | 944 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.) | (6) (10) | Subordinated Debt (Delayed Draw) | N/A  | 10.00% (Cash) 2.75% (PIK) | 4/30/2031 | 1000 | (10) | (32) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.) | (6) | Subordinated Debt | N/A | 10.00% (Cash) 2.75% (PIK) | 4/30/2031 | 3407 | 3334 | 3300 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitchell International Inc. | (6) (11) | First Lien Debt | S + 3.25% | 6.97% | 6/17/2031 | 5412 | 5389 | 5436 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) | First Lien Debt | S + 4.75% | 8.48% | 11/1/2029 | 1991 | 1983 | 1961 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.48% | 11/1/2029 | 7965 |  | (119) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.73% | 11/1/2029 | 11979 | 11901 | 11799 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randys Holdings, Inc. (Randy's Worldwide Automotive) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.73% | 11/1/2029 | 4101 | 3316 | 3277 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  |  |  | 29317 | 29035 | 2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate, LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.22% | 9/19/2031 | 4032 | 4042 | 4045 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.62% | 8/1/2031 | 12414 |  | (61) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aprio Advisory Group, LLC | (6) (10) | Revolving Loan | S + 4.75% | 8.62% | 8/1/2031 | 1133 | (6) | (6) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax Investment Partners Holdings, LLC | (6) (10) (12) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 5.00% (PIK) | 10/22/2031 | 2100 |  | (41) | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (6) (10) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.96% | 4/11/2029 | 3492 | (15) | (31) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arax MidCo, LLC | (6) (12) (15) | First Lien Debt | S + 5.00% | 8.96% | 4/11/2029 | 3014 | 2992 | 2987 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.54% | 8/11/2031 | 7284 | 7243 | 7215 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascend Partner Services LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.54% | 8/11/2031 | 12588 | 12157 | 12089 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asurion, LLC (fka Asurion Corporation) | (6) (11) | First Lien Debt | S + 4.25% | 7.97% | 9/19/2030 | 2986 | 2942 | 2988 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (6) (10) | Revolving Loan | S + 4.50% | 8.24% | 11/18/2031 | 1740 | (15) | 5 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.24% | 11/18/2031 | 4305 | 964 | 994 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Apple Advisory, LLC | (6) | First Lien Debt | S + 4.50% | 8.24% | 11/18/2031 | 8888 | 8810 | 8914 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bishop Street Underwriters LLC | (15) | First Lien Debt | S + 5.50% | 9.22% | 7/31/2031 | 8073 | 8034 | 8040 | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bishop Street Underwriters LLC | (6) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.22% | 7/31/2031 | 5395 | 5395 | 5373 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc. | (6) (11) | First Lien Debt | S + 2.75% | 6.47% | 6/13/2031 | 3952 | 3963 | 3970 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago US Midco III, LP | (6) (7) (10) (12) | First Lien Debt (Delayed Draw) | S + 2.50% | 6.22% | 11/1/2032 | 1293 |  | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago US Midco III, LP | (6) (7) (12) | First Lien Debt | S + 2.50% | 6.22% | 11/1/2032 | 8707 | 8685 | 8692 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 12/31/2031 | 4263 | 172 | 190 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohen Advisory, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 12/31/2031 | 7600 | 7540 | 7600 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohnreznick Advisory LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 3.50% | 7.17% | 3/31/2032 | 2532 | (8) | 10 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cohnreznick Advisory LLC | (6) (15) | First Lien Debt | S + 3.50% | 7.17% | 3/31/2032 | 15891 | 15842 | 15952 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight AcquireCo, LLC | (6) (7) | First Lien Debt | S + 4.50% | 8.37% | 11/8/2032 | 10316 | 10291 | 10296 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight AcquireCo, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.37% | 11/8/2032 | 3439 |  | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Growth Insurance Services, LLC | (6) (7) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.82% | 10/16/2028 | 7809 | 7768 | 7710 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Group, LLC | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.72% | 9/15/2031 | 4401 | 4418 | 4414 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc. | (6) (11) | First Lien Debt | S + 2.50% | 6.22% | 7/31/2031 | 2222 | 2219 | 2231 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.59% | 11/26/2030 | 2071 | 1968 | 1934 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smith & Howard Advisory LLC | (15) | First Lien Debt | S + 4.75% | 8.59% | 11/26/2030 | 2557 | 2533 | 2510 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trucordia (PCF Insurance Services of the West) | (6) (11) | First Lien Debt | S + 3.25% | 6.97% | 6/17/2032 | 1027 | 1025 | 1022 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Insurance Holdings LLC | (6) (11) | First Lien Debt | S + 2.75% | 6.42% | 5/6/2031 | 2019 | 2022 | 2025 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.67% | 9/27/2031 | 15600 | 15496 | 15600 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vensure Employer Services, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 9/27/2031 | 250 | (1) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  | 136476 | 136658 | 9.87% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (6) (15) | First Lien Debt | S + 5.00% | 8.72% | 9/10/2030 | 14256 | 14115 | 14006 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 9/10/2030 | 3307 |  | (58) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerCareRoyal, LLC | (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 9/10/2030 | 2270 | 2261 | 2230 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | (7) (11) (15) | Subordinated Debt | S + 7.25%  | 11.08% | 6/8/2029 | 2544 | 2501 | 2516 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCPE North Star US Holdco 2, Inc. (Dessert Holdings) | (6) (11) | First Lien Debt | S + 4.00% | 7.83% | 6/9/2028 | 4838 | 4754 | 4826 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (12) | First Lien Debt | S + 5.25% | 8.92% | 9/25/2029 | 8750 | 8737 | 8703 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (12) | First Lien Debt | S + 5.25% | 8.92% | 9/25/2029 | 3730 | 3707 | 3710 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (12) (15) | First Lien Debt | S + 5.25% | 8.92% | 9/25/2029 | 9096 | 8991 | 9047 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Bakeries Corp. | (6) (12) (15) | First Lien Debt | S + 5.25% | 8.92% | 9/25/2029 | 1771 | 1761 | 1762 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.62% | 11/14/2031 | 5574 | 1825 | 1803 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodScience, LLC | (6) | First Lien Debt | S + 4.75% | 8.62% | 11/14/2031 | 5186 | 5141 | 5154 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune International, LLC | (15) | First Lien Debt | S + 5.00% | 8.77% | 7/17/2027 | 6731 | 6727 | 6557 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Froneri International Limited | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.37% | 9/30/2032 | 1808 | 1804 | 1811 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IF&P Holding Company, LLC (Fresh Edge) | (6) | Subordinated Debt | S + 4.50% | 8.50% (Cash) 5.13% (PIK) | 4/3/2029 | 3291 | 3247 | 3172 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturpak PPC Buyer LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.19% | 12/22/2032 | 9108 | 9063 | 9063 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Naturpak PPC Buyer LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.19% | 12/22/2032 | 2070 |  | (10) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (15) | First Lien Debt | S + 5.75% | 9.42% | 9/18/2029 | 3281 | 3242 | 3142 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Acquisitionco, Inc. (Tech24) | (15) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.42% | 9/18/2029 | 924 | 898 | 885 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (15) | First Lien Debt | S + 4.75% | 8.35% | 12/23/2028 | 5055 | 5022 | 4956 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresh Buyer, LLC (Sunny Sky Products) | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.35% | 12/23/2028 | 1280 | 1274 | 1255 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refresco (Pegasus Bidco BV) | (6) (11) (12) | First Lien Debt | S + 2.75% | 6.60% | 7/12/2029 | 2728 | 2736 | 2741 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC (Sugar Foods) | (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 10/2/2031 | 6977 | 6903 | 6977 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC (Sugar Foods) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 10/2/2031 | 4341 | 1280 | 1298 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC Buyer LLC (Sugar Foods) | (6) (7) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 10/2/2031 | 2387 | 2378 | 2387 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.60% | 4/30/2031 | 1900 | (6) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (7) (15) | First Lien Debt | S +  |  | 4/30/2031 | 2769 | 2743 | 2769 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (7) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.60% | 4/30/2031 | 120 | 120 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watermill Express, LLC | (7) (15) | First Lien Debt | S + 4.75% | 8.60% | 4/30/2031 | 1241 | 1241 | 1241 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  |  |  | 102465 | 102063 | 7.36% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Solutions Buyer, Inc. | (6) | First Lien Debt | S + 4.50% | 8.22% | 9/9/2030 | 8538 | 8468 | 8427 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineered Fastener Company, LLC (EFC International) | (6) | Subordinated Debt | N/A  | 11.00% (Cash) 2.50%(PIK) | 5/1/2028 | 2579 | 2539 | 2538 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 6/27/2031 | 9850 | 9772 | 9786 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCall Mechanical Group, LLC | (6) (10) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 6/27/2031 | 19844 | 15396 | 15315 | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hayward Industries, Inc. | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.33% | 5/30/2028 | 4167 | 4173 | 4196 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyperion Materials & Technologies, Inc. | (15) | First Lien Debt | S + 4.50% | 8.44% | 8/30/2028 | 2298 | 2298 | 2201 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jetson Buyer, Inc. (E-Technologies Group, Inc.) | (6) (15) | First Lien Debt | S + 5.50% | 9.17% | 4/9/2030 | 10788 | 10645 | 10563 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls Inc (aka Power Solutions) | (6) (11) | First Lien Debt | S + 2.75% | 6.47% | 1/28/2032 | 499 | 498 | 502 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls Inc (aka Power Solutions) | (6) (11) | First Lien Debt | S + 2.50% | 6.22% | 5/6/2030 | 988 | 988 | 990 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnstone Supply | (6) (11) | First Lien Debt | S + 2.50% | 6.23% | 6/9/2031 | 1457 | 1461 | 1466 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Safety & Flow LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.23% | 9/26/2031 | 446 | 446 | 450 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (6) (15) | First Lien Debt | S + 6.00% | 9.77% | 6/1/2028 | 1564 | 1554 | 1552 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (6) | First Lien Debt | S + 6.00% | 9.77% | 6/1/2028 | 1670 | 1661 | 1658 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.77% | 6/1/2028 | 4306 | 4305 | 4273 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motion & Control Enterprises LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.77% | 6/1/2028 | 12112 | 12112 | 12020 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.84% | 2/4/2030 | 6928 | 6498 | 6550 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) | First Lien Debt | S + 5.00% | 8.84% | 2/4/2030 | 830 | 823 | 829 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) (15) | First Lien Debt | S + 5.00% | 8.84% | 2/4/2030 | 13366 | 13327 | 13354 | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovation Holdings, Inc | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.84% | 2/4/2030 | 3068 | 3062 | 3065 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 3.25% | 6.92% (Cash) 1.75% (PIK) | 4/9/2030 | 166 |  | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PT Intermediate Holdings III, LLC | (6) (7) (15) | First Lien Debt | S + 3.25% | 6.92% (Cash) 1.75% (PIK) | 4/9/2030 | 3730 | 3741 | 3767 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) (15) | First Lien Debt | S + 5.25% | 9.16% | 4/4/2029 | 10899 | 10821 | 10760 | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rhino Intermediate Holding Company, LLC (Rhino Tool House) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.16% | 4/4/2029 | 2310 | 2298 | 2281 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (6) | First Lien Debt | S + 4.50% | 8.21% | 12/16/2032 | 16330 | 16250 | 16251 | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.21% | 12/16/2032 | 5484 | 3698 | 3671 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyMark Refuelers, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.21% | 12/16/2032 | 8186 |  | (40) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Air & Heat Holdings, LLC | (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.57% | 10/1/2027 | 1354 | 1346 | 1354 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Air & Heat Holdings, LLC | (15) | First Lien Debt | S + 4.75% | 8.57% | 10/1/2027 | 1298 | 1290 | 1298 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.92% | 8/31/2028 | 9375 | (22) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermostat Purchaser III, Inc. | (6) (7) (15) | First Lien Debt | S + 4.25% | 7.92% | 8/31/2028 | 6504 | 6503 | 6504 | 0.47% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Industries Holdings LLC | (6) | First Lien Debt | S + 4.25% | 7.99% | 12/10/2032 | 6073 | 6043 | 6044 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Industries Holdings LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.99% | 12/10/2032 | 3470 |  | (17) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.42% | 7/24/2031 | 13706 | 13587 | 13586 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (7) (10) | Revolving Loan | S + 4.50% | 8.42% | 7/24/2031 | 1726 | (14) | (15) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessco Midco Holdings, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.42% | 7/24/2031 | 4569 | 3758 | 3737 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  |  |  | 169325 | 168918 | 12.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics, & Rubber** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akzo Nobel Speciality (aka Starfruit US Holdco LLC) | (6) (11) (12) | First Lien Debt | S + 3.25% | 7.04% | 4/3/2028 | 3696 | 3710 | 3703 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (6) (15) | First Lien Debt | S + 4.25% | 8.09% | 4/23/2029 | 6319 | 6272 | 6236 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chroma Color Corporation | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.09% | 4/23/2029 | 1395 | 1387 | 1377 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Composites (Fortis 333 Inc) | (6) (11) | First Lien Debt | S + 3.50% | 7.17% | 3/27/2032 | 643 | 641 | 638 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (6) (7) | First Lien Debt | S + 1.00% | 4.74% (Cash) 4.25% (PIK) | 9/30/2030 | 642 | 642 | 629 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (6) | First Lien Debt | S + 7.00% | 10.74% | 3/31/2030 | 383 | 376 | 383 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solstice Advanced Materials Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.59% | 10/29/2032 | 1100 | 1099 | 1107 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tangent Technologies Acquisition, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.77% | 11/30/2027 | 12217 | 12174 | 12164 | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univar Solutions USA Inc. | (6) (11) | First Lien Debt | S + 2.75% | 6.47% | 8/1/2030 | 1868 | 1876 | 1874 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USALCO | (6) (10) (11) | First Lien Debt (Delayed Draw) | S + 3.50% | 7.22% | 9/30/2031 | 61 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USALCO | (6) (11) | First Lien Debt | S + 3.50% | 7.22% | 9/30/2031 | 589 | 586 | 592 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI-Momentum Bidco, LLC | (6) | First Lien Debt | S + 4.75% | 8.42% | 12/31/2032 | 3493 | 3476 | 3476 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WCI-Momentum Bidco, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/31/2032 | 699 |  | (3) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics, & Rubber** |  |  |  |  |  |  | 32239 | 32176 | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APi Group DE Inc. | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.47% | 1/3/2029 | 1672 | 1672 | 1681 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centuri Group, Inc. | (6) (11) | First Lien Debt | S + 2.00% | 5.67% | 7/9/2032 | 1078 | 1078 | 1083 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 10/13/2031 | 7287 | 7223 | 7223 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt Service Partners, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 10/13/2031 | 12641 | 6118 | 6061 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (6) (7) | First Lien Debt | S + 4.75% | 8.69% | 8/5/2030 | 17646 | 17429 | 17528 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gannett Fleming, Inc. | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.69% | 8/5/2030 | 2131 | (25) | (14) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfside Supply | (6) (11) | First Lien Debt | S + 3.00% | 6.67% | 6/17/2031 | 695 | 693 | 686 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (15) | First Lien Debt | S + 5.00% | 8.67% | 8/9/2030 | 8464 | 8394 | 8239 | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/9/2030 | 5689 | 5056 | 4917 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Paving Partners, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/9/2030 | 5680 | 5668 | 5529 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyphen Solutions, LLC | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.22% | 8/6/2032 | 18556 | 18534 | 18576 | 1.34% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyphen Solutions, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 8/6/2032 | 1444 |  | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (6) (15) | First Lien Debt | S + 5.75% | 9.47% | 3/15/2030 | 8961 | 8881 | 8666 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICE USA Infrastructure, Inc. | (15) | First Lien Debt | S + 5.75% | 9.47% | 3/15/2030 | 1602 | 1562 | 1549 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Java Buyer, Inc. (Sciens Building Solutions, LLC) | (7) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.94% | 12/15/2027 | 1334 | 1334 | 1334 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Java Buyer, Inc. (Sciens Building Solutions, LLC) | (7) (15) | First Lien Debt | S + 5.00% | 8.94% | 12/15/2027 | 2526 | 2526 | 2526 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.97% | 6/29/2029 | 1853 | 461 | 462 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (15) | First Lien Debt | S + 4.25% | 7.97% | 6/29/2029 | 10144 | 10103 | 10145 | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MEI Buyer LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.25% | 7.97% | 6/29/2029 | 1622 | 1622 | 1622 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. | (6) (11) | First Lien Debt | S + 2.25% | 5.97% | 2/10/2032 | 1066 | 1063 | 1070 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. | (6) (11) | First Lien Debt | S + 2.25% | 5.97% | 3/19/2029 | 1466 | 1467 | 1473 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (6) (10) | Subordinated Debt (Delayed Draw) | N/A  | 12.00% | 5/7/2030 | 146 | (1) | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Paving, LLC | (6) | Subordinated Debt | N/A  | 12.00% | 5/7/2030 | 2253 | 2232 | 2183 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIC Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S +  | 8.42% | 3/28/2031 | 2745 | 416 | 477 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCIC Buyer, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 3/28/2031 | 12994 | 12876 | 13254 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thyssenkrupp Elevator (Vertical US Newco Inc) | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.95% | 4/30/2030 | 3931 | 3952 | 3959 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.67% | 11/8/2030 | 8957 | 1727 | 1453 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (6) (15) | First Lien Debt | S + 6.00% | 9.67% | 11/8/2030 | 3183 | 3159 | 3172 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Service Partners, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.67% | 11/8/2030 | 5740 | 5714 | 5719 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.32% | 8/31/2029 | 8087 | 1975 | 1929 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (15) | First Lien Debt | S + 4.50% | 8.32% | 8/31/2029 | 4131 | 4089 | 4093 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WSB Engineering Holdings Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.32% | 8/31/2029 | 2676 | 2652 | 2652 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  |  |  | 139650 | 139244 | 10.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callaway Golf Company | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.72% | 3/15/2030 | 1388 | 1389 | 1394 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DRS Holdings III, Inc. | (7) (15) | First Lien Debt | S + 5.25% | 8.97% | 11/1/2028 | 2519 | 2519 | 2509 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MITER Brands (MIWD Holdco II LLC) | (6) (11) | First Lien Debt | S + 3.00% | 6.67% | 3/28/2031 | 3448 | 3465 | 3455 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Momentum Textiles, LLC | (6) | Subordinated Debt | N/A | 10.00% (Cash) 3.00% (PIK) | 9/25/2029 | 5117 | 5039 | 5059 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMC Skincare Intermediate Holdings II, LLC | (6) (7) | First Lien Debt | S + 5.00% | 9.28% (Cash), 1.50% (PIK) | 10/31/2028 | 6264 | 6264 | 5638 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings, Inc. | (6) (11) | First Lien Debt | S + 3.75% | 7.62% | 2/20/2030 | 11940 | 11882 | 12031 | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (15) | First Lien Debt | S + 5.50% | 9.34% | 9/7/2028 | 1983 | 1974 | 1983 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XpressMyself.com LLC (SmartSign) | (15) | First Lien Debt | S + 5.75% | 9.59% | 9/7/2028 | 1500 | 1484 | 1500 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  |  |  | 34016 | 33569 | 2.42% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (6) | First Lien Debt | S + 4.75% | 8.47% | 8/28/2031 | 7541 | 7504 | 7503 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradford Soap International, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/28/2031 | 2514 |  | (13) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FoodServices Brand Group, LLC | (6) | Subordinated Debt | N/A  | 10.00% (Cash) 3.00% (PIK) | 2/8/2030 | 4273 | 4173 | 4174 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Image International Intermediate Holdco II, LLC | (6) (7) | First Lien Debt | S + 5.50% | 9.95% (Cash) 0.50% (PIK) | 9/10/2026 | 7535 | 7465 | 6856 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Image International Intermediate Holdco II, LLC | (6) (7) | First Lien Debt | S + 5.50% | 9.95% (Cash) 0.50% (PIK) | 9/10/2026 | 10709 | 10662 | 9743 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (6) (15) | First Lien Debt | S + 5.25% | 9.19% | 6/30/2028 | 4948 | 4938 | 4936 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KL Bronco Acquisition, Inc. (Elevation Labs) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.19% | 6/30/2028 | 1923 | 1920 | 1919 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.99% | 1/8/2030 | 4394 | 912 | 940 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) (15) | First Lien Debt | S + 5.00% | 8.99% | 1/8/2030 | 11873 | 11914 | 11925 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPG Parent Holdings, LLC (Market Performance Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.99% | 1/8/2030 | 2878 | 2894 | 2890 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Investments | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.72% | 4/20/2029 | 1402 | 1402 | 1411 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revision Buyer LLC (Revision Skincare) | (6) | Subordinated Debt | N/A | 10.00% (Cash) 1.00% (PIK) | 12/1/2028 | 10382 | 10276 | 10219 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-Durable** |  |  |  |  |  |  | 64060 | 62503 | 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belron Finance US LLC | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.12% | 10/16/2031 | 1308 | 1305 | 1316 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novolex (Clydesdale Acquisition Holdings Inc) | (6) (11) | First Lien Debt | S + 3.18% | 6.89% | 4/13/2029 | 1656 | 1664 | 1659 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (6) | Subordinated Debt | N/A  | 11.50% (PIK) | 1/6/2029 | 1473 | 1461 | 1318 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Packaging, LLC | (6) | Subordinated Debt | N/A  | 13.00% (PIK) | 1/6/2029 | 277 | 273 | 258 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (15) | First Lien Debt | S + 4.75% | 8.42% | 12/19/2029 | 3116 | 3109 | 3116 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/19/2029 | 541 | 268 | 270 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Online Labels Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 12/19/2029 | 227 | (1) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Packaging Buyer, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.34% | 4/15/2031 | 6167 | 6110 | 6109 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProAmpac PG Borrower LLC | (7) (11) (15) | First Lien Debt | S + 4.00% | 7.89% | 9/15/2028 | 3920 | 3920 | 3933 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  |  |  | 18109 | 17979 | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy: Electricity** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environ Energy, LLC | (6) | First Lien Debt | S + 5.25% | 9.07% | 10/1/2031 | 11408 | 11324 | 11332 | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environ Energy, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.07% | 10/1/2031 | 6711 | (48) | (45) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (6) (12) (15) | First Lien Debt | S + 5.00% | 8.72% | 6/25/2030 | 19560 | 19401 | 19615 | 1.41% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador US Buyer, LLC (Insulation Technology Group) | (6) (12) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 6/25/2030 | 5175 | 5175 | 5190 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tinicum Voltage Acquisition Corp. | (6) (15) | First Lien Debt | S + 4.75% | 9.04% | 12/15/2028 | 6746 | 6614 | 6700 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy: Electricity** |  |  |  |  |  |  | 42466 | 42792 | 3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy: Oil & Gas** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allredi, LLC (Abrasive Products and Equipment) | (6) | Subordinated Debt | N/A | 15.00% (PIK) | 9/30/2027 | 1045 | 1045 | 899 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allredi, LLC (Abrasive Products and Equipment) | (6) | Subordinated Debt | N/A | 15.00% (PIK) | 9/30/2027 | 13459 | 13340 | 11586 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy: Oil & Gas** |  |  |  |  |  |  | 14385 | 12485 | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (15) | First Lien Debt | S + 5.00% | 8.67% | 3/27/2030 | 8602 | 8535 | 8535 | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 3/27/2030 | 3458 | 3448 | 3431 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLS Management Services, LLC (Contract Land Staff) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 3/27/2030 | 4415 | 3965 | 3939 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covanta Energy Corp | (6) (11) | First Lien Debt | S + 2.25% | 5.98% | 11/30/2028 | 548 | 547 | 550 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Covanta Energy Corp | (6) (11) | First Lien Debt | S + 2.25% | 5.98% | 1/15/2031 | 1665 | 1661 | 1669 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.02% | 3/23/2029 | 282 | 197 | 197 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.02% | 3/23/2029 | 3128 | 3131 | 3114 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (15) | First Lien Debt | S + 5.25% | 9.02% | 3/23/2029 | 10252 | 10263 | 10208 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (15) | First Lien Debt | S + 5.25% | 9.02% | 3/23/2029 | 2034 | 2008 | 2025 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (15) | First Lien Debt | S + 5.25% | 9.02% | 3/23/2029 | 417 | 412 | 415 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.02% | 3/23/2029 | 1996 | 1994 | 1987 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Parent Corporation (Impact Environmental Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.02% | 3/23/2029 | 1691 | 1686 | 1684 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTR Intermediate Holdings, Inc. | (6) (15) | First Lien Debt | S + 3.75% | 7.48% | 12/17/2032 | 9375 | 9328 | 9329 | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.69% | 11/30/2027 | 171 | 170 | 169 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (7) (15) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.69% | 11/30/2027 | 1941 | 1933 | 1915 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (7) (15) | First Lien Debt | S + 5.75% | 9.69% | 11/30/2027 | 2724 | 2713 | 2688 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFM & J, L.P. (The Facilities Group) | (6) (7) (15) | First Lien Debt | S + 5.75% | 9.69% | 11/30/2027 | 1909 | 1901 | 1883 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutrition 101 Buyer, LLC (101 Inc) | (6) | First Lien Debt | S + 5.25% | 9.19% | 8/31/2028 | 3683 | 3659 | 3629 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (15) | First Lien Debt | S + 4.75% | 8.42% | 7/3/2029 | 2317 | 2305 | 2319 | 0.17% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (15) | First Lien Debt | S + 4.75% | 8.42% | 7/3/2029 | 3351 | 3328 | 3354 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 7/3/2029 | 19812 | 2229 | 2245 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orion Group FM Holdings, LLC (Leo Facilities) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 7/3/2029 | 2543 | 2539 | 2545 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reworld Holding Corporation | (6) (11) | First Lien Debt | S + 2.25% | 5.98% | 1/15/2031 | 117 | 117 | 117 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reworld Holding Corporation | (6) (11) | First Lien Debt | S + 2.25% | 5.98% | 1/15/2031 | 718 | 717 | 720 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 8/15/2030 | 4597 | 4577 | 4580 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 8/15/2030 | 10389 | 10305 | 10351 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SI Solutions, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/15/2030 | 4946 | 975 | 967 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Environmental Industries** |  |  |  |  |  |  | 84643 | 84565 | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (6) | First Lien Debt | S + 5.25% | 8.97% | 7/2/2031 | 5882 | 5864 | 5838 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (6) (15) | First Lien Debt | S + 5.25% | 8.97% | 7/2/2031 | 13714 | 13598 | 13613 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.97% | 7/2/2031 | 2510 | 895 | 881 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AB Centers Acquisition Corporation (Action Behavior Centers) | (15) | First Lien Debt | S + 5.25% | 8.97% | 7/2/2031 | 3362 | 3349 | 3337 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Maverick Holdings, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 3/18/2031 | 3629 | 2930 | 2929 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACP Maverick Holdings, Inc. | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 3/18/2031 | 16241 | 16092 | 16170 | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (6) (7) (15) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.17% | 5/1/2030 | 1058 | 1058 | 1058 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (7) (15) | First Lien Debt | S + 5.50% | 9.17% | 5/1/2030 | 4188 | 4189 | 4188 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.17% | 5/1/2030 | 3943 | (9) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Star Recruiting Locums, LLC (All Star Healthcare Solutions) | (6) (7) | First Lien Debt | S + 5.50% | 9.17% | 5/1/2030 | 548 | 543 | 548 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | (6) (10) | Subordinated Debt (Delayed Draw) | N/A | 8.00% (Cash) 5.00% (PIK) | 4/10/2031 | 1667 | (24) | (49) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARC Health OPCO, LLC | (6) | Subordinated Debt | N/A | 8.00% (Cash) 5.00% (PIK) | 4/10/2031 | 3371 | 3273 | 3273 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beantown Holdings, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 3/18/2031 | 4818 |  | (21) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebird PM Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/3/2032 | 1019 | (2) | 9 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bluebird PM Buyer, Inc. | (6) | First Lien Debt | S + 4.75% | 8.42% | 2/3/2032 | 7418 | 7352 | 7485 | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 12/22/2031 | 4262 | (19) | (63) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (6) (15) | First Lien Debt | S + 5.25% | 8.92% | 12/22/2031 | 5087 | 5041 | 5012 | 0.36% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridges Consumer Healthcare Intermediate LLC | (10) (15) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.92% | 12/22/2031 | 2425 | 1926 | 1901 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 8/7/2031 | 798 | (2) | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) | First Lien Debt | S + 5.00% | 8.72% | 8/7/2031 | 609 | 603 | 604 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.72% | 8/7/2031 | 11940 | 11878 | 11837 | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (10) | Revolving Loan | S + 5.00% | 8.72% | 8/7/2031 | 1101 | (9) | (9) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coding Solutions Acquisition, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 8/7/2031 | 460 | (1) | (4) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (6) (15) | First Lien Debt | S + 5.50% | 9.32% | 10/5/2029 | 10529 | 10371 | 10369 | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eyesouth Eye Care Holdco LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 10/5/2029 | 3397 | 3355 | 3345 | 0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genmab A/S | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.73% | 12/12/2032 | 1842 | 1833 | 1853 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) (15) | First Lien Debt | S + 6.25% | 10.34% | 3/30/2029 | 8733 | 8680 | 8680 | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Management Associates, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.34% | 3/30/2029 | 1095 | 1086 | 1089 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) | First Lien Debt | S + 4.75% | 8.42% | 10/16/2030 | 10066 | 10016 | 10023 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 10/16/2030 | 1224 | 1221 | 1219 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) | First Lien Debt | S + 4.75% | 8.42% | 10/16/2030 | 1270 | 1264 | 1264 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 10/16/2030 | 5436 | 5413 | 5413 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthspan Buyer, LLC (Thorne HealthTech) | (6) (15) | First Lien Debt | S + 4.75% | 8.42% | 10/16/2030 | 11928 | 11869 | 11877 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (6) | Subordinated Debt | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 1130 | 1125 | 1125 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (6) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 5412 | 5412 | 5387 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Veterinary Partners LLC | (6) | Subordinated Debt (Delayed Draw) | N/A | 7.50% (Cash) 7.00% (PIK) | 9/10/2028 | 5649 | 5649 | 5623 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (15) | First Lien Debt | S + 4.50% | 8.17% | 11/5/2031 | 5773 | 5723 | 5722 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMN Acquirer Corp. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 11/5/2031 | 2144 | (5) | (19) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Advisors, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 3/19/2032 | 7143 | (32) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact Advisors, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 3/19/2032 | 12761 | 12641 | 12761 | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals (AKA FINANCING LUX SARL) | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.97% | 5/5/2028 | 2720 | 2731 | 2735 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JKC Buyer, Inc. (J. Knipper and Company Inc) | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.34% | 2/13/2032 | 1849 | 1839 | 1837 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JKC Buyer, Inc. (J. Knipper and Company Inc) | (15) | First Lien Debt | S + 4.50% | 8.34% | 2/13/2032 | 5341 | 5297 | 5307 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (15) | First Lien Debt | S + 5.00% | 8.90% | 10/12/2029 | 6404 | 6343 | 6348 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.90% | 10/12/2029 | 1888 | (6) | (16) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.90% | 10/10/2029 | 650 | 404 | 400 | 0.03% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lavie Group, Inc. | (7) (15) | First Lien Debt | S + 5.00% | 8.90% | 10/12/2029 | 2423 | 2401 | 2402 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline (AKA Mozart Borrower LP) | (6) (11) | First Lien Debt | S + 1.75% | 5.47% | 10/23/2028 | 12 | 12 | 12 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline (AKA Mozart Borrower LP) | (6) (11) | First Lien Debt | S + 1.75% | 5.47% | 10/23/2030 | 2723 | 2726 | 2736 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New You Bariatric Group, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 9.24% | 10/31/2028 | 199 | 120 | 120 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New You Bariatric Group, LLC | (6) | First Lien Debt | S + 5.25% | 9.24% (PIK) | 10/31/2028 | 1939 | 1939 | 1939 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.97% | 5/19/2031 | 1418 | 1416 | 1370 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Health Holdings, Inc | (6) (15) | First Lien Debt | S + 3.75% | 7.62% | 3/19/2032 | 14925 | 14782 | 14788 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (7) (15) | First Lien Debt (Delayed Draw) | S + 6.00% | 9.95% | 9/1/2027 | 314 | 314 | 314 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptcare Infusion Buyer, Inc. | (7) (15) | First Lien Debt | S + 6.00% | 9.95% | 9/1/2027 | 2018 | 2018 | 2018 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Veterinary Partners, LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.37% | 12/4/2031 | 5054 | 5053 | 5054 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.44% | 11/22/2031 | 949 | (4) | (19) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.44% | 11/22/2030 | 1243 | (10) | (25) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TBRS, Inc. | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.44% | 11/22/2031 | 8087 | 8022 | 7924 | 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.22% | 12/19/2029 | 15578 | 15574 | 15578 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tidi Legacy Products, Inc. | (6) (7) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 12/19/2029 | 4173 | 4181 | 4173 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 4/16/2030 | 569 |  | (4) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) | First Lien Debt | S + 5.00% | 8.69% | 4/16/2030 | 1137 | 1132 | 1128 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMG Holdings LLC (VMG Health) | (6) (15) | First Lien Debt | S + 5.00% | 8.67% | 4/16/2030 | 19750 | 19593 | 19595 | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSC Specialty Molding Acquisition LLC | (6) | First Lien Debt | S + 4.50% | 8.43% | 10/6/2031 | 5319 | 5293 | 5297 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSC Specialty Molding Acquisition LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.43% | 10/6/2031 | 3230 |  | (14) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 8/22/2028 | 6398 | 6369 | 6398 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (6) (15) | First Lien Debt | S + 5.00% | 8.70% | 8/22/2028 | 3719 | 3692 | 3719 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellspring Pharmaceutical Corporation | (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.70% | 8/22/2028 | 1847 | 1840 | 1847 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YI, LLC (Young Innovations) | (6) (7) (15) | First Lien Debt | S + 5.75% | 9.49% | 12/3/2029 | 15688 | 15573 | 15384 | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  |  |  | 292790 | 292606 | 21.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ahead DB Holdings, LLC (Ahead Data Blue LLC) | (6) (11) (15) | First Lien Debt | S + 2.50% | 6.17% | 2/1/2031 | 9885 | 9847 | 9887 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMC Software, Inc. | (6) (11) | First Lien Debt | S + 3.00% | 6.82% | 7/30/2031 | 4963 | 4953 | 4955 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLEARWATER ANALYTICS LLC | (6) (11) (12) | First Lien Debt | S + 2.25% | 6.21% | 4/21/2032 | 1496 | 1496 | 1499 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (6) (7) | First Lien Debt | S + 5.00% | 8.82% | 8/2/2030 | 2553 | 2543 | 2514 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.82% | 8/2/2030 | 14894 | 14835 | 14664 | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diligent Corporation (fka Diamond Merger Sub II, Corp.) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.82% | 8/2/2030 | 2553 | (9) | (39) | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dragon Buyer, Inc. (NCR Voyix) | (6) (11) | First Lien Debt |  | S + 2.75% | 6.42% | 9/30/2031 | 6930 | 6901 | 6944 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (7) | First Lien Debt (Delayed Draw) |  | S + 5.75% | 9.42% | 4/14/2028 | 227 | 227 | 223 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliassen Group, LLC | (6) (7) | First Lien Debt |  | S + 5.75% | 9.42% | 4/14/2028 | 3153 | 3153 | 3100 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (7) (15) | First Lien Debt |  | S + 4.25% | 7.92% | 5/28/2032 | 2964 | 2956 | 3007 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) |  | S + 4.25% | 7.92% | 5/28/2032 | 529 | (1) | 8 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emburse, Inc. | (6) (7) (10) | Revolving Loan |  | S + 4.25% | 7.92% | 5/28/2032 | 568 | (1) | 8 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensono, Inc. | (6) (11) (15) | First Lien Debt |  | S + 4.00% | 7.83% | 5/26/2028 | 14807 | 14763 | 14821 | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exterro, Inc. | (6) (10) | First Lien Debt (Delayed Draw) |  | S + 5.25% | 9.02% | 6/1/2027 | 1797 |  | (13) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exterro, Inc. | (6) (15) | First Lien Debt |  | S + 5.25% | 9.02% | 6/1/2027 | 5605 | 5597 | 5564 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS PARENT, LLC | (6) | First Lien Debt |  | S + 4.75% | 8.42% | 9/30/2031 | 7252 | 7216 | 7222 | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS PARENT, LLC | (6) (10) | First Lien Debt (Delayed Draw) |  | S + 4.75% | 8.42% | 9/30/2031 | 4266 |  | (18) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS AcquisitionCo, Inc. | (6) (7) (15) | First Lien Debt |  | S + 5.25% | 8.92% | 5/25/2028 | 5723 | 5713 | 5646 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I Inc. | (6) (7) (11) | First Lien Debt |  | S + 2.75% | 6.44% | 11/13/2031 | 1990 | 1982 | 1996 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infobase Acquisition, Inc. | (15) | First Lien Debt |  | S + 5.50% | 9.35% | 6/14/2028 | 3463 | 3459 | 3463 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Buyer, Inc. | (6) (7) (15) | Subordinated Debt |  | S + 5.00% | 8.82% | 12/6/2032 | 6000 | 6015 | 6020 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Javelin Buyer, Inc. | (6) (7) (11) (15) | First Lien Debt |  | S + 2.75% | 6.59% | 12/5/2031 | 6948 | 6943 | 6979 | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mermaid Bidco Inc. | (6) | First Lien Debt | S + | S + 3.25% | 7.15% | 7/3/2031 | 3980 | 3970 | 3980 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS INSTRUMENTS INC | (6) (11) (12) | First Lien Debt |  | S + 2.00% | 5.72% | 8/17/2029 | 2835 | 2939 | 2853 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ping Identity Holding Corp. | (6) (11) | First Lien Debt |  | S + 2.75% | 6.59% | 11/15/2032 | 510 | 509 | 512 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PointClickCare Technologies | (6) (11) (12) | First Lien Debt |  | S + 2.75% | 6.42% | 11/3/2031 | 447 | 446 | 448 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Project Alpha Intermediate Holding, Inc. | (6) (7) (11) | First Lien Debt |  | S + 3.25% | 6.92% | 10/26/2030 | 992 | 990 | 992 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | (6) (11) (12) | First Lien Debt |  | S + 2.00% | 5.70% | 11/1/2032 | 2609 | 2603 | 2624 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quartz Holding Company (Quickbase) | (6) (15) | First Lien Debt |  | S + 3.25% | 6.97% | 10/2/2028 | 11912 | 11902 | 11871 | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products, Inc. | (6) (11) (12) | First Lien Debt |  | S + 2.00% | 5.72% | 4/30/2032 | 688 | 681 | 691 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (6) (7) | First Lien Debt |  | S + 4.50% | 8.37% | 9/30/2031 | 9149 | 9069 | 9069 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (6) (7) (10) | Revolving Loan |  | S + 4.50% | 8.37% | 3/31/2031 | 1062 | 278 | 278 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ridge Trail US Bidco, Inc. (Options IT) | (6) (7) (10) | First Lien Debt (Delayed Draw) |  | S + 4.50% | 8.37% | 9/30/2031 | 3187 | (7) | (28) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialist Resources Global Inc. | (15) | First Lien Debt |  | S + 5.00% | 8.72% | 9/23/2027 | 1311 | 1311 | 1309 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialist Resources Global Inc. | (6) (10) | First Lien Debt (Delayed Draw) |  | S + 5.00% | 8.72% | 9/23/2027 | 11790 | (14) | (18) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialist Resources Global Inc. | (15) | First Lien Debt (Delayed Draw) |  | S + 5.00% | 8.72% | 9/23/2027 | 6734 | 6734 | 6724 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stratix Holding Corporation | (6) | First Lien Debt |  | S + 4.75% | 8.35% | 9/15/2028 | 3978 | 3973 | 3965 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stratix Holding Corporation | (6) (15) | First Lien Debt |  | S + 4.75% | 8.35% | 9/15/2028 | 6465 | 6465 | 6444 | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIDITY INC | (15) | First Lien Debt |  | S + 5.25% | 9.18% | 4/12/2032 | 7765 | 7693 | 7738 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (7) (15) | First Lien Debt |  | S + 5.25% | 8.97% | 3/1/2030 | 7816 | 7782 | 7816 | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Buyer, LLC (Velosio) | (6) (7) (10) | First Lien Debt (Delayed Draw) |  | S + 5.25% | 8.97% | 3/1/2030 | 1633 | 284 | 284 | 0.02% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waystar Technologies, Inc. | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.72% | 10/22/2029 | 1994 | 1994 | 2009 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worldpay (GTCR W Merger Sub LLC) | (6) (11) | First Lien Debt | S + 2.00% | 5.67% | 1/31/2031 | 4420 | 4437 | 4433 | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II-VI INCORPORATED | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.47% | 7/2/2029 | 1091 | 1095 | 1095 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  |  |  | 173722 | 173539 | 12.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hotel, Gaming & Leisure** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cinemark USA, Inc. | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.92% | 5/24/2030 | 3554 | 3571 | 3562 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (15) | First Lien Debt | S + 5.00% | 8.72% | 10/31/2031 | 2790 | 2766 | 2817 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Davidson Hotel Company LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 10/31/2031 | 930 | 35 | 46 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Worldwide Holdings, LLC | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.87% | 11/21/2031 | 460 | 459 | 462 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Hotel, Gaming & Leisure** |  |  |  |  |  |  | 6831 | 6887 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Advertising, Printing & Publishing** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calienger Acquisition, L.L.C. (Wpromote, LLC) | (15) | First Lien Debt | S + 5.75% | 9.72% | 10/23/2028 | 3432 | 3434 | 3415 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters IP & S (AKA Clarivate / Camelot Finance SA) | (6) (11) | First Lien Debt | S + 2.75% | 6.47% | 1/31/2031 | 3720 | 3727 | 3677 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Buyer, LLC (Vanguard Packaging LLC) | (6) (15) | First Lien Debt | S + 5.25% | 9.08% | 8/9/2026 | 5747 | 5746 | 5573 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VS Professional Training Acquisitionco, LLC | (15) | First Lien Debt | S + 5.25% | 8.97% | 9/30/2026 | 4176 | 4176 | 4150 | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Advertising, Printing & Publishing** |  |  |  |  |  |  | 17083 | 16815 | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Broadcasting & Subscription** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv (AKA Directv Financing LLC) | (6) (11) | First Lien Debt | S + 5.00% | 9.10% | 8/2/2027 | 19 | 19 | 19 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunrise HoldCo III B.V. | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.43% | 2/16/2032 | 700 | 697 | 703 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UPC/Sunrise (UPC Financing Partnership) | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.69% | 2/15/2032 | 1825 | 1819 | 1834 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virgin Media Investment Holdings Limited | (6) (11) (12) | First Lien Debt | S + 3.25% | 7.11% | 1/31/2029 | 1375 | 1361 | 1379 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Broadcasting & Subscription** |  |  |  |  |  |  | 3896 | 3935 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (6) | Subordinated Debt | N/A  | 10.00% (Cash) 3.75% (PIK) | 11/12/2027 | 2881 | 2851 | 2795 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creative Artists Agency, LLC | (6) (11) | First Lien Debt | S + 2.50% | 6.22% | 10/1/2031 | 1575 | 1583 | 1583 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  |  |  | 4434 | 4378 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Metals and Mining** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent LLC(Arconic) | (6) (11) | First Lien Debt | S + 2.75% | 6.47% | 8/18/2030 | 1513 | 1525 | 1519 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Metals and Mining** |  |  |  |  |  |  | 1525 | 1519 | 0.11% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AG Group Holdings, Inc. (Addison Group) | (6) (11) | First Lien Debt | S + 4.25% | 8.05% | 12/29/2028 | 1796 | 1804 | 1628 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Transport (Stonepeak Nile Parent LLC) | (6) (11) | First Lien Debt | S + 2.25% | 6.16% | 4/9/2032 | 1250 | 1247 | 1252 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALKU Intermediate Holdings, LLC | (6) | First Lien Debt | S + 6.25% | 9.92% | 5/23/2029 | 2657 | 2622 | 2647 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All4 Buyer, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.11% | 1/23/2032 | 2108 | 497 | 486 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All4 Buyer, LLC | (15) | First Lien Debt | S + 4.25% | 8.11% | 1/23/2032 | 2510 | 2488 | 2487 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC (f/k/a USAGM Holdco, LLC) | (6) (11) | First Lien Debt | S + 3.25% | 6.97% | 8/20/2032 | 2993 | 2989 | 3012 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amex GBT | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.36% | 7/25/2031 | 792 | 791 | 796 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (6) (15) | First Lien Debt | S + 4.75% | 8.52% | 10/8/2029 | 6274 | 6219 | 6224 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Acquisition, LLC (ARMstrong) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.52% | 10/8/2029 | 864 | 576 | 576 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astra Service Partners, LLC | (6) (7) | First Lien Debt | S + 4.75% | 8.42% | 11/26/2032 | 8585 | 8553 | 8555 | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astra Service Partners, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 11/26/2032 | 2824 |  | (10) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azalea TopCo, Inc. | (6) (7) (11) (15) | First Lien Debt | S + 3.00% | 6.72% | 4/30/2031 | 5110 | 5068 | 5110 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/2/2029 | 7279 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/2/2029 | 1002 | 1002 | 1002 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/2/2029 | 488 | 488 | 488 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt | S + 4.75% | 8.47% | 8/2/2029 | 1935 | 1935 | 1935 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bounteous, Inc. | (15) | First Lien Debt | S + 4.75% | 8.47% | 8/2/2029 | 299 | 299 | 299 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caldwell & Gregory LLC | (6) | Subordinated Debt | S + 8.75% | 9.92% (Cash) 2.50% (PIK) | 3/31/2031 | 5764 | 5677 | 5816 | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Village Green Acquisitions, Inc. (Village Green Holding) | (6) | Subordinated Debt | N/A  | 12.25% | 3/26/2031 | 1403 | 1373 | 1409 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Village Green Acquisitions, Inc. (Village Green Holding) | (6) (10) | Subordinated Debt (Delayed Draw) | N/A | 12.25% | 3/26/2031 | 536 | (5) | 2 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cornerstone Advisors of Arizona, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 5/13/2032 | 17620 | 17533 | 17513 | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Holdco, LLC (Class Valuation) | (6) | Subordinated Debt | N/A  | 11.00% | 3/31/2028 | 444 | 443 | 430 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Holdco, LLC (Class Valuation) | (6) | Subordinated Debt | N/A  | 11.00% | 3/31/2028 | 10000 | 9962 | 9684 | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dawn Bidco, LLC | (6) (11) | First Lien Debt | S + 3.00% | 7.17% | 8/20/2032 | 3000 | 3000 | 2995 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delphi Infrastructure Group LLC | (15) | First Lien Debt | S + 5.00% | 8.67% | 7/21/2028 | 1009 | 1000 | 980 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. (DISA Global Solutions) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.99% | 9/9/2028 | 1184 | 1177 | 1184 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. (DISA Global Solutions) | (6) (15) | First Lien Debt | S + 5.00% | 8.99% | 9/9/2028 | 6584 | 6543 | 6584 | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Env Automation Acquisition,LLC | (6) (7) | First Lien Debt | S + 4.50% | 8.24% | 12/8/2031 | 10600 | 10548 | 10549 | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Env Automation Acquisition,LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.24% | 12/8/2031 | 5129 |  | (25) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esquire Deposition Solutions, LLC | (6) | Subordinated Debt | N/A | 14.00% (PIK) | 6/30/2029 | 2065 | 2032 | 2037 | 0.15% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fleet Midco I Limited | (6) (7) (12) | First Lien Debt | S + 2.75% | 6.79% | 2/21/2031 | 2494 | 2494 | 2495 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garda World Security Corporation | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.75% | 2/1/2029 | 1970 | 1990 | 1981 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Financial Holdings LLC (HireRight) | (11) (15) | First Lien Debt | S + 3.25% | 6.97% | 9/27/2030 | 1798 | 1784 | 1532 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON LUXEMBOURG SARL | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 7/3/2028 | 97 | 97 | 97 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICON LUXEMBOURG SARL | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.67% | 7/3/2028 | 24 | 24 | 24 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ImageFirst Holdings, LLC | (6) (15) | First Lien Debt | S + 3.00% | 6.73% | 3/12/2032 | 13630 | 13598 | 13599 | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingram Micro Inc | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.98% | 9/22/2031 | 1986 | 1994 | 2000 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.58% | 11/22/2028 | 4627 | 4625 | 4627 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integrated Power Services Holdings, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.58% | 11/22/2028 | 1649 | (3) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.34% | 8/1/2029 | 8966 | 8891 | 8898 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (6) (7) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.34% | 8/1/2029 | 5775 | 5764 | 5731 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENG Acquisition, Inc. (Engage PEO) | (6) (7) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.34% | 8/1/2029 | 7683 | 7639 | 7625 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kofile, Inc. | (6) | Subordinated Debt | N/A | 9.00% (Cash) 4.25% (PIK) | 12/31/2027 | 6892 | 6892 | 6785 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 7/31/2031 | 7045 | (26) | (43) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Acquisition, Inc. (Riveron) | (6) (15) | First Lien Debt | S + 5.00% | 8.67% | 7/31/2031 | 9071 | 8934 | 9016 | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (6) | First Lien Debt | S + 5.25% | 9.13% | 12/17/2027 | 7423 | 7389 | 7397 | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (6) (7) | First Lien Debt | S + 5.25% | 8.95% | 12/17/2027 | 3219 | 3213 | 3207 | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LRN Corporation (Lion Merger Sub, Inc.) | (6) (7) | First Lien Debt | S + 5.25% | 8.95% | 12/17/2027 | 618 | 616 | 615 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings, Inc. (Dohmen) | (6) (7) (15) | First Lien Debt | S + 4.50% | 8.17% | 3/4/2032 | 2751 | 2739 | 2730 | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Holdings Buyer, Inc. | (6) | First Lien Debt | S + 4.75% | 8.44% | 12/23/2032 | 5176 | 5150 | 5150 | 0.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Holdings Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.44% | 12/23/2032 | 941 |  | (5) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCM System One Buyer CTB, LLC (System One) | (6) (15) | First Lien Debt | S + 3.50% | 7.22% | 3/2/2028 | 1286 | 1285 | 1283 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus US Bidco LLC (Phaidon International) | (6) (12) (15) | First Lien Debt | S + 5.50% | 9.44% | 8/22/2029 | 19252 | 19013 | 18609 | 1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMNIA Partners, LLC | (6) (7) (11) (15) | First Lien Debt | S + 2.75% | 6.45% | 12/31/2032 | 3463 | 3447 | 3481 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corporation | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.67% | 1/31/2030 | 2563 | 2578 | 2568 | 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pioneer AcquisitionCo, LLC | (6) (7) | First Lien Debt | S + 3.25% | 6.94% | 10/27/2032 | 1000 | 998 | 998 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Buyer, Inc. | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 7/31/2031 | 15556 | 15478 | 15482 | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Buyer, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 7/31/2031 | 4444 |  | (21) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prime Security Services Borrower, LLC | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.58% | 3/7/2032 | 374 | 370 | 374 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protection One (aka Prime Security Services) | (6) (11) (12) | First Lien Debt | S + 2.00% | 6.13% | 10/13/2030 | 1979 | 1975 | 1984 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (6) (7) (15) | First Lien Debt | S + 4.25% | 8.13% | 5/24/2032 | 10238 | 10138 | 10315 | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.25% | 8.13% | 5/24/2032 | 3158 |  | 24 | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RailPros Parent, LLC | (6) (7) (10) | Revolving Loan | S + 4.25% | 8.13% | 5/24/2032 | 1579 |  | 12 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.93% | 6/15/2029 | 5620 | 4567 | 4590 | 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (7) (15) | First Lien Debt | S + 5.25% | 8.93% | 6/15/2029 | 8324 | 8242 | 8324 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redwood Services Group, LLC (Evergreen Services Group) | (7) (15) | First Lien Debt (Delayed Draw) | S + 5.25% | 8.93% | 6/15/2029 | 944 | 939 | 944 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding Inc. | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.72% | 8/13/2032 | 1436 | 1435 | 1442 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety Infrastructure Services Intermediate LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 7/21/2028 | 3503 | 920 | 829 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety Infrastructure Services Intermediate LLC | (15) | First Lien Debt | S + 5.00% | 8.67% | 7/21/2028 | 6215 | 6158 | 6042 | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sagebrush Buyer, LLC (Province) | (15) | First Lien Debt | S + 5.00% | 8.72% | 7/1/2030 | 3953 | 3921 | 3921 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.00% | 7.67% | 2/28/2032 | 835 |  | (4) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretariat Advisors LLC | (6) (15) | First Lien Debt | S + 4.00% | 7.67% | 2/28/2032 | 6880 | 6848 | 6848 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sentinel Technologies, Inc | (6) (15) | First Lien Debt | S + 4.50% | 8.35% | 11/3/2031 | 6047 | 6017 | 6020 | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliant Lower Intermediate, LLC | (6) (15) | First Lien Debt | S + 3.75% | 7.79% | 7/18/2031 | 17554 | 17402 | 16470 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC | (6) | First Lien Debt | S + 5.00% | 8.82% | 9/2/2032 | 13223 | 13159 | 13128 | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Syndigo LLC | (6) (10) | Revolving Loan | S + 5.00% | 8.82% | 9/2/2032 | 1777 | (8) | (13) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synechron | (6) (11) | First Lien Debt | S + 3.75% | 7.57% | 10/3/2031 | 1703 | 1688 | 1698 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/2/2032 | 3427 | 2247 | 2251 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.42% | 2/2/2032 | 1720 | 260 | 270 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tau Buyer, LLC | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 2/2/2032 | 9853 | 9764 | 9821 | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempo Acquisition, LLC | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.47% | 8/31/2028 | 3069 | 3078 | 2958 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.80% | 6/25/2032 | 13633 | 1455 | 1389 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thompson Safety LLC | (6) (10) | Revolving Loan | S + 5.00% | 8.86% | 6/25/2032 | 1364 | (6) | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TouchTunes Music Group, LLC (TouchTunes Interactive Network) | (6) (11) (15) | First Lien Debt | S + 4.75% | 8.42% | 4/2/2029 | 14398 | 14237 | 14078 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 1/31/2029 | 1132 | 225 | 230 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (15) | First Lien Debt | S + 5.00% | 8.72% | 1/31/2029 | 6255 | 6212 | 6255 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 1/31/2029 | 3570 | 3553 | 3570 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transit Buyer, LLC (Propark Mobility) | (6) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.72% | 1/31/2029 | 8901 | 8886 | 8901 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.65% | 5/27/2029 | 6787 | 6767 | 6779 | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) | First Lien Debt | S + 4.75% | 8.65% | 5/27/2029 | 2968 | 2947 | 2965 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilon Group, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.65% | 5/27/2029 | 10010 | 10010 | 9999 | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (15) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.32% | 6/22/2029 | 611 | 611 | 611 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSS Buyer, LLC (Technical Safety Services) | (15) | First Lien Debt | S + 5.50% | 9.32% | 6/22/2029 | 1327 | 1327 | 1327 | 0.10% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (7) (15) | First Lien Debt | S + 4.75% | 8.48% | 6/1/2029 | 1351 | 1336 | 1351 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victors CCC Buyer LLC (CrossCountry Consulting) | (7) (15) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.48% | 6/1/2029 | 139 | 138 | 139 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSTG Intermediate Holdings, Inc. (Vistage Worldwide, Inc.) | (6) (7) (15) | First Lien Debt | S + 3.75% | 7.42% | 7/13/2029 | 15049 | 15025 | 15049 | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  |  |  | 394307 | 392390 | 28.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (15) | First Lien Debt | S + 4.75% | 8.42% | 8/2/2028 | 3938 | 3918 | 3902 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 Holdco, Inc. (360 Training) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 8/2/2028 | 3580 |  | (32) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADPD Holdings LLC (NearU) | (6) (7) | First Lien Debt | S + 6.00% | 10.03% | 8/16/2028 | 5670 | 5638 | 5282 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMS Parent, LLC (All My Sons) | (11) (15) | First Lien Debt | S + 4.75% | 8.68% | 10/25/2028 | 5450 | 5432 | 5266 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.86% | 10/24/2030 | 5170 |  | (27) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) (10) | Revolving Loan | S + 5.00% | 8.71% | 10/24/2029 | 1101 | 281 | 294 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.82% | 10/24/2030 | 12539 | 12436 | 12597 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.82% | 10/24/2030 | 3067 | 3054 | 3081 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners, LLC | (6) (7) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.82% | 10/24/2030 | 3075 | 3050 | 3089 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brightspring Health (aka Phoenix Gurantor Inc.) | (6) (11) (12) | First Lien Debt | S + 2.50% | 6.22% | 2/21/2031 | 3930 | 3919 | 3954 | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Home Services LLC | (6) (10) | Subordinated Debt (Delayed Draw) | N/A  | 12.00% | 11/27/2031 | 442 | (4) | (8) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Home Services LLC | (6) | Subordinated Debt | N/A  | 12.00% | 11/27/2031 | 1547 | 1518 | 1518 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (6) | Subordinated Debt | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | 700 | 688 | 677 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (6) | Subordinated Debt (Delayed Draw) | N/A | 9.00% (Cash) 4.00% (PIK) | 1/28/2030 | 535 | 529 | 517 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.42% | 4/29/2030 | 6265 | 6232 | 6218 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excel Fitness Consolidator LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.42% | 4/29/2030 | 1677 | (9) | (13) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.17% | 11/10/2031 | 8427 | 8355 | 8373 | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.17% | 11/10/2031 | 11951 |  | (76) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) (10) | Subordinated Debt (Delayed Draw) | N/A  | 13.25% (PIK) | 11/10/2032 | 47 | (1) | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Service Partners, LLC | (6) | Subordinated Debt | N/A  | 13.25% (PIK) | 11/10/2032 | 53 | 52 | 52 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norton Life Lock | (6) (11) (12) | First Lien Debt | S + 1.75% | 5.47% | 9/12/2029 | 359 | 359 | 360 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NS412, LLC | (6) | First Lien Debt | S + 4.50% | 8.27% | 11/6/2026 | 5029 | 5021 | 5029 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (6) (7) | First Lien Debt | S + 4.50% | 8.19% | 12/23/2032 | 15550 | 15473 | 15474 | 1.11% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perennial Services Group, LLC | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.19% | 12/23/2032 | 11348 |  | (56) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verscend Technologies | (6) (11) | First Lien Debt | S + 3.25% | 6.62% | 5/1/2031 | 2165 | 2175 | 2086 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  |  |  | 78116 | 77556 | 5.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renaissance Buyer, LLC (LMI Consulting, LLC) | (15) | First Lien Debt | S + 5.25% | 8.94% | 7/18/2028 | 8881 | 8843 | 8881 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  |  |  | 8843 | 8881 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arise Holdings, Inc. | (6) | First Lien Debt | S + 4.50% | 8.24% (PIK) | 12/9/2027 | 4676 | 3957 | 3795 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arise Holdings, Inc. | (6) (14) | First Lien Debt | S + 4.50% | 8.24% (PIK) | 12/9/2027 | 2415 | 153 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (15) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.43% | 11/17/2027 | 655 | 655 | 655 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCM One, Inc. | (15) | First Lien Debt | S + 4.50% | 8.43% | 11/17/2027 | 2067 | 2067 | 2067 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greeneden U.S. Holdings II, LLC (Genesys Telecom Holdings U.S., Inc.) | (6) (11) | First Lien Debt | S + 2.50% | 6.22% | 1/30/2032 | 1720 | 1717 | 1719 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iridium Satellite LLC | (6) (11) (12) | First Lien Debt | S + 2.25% | 5.97% | 9/20/2030 | 799 | 800 | 781 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.69% | 10/16/2029 | 4488 | 568 | 546 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) (15) | First Lien Debt | S + 4.75% | 8.69% | 10/16/2029 | 11578 | 11595 | 11522 | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mobile Communications America, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.69% | 10/16/2029 | 3813 | 3830 | 3794 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sapphire Telecom, Inc. | (6) (15) | First Lien Debt | S + 5.00% | 8.67% | 6/27/2029 | 16658 | 16556 | 16675 | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** |  |  |  |  |  |  | 41898 | 41554 | 2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Cargo** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Midco, LLC (Armstrong Transport Group) | (6) | Subordinated Debt | N/A  | 17.00% (PIK) | 6/30/2027 | 1311 | 1300 | 1299 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong Transport Group, LLC | (6) | Subordinated Debt | N/A  | 7.00% (Cash) 7.00% (PIK) | 6/30/2027 | 6270 | 6209 | 6206 | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSK Pallet Holding Corp. (Kamps Pallets) | (6) | First Lien Debt | S + 6.25% | 10.24% | 12/23/2026 | 5461 | 5434 | 5383 | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.54% | 11/15/2029 | 20953 | 20864 | 20859 | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.54% | 11/15/2029 | 3497 | 3483 | 3482 | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenco PPC Buyer LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.54% | 11/15/2029 | 4920 | (35) | (22) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Cargo** |  |  |  |  |  |  | 37255 | 37207 | 2.68% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Transportation: Consumer** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Canada | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.72% | 3/21/2031 | 3994 | 4006 | 4025 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (6) (15) | First Lien Debt | S + 4.50% | 8.23% | 2/14/2031 | 12660 | 12620 | 12599 | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.23% | 2/14/2031 | 2051 | (7) | (10) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United AirLines, Inc. | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.73% | 2/22/2031 | 3686 | 3696 | 3707 | 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WestJet Airlines | (6) (11) (12) | First Lien Debt | S + 3.75% | 6.92% | 2/14/2031 | 1720 | 1726 | 1730 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Transportation: Consumer** |  |  |  |  |  |  | 22041 | 22051 | 1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (6) (15) | First Lien Debt | S + 4.50% | 8.22% | 12/23/2030 | 16080 | 15959 | 15945 | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 12/23/2030 | 3066 | 1076 | 1063 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AWP Group Holdings, Inc. | (6) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 12/23/2030 | 629 | 625 | 623 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (6) (7) | First Lien Debt | S + 4.75% | 8.47% | 8/27/2031 | 13807 | 13690 | 13840 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.47% | 8/27/2031 | 2567 | (21) | 6 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.47% | 8/27/2031 | 3487 | (14) | 8 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.37% | 10/21/2032 | 6756 | 6722 | 6727 | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Force Electrical Buyerco, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.37% | 10/21/2032 | 11516 | 123 | 73 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc. | (6) (7) (15) | First Lien Debt | S + 5.00% | 8.67% | 8/14/2030 | 15794 | 15716 | 15719 | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Air Flow Dynamics, Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 5.00% | 8.67% | 8/14/2030 | 4167 |  | (20) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. (aka Entrust) | (6) | First Lien Debt | S + 4.75% | 8.42% | 2/7/2031 | 2019 | 2019 | 2009 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. (aka Entrust) | (6) | First Lien Debt | S + 4.75% | 8.42% | 2/7/2031 | 599 | 597 | 596 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. (aka Entrust) | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/7/2031 | 1430 |  | (7) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. (aka Entrust) | (6) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 2/7/2031 | 777 | 769 | 773 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KENE Acquisition, Inc. (aka Entrust) | (6) (10) | Revolving Loan | S + 4.75% | 8.42% | 2/7/2031 | 239 | 42 | 41 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (6) (7) (15) | First Lien Debt | S + 4.75% | 8.42% | 4/28/2032 | 2282 | 2274 | 2273 | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (6) (7) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.42% | 4/28/2032 | 457 |  | (2) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Voltage Holdings Inc. | (6) (7) (10) | Revolving Loan | S + 4.75% | 8.42% | 4/28/2032 | 311 | (1) | (1) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (6) (10) (15) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.12% | 4/3/2030 | 1571 | (4) | (74) | (0.01)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (15) | First Lien Debt | S + 6.25% | 10.12% | 4/3/2030 | 5855 | 5805 | 5579 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Supply Partners, LLC | (6) (15) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.12% | 4/3/2030 | 1894 | 1886 | 1805 | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (6) (15) | First Lien Debt | S + 4.50% | 8.22% | 9/30/2032 | 16452 | 16369 | 16364 | 1.18% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)(3)</sup> | **Footnotes** | **Investment** | **Spread Above Reference Rate** <sup>(3)</sup> | **Interest Rate** <sup>(3)</sup> | **Maturity Date** | **Par Amount / Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RMS Energy Borrower LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.50% | 8.22% | 9/30/2032 | 2999 | (7) | (16) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations Co | (6) (11) (12) | First Lien Debt | S + 2.00% | 5.72% | 4/30/2031 | 3582 | 3594 | 3553 | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  |  |  | 87219 | 86877 | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Culligan (AKA Osmosis Debt Merger Sub Inc) | (6) (11) (12) | First Lien Debt | S + 3.00% | 6.85% | 7/31/2028 | 2962 | 2974 | 2972 | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) (15) | First Lien Debt | S + 4.75% | 8.57% | 2/21/2031 | 8939 | 8888 | 8939 | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Water Intermediate Holdings, LLC | (6) (10) | First Lien Debt (Delayed Draw) | S + 4.75% | 8.57% | 2/21/2031 | 3485 | 2338 | 2338 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  |  |  | 14200 | 14249 | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (15) | First Lien Debt | S + 5.50% | 9.47% | 1/19/2029 | 7754 | 7676 | 7640 | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Intermediate II, LLC (Ergotech DBA Industrial Networking Solutions) | (15) | First Lien Debt (Delayed Draw) | S + 5.50% | 9.47% | 1/19/2029 | 1124 | 1114 | 1107 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (15) | First Lien Debt | S + 5.75% | 9.59% | 12/7/2028 | 2404 | 2378 | 2346 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) (15) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.59% | 12/7/2028 | 11885 | 11803 | 11599 | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISG Enterprises, LLC (Industrial Service Group) | (6) | First Lien Debt (Delayed Draw) | S + 5.75% | 9.59% | 12/7/2028 | 5156 | 5133 | 5032 | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Era Technology, LLC | (6) (7) | First Lien Debt (Delayed Draw) | S + 6.25% | 10.07% (PIK) | 6/30/2030 | 5320 | 5320 | 5320 | 0.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solaray, LLC | (6) (7) | First Lien Debt | S + 6.75% | 10.69% | 12/15/2025 | 6402 | 6402 | 5711 | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  |  |  | 39826 | 38755 | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Investments** |  |  |  |  |  |  | $2121936 | $2112195 | 152.18% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Share/Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| **Equity Investments** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Aerospace & Defense** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPC Kodiak LLC (Turbine Engine Specialists) | (6) (8) (9) (12) | Class A-1 Units | 9/1/2023 | 1180000 | $1180 | $1496 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Terrapin Partners I LP (Clarity Innovations, Inc.) | (6) (8) (10) (13) | Partnership Interests | 12/8/2023 | 76054 | 76 | 87 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Terrapin Partners II LP (Clarity Innovations, Inc.) | (6) (8) (10) (13) | Partnership Interests | 6/21/2024 | 383427 | 383 | 438 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Aerospace & Defense** |  |  |  |  | 1639 | 2021 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Automotive** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cool Acquisition Holdings, LP (Universal Air Conditioner, L.L.C.) | (6) (8) | Holdings Subscription | 10/31/2024 | 550000 | 550 | 419 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Automotive** |  |  |  |  | 550 | 419 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking, Finance, Insurance, Real Estate** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INS Co-Invest LP (Inszone) | (8) (10) (13) | Partnership Interests | 11/29/2023 | 77340 | 77 | 128 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Arax Co-Invest UB, LP (Arax Investment Partners) | (8) (10) (12) (13) | Limited Partnership Interest | 2/28/2024 | 949293 | 950 | 1959 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R Chapel Avenue Holdings Co-Invest UB, LP | (8) (10) (13) | Partnership Interests | 12/24/2024 | 651339 | 653 | 1058 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starlight Co-Invest LP (Sedgwick Claims Management Services) | (6) (8) (13) | Partnership Interests | 10/22/2024 | 1000000 | 1003 | 1116 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Banking, Finance, Insurance, Real Estate** |  |  |  |  | 2683 | 4261 | 0.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Beverage, Food & Tobacco** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marlin Coinvest LP (Fortune International LLC) | (8) (13) | Limited Partnership Interests | 5/8/2023 | 200000 | 200 | 276 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MidOcean Partners QT Co-Invest, L.P. (QualiTech) | (6) (8) (13) | Class A Units | 8/20/2024 | 972 | 976 | 821 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spice World | (6) (8) | Common Equity | 3/31/2022 | 1000 | 126 | 163 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugar PPC FT Investor LLC (Sugar Foods) | (8) (13) | Parent Units | 9/29/2023 | 2000 | 200 | 284 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VCP Tech24 Co-Invest Aggregator LP (Tech24) | (6) (8) (13) | Company Unit | 10/5/2023 | 200 | 200 | 169 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (6) (8) | Class B Common Units | 10/3/2022 | 464 | 1 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WPP Fairway Aggregator B, L.P (Fresh Edge) | (6) (8) | Class A Preferred Units | 10/3/2022 | 464 | 464 | 177 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Beverage, Food & Tobacco** |  |  |  |  | 2167 | 1890 | 0.13% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Share/Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Capital Equipment** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATL GSE Holdings, LP | (6) (8) | Class A Common Units | 12/16/2025 | 377 | 377 | 377 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) | Class A Common Units | 3/1/2023 | 114 | 46 | 17 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EFC Holdings, LLC (EFC International) | (8) | Class A Preferred Units | 3/1/2023 | 114 | 114 | 143 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-Tech Holdings Partnership, L.P. (E-Technologies Group, Inc.) | (6) (8) | Partner Interests | 5/22/2024 | 1000000 | 1010 | 887 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Capital Equipment** |  |  |  |  | 1547 | 1424 | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Chemicals, Plastics & Rubber** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meyer Lab Aggregator LP | (8) (13) | Units | 2/27/2024 | 849000 | 854 | 839 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Spartech Holdings LLC | (6) (8) | Common Units | 6/6/2025 | 84000 | 425 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Chemicals, Plastics & Rubber** |  |  |  |  | 1279 | 839 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Construction & Building** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GreyLion TGNL Holdings | (8) (10) (13) | Limited Partnership Interests | 5/2/2025 | 846770 | 865 | 854 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oceansound Partners Co-Invest II, LP (Gannett Fleming) | (6) (8) | Series F interests | 5/26/2023 | 254428 | 260 | 365 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OSP Gannett Aggregator, LP (Gannett Fleming) | (6) (8) (9) (12) | Class A Interests | 12/20/2022 | 178922 | 179 | 257 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPI Investments LP (Rose Paving) | (6) (8) | Class A Unit | 11/27/2024 | 690 | 100 | 68 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Plate Rental Co. (Trench Safety Solutions Holdings, LLC) | (6) (8) | Common Equity | 3/31/2022 | 1000 | 127 | 58 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trench Safety Solutions Holdings, LLC | (6) (8) | Preferred units | 4/3/2025 | 121 | 13 | 23 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Construction & Building** |  |  |  |  | 1544 | 1625 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LH Equity Investors, L.P. | (6) (8) (10) (13) | Limited Partnership Interests | 9/3/2025 | 1500000 | 1444 | 2029 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Durable** |  |  |  |  | 1444 | 2029 | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Goods: Non-Durable** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FBG Holdings LLC | (6) (8) | Common Units | 8/8/2025 | 90 | 704 | 703 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hermod Co-Invest, LP | (6) (8) (10) (13) | Common Units | 10/15/2024 | 511792 | 512 | 729 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RVGD Aggregator LP (Revision Skincare) | (6) (8) | Common Equity | 3/31/2022 | 100 | 98 | 70 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Showtime Co-Investors LLC (WCI Holdings, LLC) | (8) (13) | Class A1 Units | 2/6/2023 | 534934 | 535 | 802 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ultima Health Holdings, LLC | (6) (8) | Preferred units | 9/12/2022 | 11 | 130 | 291 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Consumer Goods: Non-Durable** |  |  |  |  | 1979 | 2595 | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Containers, Packaging & Glass** |  |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Share/Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Investors, LP (Oliver Packaging) | (6) (8) | Class A Units | 4/22/2025 | 186 | 9 | 10 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oliver Investors, LP (Oliver Packaging) | (6) (8) | Class A Common Units | 7/6/2022 | 7816 | 742 | 154 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG Aggregator, LLC (Pacur) | (8) | LLC Units | 3/31/2022 | 100 | 109 | 121 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Containers, Packaging & Glass** |  |  |  |  | 860 | 285 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare & Pharmaceuticals** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NYBG Holdings, LLC | (6) (8) | Class A Common Units | 10/31/2025 | 26886 | 657 | 765 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HMA Equity, LP (Health Management Associates) | (6) (8) | AA Equity Co-Invest | 3/30/2023 | 324934 | 356 | 330 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLC Fund 1222-CI LP (Spectrum Science) | (6) (8) (13) | Partnership Interests | 1/5/2024 | 261350 | 280 | 143 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NP/BF Holdings, L.P. | (6) (8) | AA Equity Co-Invest | 4/30/2025 | 1000 | 1000 | 1000 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCP Nats Co-Investment Fund LP | (6) (8) (13) | LP Interests | 3/17/2025 | 1000000 | 1003 | 1304 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VSC Specialty Molding Holdings LLC | (8) | LP Interests | 10/6/2025 | 2312 | 231 | 231 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WE Select Fund 3, L.P. | (6) (8) (13) | Limited Partnership Interests | 9/10/2025 | 855000 | 876 | 1054 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Healthcare & Pharmaceuticals** |  |  |  |  | 4403 | 4827 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**High Tech Industries** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNX HBS Holdings, LLC | (6) (8) | Limited Partnership Interests | 10/1/2025 | 172 | 172 | 172 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GrowthCurve Capital Nexus Co-Invest LP (Netchex) | (6) (8) (13) | Limited Partnership Interests | 3/28/2024 | 538708 | 574 | 680 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Rivers Co-Investment, L.P. | (6) (8) (13) | Limited Partnership Interests | 11/7/2025 | 900000 | 901 | 900 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total High Tech Industries** |  |  |  |  | 1647 | 1752 | 0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media: Diversified & Production** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BroadcastMed Holdco, LLC | (6) (8) | Series A-3 Preferred Units | 10/4/2022 | 43679 | 655 | 194 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Media: Diversified & Production** |  |  |  |  | 655 | 194 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Business** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BayPine Monarch Co-Invest, LP | (6) (8) (13) | Limited Partnership Interests | 6/3/2025 | 1000000 | 1018 | 994 | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coalesce Diamond Coinvest, L.P. | (8) (10) (13) | Limited Partner Interests | 5/19/2025 | 800000 | 805 | 802 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COP Village Green Investment, LLC (Village Green Holding) | (6) (8) | Class A Units | 9/26/2024 | 954000 | 954 | 1266 | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CV Holdco, LLC (Class Valuation) | (6) (8) | Class A Common Units | 3/31/2022 | 1208 | 123 | 101 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCP-Cranium Holdings, LLC (Brainlabs) | (6) (8) (12) | Class A Common Shares | 9/11/2023 | 3753613 |  |  | —% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Share/Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCP-Cranium Holdings, LLC (Brainlabs) | (6) (8) (12) | Series A Preferred Shares | 9/11/2023 | 10256410 | 389 | 515 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FCP-Cranium Holdings, LLC (Brainlabs) | (6) (8) (12) | Series B Preferred Shares | 9/11/2023 | 3753613 | 600 | 555 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geds Equity Investors, LP (Esquire Deposition Services) | (6) (8) | Class A Limited Partnership Units | 7/1/2024 | 2424 | 320 | 271 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKEMP Blocked Co-Invest, LP | (6) (8) | Limited Partnership Interests | 7/15/2025 | 1000 | 1029 | 1107 | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kofile, Inc. | (6) (8) | Common Equity | 3/31/2022 | 100 | 108 | 109 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KRIV Co-Invest Holdings, L.P. (Riveron) | (6) (8) (13) | Class A Units | 7/17/2023 | 200 | 200 | 279 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kwol Co-Invest LP (Worldwide Clinical Trials) | (6) (8) | Class A Interests | 12/12/2023 | 7 | 74 | 130 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&S Group Holdings,LLC | (6) (8) | Common Equity | 12/23/2025 | 3668 | 367 | 367 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMS VONA Case Management Acquisition, LP | (8) (13) | Class A Common Units | 11/25/2025 | 3724 | 2000 | 2000 | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NMSEF II Holdings I, L.P. | (6) (8) (13) | Limited Partnership Interests | 9/29/2025 | 855000 | 858 | 854 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PN Topco L.P. | (6) (8) | Class A Units | 7/31/2025 | 344319 | 344 | 358 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Safety First Topco, L.P. (Smith System) | (6) (8) | Common Units | 12/13/2023 | 90077 | 95 | 95 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schill Blocker Agg, LLC | (6) (8) (13) | Limited Partnership Interests | 12/12/2025 | 3000000 | 3000 | 3000 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SkyKnight Financial Holdings LP | (6) (8) (10) (13) | Partnership Interests | 12/24/2024 | 409911 | 410 | 471 | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STech Investors, LP | (6) (8) | Class A Units | 11/3/2025 | 1162 | 116 | 116 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TL Voltron TopCo, L.P. | (8) | Class A-2 Units | 12/27/2024 | 500000 | 500 | 592 | 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Business** |  |  |  |  | 13310 | 13982 | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Services: Consumer** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACS Celsius Aggregator LP (AirX Climate Solutions Company) | (6) (8) (10) | Partnership Interests | 11/7/2023 | 77 | 77 | 106 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS Investors, LLC | (8) | Class A Units | 5/27/2025 | 1018 | 146 | 131 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entomo Brands Acquisitions, Inc. (Palmetto Exterminators) | (6) (8) | Class A Units | 7/31/2023 | 770000 | 862 | 899 | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FS NU Investors, LP (NearU) | (6) (7) (8) | Class A Units | 8/11/2022 | 1419 | 142 | 80 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (6) (8) | Class B-2 Units | 1/9/2023 | 48 | 6 | 6 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legacy Parent Holdings, LLC (Legacy Service Partners) | (6) (8) | Class B Units | 1/9/2023 | 1963 | 196 | 262 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Services: Consumer** |  |  |  |  | 1429 | 1484 | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sovereign & Public Finance** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMP Ren Partners I-A LP (LMI Consulting, LLC) | (6) (8) (10) | Limited Partnership Interests | 6/30/2022 | 106984 | 107 | 271 | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Sovereign & Public Finance** |  |  |  |  | 107 | 271 | 0.02% |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Acquisition Date** | **Share/Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arise Holdings, Inc. | (6) (8) | Class A-1 Units | 9/5/2025 | 1029330 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Telecommunications** |  |  |  |  |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Electric** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Aggregator Holdings I LP (Pinnacle Supply Partners, LLC) | (6) (8) | Common Units | 4/3/2023 | 111875 | 112 | 42 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Electric** |  |  |  |  | 112 | 42 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities: Water** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USAW Parent LLC (USA Water) | (8) | Common Units | 2/21/2024 | 4226 | 423 | 631 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utilities: Water** |  |  |  |  | 423 | 631 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Wholesale** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lettermen's Parent Holding, LLC | (6) (8) | Common Units | 11/20/2025 | 7000 | 700 | 700 | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lettermen's Parent Holding, LLC | (6) (8) | Common Units | 12/5/2025 | 851 | 85 | 85 | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Era Technology, LLC | (6) (7) (8) | Preferred Equity | 8/21/2025 | 4915 | 4112 | 2295 | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Era Technology, LLC | (6) (7) (8) | Common Equity | 8/21/2025 | 4915 |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Wholesale** |  |  |  |  | 4897 | 3080 | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Investments** |  |  |  |  | $42675 | $43651 | 3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments** |  |  |  |  | 2164611 | 2155846 | 155.32% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Company** <sup>(1) (2)</sup> | **Interest Rate** | **Par Amount/Unit** | **Cost** | **Fair Value** | **% of Net Assets** <sup>(5)</sup> |
| **Cash Equivalents** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds T-Fund Institutional Class | 3.64% | 45985187 | $45985 | $45985 | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class Z | 3.64% | 575225 | 575 | 575 | 0.04% |
| **Total Cash Equivalents** |  |  | $46560 | $46560 | 3.35% |
| **Total Investments and Cash Equivalents** |  |  | $2211171 | $2202406 | 158.67% |

---

____________________

(1)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a portfolio company is generally presumed to be "non-controlled" when the Fund owns 25% or less of the portfolio company's voting securities and "controlled" when the Fund owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio company's voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's voting securities.

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025**

**(dollar amounts in thousands, except share amounts)**

(2)Refer to <u>[Note 3](#i179485e4d5974b9194141071c2198a8e_49)</u> "Investments" for the geographic composition of investments at cost and fair value.

(3)The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Financing Rate ("SOFR" or "S"), which generally resets periodically. For each such investment, the Fund has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2025. As of December 31, 2025, effective rates for 1M S, 3M S, 6M S and 12M S are 3.69%, 3.65%, 3.57% and 3.42%, respectively. Certain investments are subject to a SOFR floor or may utilize an alternative reference rate such as U.S. Prime Rate ("P"). For fixed rate loans, a spread above a reference rate is not applicable.

(4)Investment valued using unobservable inputs (Level 3), unless noted otherwise. See <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_43)</u> "Significant Accounting Policies - Valuation of Portfolio Investments" and <u>[Note 4](#i179485e4d5974b9194141071c2198a8e_52)</u> "Fair Value Measurements" for more information.

(5)Percentage is based on net assets of $1,388,129 as of December 31, 2025.

(6)Denotes that all or a portion of the assets are owned by the Fund, SPV II, SPV III, and/or BSL SPV I (as defined in <u>[Note 1](#i179485e4d5974b9194141071c2198a8e_40)</u> "Organization"), which serve as collateral for the Bank of America Credit Facility, the Scotiabank Credit Facility, and/or the SMBC Revolving Credit Facility (each as defined in the Notes), as applicable. Accordingly, such assets are not available to creditors of the Fund. See <u>[Note 6](#i179485e4d5974b9194141071c2198a8e_58)</u> "Secured Borrowings" for more information.

(7)Investment is a unitranche position.

(8)Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be a "restricted security" under the Securities Act. As of December 31, 2025, the Fund held eighty-two restricted securities with an aggregate fair value of $43,651, or 3.14% of the Fund's net assets.

(9)Represents an investment held through an aggregator vehicle organized as a pooled investment vehicle.

(10)Position or portion thereof is an unfunded loan or equity commitment. For unfunded loan commitments, no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See <u>[Note 7](#i179485e4d5974b9194141071c2198a8e_61)</u> "Commitments and Contingencies".

(11)Investments valued using observable inputs (Level 2), if applicable. See <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_43)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" and <u>[Note 4](#i179485e4d5974b9194141071c2198a8e_52)</u> "Fair Value Measurements" for more information.

(12)The investment is considered as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Fund's total assets. As of December 31, 2025, total non-qualifying assets at fair value represented 7.95% of the Fund's total assets calculated in accordance with the 1940 Act.

(13)Investments measured at net asset value ("NAV"). See <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_43)</u> "Significant Accounting Policies – Valuation of Portfolio Investments" for more information.

(14)Loan was on non-accrual status as of December 31, 2025.

(15)Denotes that all or a portion of the assets are owned by CLO-I and/or CLO-II (as defined in <u>[Note 1](#i179485e4d5974b9194141071c2198a8e_40)</u> "Organization"), which serve as collateral for the 2024 Debt Securitization and 2025 Debt Securitization, respectively (each as defined in the Notes). See <u>[Note 6](#i179485e4d5974b9194141071c2198a8e_58)</u> "Secured Borrowings".

.

The accompanying notes are an integral part of these consolidated financial statements.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

**1. ORGANIZATION**

Nuveen Churchill Private Capital Income Fund (the "Fund", which refers to either Nuveen Churchill Private Capital Income Fund or Nuveen Churchill Private Capital Income Fund together with its consolidated subsidiaries, as the context may require) is a Delaware statutory trust formed on February 8, 2022. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Fund's investment objective is to generate attractive risk-adjusted returns primarily through current income and, secondarily, long-term capital appreciation, by investing in a diversified portfolio of private debt and equity investments in U.S. middle market companies owned by leading private equity firms, which the Fund defines as companies with approximately $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). The Fund primarily focuses on investing in U.S. middle market companies with $10 to $100 million in EBITDA, which the Fund considers the core middle market. The Fund primarily invests in first-lien senior secured debt ("Senior Loan Investments"), as well as junior debt investments, such as second-lien loans, unsecured debt, and subordinated debt (including fixed- and floating-rate instruments and instruments with payment-in-kind income) ("Junior Capital Investments"). Senior Loan Investments and Junior Capital Investments may be originated alongside smaller related common equity positions in the same portfolio companies. The Fund's portfolio also includes larger, stand-alone direct equity co-investments in private-equity backed companies that may be originated alongside or separately from Senior Loan Investments and/or Junior Capital Investments to the applicable portfolio company ("Equity Co-Investments"). The Fund targets an investment portfolio consisting, directly or indirectly, of 75% to 90% in Senior Loan Investments, 5% to 25% in Junior Capital Investments and up to 10% in Equity Co-Investments. To support the Fund's share repurchase program (as discussed further in <u>[Note 8](#i179485e4d5974b9194141071c2198a8e_139)</u>), the Fund will generally invest 5% to 10% of its assets in cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments ("Liquid Investments").

Churchill PCIF Advisor LLC (the "Adviser"), a wholly owned subsidiary of Churchill Asset Management LLC ("Churchill"), serves as the Fund's investment adviser. The Adviser is responsible for the overall management of the Fund's activities and has delegated substantially all of its daily portfolio management obligations to Churchill pursuant to a sub-advisory agreement. The Adviser and Churchill also have engaged Nuveen Asset Management, LLC ("Nuveen Asset Management" and together with the Adviser and Churchill, the "Advisers"), acting through its leveraged finance division, to manage certain of the Liquid Investments, subject to the pace and amount of investment activity in the middle market investment program, pursuant to a sub-advisory agreement. Pursuant to an administration agreement, the Fund is provided with certain administrative services by Churchill BDC Administration LLC (the "Administrator"). The Advisers and the Administrator are all affiliates and subsidiaries of Nuveen, LLC ("Nuveen"), a wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"). See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>, Related Party Transactions.

The Fund was established by TIAA and operated as a wholly owned subsidiary of TIAA until the Escrow Break Date (as defined below). On March 30, 2022, TIAA purchased 40 shares of the Fund's Class I shares at $25.00 per share.

Churchill NCPCIF CLO-I LLC ("CLO-I"), Churchill NCPCIF CLO-II LLC ("CLO-II"), NCPIF Equity Holdings LLC ("Equity Holdings"), NCPCIF SPV II, LLC ("SPV II"), NCPCIF SPV III, LLC ("SPV III"), NCPCIF BSL SPV I, LLC ("BSL SPV I"), and NCPCIF SPV V, LLC ("SPV V") are wholly owned subsidiaries of the Fund and are consolidated in these consolidated financial statements commencing from the date of their respective formation, in accordance with the Fund's consolidation policy discussed in <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_118)</u>, Significant Accounting Policies. CLO-I and CLO-II have completed term debt securitizations. SPV II, SPV III, BSL SPV I, and SPV V primarily invest in first-lien senior secured debt and unitranche loans. Equity Holdings was formed to hold certain equity-related securities

On December 11, 2024, the Fund acquired substantially all of the assets of Nuveen Churchill Private Credit Fund ("NCPCF"), including 100% of the limited liability company interests of NCPCF's wholly owned subsidiary, pursuant to the purchase and sale agreement by and between the Fund and NCPCF (the "NCPCF Acquisition").

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**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

The Fund is currently offering on a continuous basis up to $3.0 billion of any combination of three classes of common shares of beneficial interest ("Common Shares"), Class S shares, Class D shares and Class I shares. On May 17, 2022, the Securities and Exchange Commission (the "SEC") granted an exemptive order permitting the Fund to offer multiple classes of Common Shares and to impose varying sales loads, asset-based service and/or distribution fees and early withdrawal fees. The share classes have different ongoing shareholder servicing and/or distribution fees. None of the share classes being offered have early withdrawal fees. The purchase price per share for each class of Common Shares equals the Fund's net asset value ("NAV") per share as of the effective date of the monthly share purchase date. Nuveen Securities, LLC (the "Intermediary Manager") uses its best efforts to sell Common Shares, but is not obligated to purchase or sell any specific amount of Common Shares in the offering. As of June 1, 2023 (the "Escrow Break Date"), the Fund had satisfied the minimum offering requirement and the Fund's Board of Trustees (the "Board") authorized the release of proceeds from escrow.

**2. SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services—Investment Companies* ("ASC 946"). The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value unless otherwise disclosed herein.

***Consolidation***

As provided under ASC 946, the Fund generally will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Fund to make estimates based on assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

***Cash, Cash Equivalents, and Restricted Cash***

Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, cash equivalents, and restricted cash are carried at cost, which approximates fair value. As of March 31, 2026 and December 31, 2025, the Fund held $77,004 and $46,560 of cash equivalents, respectively. As of March 31, 2026 and December 31, 2025, the Fund did not hold any restricted cash.

***Valuation of Portfolio Investments***

Investments are valued in accordance with the fair value principles established by FASB ASC Topic 820, *Fair Value Measurement* ("ASC Topic 820"), and in accordance with the 1940 Act. ASC Topic 820's definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value.

ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Valuations are based on inputs that are unobservable and significant to the overall fair value measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market's normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price.

Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets and are classified as Level 2. The Fund's valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs.

The Fund applies the practical expedient provided by ASC Topic 820 relating to investments in certain portfolio companies that calculate net asset value per share (or its equivalent). ASC Topic 820 permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy as per ASC Topic 820.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee (the "Valuation Designee") to determine the fair value of the Fund's investments that do not have readily available market quotations. Pursuant to the Fund's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the "Valuation Committee") is responsible for determining the fair value of the Fund's assets for which market quotations are not readily available, subject to the oversight of the Board.

With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, undertakes a multi-step valuation process each quarter, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Board to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Fund to provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management's preliminary valuation and recommendation of fair value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determines the fair value of each investment in good faith based on the Fund's valuation policy, subject to the oversight of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Fund's valuation policy in connection with each quarterly Board meeting, complies with the periodic Board reporting requirements set forth in the Fund's valuation policy, and discusses with the Board its determination of the fair value of each investment in good faith.

The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company's credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee also may base its valuation of an investment on recent transactions of investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are disclosed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, the Valuation Designee may utilize third-party sources.

When determining NAV as of the last day of a month that is not also the last day of a calendar quarter, the Valuation Designee updates the value of securities with "readily available market quotations" (as defined in Rule 2a-5 under the 1940 Act) to the most recent market quotation. For securities without readily available market quotations, the Valuation Designee generally values such assets at the most recent quarterly valuation unless the Valuation Designee determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, a material change in market spreads, a secondary market transaction in the securities of an investment or otherwise). If the Valuation Designee determines such a change has occurred with respect to one or more investments, the Valuation Designee will determine whether to update the value for each relevant investment.

The Board is responsible for overseeing the Valuation Designee's process for determining the fair value of the Fund's assets for which market quotations are not readily available, taking into account the Fund's valuation risks. To facilitate the Board's oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee's determination of fair value. As part of the Board's oversight role, the Board may request and review additional information to be informed of the Valuation Designee's process for determining the fair value of the Fund's investments.

The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such values do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.

***Investment Transactions and Revenue Recognition***

Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains or losses are measured by the difference between the net proceeds received from repayments and sales and the cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Fund accrues interest income if it expects that ultimately it will be able to collect such income.

The Fund may have loans in its portfolio that contain payment-in-kind ("PIK") income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. This non-cash source of income is included when determining what must be paid to shareholders in the form of distributions in order for the Fund to maintain its tax treatment as a RIC, even though the Fund has not yet collected cash. For the three months ended March 31, 2026 and 2025, the Fund earned $2,315 and $1,544, respectively, in PIK income provisions, representing 4.56% and 3.62% of total investment income, respectively.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio companies and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. For the three months ended March 31, 2026 and 2025, the Fund earned $0 and $0, respectively, in dividend income.

Distributions from the Fund's equity investments in other investment companies occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the portfolio company.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Fund's investment activities, as well as any fees for managerial assistance services rendered by the Fund to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three months ended March 31, 2026 and 2025, the Fund earned other income of $220 and $176, respectively, primarily related to amendment fees and prepayment fees.

Loans are generally placed on non-accrual status when a payment default occurs or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Fund will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Fund remains contractually entitled to this interest. The Fund may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. As of March 31, 2026, the Fund had an investment in one portfolio company on non-accrual status with an aggregate fair value of $0, which represented approximately 0% of total investments at fair value. As of December 31, 2025, the Fund had an investment in one portfolio company on non-accrual status with an aggregate fair value of $0, which represented approximately 0% of total investments at fair value.

***Deferred Financing Costs and Debt Issuance Costs***

Deferred financing costs and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Fund's borrowings. These costs are deferred and amortized into interest expense over the life of the related debt instruments. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations.

***Organization and Offering Costs***

Organization costs consist of primarily legal, incorporation and accounting fees incurred in connection with the organization of the Fund. Organization costs are expensed as incurred and are shown in the Fund's consolidated statements of operations.

Offering costs consist primarily of fees and expenses incurred in connection with the Fund's continuous offering of Common Shares, as well as legal, printing and other costs associated with the preparation and filing of the Fund's registration statements and offering materials. Offering costs are recognized as a deferred charge, amortized on a straight-line basis over 12 months and are shown in the Fund's consolidated statements of operations. For the three months ended March 31, 2026 and 2025, offering costs of $197 and $12, respectively, were incurred, and $236 and $187, respectively, were amortized and recognized as offering costs on the consolidated statements of operations and covered under the Expense Support Agreement. Refer to <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u> for further details on the Expense Support Agreement.

***Allocation of Income, Expenses, Gains and Losses***

Income, expenses (other than those attributable to a specific class), realized and change in unrealized gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses attributable to a specific class are charged against that class.

***Income Taxes***

For U.S. federal income tax purposes, the Fund has elected, and intends to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that the Fund will be able to qualify for and maintain RIC tax status. In order to qualify as a RIC, the Fund must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements

are met, then the Fund is generally subject to U.S. federal income tax only on the portion of its taxable income and capital gains it does not distribute.

The minimum distribution requirements applicable to RICs generally require the Fund to timely distribute (or be deemed to distribute) to its shareholders at least 90% of its investment company taxable income ("ICTI"), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Fund may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Fund is subject to a nondeductible 4% U.S. federal excise tax on undistributed income, unless the Fund distributes (or is deemed to distribute) in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of the amount by which the Fund's capital gain exceeds its capital loss (adjusted for certain ordinary losses) for the one-year period ended October 31 in that calendar year and (3) any certain undistributed amounts from the previous years on which the Fund paid no U.S. federal income tax. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to U.S. federal income tax is considered to have been distributed. The Fund intends to timely distribute to its shareholders substantially all of the Fund's annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, the Fund may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely than not" to be sustained by the applicable tax authority. CLO-I, CLO-II, SPV II, SPV III, BSL SPV I, and SPV V are disregarded entities for U.S. federal income tax purposes and are consolidated with the tax return of the Fund. Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the three months ended March 31, 2026 and 2025, the Fund incurred no excise tax.

***Dividends and Distributions to Common Shareholders***

To the extent that the Fund has taxable income, the Fund intends to continue to make monthly distributions to its shareholders. Dividends and distributions to shareholders are recorded on the applicable record date. The amount to be distributed to shareholders is determined by the Board each month and is generally based upon the taxable earnings estimated by management and available cash. Net realized capital gains, if any, will generally be distributed at least annually, although the Fund may decide to retain such capital gains for investment. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any.

***Functional Currency***

The functional currency of the Fund is the U.S. Dollar, and all transactions were in U.S. Dollars.

***Segment Reporting***

The Fund is externally managed by Churchill and operates as a single reportable segment in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). The Fund's sole business activity is deriving investment income from its portfolio of investments. The Fund's accounting policies are described in <u>[Note 2](#i179485e4d5974b9194141071c2198a8e_118)</u>, Significant Accounting Policies. The Fund's chief operating decision makers ("CODM") are the investment committee, comprised of senior investment personnel from the Churchill investment teams, and the Chief Executive Officer and Chief Financial Officer. The CODM assess the Fund's performance based on: (i) net investment income, (ii) net realized and unrealized gains (losses) from investments, and (iii) net increase (decrease) in net assets resulting from operations, all of which are reported in the consolidated statements of operations. The CODM also may evaluate performance through industry benchmarking analyses using metrics disclosed in <u>[Note 9](#i179485e4d5974b9194141071c2198a8e_142)</u>, Consolidated Financial Highlights. Churchill, subject to Board oversight, manages the Fund's day-to-day operations and provides investment advisory and management services to the Fund. All investment decisions require unanimous approval from the investment committee members. The operating expense categories and information presented in the consolidated statements of operations fully reflect the significant expense categories and amounts regularly provided to the CODM for decision-making purposes.

***Recent Accounting Pronouncement*** 

In November 2024, the FASB issued Accounting Standard Update ("ASU") No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures* (Subtopic 220-40) ("ASU 2024-03"). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Fund is currently evaluating the impact of adopting ASU 2024-03.

**3. INVESTMENTS**

The composition of the Fund's investment portfolio at cost and fair value was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Cost** | **Fair Value** | **% of Fair Value** | **Cost** | **Fair Value** | **% of Fair Value** |
| First-Lien Debt | $2268846 | $2244479 | 92.90% | $2009009 | $2001896 | 92.86% |
| Subordinated Debt <sup>(1)</sup> | 117227 | 114088 | 4.72% | 112927 | 110299 | 5.12% |
| Equity Investments | 54159 | 57413 | 2.38% | 42675 | 43651 | 2.02% |
| **Total** | $2440232 | $2415980 | 100.00% | $2164611 | $2155846 | 100.00% |

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_______________

(1)As of March 31, 2026, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $62,010, mezzanine debt of $50,737 and structured debt of $1,341, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $64,429, mezzanine debt of $51,446 and structured debt of $1,352. As of December 31, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $61,168, mezzanine debt of $47,832 and structured debt of $1,299, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $63,332, mezzanine debt of $48,295, and structured debt of $1,300.

The industry composition of the Fund's investment portfolio as a percentage of fair value as of March 31, 2026 and December 31, 2025 was as follows:

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**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

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| | | |
|:---|:---|:---|
| **Industry** | **March 31, 2026** | **December 31, 2025** |
| Aerospace & Defense | 1.79% | 1.53% |
| Automotive | 1.01% | 1.37% |
| Banking, Finance, Insurance & Real Estate | 5.93% | 6.54% |
| Beverage, Food & Tobacco | 5.26% | 4.82% |
| Capital Equipment | 8.13% | 7.90% |
| Chemicals, Plastics & Rubber | 1.44% | 1.53% |
| Construction & Building | 6.28% | 6.53% |
| Consumer Goods: Durable | 1.43% | 1.65% |
| Consumer Goods: Non-durable | 2.57% | 3.02% |
| Containers, Packaging & Glass | 1.25% | 0.85% |
| Energy: Electricity | 1.86% | 1.98% |
| Energy: Oil & Gas | 0.56% | 0.58% |
| Environmental Industries | 3.79% | 3.92% |
| Healthcare & Pharmaceuticals | 14.23% | 13.80% |
| High Tech Industries | 9.01% | 8.13% |
| Hotel, Gaming & Leisure | 0.39% | 0.32% |
| Media: Advertising, Printing & Publishing | 0.69% | 0.78% |
| Media: Broadcasting & Subscription | 0.14% | 0.18% |
| Media: Diversified & Production | 0.21% | 0.21% |
| Metals & Mining | 0.07% | 0.07% |
| Retail | 0.08% | —% |
| Services: Business | 18.40% | 18.85% |
| Services: Consumer | 4.96% | 3.68% |
| Sovereign & Public Finance | 0.38% | 0.42% |
| Telecommunications | 1.70% | 1.93% |
| Transportation: Cargo | 1.54% | 1.73% |
| Transportation: Consumer | 0.76% | 1.02% |
| Utilities: Electric | 3.52% | 4.03% |
| Utilities: Water | 0.84% | 0.69% |
| Wholesale | 1.78% | 1.94% |
| **Total** | 100.00% | 100.00% |

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The geographic composition of investments at cost and fair value was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2333810 | $2310141 | 95.62% | 159.61% |
| Canada | 36841 | 36649 | 1.52% | 2.53% |
| Germany | 29319 | 29524 | 1.22% | 2.04% |
| United Kingdom | 25171 | 24694 | 1.02% | 1.71% |
| Netherlands | 10251 | 10138 | 0.42% | 0.70% |
| Ireland | 4840 | 4834 | 0.20% | 0.33% |
| **Total** | $2440232 | $2415980 | 100.00% | 166.92% |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $2063637 | $2054885 | 95.32% | 148.04% |
| Canada | 34930 | 34964 | 1.62% | 2.52% |
| Germany | 28528 | 28764 | 1.33% | 2.07% |
| United Kingdom | 24300 | 23985 | 1.11% | 1.73% |
| Netherlands | 8962 | 8981 | 0.42% | 0.65% |
| Ireland | 4254 | 4267 | 0.20% | 0.31% |
| **Total** | $2164611 | $2155846 | 100.00% | 155.32% |

---

As of March 31, 2026 and December 31, 2025, on a fair value basis, 96.00% and 95.73%, respectively, of the Fund's debt investments earn interest at a floating rate and 4.00% and 4.27%, respectively, of the Fund's debt investments earn interest at a fixed rate.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

**4. FAIR VALUE MEASUREMENTS**

***Fair Value Disclosures***

The following table presents fair value measurements of investments, by major class, as of March 31, 2026 and December 31, 2025, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | **Level 1** | **Level 2** | **Level 3** | **Measured at NAV** <sup>(2)</sup> | **Total** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First-Lien Debt | $— | $271852 | $1972627 | $— | $2244479 |
| &nbsp;&nbsp;&nbsp;Subordinated Debt <sup>(1)</sup> |  | 2519 | 111569 |  | 114088 |
| &nbsp;&nbsp;&nbsp;Equity Investments |  |  | 28957 | 28456 | 57413 |
| &nbsp;&nbsp;&nbsp;Cash Equivalents | 77004 |  |  |  | 77004 |
| **Total Investments and Cash Equivalents** | $**77004** | $**274371** | $**2113153** | $**28456** | $**2492984** |

---

_______________

(1)Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $62,010, mezzanine debt of $50,737, and structured debt of $1,341.

(2)Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Measured at NAV** <sup>(2)</sup> | **Total** |
| Assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First-Lien Debt | $— | $263046 | $1738850 | $— | $2001896 |
| &nbsp;&nbsp;&nbsp;Subordinated Debt <sup>(1)</sup> |  | 2516 | 107783 |  | 110299 |
| &nbsp;&nbsp;&nbsp;Equity Investments |  |  | 19581 | 24070 | 43651 |
| &nbsp;&nbsp;&nbsp;Cash Equivalents | 46560 |  |  |  | 46560 |
| **Total Investments and Cash Equivalents** | $**46560** | $**265562** | $**1866214** | $**24070** | $**2202406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________

(1)Subordinated Debt was further comprised of second lien term loans and/or second lien notes of $61,168, mezzanine debt of $47,832, and structured debt of $1,299.

(2)Certain investments are measured at fair value using NAV as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated statements of assets and liabilities.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** | **As of and for the Three Months Ended March 31, 2026** |
| | **First-Lien Debt** | **Subordinated Debt** | **Equity Investments** | **Total** |
| **Balance as of December 31, 2025** | $1738850 | $107783 | $19581 | $1866214 |
| Purchase of investments | 267526 | 2677 | 10239 | 280442 |
| Proceeds from principal repayments and sales of investments | (19671) | (7) | (69) | (19747) |
| Payment-in-kind interest | 840 | 1475 |  | 2315 |
| Amortization of premium/accretion of discount, net | 973 | 146 |  | 1119 |
| Net realized gain (loss) on investments | (740) |  |  | (740) |
| Net change in unrealized appreciation (depreciation) on investments | (12286) | (505) | (201) | (12992) |
| Transfers out of Level 3 <sup>(1)</sup> | (20220) |  | (593) | (20813) |
| Transfers to Level 3 <sup>(1)</sup> | 17355 |  |  | 17355 |
| **Balance as of March 31, 2026** | $**1972627** | $**111569** | $**28957** | $**2113153** |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of March 31, 2026 | $**(12377)** | $**(544)** | $**(207)** | $**(13128)** |

---

________________

(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2026, transfers between Level 3 and Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended March 31, 2025** | **As of and for the Three Months Ended March 31, 2025** | **As of and for the Three Months Ended March 31, 2025** | **As of and for the Three Months Ended March 31, 2025** |
| | **First-Lien Debt** | **Subordinated Debt** | **Equity Investments** | **Total** |
| **Balance as of December 31, 2024** | $1270084 | $102993 | $19714 | $1392791 |
| Purchase of investments | 197617 | 7809 | 1065 | 206491 |
| Proceeds from principal repayments and sales of investments | (55333) | (5) |  | (55338) |
| Payment-in-kind interest | 34 | 1510 |  | 1544 |
| Amortization of premium/accretion of discount, net | 1038 | 122 |  | 1160 |
| Net realized gain (loss) on investments | 229 |  |  | 229 |
| Net change in unrealized appreciation (depreciation) on investments | (6341) | (532) | (108) | (6981) |
| Transfers out of Level 3 <sup>(1)</sup> | (7986) |  |  | (7986) |
| Transfers to Level 3 <sup>(1)</sup> | 16777 |  |  | 16777 |
| **Balance as of March 31, 2025** | $**1416119** | $**111897** | $**20671** | $**1548687** |
| Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of March 31, 2025 | $**(6170)** | $**(532)** | $**(108)** | $**(6810)** |

---

______________

(1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended March 31, 2025, transfers out of Level 3 to Level 2 were a result of changes in the observability of significant inputs for certain portfolio companies.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Significant Unobservable Inputs***

ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at March 31, 2026** | **Valuation Techniques** | **Unobservable Inputs** | **Ranges** | **Ranges** | **Weighted Average** |
| First-Lien Debt | $1725189 | Yield Method | Market Yield Discount Rate | 6.55% | 17.28% | 9.12% |
| First-Lien Debt | 56427 | Market Approach | EBITDA Multiple | 7.50x | 14.75x | 11.05x |
| First-Lien Debt | 4352 | Market Approach | Revenue Multiple | 0.33x | 0.45x | 0.42x |
| Subordinated Debt | 109070 | Yield Method | Market Yield Discount Rate | 10.66% | 25.25% | 15.48% |
| Equity Investments | 18030 | Market Approach | EBITDA Multiple | 7.25x | 20.00x | 12.10x |
| Equity Investments |  | Market Approach | Revenue Multiple | 0.33x | 0.45x | 0.0x |
| Equity Investments | 809 | Yield Method | Market Yield Discount Rate | 8.77% | 15.41% | 14.09% |
| **Total** | $**1913877** |  |  |  |  |  |

---

First Lien Debt in the amount of $186,659, Subordinated Debt in the amount of $2,499 and equity investments in the amount of $10,118 at March 31, 2026 have been excluded from the table above, because the investments are valued using recent transaction price.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value at December 31, 2025** | **Valuation Techniques** | **Unobservable Inputs** | **Ranges** | **Ranges** | **Weighted Average** |
| First-Lien Debt | $1541771 | Yield Method | Market Yield Discount Rate | 6.71% | 17.25% | 8.93% |
| First-Lien Debt | 26503 | Market Approach | EBITDA Multiple | 7.25x | 10.50x | 9.39x |
| First-Lien Debt | 4807 | Market Approach | Revenue Multiple | 0.33x | 0.50x | 0.46x |
| Subordinated Debt | 98529 | Yield Method | Market Yield Discount Rate | 12.04% | 26.50% | 15.76% |
| Equity Investments | 16744 | Market Approach | EBITDA Multiple | 5.50x | 19.50x | 11.94x |
| Equity Investments |  | Market Approach | Revenue Multiple | 0.33x | 0.50x | 0.0x |
| Equity Investments | 789 | Yield Method | Market Yield Discount Rate | 8.63% | 15.01% | 13.55% |
| **Total** | $**1689143** |  |  |  |  |  |

---

First Lien Debt in the amount of $165,769, Subordinated Debt in the amount of $9,254, and equity investments in the amount of $2,048 at December 31, 2025 have been excluded from the table above, because the investments are valued using recent transaction price.

Debt investments are generally valued using the yield method. Under the yield method, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Fund's investment within the portfolio company's capital structure. Debt investments also may be valued using a market approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. Certain factors are considered when selecting the appropriate companies whose multiples are used in the valuation. These factors may include the type of organization, similarity to the business being valued and relevant risk factors, as well as size, profitability and growth expectations. A recent transaction, if applicable, also may be factored into the valuation if the transaction price is believed to be an indicator of value.

Equity investments are generally valued using a market approach, which utilizes market value multiples (EBITDA or revenue) of publicly traded comparable companies and available precedent sales transactions of comparable companies. The selected multiple is used to estimate the enterprise value of the underlying investment.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

The significant unobservable input used in the yield method is a discount rate based on comparable market yields. Significant increases or decreases in discount rates in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable input used in the market approach is the performance multiple, which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying investment. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value.

Alternative valuation methodologies may be used as deemed appropriate for debt or equity investments and may include, but are not limited to, a market approach, income approach, or liquidation (recovery) approach.

Weighted average inputs are calculated based on the relative fair value of the investments.

***Financial Instruments disclosed but not carried at fair value***

The carrying value and fair value of the Fund's debt obligations were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying Value** <sup>(1)</sup> | **Fair Value** | **Carrying Value** <sup>(1)</sup> | **Fair Value** |
| Bank of America Credit Facility | $145500 | $145500 | $67000 | $67000 |
| Scotiabank Credit Facility | 117000 | 117000 | 46000 | 46000 |
| SMBC Revolving Credit Facility | 70500 | 70500 | 21500 | 21500 |
| 2024 Debt | 306000 | 305917 | 306000 | 306503 |
| 2025 Debt | 355000 | 354799 | 355000 | 356090 |
| **Total** | $**994000** | $**993716** | $**795500** | $**797093** |

---

_______________

(1)Carrying value on the consolidated statements of assets and liabilities are net of deferred financing and issuance costs.

The carrying value of the Fund's credit facilities approximates their fair value. These fair value measurements were based on significant inputs that are not observable and thus represent Level 3 measurements.

The fair value of the 2024 Debt and 2025 Debt (as defined in <u>[Note 6](#i179485e4d5974b9194141071c2198a8e_133)</u>) was based on market quotation(s) received from broker/dealer(s). The fair value measurement was based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly and thus represent Level 2 measurements.

**5. RELATED PARTY TRANSACTIONS**

***Advisory Agreement***

On March 31, 2022, the Fund entered into an investment advisory agreement with Churchill (as amended on August 3, 2022, January 10, 2023, and August 2, 2023, the "Prior Advisory Agreement"). In connection with an internal reorganization of Churchill with respect to the advisory services provided to the Fund, the Adviser serves as the Fund's investment adviser pursuant to an investment advisory agreement, dated May 28, 2024 (as amended on July 30, 2025, the "Advisory Agreement"), rather than Churchill. On February 20, 2024, the Board, including all of the trustees who are not "interested persons" (as defined under Section 2(a)(19) of the 1940 Act) of the Fund (the "Independent Trustees"), approved the investment advisory agreement in accordance with, and on the basis of, an evaluation satisfactory to such trustees, as required by the 1940 Act. In connection therewith, the investment advisory agreement was approved by the Fund's shareholders on May 28, 2024, and became effective on such date.

The Adviser is responsible for the overall management of the Fund's activities under the Advisory Agreement and has delegated substantially all of its daily portfolio management obligations as set forth in the Advisory Agreement to Churchill pursuant to the CAM Sub-Advisory Agreement (as described below). The Advisory Agreement is identical to the Prior Advisory Agreement except the initial term began on May 28, 2024, the effective date of the Advisory Agreement.

The Advisory Agreement will remain in effect for a period of two years from its effective date, May 28, 2024, and will remain in effect from year-to-year thereafter if approved annually by either the Board or by the affirmative vote of the holders of a majority of the Fund's outstanding voting securities and, in each case, a majority of the Independent Trustees. The Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Adviser and may be terminated by the Adviser without penalty upon not less than 120 days' written notice to the Fund, or by the Fund without penalty upon not less than 60 days' written notice to the Adviser.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Base Management Fee***

The management fee is payable monthly in arrears at an annual rate of 0.75% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month. For the first calendar month in which the Fund had operations, net assets was measured using the beginning net assets as of the Escrow Break Date. In addition, the management fee was waived in full until June 1, 2024, the expiry of twelve months following the Escrow Break Date, and 50% of the management fee was waived for the period from June 1, 2024 through May 31, 2025.

For the three months ended March 31, 2026, base management fees earned were $2,635. As of March 31, 2026, $927 was payable to the Adviser related to management fees. For the three months ended March 31, 2025, base management fees earned were $1,602, of which $801 were waived by the Adviser. As of December 31, 2025, $868 were payable to the Adviser related to management fees.

***Incentive Fee***

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not: (i) an incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

*Incentive Fee Based on Income*

The portion based on income is based on the Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or the percentage rate of return on the value of net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement (as defined below), and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments (as discussed further below) are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund's net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.50% per quarter (6% annualized).

The Fund pays the Adviser an incentive fee quarterly in arrears with respect to Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.76% (7.06% annualized). The Fund refers to this portion of Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.76%) as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.76% (7.06% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

The Adviser waived the incentive fee based on income until the period ended May 31, 2025, and waived 50% of incentive fee based on income for the period from February 1, 2026 through March 31, 2026. For the three months ended March 31, 2026, the income based incentive fee was $4,864, of which $1,604 was waived by the Adviser. As of March 31, 2026, $3,260 was payable to the Adviser related to the income based incentive fee. For the three months ended March 31, 2025, the income based incentive fee was

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

$3,876, all of which was waived by the Adviser. As of December 31, 2025, $4,425 was payable to the Adviser related to income based incentive fees.

*Incentive Fee Based on Capital Gains*

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 15% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP.

Each year, the fee paid for the capital gains incentive fee will be net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund was to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

For the three months ended March 31, 2026 and 2025, the Fund did not incur any incentive fee based on capital gains.

***Sub-Advisory Agreements***

*CAM Sub-Advisory Agreement*

On February 20, 2024, the Board, including all of the Independent Trustees, approved a sub-advisory agreement by and between the Adviser and Churchill (as amended on December 22, 2025, the "CAM Sub-Advisory Agreement") in accordance with, and on the basis of, an evaluation satisfactory to such trustees, as required by the 1940 Act. The CAM Sub-Advisory Agreement was approved by the Fund's shareholders on May 28, 2024, and became effective on such date. Pursuant to the CAM Sub-Advisory Agreement, the Adviser will pay Churchill 85% of the aggregate amount of the management fee, the incentive fee on income, and the incentive fee on capital gains as set forth in the Advisory Agreement. The management fee and the incentive fee on income will be payable quarterly in arrears and the incentive fee on capital gains will be payable annually pursuant to the terms of the Advisory Agreement. Fees payable to Churchill will be borne entirely by the Adviser and will not be directly incurred by the Fund.

The CAM Sub-Advisory Agreement will remain in effect for a period of two years from its effective date, May 28, 2024, and will remain in effect from year-to-year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund and, in each case, a majority of the Independent Trustees.

*NAM Sub-Advisory Agreement*

Nuveen Asset Management may manage certain of the Liquid Investments pursuant to a sub-advisory agreement by and among the Adviser, Churchill and Nuveen Asset Management (the "NAM Sub-Advisory Agreement"). Churchill has general oversight over the investment process on behalf of the Fund and manages the capital structure of the Fund, including, but not limited to, asset and liability management. On March 31, 2022, Churchill entered into the NAM Sub-Advisory Agreement. In connection with the internal reorganization of Churchill with respect to the advisory services provided to the Fund, on February 20, 2024, the Board, including all of the Independent Trustees, approved the NAM Sub-Advisory Agreement in accordance with, and on the basis of an evaluation satisfactory to such trustees, as required by the 1940 Act. The NAM Sub-Advisory Agreement was approved by the Fund's shareholders on May 28, 2024, and became effective on such date. The NAM Sub-Advisory Agreement (i) added the Adviser as a party to the agreement to satisfy a technical requirement under the 1940 Act that requires the Fund or the investment adviser to be in privity of contract with a sub-adviser; and (ii) changed the calculation of the compensation payable by the Adviser to Nuveen Asset Management. Under the NAM Sub-Advisory Agreement, the Adviser will pay, monthly in arrears, 50% of the aggregate amount of the management fee payable to the Adviser under the Advisory Agreement associated with the Liquid Investments managed by Nuveen Asset Management at the direction of Churchill. Fees payable to Nuveen Asset Management will be borne entirely by the Adviser and will not be directly incurred by the Fund.

The NAM Sub-Advisory Agreement will remain in effect for a period of two years from its effective date, May 28, 2024, and will remain in effect from year-to-year thereafter if approved annually by the Board or by the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund and, in each case, a majority of the Independent Trustees.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Administration Agreement***

On March 31, 2022, the Fund entered into an administration agreement (as amended on January 10, 2023 and October 30, 2024, the "Administration Agreement") with Churchill BDC Administration LLC, which was approved by the Board. Pursuant to the Administration Agreement, the Administrator furnishes the Fund with office facilities and equipment and provides clerical, bookkeeping and record keeping and other administrative services at such facilities. The Administrator performs, or oversees the performance of, the Fund's required administrative services, which include, among other things, assisting the Fund with the preparation of the financial records that the Fund is required to maintain and with the preparation of reports to shareholders and reports filed with the SEC. At the request of the Adviser or Churchill, the Administrator also may provide significant managerial assistance on the Fund's behalf to those portfolio companies that have accepted the Fund's offer to provide such assistance. U.S. Bancorp Fund Services, LLC provides the Fund with certain fund administration and bookkeeping services pursuant to a sub-administration agreement (the "Sub-Administration Agreement") with the Administrator.

For the three months ended March 31, 2026 and 2025, the Fund incurred $514 and $429, respectively, in fees under the Sub-Administration Agreement, which are included in administration fees in the accompanying consolidated statements of operations. As of March 31, 2026 and December 31, 2025, $826 and $459, respectively, were unpaid and included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

***Intermediary Manager Agreement***

On March 31, 2022, the Fund entered into an Intermediary Manager Agreement (the "Intermediary Manager Agreement") with the Intermediary Manager, an affiliate of the Adviser. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager serves as the agent and principal distributor for the Fund's public offering of its Common Shares. The Intermediary Manager is entitled to receive distribution and/or shareholder servicing fees monthly at an annual rate of 0.85% of the value of the Fund's net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager is entitled to receive distribution and/or shareholder servicing fees monthly at an annual rate of 0.25% of the value of the Fund's net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholder servicing fees will be paid with respect to Class I shares.

The Fund will cease paying the distribution and/or shareholder servicing fees on any Class S shares and Class D shares in a shareholder's account at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total brokerage commissions and distribution and/or shareholder servicing fees paid with respect to any such share held by such shareholder within such account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share. At the end of such month, each such Class S share or Class D share will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share. The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from the Fund's offering.

For the three months ended March 31, 2026, the Fund accrued distribution and shareholder servicing fees of $94 and $16 that were attributable to Class S and Class D shares, respectively. For the three months ended March 31, 2025, the Fund accrued distribution and shareholder servicing fees of $46 and $10 that were attributable to Class S and Class D shares, respectively. As of March 31, 2026 and December 31, 2025, $49 and $52, respectively, were unpaid and included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees and the trustees who have no direct or indirect financial interest in the operation of the Fund's distribution plan or the Intermediary Manager Agreement, or by a vote of the majority of the outstanding voting securities of the Fund, on not more than 60 days' written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Expense Support and Conditional Reimbursement Agreement***

On March 31, 2022, the Fund entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with Churchill. The Expense Support Agreement provides that Nuveen Alternative Holdings, an affiliate of Churchill, may pay (or cause one or more of its affiliates to pay) certain expenses of the Fund, provided that no portion of the payment will be used to pay any interest expenses of the Fund and/or shareholder servicing fees of the Fund (each, an "Expense Payment"). Such expense payment will be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from Nuveen Alternative Holdings to pay such expense, and/or by an offset against amounts due from the Fund to Nuveen Alternative Holdings.

Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (such amount referred to as the "Excess Operating Funds"), the Fund will pay such Excess Operating Funds, or a portion thereof (each, a "Reimbursement Payment"), to Nuveen Alternative Holdings until such time as all Expense Payments made by the entity to the Fund within three years prior to the last business day of such calendar quarter have been reimbursed. Available Operating Funds means the sum of (i) the Fund's net investment income (including net realized short-term capital gains reduced by net realized long-term capital losses), (ii) the Fund's net capital gains (including the excess of net realized long-term capital gains over net realized short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The amount of the Reimbursement Payment for any calendar quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by Nuveen Alternative Holdings to the Fund within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Fund to Nuveen Alternative Holdings.

No Reimbursement Payment for any month will be made if (1) the annualized rate of regular cash distributions declared by the Fund at the time of such Reimbursement Payment is less than the annualized rate of regular cash distributions declared by the Fund at the time the Expense Payment was made to which such Reimbursement Payment relates or (2) the Fund's Operating Expense Ratio (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. The Operating Expense Ratio is calculated by dividing the Fund's operating costs and expenses incurred, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Fund's net assets. The Fund's obligation to make a Reimbursement Payment will automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent that Nuveen Alternative Holdings has waived its right to receive such payment for the applicable month.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

The following table presents a cumulative summary of the expense payments and reimbursement payments since the Fund's commencement of operations, comprised primarily of organizational expenses, offering costs and professional fees:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | **Expense Payments by Adviser** | **Reimbursement Payments to Adviser** | **Expired Expense Support** | **Unreimbursed Expense Payments** | **Effective Rate of Distribution per Share** <sup>(1)</sup> | **Reimbursement Eligibility Expiration** | **Operating Expense Ratio** <sup>(2)</sup> |
| March 31, 2022 | $983 | $— | $(983) | $— | —% | March 31, 2025 | 0.08% |
| June 30, 2022 | 677 |  | (677) |  | 6.62% | June 30, 2025 | 0.19% |
| September 30, 2022 | 379 |  | (379) |  | 7.23% | September 30, 2025 | 0.21% |
| December 31, 2022 | 176 |  | (176) |  | 9.07% | December 31, 2025 | 0.14% |
| March 31, 2023 | 198 |  | (198) |  | 10.22% | March 31, 2026 | 0.22% |
| June 30, 2023 | 113 |  |  | 113 | 11.69% | June 30, 2026 | 0.22% |
| September 30, 2023 | 327 |  |  | 327 | 12.19% | September 30, 2026 | 0.27% |
| December 31, 2023 | 115 | **—** | **—** | 115 | 12.13% | December 31, 2026 | 0.13% |
| March 31, 2024 | 31 | **—** | **—** | 31 | 12.19% | March 31, 2027 | 0.12% |
| June 30, 2024 | 217 |  |  | 217 | 9.72% | June 30, 2027 | 0.15% |
| September 30, 2024 | 75 | **—** | **—** | 75 | 9.70% | September 30, 2027 | 0.15% |
| December 31, 2024 | 333 |  |  | 333 | 9.68% | December 31, 2027 | 0.21% |
| March 31, 2025 |  |  |  |  | 9.74% | March 31, 2028 | 0.17% |
| June 30, 2025 | 110 |  |  | 110 | 9.78% | June 30, 2028 | 0.15% |
| September 30, 2025 | 384 |  |  | 384 | 9.82% | September 30, 2028 | 0.15% |
| December 31, 2025 | 413 |  |  | 413 | 8.88% | December 31, 2028 | 0.23% |
| March 31, 2026 | 428 |  |  | 428 | 8.49% | March 31, 2029 | 0.16% |
| **Total** | $**4959** | $**—** | $**(2413)** | $**2546** |  |  |  |

---

__________

(1)The effective rate of distribution per share is expressed as a percentage equal to the projected annualized regular distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding) divided by the Fund's gross offering price per share as of each quarter ended.

(2)The operating expense ratio is calculated by dividing the quarterly operating expenses, less organizational and offering expenses, base management fee and incentive fees owed to the Adviser, and interest expense, by the Fund's net assets as of each quarter end.

For the three months ended March 31, 2026, there were no Reimbursement Payments to Nuveen Alternative Holdings.

***Board of Trustees' Fees***

The Board consists of six members, four of whom are Independent Trustees. The Board has established an Audit Committee, a Nominating and Corporate Governance Committee and a Co-Investment Committee, each consisting solely of the Independent Trustees, and may establish additional committees in the future. For the three months ended March 31, 2026 and 2025, the Fund incurred $125 and $131, respectively, in fees which are included in Board of Trustees' fees in the accompanying consolidated statements of operations. As of March 31, 2026 and December 31, 2025, $125 and $128, respectively, were unpaid and are included in Board of Trustees' fees payable in the accompanying consolidated statements of assets and liabilities.

***Other Related Party Transactions***

From time to time, the Adviser, Churchill, in its capacity as sub-adviser, and/or the Administrator may pay amounts owed by the Fund to third-party providers of goods or services and the Fund will subsequently reimburse the Adviser, Churchill, and/or the Administrator for such amounts paid on its behalf. Amounts payable to the Adviser, Churchill, and the Administrator are settled in the normal course of business without formal payment terms. As of March 31, 2026 and December 31, 2025, the Fund owed the Adviser, Churchill and/or the Administrator $1,537 and $1,226, respectively, for reimbursements including the Fund's allocable portion of overhead, which are included in accounts payable and accrued expenses in the accompanying consolidated statements of assets and liabilities.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

**6. SECURED BORROWINGS**

The Fund and its wholly owned subsidiaries are parties to credit facilities or debt obligations, including term debt securitizations, as described below. The term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by the Fund. In accordance with the 1940 Act, the Fund is only permitted to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. As of March 31, 2026 and December 31, 2025, the Fund's asset coverage was 245.61% and 274.50%, respectively. The Fund and its wholly owned subsidiaries were in compliance with all covenants and other requirements of their respective agreements.

***Bank of America Credit Facility***

On April 19, 2022, a wholly owned subsidiary of the Fund entered into a credit agreement with the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, the Fund, as servicer, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian (as amended from time to time, the "Bank of America Credit Agreement" and the revolving credit facility thereunder, the "Bank of America Credit Facility"). On July 16, 2024, SPV II entered into the borrower joinder agreement to become party to the Bank of America Credit Agreement and pledged all of its assets to the collateral agent to secure its obligations under the Bank of America Credit Facility.

The most recent amendment on December 19, 2025, among other things: (i) revised the Applicable Rate (as defined in the Bank of America Credit Agreement) calculation for the first three months following the amendment date to the (A) sum of (1) 1.60% multiplied by the lesser of (x) the Adjusted Principal Balance (as defined in the Bank of America Credit Agreement) of all Eligible Collateral Assets (as defined in the Bank of America Credit Agreement) that are Qualifying Syndicated Loans (as defined in the Bank of America Credit Agreement) or (y) 30% of the Adjusted Principal Balance of all Eligible Collateral Assets, plus (2) 1.80% multiplied by (x) the Adjusted Principal Balance of all Eligible Collateral Assets minus the amount determined in clause (II)(i)(a)(y) of the definition of "Applicable Rate" divided by (B) the Aggregate Adjusted Principal Balance (as defined in the Bank of America Credit Agreement); (ii) incorporated an additional Applicable Rate such that, starting after the three-month anniversary of the amendment date, the Applicable Rate will be equal to 1.80% per annum, (iii) extended the availability period from September 19, 2027 to March 19, 2028; (iv) extended the maturity date of the facility from September 19, 2029 to March 19, 2030; and (v) revised the Make-Whole Percentage (as defined in the Bank of America Credit Agreement) from 0.0% to 0.25% for the period from December 19, 2026 through December 19, 2027, and 0.0% thereafter. The maximum amount available under the Bank of America Credit Facility is $350,000.

Borrowings under the Bank of America Credit Facility bear interest based on either (x) an annual rate equal to SOFR determined for any day ("Daily SOFR") for the relevant interest period, plus an applicable spread, or (y) the highest of (i) the Federal Funds Rate plus an applicable spread, (ii) the Prime Rate in effect for any day and (iii) Daily SOFR plus an applicable spread. Interest is payable monthly in arrears. Advances under the Bank of America Credit Facility are secured by a pool of broadly-syndicated and middle-market loans subject to eligibility criteria and advance rates specified in the Bank of America Credit Agreement. Advances under the Bank of America Credit Facility may be prepaid and reborrowed at any time during the Availability Period (as defined therein), but any termination or reduction of the facility amount is subject to certain conditions. The Fund and SPV II have made customary representations and warranties and are required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

As of March 31, 2026, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.80% per annum. As of March 31, 2025, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.88% per annum. Interest is payable monthly in arrears.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the Bank of America Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Borrowing interest expense | $1244 | $4411 |
| Unused fees | 187 | 67 |
| Amortization of deferred financing costs | 184 | 129 |
| Total interest and debt financing expenses | $1615 | $4607 |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Scotiabank Credit Facility***

On July 19, 2024, a wholly owned subsidiary of NCPCF entered into a credit agreement (as amended from time to time, the "Scotiabank Credit Facility Agreement" and the credit facility thereunder, the "Scotiabank Credit Facility") with the lenders from time to time parties thereto, NCPCF, as servicer, 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.

Effective December 11, 2024, as a result of the NCPCF Acquisition, the Fund became a party to the Scotiabank Credit Facility Agreement as successor in interest to NCPCF and assumed the Scotiabank Credit Facility. In connection with an amendment on May 22, 2025, SPV III and BSL SPV I were added as new borrowers (collectively, the "New Borrowers"). In addition, the amendment, among other things: (i) adjusted the total revolving commitment available to $150,000 (subject to increases up to $450,000), subject to availability governed by a collateralization test; (ii) amended the applicable margin for the interest rate payable by each New Borrower, and (iii) extended the final maturity date from July 19, 2033 to May 22, 2034.

The total revolving commitment available was increased to $450,000, subject to availability governed by a collateralization test, effective February 22, 2026.

Borrowings under the Scotiabank Credit Facility are secured by all of the assets held by the New Borrowers and bear interest based on an annual rate equal to SOFR determined for any day ("Daily Simple SOFR") for the relevant interest period, plus the applicable margin. As of March 31, 2026, the Scotiabank Credit Facility bore interest at a rate of SOFR, reset daily, plus 2.08% per annum. Interest is payable quarterly. The Fund and the New Borrowers, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Scotiabank Credit Facility Agreement includes usual and customary events of default for facilities of this nature. Borrowings under the Scotiabank Credit Facility will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the Scotiabank Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Borrowing interest expense | $1044 | $4442 |
| Unused fees | 254 | 225 |
| Amortization of deferred financing costs | 59 | 38 |
| Total interest and debt financing expenses | $1357 | $4705 |

---

***SMBC Revolving Credit Facility***

On April 8, 2025, the Fund entered into a Senior Secured Revolving Credit and Term Loan Agreement (the "SMBC Revolving Credit Facility Agreement" and the revolving credit facility thereunder, the "SMBC Revolving Credit Facility") by and among the Fund, as borrower, the lenders from time to time parties thereto, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent, issuing bank, swingline lender, a lender and as lead arranger and sole bookrunner. The SMBC Revolving Credit Facility is guaranteed by certain subsidiaries of the Fund that may be formed or acquired by the Fund in the future (collectively, the "Guarantors").

The initial maximum principal amount available under the SMBC Revolving Credit Facility was $50,000, subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Revolving Credit Facility may be increased to $300,000 through the exercise by the Fund of an uncommitted accordion feature, through which existing and new lenders may, at their option, agree to provide additional financing. Effective May 22, 2025, in connection with the closing of the 2025 Debt Securitization (discussed further below), the maximum principal amount increased to $100,000. The SMBC Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $25,000 limit for swingline loans.

The availability period under the SMBC Revolving Credit Facility will terminate on April 8, 2029 (the "Commitment Termination Date") and the SMBC Revolving Credit Facility will mature on April 8, 2030 (the "Final Maturity Date"). During the period from the Commitment Termination Date to the Final Maturity Date, the Fund will be obligated to make mandatory

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

prepayments under the SMBC Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Revolving Credit Facility in U.S. dollars will bear interest at either Term SOFR plus a margin, or the Alternate Base Rate (which is the greater of (x) zero and (y) the highest of (a) the Prime Rate, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.50%, or (c) Term SOFR plus 1.00% per annum) plus a margin. The Fund may elect either the Term SOFR or Alternate Base Rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund's option, subject to certain conditions. Amounts drawn under the SMBC Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Fund also will pay a fee of 0.375% per annum on the daily undrawn amounts under the SMBC Revolving Credit Facility. As of March 31, 2026, the SMBC Revolving Credit Facility bore interest at SOFR plus 2.125% per annum.

The SMBC Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Fund of additional indebtedness and on the Fund's ability to make distributions to its shareholders, or to redeem, repurchase or retire common shares of beneficial interest upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders' equity, as well as customary events of default.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to the SMBC Revolving Credit Facility were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Borrowing interest expense | $487 | $— |
| Unused fees | 68 |  |
| Amortization of deferred financing costs | 112 |  |
| Total interest and debt financing expenses | $667 | $— |

---

***CLO-I***

On July 16, 2024, the Fund completed a $398,700 term debt securitization (the "2024 Debt Securitization").

The notes offered in the 2024 Debt Securitization (the "2024 Notes") were issued by CLO-I (formerly known as SPV I) (the "2024 Issuer"), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement, dated as of July 16, 2024 (the "2024 Indenture"). The 2024 Notes consist of $197,000 of AAA-rated Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 1.70%; $48,000 of AA-rated Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 1.95%; $26,000 of A-rated Class C 2024 Notes, which bear interest at the three-month Term SOFR plus 2.55%; and $92,700 of Subordinated 2024 Notes, which do not bear interest. The Fund directly owns all of the Subordinated 2024 Notes and, as such, these notes are eliminated in consolidation.

As part of the 2024 Debt Securitization, CLO-I also entered into a loan agreement, dated July 16, 2024 (the "CLO-I Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders committed to make $35,000 of AAA Class A-L 2024 Loans to CLO-I (the "2024 Loans" and, together with the 2024 Notes, the "2024 Debt"). The 2024 Loans bear interest at the three-month Term SOFR plus 1.70% (the "2024 Class A-L Loans") and were fully drawn upon the closing of the transaction. Any lender may elect to convert all of the 2024 Class A-L Loans held by such lenders into Class A 2024 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.

The 2024 Debt is backed by a diversified portfolio of senior secured and second lien loans. Each of the 2024 Indenture and the CLO-I Loan Agreement contain certain conditions pursuant to which loans can be acquired by the 2024 Issuer, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Debt. Through July 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2024 Issuer and in accordance with the Fund's investment strategy, allowing the Fund to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on July 20, 2036 and the 2024 Loans mature on July 20, 2036.

The Fund serves as collateral manager to the 2024 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

For the three months ended March 31, 2026 and 2025, the components of interest expense related to CLO-I were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Borrowing interest expense | $4228 | $4816 |
| Amortization of debt issuance costs | 112 | 112 |
| Total interest and debt financing expenses | $4340 | $4928 |

---

***CLO-II***

On May 22, 2025, the Fund completed a $499,700 term debt securitization (the "2025 Debt Securitization").

The debt offered in the 2025 Debt Securitization (the "2025 Debt") was issued by CLO-II (formerly known as SPV IV) (the "2025 Issuer"), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement (the "2025 Indenture") and Class A-2L and Class B-L loan agreements (collectively, the "CLO-II Loan Agreements"), each dated as of May 22, 2025. The 2025 Debt consists of (i) $290,000 of AAA-rated Class A-1 Notes, which bear interest at the three-month Term SOFR plus 1.665%; $35,000 of AA-rated Class B Notes, which bear interest at the three-month Term SOFR plus 2.100%; and $144,700 of Subordinated Notes, which do not bear interest (collectively, the "2025 Notes"), and (ii) $20,000 of AAA Class A-2L Loans, which bear interest at the three-month Term SOFR plus 1.850% and $10,000 of AA Class B-L Loans, which bear interest at the three-month Term SOFR plus 2.100% (collectively, the "2025 Loans"). The 2025 Debt also consists of AAA-rated Class A-2 Notes, which were issued with a $0 principal balance. The Fund directly owns all of the Subordinated Notes and, as such, these notes are eliminated in consolidation.

The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. The 2025 Indenture contains certain conditions pursuant to which loans can be acquired by the 2025 Issuer, in accordance with rating agency criteria and as otherwise agreed with certain institutional investors who purchased the 2025 Debt. Through May 15, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Fund's investment strategy, allowing the Fund to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are due on May 15, 2037 and the 2025 Loans mature on May 15, 2037.

The Fund serves as collateral manager to the 2025 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

For the three months ended March 31, 2026 and 2025, the components of interest expense related to CLO-II were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Borrowing interest expense | $4871 | $— |
| Amortization of debt issuance costs | 139 |  |
| Total interest and debt financing expenses | $5010 | $— |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Summary of Secured Borrowings***

The Fund's debt obligations consisted of the following as of March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| | **Bank of America Credit Facility** | **Scotiabank Credit Facility** | **SMBC Revolving Credit Facility** | **CLO-I** | **CLO-II** | **Total** |
| Total Commitment | $350000 | $450000 | $100000 | $306000 | $355000 | $1561000 |
| Amount Outstanding <sup>(1)</sup> | 145500 | 117000 | 70500 | 306000 | 355000 | 994000 |
| Unused Portion <sup>(2)</sup> | 204500 | 333000 | 29500 |  |  | 567000 |
| Amount Available <sup>(3)</sup> | 200400 | 327546 | 29500 |  |  | 557446 |

---

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities is net of deferred financing and issuance costs.

(2)The unused portion is the amount upon which commitment fees are based.

(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Bank of America Credit Facility** | **Scotiabank Credit Facility** | **SMBC Revolving Credit Facility** | **CLO-I** | **CLO-II** | **Total** |
| Total Commitment | $350000 | $150000 | $100000 | $306000 | $355000 | $1261000 |
| Amount Outstanding <sup>(1)</sup> | 67000 | 46000 | 21500 | 306000 | 355000 | 795500 |
| Unused Portion <sup>(2)</sup> | 283000 | 104000 | 78500 |  |  | 465500 |
| Amount Available <sup>(3)</sup> | 278124 | 96982 | 78500 |  |  | 453606 |

---

_______________

(1)Amount outstanding on the consolidated statements of assets and liabilities are net of deferred financing and issuance costs.

(2)The unused portion is the amount upon which commitment fees are based.

(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

For the three months ended March 31, 2026 and 2025, the components of interest expense and debt financing expenses were as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Borrowing interest expense | $11874 | $13669 |
| Unused fees | 509 | 292 |
| Amortization of deferred financing and debt issuance costs | 606 | 279 |
| Total interest and debt financing expenses | $12989 | $14240 |
| Average interest rate <sup>(1)</sup>  | 5.86% | 6.60% |
| Average daily borrowings | $856556 | $858328 |

---

______________

(1)Average interest rate includes borrowing interest expense and unused fees.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Contractual Obligations***

The following tables show the contractual maturities of the Fund's debt obligations as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of March 31, 2026** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Bank of America Credit Facility | $145500 | $— | $— | $145500 | $— |
| Scotiabank Credit Facility | 117000 |  |  |  | 117000 |
| SMBC Revolving Credit Facility | 70500 |  |  | 70500 |  |
| CLO-I | 306000 |  |  |  | 306000 |
| CLO-II | 355000 |  |  |  | 355000 |
| **Total debt obligations** | $994000 | $— | $— | $216000 | $778000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of December 31, 2025** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Bank of America Credit Facility | $67000 | $— | $— | $67000 | $— |
| Scotiabank Credit Facility | 46000 |  |  |  | 46000 |
| SMBC Revolving Credit Facility | 21500 |  |  | 21500 |  |
| CLO-I | 306000 |  |  |  | 306000 |
| CLO-II | 355000 |  |  |  | 355000 |
| **Total debt obligations** | $795500 | $— | $— | $88500 | $707000 |

---

 **7. COMMITMENTS AND CONTINGENCIES**

In the ordinary course of its business, the Fund enters into contracts or agreements that contain indemnifications or warranties. Future events could occur that might lead to the enforcement of these provisions against the Fund. The Fund believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of March 31, 2026 and December 31, 2025 for any such exposure.

As of March 31, 2026 and December 31, 2025, the Fund had the following unfunded investment commitments:

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| 360 Holdco, Inc. (360 Training) - Delayed Draw Loan | $3144 | $3580 |
| AB Centers Acquisition Corporation (Action Behavior Centers) - Delayed Draw Loan | 1271 | 1611 |
| ACP Maverick Holdings, Inc. - Delayed Draw Loan | 683 | 683 |
| ACS Celsius Aggregator LP (AirX Climate Solutions Company) | 19 | 19 |
| All Star Recruiting Locums, LLC (All Star Healthcare Solutions) - Delayed Draw Loan | 3943 | 3943 |
| All4 Buyer, LLC - Delayed Draw Loan | 1328 | 1602 |
| Alta Buyer, LLC - Revolving Loan | 2802 |  |
| AmerCareRoyal, LLC - Delayed Draw Loan | 3307 | 3307 |
| Apex Service Partners, LLC - Delayed Draw Loan | 4587 | 5170 |
| Apex Service Partners, LLC - Revolving Loan | 596 | 812 |
| Aprio Advisory Group, LLC - Delayed Draw Loan | 12414 | 12414 |
| Aprio Advisory Group, LLC - Revolving Loan | 755 | 1133 |
| Arax Investment Partners Holdings, LLC - Delayed Draw Loan |  | 2100 |
| Arax MidCo, LLC - Delayed Draw Loan |  | 3492 |
| ARC Health OPCO, LLC - Delayed Draw Loan | 1667 | 1667 |
| Archer Acquisition, LLC (ARMstrong) - Delayed Draw Loan | 281 | 281 |
| Arctiq, Inc. - Delayed Draw Loan | 3945 |  |
| Ascend Partner Services LLC - Delayed Draw Loan |  | 379 |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| Astra Service Partners, LLC - Delayed Draw Loan | 2259 | 2824 |
| AWP Group Holdings, Inc. - Delayed Draw Loan | 1978 | 1978 |
| Beantown Holdings, Inc. - Delayed Draw Loan | 4818 | 4818 |
| Big Apple Advisory, LLC - Delayed Draw Loan | 3152 | 3324 |
| Big Apple Advisory, LLC - Revolving Loan | 1740 | 1740 |
| Bishop Street Underwriters LLC - Delayed Draw Loan | 8157 |  |
| Bluebird PM Buyer, Inc. - Delayed Draw Loan | 1019 | 1019 |
| Bounteous, Inc. - Delayed Draw Loan | 7279 | 7279 |
| Bradford Soap International, Inc. - Delayed Draw Loan | 2514 | 2514 |
| Bridges Consumer Healthcare Intermediate LLC - Delayed Draw Loan | 4750 | 4750 |
| Canopy Service Partners, LLC | 6425 |  |
| Chicago US Midco III, LP - Delayed Draw Loan | 1293 | 1293 |
| CLS Management Services, LLC (Contract Land Staff) - Delayed Draw Loan | 7617 | 442 |
| CMP Ren Partners I-A LP (LMI Consulting, LLC) | 2 | 2 |
| CMP Terrapin Partners II LP (Clarity Innovations, Inc.) | 6 | 6 |
| CMP Terrapin Partners I LP (Clarity Innovations, Inc.) | 1 | 1 |
| Coalesce Diamond Coinvest, L.P. | 200 | 200 |
| Cobalt Service Partners, LLC - Delayed Draw Loan | 3405 | 6468 |
| Coding Solutions Acquisition, Inc. - Delayed Draw Loan | 1258 | 1258 |
| Coding Solutions Acquisition, Inc. - Revolving Loan | 1101 | 1101 |
| Cohen Advisory, LLC - Delayed Draw Loan | 4073 | 4073 |
| Cohnreznick Advisory LLC - Delayed Draw Loan | 1008 | 2532 |
| Columbia Home Services LLC - Delayed Draw Loan | 442 | 442 |
| Cool Buyer, Inc. (Universal Air Conditioner, L.L.C.) - Delayed Draw Loan | 1000 | 1000 |
| COP Village Green Acquisitions, Inc. (Village Green Holding) - Delayed Draw Loan | 536 | 536 |
| CPL Consultants, LLC - Delayed Draw Loan | 6029 |  |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Delayed Draw Loan | 3487 | 3487 |
| CRCI Longhorn Holdings, Inc. (CRCI Holdings Inc) - Revolving Loan | 2567 | 2567 |
| Davidson Hotel Company LLC - Delayed Draw Loan | 846 | 893 |
| Diligent Corporation (fka Diamond Merger Sub II, Corp.) - Delayed Draw Loan | 2553 | 2553 |
| Emburse, Inc. - Delayed Draw Loan | 529 | 529 |
| Emburse, Inc. - Revolving Loan | 568 | 568 |
| Env Automation Acquisition,LLC - Delayed Draw Loan | 4343 | 5129 |
| Environ Energy, LLC - Delayed Draw Loan | 5637 | 6711 |
| ERA Industries, LLC (BTX Precision) - Delayed Draw Loan | 563 | 563 |
| EVDR Purchaser, Inc. (Alternative Logistics Technologies Buyer, LLC) - Delayed Draw Loan | 2051 | 2051 |
| Excel Fitness Consolidator LLC - Delayed Draw Loan | 1677 | 1677 |
| Exterro, Inc. - Delayed Draw Loan | 1797 | 1797 |
| FirstCall Mechanical Group, LLC - Delayed Draw Loan |  | 4400 |
| FoodScience, LLC - Delayed Draw Loan | 3737 | 3737 |
| Force Electrical Buyerco, LLC - Delayed Draw Loan | 10641 | 11393 |
| Gannett Fleming, Inc. - Revolving Loan | 1279 | 2131 |
| GNX HBS PARENT, LLC - Delayed Draw Loan | 4266 | 4266 |
| GreyLion TGNL Holdings | 153 | 153 |
| Health Management Associates, Inc. - Delayed Draw Loan | 2384 |  |
| Heartland Paving Partners, LLC - Delayed Draw Loan | 621 | 621 |
| Hermod Co-Invest, LP | 19 | 19 |
| HLSG Intermediate, LLC - Delayed Draw Loan | 2591 |  |
| HMN Acquirer Corp. - Delayed Draw Loan | 2144 | 2144 |
| Hyphen Solutions, LLC - Delayed Draw Loan | 1444 | 1444 |
| Impact Advisors, LLC - Delayed Draw Loan | 7100 | 7143 |
| Impact Parent Corporation (Impact Environmental Group) - Delayed Draw Loan | 18 | 84 |
| Industrial Air Flow Dynamics, Inc. - Delayed Draw Loan | 4167 | 4167 |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| INS Co-Invest LP (Inszone) | 3 | 3 |
| Integrated Power Services Holdings, Inc. - Delayed Draw Loan |  | 1649 |
| Kenco PPC Buyer LLC - Delayed Draw Loan | 4920 | 4920 |
| KENE Acquisition, Inc. (aka Entrust) - Delayed Draw Loan |  | 1430 |
| KENE Acquisition, Inc. (aka Entrust) - Revolving Loan |  | 197 |
| KL Bronco Acquisition, Inc. (Elevation Labs) - Delayed Draw Loan | 8455 |  |
| Knight AcquireCo, LLC - Delayed Draw Loan | 3439 | 3439 |
| KRIV Acquisition Inc. (Riveron) - Revolving Loan | 362 |  |
| KRIV Acquisition, Inc. (Riveron) - Delayed Draw Loan | 9690 | 7045 |
| Lavie Group, Inc. - Delayed Draw Loan | 2132 | 2132 |
| Legacy Service Partners, LLC - Delayed Draw Loan | 11961 | 11998 |
| LH Equity Investors, L.P. |  | 56 |
| LJ Avalon Holdings, LLC - Delayed Draw Loan | 2618 |  |
| Low Voltage Holdings Inc. - Delayed Draw Loan | 368 | 457 |
| Low Voltage Holdings Inc. - Revolving Loan | 311 | 311 |
| M&S Holdings Buyer, Inc. - Delayed Draw Loan | 941 | 941 |
| MEI Buyer LLC - Delayed Draw Loan | 1391 | 1391 |
| Mobile Communications America, Inc. - Delayed Draw Loan | 3920 | 3920 |
| MPG Parent Holdings, LLC (Market Performance Group) - Delayed Draw Loan | 3473 | 3473 |
| Naturpak PPC Buyer LLC - Delayed Draw Loan | 2070 | 2070 |
| New You Bariatric Group, LLC - Delayed Draw Loan | 80 | 80 |
| Online Labels Group, LLC - Delayed Draw Loan | 499 | 499 |
| Orion Group FM Holdings, LLC (Leo Facilities) - Delayed Draw Loan | 11219 | 17583 |
| Ovation Holdings, Inc. - Delayed Draw Loan | 3028 | 372 |
| Perennial Services Group, LLC - Delayed Draw Loan | 6304 | 11348 |
| Pinnacle Supply Partners, LLC - Delayed Draw Loan | 1571 | 1571 |
| PMI (US) Bidco, Inc. - Delayed Draw Loan | 690 |  |
| PN Buyer, Inc. - Delayed Draw Loan | 4444 | 4444 |
| PT Intermediate Holdings III, LLC - Delayed Draw Loan | 166 | 166 |
| R Arax Co-Invest UB, LP (Arax Investment Partners) | 404 | 404 |
| R Chapel Avenue Holdings Co-Invest UB, LP | 349 | 349 |
| RailPros Parent, LLC - Delayed Draw Loan | 2211 | 3158 |
| RailPros Parent, LLC - Revolving Loan | 1579 | 1579 |
| Randys Holdings, Inc. (Randy's Worldwide Automotive) - Delayed Draw Loan | 8107 | 8727 |
| Razor Light, Inc. - Delayed Draw Loan | 3587 |  |
| Razor Light, Inc. - Revolving Loan | 2758 |  |
| Redwood Services Group, LLC (Evergreen Services Group) - Delayed Draw Loan | 1030 | 1030 |
| Ridge Trail US Bidco, Inc. (Options IT) - Delayed Draw Loan | 3078 | 3187 |
| Ridge Trail US Bidco, Inc. (Options IT) - Revolving Loan | 775 | 775 |
| RMS Energy Borrower LLC - Delayed Draw Loan | 1754 | 2999 |
| Rose Paving, LLC - Delayed Draw Loan |  | 146 |
| Safety Infrastructure Services Intermediate LLC - Delayed Draw Loan | 1473 | 2576 |
| SCIC Buyer, Inc. - Delayed Draw Loan | 2323 | 2323 |
| Secretariat Advisors LLC - Delayed Draw Loan | 835 | 835 |
| SI Solutions, LLC - Delayed Draw Loan | 3960 | 3960 |
| SkyKnight Financial Holdings LP | 40 | 40 |
| SkyMark Refuelers, LLC - Delayed Draw Loan | 9972 | 9972 |
| Smith & Howard Advisory LLC - Delayed Draw Loan | 1460 | 99 |
| Specialist Resources Global Inc. - Delayed Draw Loan |  | 11790 |
| Specialty Manufacturing Holdings, LLC - Delayed Draw Loan | 1879 |  |
| Sugar PPC Buyer LLC (Sugar Foods) - Delayed Draw Loan | 3043 | 3043 |
| Syndigo LLC - Revolving Loan | 1351 | 1777 |
| Tau Buyer, LLC - Delayed Draw Loan | 1165 | 1165 |
| Tau Buyer, LLC - Revolving Loan | 1170 | 1445 |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| **Portfolio Company** | **March 31, 2026** | **December 31, 2025** |
| TBRS, Inc. - Delayed Draw Loan | 949 | 949 |
| TBRS, Inc. - Revolving Loan | 1243 | 1243 |
| Thermostat Purchaser III, Inc. - Delayed Draw Loan | 9094 | 9375 |
| Thompson Safety LLC - Delayed Draw Loan | 11564 | 12177 |
| Thompson Safety LLC - Revolving Loan | 1159 | 1364 |
| Transit Buyer, LLC (Propark Mobility) - Delayed Draw Loan | 3157 | 902 |
| USA Industries Holdings LLC - Delayed Draw Loan | 3470 | 3470 |
| USA Water Intermediate Holdings, LLC - Delayed Draw Loan | 6338 | 1148 |
| USALCO - Delayed Draw Loan |  | 61 |
| Vensure Employer Services, Inc. - Delayed Draw Loan | 2093 | 250 |
| Venture Buyer, LLC (Velosio) - Delayed Draw Loan |  | 1349 |
| Vertex Service Partners, LLC - Delayed Draw Loan | 7194 | 7194 |
| Vessco Midco Holdings, LLC - Delayed Draw Loan | 350 | 792 |
| Vessco Midco Holdings, LLC - Revolving Loan | 1726 | 1726 |
| Victors CCC Buyer LLC (CrossCountry Consulting) - Delayed Draw Loan | 1011 |  |
| VMG Holdings LLC (VMG Health) - Delayed Draw Loan |  | 569 |
| VSC Specialty Molding Acquisition LLC - Delayed Draw Loan | 366 | 3230 |
| Watermill Express, LLC - Delayed Draw Loan | 1900 | 1900 |
| WCI-Momentum Bidco, LLC - Delayed Draw Loan | 699 | 699 |
| WSB Engineering Holdings Inc. - Delayed Draw Loan | 6085 | 6085 |
| Yard-Nique, Inc. - Delayed Draw Loan | 3420 |  |
| **Total unfunded commitments** <sup>(1)</sup> | $**380162** | $**359377** |

---

_______________

(1)Represents the full amount of the Fund's commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Fund and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.

The Fund seeks to carefully consider its unfunded investment commitments for the purpose of planning its ongoing liquidity. As of March 31, 2026, the Fund had adequate financial resources to satisfy its unfunded investment commitments.

**8. NET ASSETS**

In connection with its formation, the Fund has the authority to issue an unlimited number of Common Shares for each class.

On March 30, 2022, an affiliate of the Adviser, TIAA, purchased 40 shares of the Fund's Class I shares of beneficial interest at $25.00 per share, and on March 31, 2022, TIAA contributed certain portfolio investments to the Fund in exchange for 10,540,000 shares of the Fund's Class I shares of beneficial interest at $25.00 per share. As of March 31, 2026, TIAA owned 3,347,667 shares of the Fund's Class I shares of beneficial interest both directly and indirectly through private funds in which TIAA is the sole investor or that TIAA controls.

On the Escrow Break Date, the Fund had satisfied the minimum offering requirement, and the Board authorized the release of

proceeds from escrow.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

The following table presents transactions in Common Shares for the three months ended March 31, 2026 (dollars in thousands except share amounts):

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| | **Shares** | **Amount** |
| **CLASS S** | | |
| Subscriptions | 136572 | $3305 |
| Share transfers between classes | (18056) | (438) |
| Distributions reinvested | 17072 | 413 |
| Share repurchases, net of early repurchase deduction | (13771) | (330) |
| **Net increase (decrease)** | 121817 | $2950 |
| **CLASS D** |  |  |
| Subscriptions | 42977 | $1045 |
| Share transfers between classes |  |  |
| Distributions reinvested | 19194 | 466 |
| Share repurchases, net of early repurchase deduction | (4949) | (119) |
| **Net increase (decrease)** | 57222 | $1392 |
| **CLASS I** |  |  |
| Subscriptions | 4285709 | $103936 |
| Share transfers between classes | 18004 | 438 |
| Distributions reinvested | 446823 | 10838 |
| Share repurchases, net of early repurchase deduction | (1733371) | (41392) |
| **Net increase (decrease)** | 3017165 | $73820 |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

The following table presents transactions in Common Shares for the three months ended March 31, 2025 (dollars in thousands except share amounts):

---

| | | |
|:---|:---|:---|
| | **March 31, 2025** | **March 31, 2025** |
| | **Shares** | **Amount** |
| **CLASS S** | | |
| Subscriptions | 189647 | $4685 |
| Share transfers between classes | (4050) | (100) |
| Distributions reinvested | 5539 | 137 |
| Share repurchases, net of early repurchase deduction |  |  |
| **Net increase (decrease)** | 191136 | $4722 |
| **CLASS D** |  |  |
| Subscriptions | 45922 | $1137 |
| Share transfers between classes | (5684) | (141) |
| Distributions reinvested | 12574 | 311 |
| Share repurchases, net of early repurchase deduction | (5467) | (135) |
| **Net increase (decrease)** | 47345 | $1172 |
| **CLASS I** |  |  |
| Subscriptions | 3253184 | $80612 |
| Share transfers between classes | 9723 | 241 |
| Distributions reinvested | 363382 | 9000 |
| Share repurchases, net of early repurchase deduction | (242124) | (5965) |
| **Net increase (decrease)** | 3384165 | $83888 |

---

The Fund determines NAV for each class of Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).

The following tables present each month-end net offering price for Class S, Class D, and Class I Common Shares, which equals their respective NAV per share, for the three months ended March 31, 2026 and 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Net Offering Price Per Share** | **Net Offering Price Per Share** | **Net Offering Price Per Share** |
|<br>**For The Months Ended** | **Class S** | **Class D** | **Class I** |
| January 31, 2026 | $24.21 | $24.28 | $24.28 |
| February 28, 2026 | $24.09 | $24.16 | $24.16 |
| March 31, 2026 | $23.94 | $24.02 | $24.02 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Offering Price Per Share** | **Net Offering Price Per Share** | **Net Offering Price Per Share** |
|<br>**For the Months Ended** | **Class S**  | **Class D**  | **Class I** |
| January 31, 2025 | $24.75 | $24.80 | $24.81 |
| February 28, 2025 | $24.64 | $24.69 | $24.70 |
| March 31, 2025 | $24.58 | $24.63 | $24.64 |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Distributions***

The following tables summarize the Fund's distributions recorded during the for the three months ended March 31, 2026 (dollars in thousands except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S**  | **Class S**  |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2026 | January 31, 2026 | February 27, 2026 | $0.153 | $279 |
| February 25, 2026 | February 28, 2026 | March 27, 2026 | $0.153 | $288 |
| March 27, 2026 | March 31, 2026 | April 28, 2026 | $0.153 | $291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2026 | January 31, 2026 | February 27, 2026 | $0.165 | $217 |
| February 25, 2026 | February 28, 2026 | March 27, 2026 | $0.165 | $219 |
| March 27, 2026 | March 31, 2026 | April 28, 2026 | $0.165 | $220 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| January 29, 2026 | January 31, 2026 | February 27, 2026 | $0.170 | $9493 |
| February 25, 2026 | February 28, 2026 | March 27, 2026 | $0.170 | $9702 |
| March 27, 2026 | March 31, 2026 | April 28, 2026 | $0.170 | $9994 |

---

_______________

(1)Distributions are net of distribution and servicing fees.

The following tables summarize the Fund's distributions recorded during the three months ended March 31, 2025 (dollars in thousands except per share amounts):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S**  | **Class S**  |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | $0.183 | $156 |
| February 27, 2025 | February 28, 2025 | March 28, 2025 | $0.183 | $162 |
| March 28, 2025 | March 31, 2025 | April 29, 2025 | $0.183 | $172 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | $0.195 | $162 |
| February 27, 2025 | February 28, 2025 | March 28, 2025 | $0.195 | $165 |
| March 28, 2025 | March 31, 2025 | April 29, 2025 | $0.195 | $170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | $0.200 | $6741 |
| February 27, 2025 | February 28, 2025 | March 28, 2025 | $0.200 | $6901 |
| March 28, 2025 | March 31, 2025 | April 29, 2025 | $0.200 | $7076 |

---

_______________

(1)Distributions are net of distribution and servicing fees.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Distribution Reinvestment Plan***

The Fund has adopted a distribution reinvestment plan, pursuant to which it will reinvest all cash distributions declared by the Board on behalf of its shareholders who do not elect to receive their distributions in cash, except for shareholders in certain states. As a result, if the Board authorizes, and the Fund declares, a cash dividend or other distribution, then shareholders who have not opted out of the Fund's distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

***Character of Distributions***

The Fund may fund its cash distributions to shareholders from any source of funds available to the Fund, including, but not limited to, offering proceeds, net investment income from operations, capital gain proceeds from the sale of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies, and expense support from an affiliate of the Adviser, which is subject to recoupment.

As of March 31, 2026, a portion of the Fund's distributions resulted from expense support from an affiliate of the Adviser, and future distributions may result from expense support from an affiliate of the Adviser, each of which is subject to repayment by the Fund within three years from the date of payment. The purpose of this arrangement is to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Fund's investment performance and can only be sustained if the Fund achieves positive investment performance in future periods and/or an affiliate of the Adviser continues to provide expense support. Shareholders should also understand that the Fund's future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund will achieve the performance necessary to sustain these distributions or be able to pay distributions at all.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions.

The following table reflects the source of cash distributions on a U.S. GAAP basis that the Fund has declared on its Common Shares for the three months ended March 31, 2026 (dollars in thousands except share and per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **Class S** | **Class D**  | **Class D**  | **Class I** | **Class I** |
|<br>**Sources of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $0.459 | $858 | $0.495 | $656 | $0.510 | $29189 |
| Net realized gains | $— | $— | $— | $— | $— | $— |
| **Total** | $0.459 | $858 | $0.495 | $656 | $0.510 | $29189 |

---

The following table reflects the source of cash distributions on a U.S. GAAP basis that the Fund has declared on its Common Shares for the three months ended March 31, 2025 (dollars in thousands except share and per share amounts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Class S** | **Class S** | **Class D** | **Class D** | **Class I** | **Class I** |
|<br>**Sources of Distribution** | **Per Share** | **Amount** | **Per Share** | **Amount** | **Per Share** | **Amount** |
| Net investment income | $0.549 | $490 | $0.585 | $497 | $0.600 | $20718 |
| Net realized gains | $— | $— | $— | $— | $— | $— |
| **Total** | $0.549 | $490 | $0.585 | $497 | $0.600 | $20718 |

---

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Share Repurchase Program***

Beginning with the fiscal quarter ended September 30, 2023, the Fund commenced a share repurchase program in which it intends to repurchase in each quarter, at the discretion of the Board, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board, in its sole discretion, may amend or suspend the share repurchase program if it deems such action to be in the best interest of the Fund's shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Fund's liquidity, adversely affect the Fund's operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board will consider on at least a quarterly basis whether the continued suspension of the share repurchase program is in the best interest of the Fund and shareholders and will reinstate the share repurchase program when and if appropriate and subject to its fiduciary duty to the Fund and shareholders. However, the Board is not required to authorize the recommencement of the share repurchase program within any specified period of time. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All Common Shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

Under the share repurchase program, to the extent the Fund offers to repurchase Common Shares in any particular quarter, the Fund expects to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. The repurchase of the Adviser's shares, if any, will be on the same terms and subject to the same limitations as other shareholders under the share repurchase program.

Payment for repurchased Common Shares may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund's investment-related expenses as a result of higher portfolio turnover rates. The Adviser intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of shares. Class I shares owned by TIAA will be subject to the following restrictions: TIAA may submit its Class I shares for repurchase beginning on March 31, 2027. Beginning March 31, 2027, the total amount of TIAA shares eligible for repurchase will be limited to no more than 1.67% of the Fund's aggregate NAV per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Common Shares does not exceed the share repurchase program limit of 5% of the aggregate NAV per calendar quarter, these redemption limits on the TIAA shares will not apply for that quarter, and TIAA will be entitled to submit its shares for repurchase up to the overall share repurchase program limits. Notwithstanding the foregoing, TIAA may sell a portion of its Class I shares to unaffiliated investors in reliance upon an exemption from registration under the Securities Act.

The following table presents the share repurchases completed for the three months ended March 31, 2026 and 2025 (dollars in thousands except share amounts):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Repurchase Price per share** | **Repurchased Amount** <sup>(1)</sup> | **Shares Repurchased** <sup>(2)</sup> |
| February 28, 2026 | Class I | March 27, 2026 | $24.02 | $41392 | 1733371 |
| February 28, 2026 | Class D | March 27, 2026 | $24.02 | $119 | 4949 |
| February 28, 2026 | Class S | March 27, 2026 | $23.94 | $330 | 13771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________

(1)Amount shown is net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Repurchase Price per share** | **Repurchased Amount** <sup>(1)</sup> | **Shares Repurchased** <sup>(2)</sup> |
| February 28, 2025 | Class I | March 28, 2025 | $24.64 | $5965 | 242124 |
| February 28, 2025 | Class D | March 28, 2025 | $24.63 | $135 | 5467 |

---

_______________

(1)Amount shown is net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

**9. CONSOLIDATED FINANCIAL HIGHLIGHTS**

The following is a schedule of consolidated financial highlights for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Class S** | **Class D** | **Class I** |
| **Per share data:** | | | |
| Net asset value, beginning of period | $24.25 | $24.32 | $24.32 |
| Net investment income <sup>(1)</sup> | 0.44 | 0.48 | 0.50 |
| Net realized gains (losses) <sup>(1)</sup> | (0.03) | (0.03) | (0.03) |
| Net change in unrealized appreciation (depreciation) <sup>(1)</sup> | (0.26) | (0.26) | (0.26) |
| Net increase (decrease) in net assets resulting from operations | 0.15 | 0.19 | 0.21 |
| Shareholder distributions <sup>(2)</sup> | (0.46) | (0.50) | (0.51) |
| Early repurchase deduction fees <sup>(8)</sup> |  |  |  |
| Other <sup>(3)</sup> |  | 0.01 |  |
| Net asset value, end of period | $23.94 | $24.02 | $24.02 |
| **Supplemental Data:** |  |  |  |
| Net assets, end of period | $45238 | $31910 | $1370259 |
| Shares outstanding, end of period  | 1889373 | 1328570 | 57051748 |
| Total return <sup>(4)</sup> | 0.62% | 0.80% | 0.87% |
| **Ratio to average net assets:** |  |  |  |
| Ratio of net expenses to average net assets before expense support and waived fees <sup>(5)(6)</sup> | 7.39% | 6.71% | 6.57% |
| Ratio of net expenses to average net assets after expense support and waived fees <sup>(5)(6)</sup> | 7.15% | 6.48% | 6.34% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 7.26% | 7.89% | 8.18% |
| Portfolio turnover rate <sup>(7)</sup> | 2.08% | 2.08% | 2.08% |
| Asset coverage ratio <sup>(9)</sup> | 245.61% | 245.61% | 245.61% |

---

_______________

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions reflects the actual amount of distributions recorded during the period.

(3)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Fund's distribution reinvestment plan), divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Total return is not annualized for any period shorter than one year.

(5)Average net assets is calculated utilizing quarterly net assets. Ratio of net investment income to average net assets includes the effect of expense support and the waiver of 50% of the income based incentive fees for the period from February 1, 2026 through March 31, 2026. Ratios are annualized for periods less than one year. Income-based incentive fees waiver is accounted for through the expiration date of the waiver and is not annualized.

(6)The ratio of interest and debt financing expenses to average net assets for the three months ended March 31, 2026 was 3.69%, 3.68% and 3.72% for Class S, Class D, and Class I shares, respectively, and is annualized for periods less than one year.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(8)The per share amount rounds to less than $0.01 per share in connection with Class S, Class D and Class I repurchased shares during the period.

(9)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period divided by (ii) total debt outstanding at the end of the period.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

The following is a schedule of consolidated financial highlights for the three months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Class S**  | **Class D** | **Class I** |
| **Per share data:** | | | |
| Net asset value, beginning of period | $24.74 | $24.79 | $24.80 |
| Net investment income <sup>(1)</sup> | 0.67 | 0.71 | 0.72 |
| Net realized gains (losses) <sup>(1)</sup> | 0.01 | 0.01 | 0.01 |
| Net change in unrealized appreciation (depreciation) <sup>(1)</sup> | (0.29) | (0.29) | (0.29) |
| Net increase (decrease) in net assets resulting from operations | 0.39 | 0.43 | 0.44 |
| Shareholder distributions <sup>(2)</sup> | (0.55) | (0.59) | (0.60) |
| Other <sup>(3)</sup> |  |  |  |
| Net asset value, end of period | $24.58 | $24.63 | $24.64 |
| **Supplemental Data:** |  |  |  |
| Net assets, end of period | $23121 | $21226 | $865718 |
| Shares outstanding, end of period  | 940627 | 861696 | 35134307 |
| Total return <sup>(4)</sup> | 1.58% | 1.72% | 1.79% |
| **Ratio to average net assets:** |  |  |  |
| Ratio of net expenses to average net assets before expense support and waived fees <sup>(5)(6)</sup> | 11.09% | 9.98% | 9.98% |
| Ratio of net expenses to average net assets after expense support and waived fees <sup>(5)(6)</sup> | 10.09% | 9.02% | 9.00% |
| Ratio of net investment income to average net assets <sup>(5)</sup> | 10.28% | 10.52% | 10.92% |
| Portfolio turnover rate <sup>(7)</sup> | 3.67% | 3.67% | 3.67% |
| Asset coverage ratio <sup>(8)</sup> | 196.51% | 196.51% | 196.51% |

---

_______________

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The per share data for distributions reflects the actual amount of distributions declared during the period.

(3)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Fund's distribution reinvestment plan), divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any. Total return is not annualized for any period shorter than one year.

(5)Average net assets is calculated utilizing quarterly net assets. Ratio of net investment income to average net assets includes the effect of expense support and the waiver of 50% of the management fee and 100% of the income-based incentive fees. Ratios are annualized for periods less than one year. Management fee and income-based incentive fees waivers are annualized through the expiration date of the waivers.

(6)The ratio of interest and debt financing expenses to average net assets for the three months ended March 31, 2025 was 6.80%, 6.53% and 6.65% for Class S, Class D, and Class I shares, respectively, and is annualized for period (s) less than one year.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(8)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period divided by (ii) total debt outstanding at the end of the period.

**10. SUBSEQUENT EVENTS** 

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 March 31, 2026, except as discussed below.

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

***Distributions***

On April 29, 2026, the Fund declared regular distributions for each class of its Common Shares in the amounts per share set forth below, net of distribution and servicing fees, where applicable. The distributions for each class of Common Shares are payable on or about May 28, 2026 to shareholders of record as of April 30, 2026.

---

| | |
|:---|:---|
| | **Net Distribution** |
| Class I Common Shares | $0.170 |
| Class S Common Shares | $0.153 |
| Class D Common Shares | $0.165 |

---

***Subscriptions***

Subsequent to the fiscal quarter ended March 31, 2026, the Fund received approximately $55.7 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 as of May 11, 2026. As of May 11, 2026, the Fund has raised total gross proceeds of $1.5 billion in the continuous offering of its Common Shares.

***Acquisition of Nuveen Churchill BDC V***

On May 1, 2026, the Fund completed its previously announced acquisition (the "Asset Purchase") of substantially all of the assets of Nuveen Churchill BDC V ("BDC V"). The Asset Purchase was completed pursuant to a purchase and sale agreement, dated April 1, 2026 (the "BDC V Purchase Agreement"), by and between the Fund and BDC V. The board of trustees of each of the Fund and BDC V, including a majority of the independent trustees of the Fund and BDC V, approved the BDC V Purchase Agreement and the transactions contemplated thereby, including the Asset Purchase, consistent with the requirements of Rule 17a-8 under the 1940 Act. In addition, the BDC V Purchase Agreement and the transactions contemplated thereby, including the Asset Purchase, were approved by BDC V's shareholders at a virtual shareholder meeting held on April 30, 2026.

The Fund and BDC V are affiliated BDCs externally managed by the Adviser and Churchill, respectively. Churchill also serves as a sub-adviser to the Fund under the CAM Sub-Advisory Agreement, pursuant to which the Adviser has delegated substantially all of its daily portfolio management obligations under the Advisory Agreement to Churchill. Further, the same individuals who serve as trustees on the Fund's board of trustees also serve as trustees on BDC V's board of trustees, except that the Fund's board of trustees includes one additional trustee who is an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund who does not serve on BDC V's board of trustees.

Pursuant to the BDC V Purchase Agreement, at the Effective Time (as defined in the BDC V Purchase Agreement), the Fund delivered to BDC V an aggregate purchase price of $346,954, equal to the net asset value of BDC V as of April 29, 2026 (the "Purchase Price"), at which time BDC V sold, transferred, assigned and conveyed to the Fund substantially all of its assets, and the Fund assumed all of BDC V's liabilities, including $511,000 of indebtedness outstanding under BDC V's credit facility.

The Fund funded the Purchase Price with $337,313 of borrowings under the Bank of America Credit Facility and the ScotiaBank Credit Facility.

***Citi Credit Facility***

On May 11, 2026, the Fund entered into a credit and security agreement (the "Citi Credit Agreement" and the credit facility thereunder, the "Citi Credit Facility") with its direct wholly-owned subsidiary, SPV V, as borrower, the Fund, as equityholder and collateral manager, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian. The Fund will serve as collateral manager to SPV V under the Citi Credit Agreement and will waive any management fee that the Fund is due in consideration for providing these services. The Citi Credit Agreement (i) provides an initial facility amount of up to $150,000 and (ii) has a reinvestment period initially ending on November 11, 2026 and a final maturity date on May 10, 2027.

In connection with the Citi Credit Agreement, the Fund, as transferor, and SPV V, as transferee, entered into a Loan Sale and Contribution Agreement, pursuant to which the Fund will transfer to SPV V certain originated or acquired loans and related assets from time to time.

The obligations of SPV V under the Citi Credit Agreement are secured by substantially all of the assets held by SPV V. The interest rate charged on the Citi Credit Facility is based on Term SOFR plus an applicable margin of at least 1.125% per annum. In

------

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)**

**(dollar amounts in thousands, except share and per share data)**

addition, SPV V is required to pay, among other fees, a commitment fee of 0.25% on any unused portion of the Citi Credit Facility from May 11, 2026 through August 11, 2026. Beginning on August 12, 2026, the commitment fee on any unused portion of the Citi Credit Facility will equal (i) 0.25% per annum if the average utilization rate is greater than or equal to 90.0%, (ii) 0.50% per annum if the average utilization rate is less than 90.0% and greater than or equal to 70.0%, and (iii) the Weighted Average Applicable Margin (as defined in the Administrative Agent Fee Letter) if the average utilization rate is less than 70.0%.

Under the Citi Credit Agreement, the Fund and SPV V, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Citi Credit Agreement includes usual and customary events of default for facilities of this nature.

Proceeds from the Citi Credit Facility will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.

------

**ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The information in this section contains forward-looking statements, which relate to future events or the future performance or financial condition of Nuveen Churchill Private Capital Income Fund, including its wholly owned subsidiaries (collectively, "we", "us", "our", or the "Fund") and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in <u>[Part I, Item 1A](#i179485e4d5974b9194141071c2198a8e_19)</u> of our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II, Item 1A of and elsewhere in this Quarterly Report on Form 10-Q. This discussion should be read in conjunction with the "Forward-Looking Statements" in this Quarterly Report on Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements.* 

**Overview** 

We were formed as a Delaware statutory trust on February 8, 2022. We are an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

Our investment objective is to generate attractive risk-adjusted returns primarily through current income and, secondarily, long-term capital appreciation, by investing in a diversified portfolio of private debt and equity investments in U.S. middle market companies owned by leading private equity firms, which we define as companies with $10 million to $250 million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). We primarily focus on investing in U.S. middle market companies with $10 million to $100 million of EBITDA, which we consider the core middle market.

We primarily invest in first-lien senior secured debt (collectively "Senior Loan Investments"), as well as junior debt investments, such as second-lien loans, unsecured debt, and subordinated debt (including fixed- and floating-rate instruments and instruments with payment-in-kind income) ("Junior Capital Investments"). Senior Loan Investments and Junior Capital Investments may be originated alongside smaller related common equity positions to the same portfolio companies. Our portfolio also will include larger, stand-alone direct equity co-investments in private-equity backed companies that may be originated alongside or separately from Senior Loan Investments and/or Junior Capital Investments to the applicable portfolio company ("Equity Co-Investments"). We target an investment portfolio consisting, directly or indirectly, of 75% to 90% in Senior Loan Investments, 5% to 25% in Junior Capital Investments and up to 10% in Equity Co-Investments. To support our share repurchase program, we also will generally invest 5% to 10% of our assets in cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments ("Liquid Investments"). While we seek to achieve the targets described above, the composition of the Fund's investment portfolio may vary from time to time due to various factors, such as market conditions and the availability of attractive investment opportunities. For example, it is possible that the Fund will, from time to time, maintain a portfolio exclusively comprised of Senior Loan Investments, Junior Capital Investments or other fixed-income instruments.

Churchill PCIF Advisor LLC (the "Adviser"), a wholly owned subsidiary of Churchill Asset Management LLC ("Churchill"), serves as our investment adviser. Pursuant to the advisory agreement between us and the Adviser (the "Advisory Agreement"), the Adviser is responsible for the overall management of our activities and has delegated substantially all of its daily portfolio management obligations to Churchill pursuant to a sub-advisory agreement by and between the Adviser and Churchill (the "CAM Sub-Advisory Agreement"). The Adviser and Churchill also have engaged Nuveen Asset Management, LLC ("Nuveen Asset Management" and together with the Adviser and Churchill, the "Advisers"), acting through its leveraged finance division, to manage certain of our Liquid Investments, subject to the pace and amount of investment activity in the middle market investment program, pursuant to a sub-advisory agreement by and among the Adviser, Churchill and Nuveen Asset Management (the "NAM Sub-Advisory Agreement"). Each of the Adviser, Churchill and Nuveen Asset Management is an indirect subsidiary of Nuveen, LLC ("Nuveen"), the investment management division of Teachers Insurance and Annuity Association of America ("TIAA").

Churchill NCPCIF CLO-I LLC ("CLO-I" and f/k/a "SPV I"), Churchill NCPCIF CLO-II LLC ("CLO-II"), NCPIF Equity Holdings LLC ("Equity Holdings"), NCPCIF SPV II, LLC ("SPV II"), NCPCIF SPV III, LLC ("SPV III"), NCPCIF BSL SPV I, LLC ("BSL SPV I"), and NCPCIF SPV V, LLC ("SPV V") are wholly owned subsidiaries of the Fund and are consolidated in these consolidated financial statements commencing from the date of their respective formation.

On March 31, 2022, prior to our election to be regulated as a BDC under the 1940 Act, TIAA contributed certain portfolio investments to the Fund and SPV I and, in connection therewith, the Fund entered into a promissory note with TIAA and issued Class I shares to TIAA.

On December 11, 2024, we completed the acquisition of substantially all of the assets of Nuveen Churchill Private Credit Fund ("NCPCF" and the acquisition of NCPCF, the "NCPCF Acquisition") pursuant to a Purchase and Sale Agreement, dated

------

October 23, 2024 (the "NCPCF Purchase Agreement"), between the Fund and NCPCF. Prior to NCPCF's dissolution, the Fund and NCPCF were affiliated BDCs, and NCPCF was externally managed by Churchill. Pursuant to the NCPCF Purchase Agreement, at the Effective Time (as defined in the NCPCF Purchase Agreement), we delivered to NCPCF an aggregate purchase price of $221.0 million, equal to the net asset value of NCPCF as of December 9, 2024, at which time NCPCF sold, transferred, assigned and conveyed to us substantially all of its assets, and we assumed all of NCPCF's liabilities, including $281.5 million of indebtedness outstanding under the Scotiabank Credit Facility (as defined below).

Under the Advisory Agreement, we pay the Adviser a base management fee as well as an incentive fee based on our investment performance. Under the administration agreement (the "Administration Agreement") with Churchill BDC Administration LLC as our administrator (the "Administrator"), we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. The Adviser, Churchill, Nuveen Asset Management and the Administrator are all affiliates and subsidiaries of Nuveen, the investment management division of TIAA.

 **Key Components of Our Results of Operations**

***Investments***

Our level of investment activity varies substantially from period to period depending on many factors, including the amount we have available to invest, the amount of debt and equity capital available to middle market companies, the level of merger and acquisition and refinancing activity in the middle market, prevailing interest rates and capital market conditions, the general economic environment, and the competitive environment for the types of investments we make.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we are generally required to invest at least 70% of our total assets in "qualifying assets," including securities of private or thinly traded public U.S. companies, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less.

As a BDC, we must not 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). Qualifying assets include investments in "eligible portfolio companies." Under the 1940 Act, the term "eligible portfolio company" includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250.0 million. In addition, we must be organized in the United States to qualify as a BDC.

***Revenues***

We generate revenue primarily in the form of interest income on our Senior Loan Investments, our Junior Capital Investments and our Liquid Investments, and capital gains and dividend income from our Equity Co-Investments in our portfolio companies. Our Senior Loan Investments typically bear interest at a floating rate usually determined on the basis of a benchmark, such as the Secured Overnight Financing Rate ("SOFR"). Our Junior Capital Investments generally include cash paying subordinated debt (including fixed-rate subordinated loans, which may have a portion of PIK income, and floating-rate second-lien term loans), subordinated PIK notes (with no current cash payments) and/or equity securities (with no current cash payments). Our Liquid Investments include a portfolio of cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income.

***Expenses***

The Advisers and their respective affiliates are responsible for the compensation and routine overhead expenses allocable to personnel providing investment advisory and management services to us. We bear all other out-of-pocket costs and expenses of its operations and transactions, including those costs and expenses incidental to the provision of investment advisory and management services to the Fund (such as items (iii) and (iv) listed below). We will not reimburse the Administrator or the Adviser for any rent or depreciation, utilities, capital equipment, expenses or other administrative items incurred by the Sponsor (as defined in the Omnibus Guidelines, as defined below), or salaries, fringe benefits, travel expenses and other administrative items incurred by or allocated to any Controlling Person of the Sponsor (as defined in the Omnibus Guidelines).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)organization of the Fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)calculating NAV (including the cost and expenses of any independent third-party valuation firm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)expenses, including travel, entertainment, lodging and meal expenses, incurred by the Adviser, Churchill, Nuveen Asset Management, or members of its investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Fund's rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)fees and expenses incurred by the Adviser (and its affiliates), Churchill (and its affiliates), Nuveen Asset Management (and its affiliates), or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Fund and in conducting research and due diligence on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Fund's investments and monitoring investments and portfolio companies on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any and all fees, costs and expenses incurred in connection with the incurrence of leverage and indebtedness of the Fund, including borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including any principal or interest on the Fund's borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the account of the Fund and in making, carrying, funding and/or otherwise resolving investment guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)offerings, sales, and repurchases of the Common Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)fees and expenses payable under the Intermediary Manager Agreement and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)investment advisory fees payable under Section 7 of the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)administration fees and expenses, if any, payable under the Administration Agreement (including payments under the Administration Agreement between us and the Administrator, based upon our allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including the allocable portion of the cost of the Fund's chief financial officer and chief compliance officer, and their respective staffs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)costs incurred in connection with investor relations and Board relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)any applicable administrative agent fees or loan arranging fees incurred with respect to portfolio investments by the Adviser, Churchill (and its affiliates) Nuveen Asset Management (and its affiliates), the Administrator or an affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)any and all fees, costs and expenses incurred in implementing or maintaining third-party or proprietary software tools, programs or other technology for the benefit of the Fund (including, without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting systems and similar systems and services, including, without limitation, consultant, software licensing, data management and recovery services fees and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)all costs of registration and listing the Common Shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)independent trustees' fees and expenses, including reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion or for the benefit of, the independent trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)costs of preparing and filing reports or other documents required by the SEC, FINRA, U.S. Commodity Futures Trading Commission, or other regulators, and all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements) and regulatory filings related to the Fund's activities and/or other regulatory filings, notices or disclosures of the Adviser, Churchill, Nuveen Asset Management, and their respective affiliates relating to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)costs of any reports, proxy statements or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)fidelity bond, trustees' and officers'/errors and omissions liability insurance, and any other insurance premiums;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)all expenses relating to payments of dividends or interest or distributions in cash or any other form made or caused to be made by the Board to or on account of holders of the securities of the Fund, including in connection with the distribution reinvestment plan or the share repurchase program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)the allocated costs incurred by the Adviser, Churchill, Nuveen Asset Management, and/or the Administrator in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)allocable fees and expenses associated with marketing efforts on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)all fees, costs and expenses of any litigation involving the Fund or its portfolio companies and the amount of any judgments or settlements paid in connection therewith, Trustee and officers', liability or other insurance (including costs of title insurance) and indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to Fund's affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)fees, costs and expenses of winding up and liquidating the Fund's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)all other expenses incurred by the Fund, the Adviser, Churchill, Nuveen Asset Management, or the Administrator in connection with administering the Fund's business.

With respect to (i) above, Nuveen Alternative Holdings LLC ("Nuveen Alternative Holdings"), an affiliate of Nuveen Asset Management, agreed to advance (or cause one or more of its affiliates to advance) all of our organization and offering expenses on our behalf through the Escrow Break Date. Unless Nuveen Alternative Holdings elects to cover such expenses pursuant to the expense support and conditional reimbursement agreement with Churchill (the "Expense Support Agreement"), we may be obligated to reimburse Nuveen Alternative Holdings under the terms of the Expense Support Agreement for such advanced expenses. Any reimbursements will not exceed actual expenses incurred by Nuveen Alternative Holdings.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

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**Portfolio and Investment Activity**

***Portfolio Composition***

Our portfolio and investment activity for the three months ended March 31, 2026 and 2025 is presented below (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Net funded investment activity** |  |  |
| &nbsp;&nbsp;New gross commitments at par <sup>(1)</sup> | $362467 | $207358 |
| &nbsp;&nbsp;Net investments funded | 321609 | 216122 |
| &nbsp;&nbsp;Investments sold or repaid | (47451) | (64403) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net funded investment activity | $274158 | $151719 |
| **Gross commitments at par** <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;First-lien debt | $348126 | $200363 |
| &nbsp;&nbsp;Subordinated debt | 2526 | 5931 |
| &nbsp;&nbsp;Equity investments | 11815 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total gross commitments | $362467 | $207358 |
| **Portfolio company activity** |  |  |
| &nbsp;&nbsp;Portfolio companies, beginning of period | 319 | 275 |
| &nbsp;&nbsp;Number of new portfolio companies | 28 | 17 |
| &nbsp;&nbsp;Number of exited portfolio companies | (10) | (4) |
| &nbsp;&nbsp;Portfolio companies, end of period | 337 | 288 |
| &nbsp;&nbsp;Count of investments | 660 | 513 |
| &nbsp;&nbsp;Count of industries | 30 | 30 |
| **New Investment Activity** |  |  |
| Weighted average annual interest rate on new debt investments at par | 8.17% | 8.81% |
| Weighted average annual interest rate on new floating rate debt investments at par | 8.15% | 8.67% |
| Weighted average spread on new floating rate debt investments at par | 4.46% | 4.39% |
| Weighted average annual coupon on new fixed rate debt investments at par | 12.00% | 13.31% |
| Weighted average annual interest rate on exited or repaid investments at par | 7.23% | 9.30% |

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________

<sup>(1)</sup> Gross commitments at par includes unfunded investment commitments.

As of March 31, 2026, our debt investment portfolio reflected the following characteristics, based on fair value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average reported annual EBITDA of $90.4 million.<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average of 2.6x interest coverage ratio for our first-lien loans.<sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average of 4.7x net leverage.<sup>(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weighted average loan-to-value of 41.8%.<sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 73.0% of our debt investments have financial maintenance covenants.<sup>(5)</sup>

_______________

<sup>(1)</sup> These calculations include all private debt investments for which fair value is determined by our Adviser in its capacity as the valuation designee (the "Valuation Designee") of the Fund's board of trustees (the "Board") and excludes quoted assets. Including quoted assets, the weighted average reporting annual EBITDA is $186.7 million. Amounts are weighted based on the fair market value of each respective investment as of its most recent quarterly valuation, which are derived from the most recently available portfolio company financial statements.

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<sup>(2)</sup> The interest coverage ratio calculation is derived from the most recently available portfolio company financial information received by the Adviser and is a weighted average based on the fair market value of each respective first lien loan investment as of its most recent reporting to lenders. Such reporting may include assumptions regarding the impact of interest rate hedges established by borrowers to reduce their exposure to floating interest rates (resulting in a reduced hedging rate being used for the total interest expense in respect of such hedges, rather than any higher rates applicable under the documentation for such loans), even if such hedging instruments are not pledged as collateral to lenders in respect of such loans and do not secure the loans themselves. The interest rate coverage ratio excludes Junior Capital Investments and Equity Co-investments and applies solely to traditional middle market first lien loans held by us, which also excludes any upper middle market or other first lien loans investments that do not have financial maintenance covenants and first lien loans that the Adviser has assigned a risk rating of '8' or higher, as well as any portfolio companies with net senior leverage of 15x or greater. As a result of the foregoing exclusions, the interest coverage ratio shown herein applies to 60.67% of our total investments, and 65.31% of our total first lien loan investments, in each case based upon fair value.

<sup>(3)</sup> Net leverage is the ratio of total debt minus cash divided by EBITDA, taking into account only the debt issued through the tranche in which we are a lender. Leverage is derived from the most recently available portfolio company financial statements and weighted by the fair value of each investment. Net leverage presented excludes equity investments as well as debt instruments to which the Adviser has assigned a risk rating of 8 or higher and any portfolio companies with net leverage of 15x or greater.

<sup>(4)</sup> Weighted average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available financial information. Includes all private debt investments for which fair value is determined by the Valuation Designee and excludes quoted assets as well as investments that the Adviser has assigned an internal risk rating of 8 or higher, investments on non-accrual, and portfolio companies with net leverage of 15x or greater. Amounts are weighted on the fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by the Fund, and may reflect a normalized or adjusted amount. Accordingly, the Fund makes no representation or warranty in respect of this information.

<sup>(5)</sup> Represents the percentage of Senior Loan Investments and Junior Capital Investments with one or more financial maintenance covenants and excludes debt investments in liquid fixed-income securities (including broadly syndicated loans). Including debt investments in liquid fixed-income securities, approximately 67.95% our total debt investments have financial maintenance covenants.

As of March 31, 2026 and December 31, 2025, our investments consisted of the following (dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Cost** | **Fair Value** | **% of Fair Value** | **Cost** | **Fair Value** | **% of Fair Value** |
| First-Lien Debt | $2268846 | $2244479 | 92.90% | $2009009 | $2001896 | 92.86% |
| Subordinated Debt <sup>(1)</sup> | 117227 | 114088 | 4.72% | 112927 | 110299 | 5.12% |
| Equity Investments | 54159 | 57413 | 2.38% | 42675 | 43651 | 2.02% |
| **Total** | $2440232 | $2415980 | 100.00% | $2164611 | $2155846 | 100.00% |
| Largest portfolio company investment | $29721 | $29727 | 1.23% | $29783 | $29796 | 1.38% |
| Average portfolio company investment | $7241 | $7169 | 0.30% | $6786 | $6758 | 0.31% |

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_______________

(1)As of March 31, 2026, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $62,010, mezzanine debt of $50,737 and structured debt of $1,341, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $64,429, mezzanine debt of $51,446 and structured debt of $1,352. As of December 31, 2025, Subordinated Debt at fair value was comprised of second lien term loans and/or second lien notes of $61,168, mezzanine debt of $47,832 and structured debt of $1,299, and Subordinated Debt at cost was comprised of second lien term loans and/or second lien notes of $63,332, mezzanine debt of $48,295, and structured debt of $1,300.

------

The industry composition of our portfolio as a percentage of fair value as of March 31, 2026 and December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **Industry** | **March 31, 2026** | **December 31, 2025** |
| Aerospace & Defense | 1.79% | 1.53% |
| Automotive | 1.01% | 1.37% |
| Banking, Finance, Insurance & Real Estate | 5.93% | 6.54% |
| Beverage, Food & Tobacco | 5.26% | 4.82% |
| Capital Equipment | 8.13% | 7.90% |
| Chemicals, Plastics & Rubber | 1.44% | 1.53% |
| Construction & Building | 6.28% | 6.53% |
| Consumer Goods: Durable | 1.43% | 1.65% |
| Consumer Goods: Non-durable | 2.57% | 3.02% |
| Containers, Packaging & Glass | 1.25% | 0.85% |
| Energy: Electricity | 1.86% | 1.98% |
| Energy: Oil & Gas | 0.56% | 0.58% |
| Environmental Industries | 3.79% | 3.92% |
| Healthcare & Pharmaceuticals | 14.23% | 13.80% |
| High Tech Industries | 9.01% | 8.13% |
| Hotel, Gaming & Leisure | 0.39% | 0.32% |
| Media: Advertising, Printing & Publishing | 0.69% | 0.78% |
| Media: Broadcasting & Subscription | 0.14% | 0.18% |
| Media: Diversified & Production | 0.21% | 0.21% |
| Metals & Mining | 0.07% | 0.07% |
| Retail | 0.08% | —% |
| Services: Business | 18.40% | 18.85% |
| Services: Consumer | 4.96% | 3.68% |
| Sovereign & Public Finance | 0.38% | 0.42% |
| Telecommunications | 1.70% | 1.93% |
| Transportation: Cargo | 1.54% | 1.73% |
| Transportation: Consumer | 0.76% | 1.02% |
| Utilities: Electric | 3.52% | 4.03% |
| Utilities: Water | 0.84% | 0.69% |
| Wholesale | 1.78% | 1.94% |
| Total | 100.00% | 100.00% |

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As of March 31, 2026, our exposure to the software sector represented 6.00% of our total portfolio, at fair value. The estimate of software exposure (i) includes any borrower whose business model reflects the operating or structural characteristics of a software company, regardless of its industry classification, and (ii) excludes technology-adjacent companies, such as managed service providers and systems integrators, that may be assigned to 'High-Tech Industries' under Moody's industry classification, but do not derive revenue from the licensing or subscription of proprietary software. As a result, certain borrowers classified within 'High-Tech Industries' in the table above are excluded from the software sector estimate, while certain borrowers classified in other industries are included, based on whether they derive revenue from proprietary software licensing or subscriptions. We believe this estimate is an accurate representation of our software sector exposure. Results will differ, in some cases significantly, if an alternative industry classification methodology were applied.

The weighted average yields of our investments as of March 31, 2026 and December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Weighted average yield on debt and income producing investments, at cost <sup>(1)</sup> | 8.68% | 8.82% |
| Weighted average yield on debt and income producing investments, at fair value <sup>(2)</sup> | 8.78% | 8.86% |
| Percentage of debt investments bearing a floating rate | 96.00% | 95.73% |
| Percentage of debt investments bearing a fixed rate | 4.00% | 4.27% |

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_______________

(1)Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of March 31, 2026 was 8.68%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at cost, as of December 31, 2025 was 8.82%.

(2)Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of March 31, 2026 was 8.78%. Weighted average yield inclusive of debt and income producing investments on non-accrual status, at fair value, as of December 31, 2025 was 8.86%.

As of March 31, 2026, 85.48% and 85.60% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans. As of December 31, 2025, 85.29% and 85.29% of our floating rate debt and income producing investments at cost and at fair value, respectively, had interest rate floors that govern the minimum applicable interest rates on such loans.

The weighted average yield of our debt and income producing securities is not the same as a return on investment for our shareholders, but rather relates to our investment portfolio, and is calculated before the payment of all of our and our subsidiary's fees and expenses. The weighted average yield was computed using the effective interest rates as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status. There can be no assurance that the weighted average yield will remain at its current level. Total weighted average yields of our debt and income producing investments, at cost, decreased from 8.82% to 8.68% from December 31, 2025 to March 31, 2026. The decrease in weighted average yields was primarily due to overall tightening of spreads in newly originated investments and lower base interest rates.

Private equity mergers and acquisitions activity entered the first quarter of 2026 with early momentum before experiencing a meaningful slowdown, as market volatility stemming from global trade policy uncertainty, rising geopolitical tensions, and concerns surrounding the impact of artificial intelligence on certain industries disrupted deal flow during the period. M&A pipelines had been reopening heading into the quarter as buyer-seller valuation gaps narrowed and extended hold periods created incentives for sponsors to transact as their investment periods matured. While private equity-backed transaction volumes showed improvement earlier in the quarter, deal activity moderated in March as renewed macro risks weighed on market sentiment. Nevertheless, substantial dry powder remains available, and a stabilization of market conditions could support a resumption of deal activity. Repayment activity decreased slightly during the first quarter of 2026 compared to prior periods, as market volatility and a risk-off environment among lenders modestly constrained new transaction activity and refinancing volumes. While repayment activity may continue to offset new investment deployment, we believe that well-capitalized lenders with available liquidity, existing portfolio company relationships, and strong proprietary sponsor networks are well-positioned to benefit from a market recovery when conditions stabilize.

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In addition to market volatility and uncertainty, certain broader macro-economic risks remain. Changes to trade policies, including the imposition of new tariffs by the current administration, could disrupt supply chains and may negatively impact the financial condition of certain of our portfolio companies as well as the macro-economic environment. To the extent tariff policies are modified or customs refunds are processed, such developments could partially mitigate the impact on affected portfolio companies, though the timing and magnitude of any such adjustments remain uncertain. Additionally, rising geopolitical tensions have contributed to capital market volatility and upward pressure on inflation, further complicating the macro-economic outlook. While we have not observed significant energy input cost increases affecting our portfolio companies to date, we continue to monitor the potential effect of energy price volatility on portfolio company operating costs and margins. The rapid evolution and adoption of artificial intelligence technologies may also create both opportunities and challenges for certain businesses, potentially reshaping competitive dynamics, operational models, and workforce requirements across industries. In light of these dynamics, we are closely monitoring the performance and outlook of our portfolio companies, and we will continue to seek to invest in defensive businesses with low levels of cyclicality, pricing power, strong free cash flow generation, and multiple channels to source products or materials. There can be no assurance that economic conditions or competitive market dynamics will not adversely impact certain of our portfolio companies, which could impact our future results.

***Asset Quality***

In addition to various risk management and monitoring tools, we use the Advisers' investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio, with the exception of the Liquid Investments managed by the leveraged finance division of Nuveen Asset Management. Churchill, in its capacity as sub-adviser, utilizes a systematic, consistent approach to credit evaluation, with a particular focus on an acceptable level of debt repayment and deleveraging under a "base case" set of projections (the "Base Case"), which reflects a more conservative estimate than the set of projections provided by a prospective portfolio company (the "Management Case"). The following is a description of the conditions associated with each investment rating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Performing - Superior:** Borrower is performing significantly above Management Case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Performing - High:** Borrower is performing at or near the Management Case (i.e., in a range slightly below to slightly above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Performing - Low Risk:** Borrower is operating well ahead of the Base Case to slightly below the Management Case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Performing - Stable Risk:** Borrower is operating at or near the Base Case (i.e., in a range slightly below to slightly above). This is the initial rating assigned to all new borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Performing - Management Notice:** Borrower is operating below the Base Case. Adverse trends in business conditions and/or industry outlook are viewed as temporary. There is no immediate risk of payment default and only a low to moderate risk of covenant default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Watch List - Low Maintenance:** Borrower is operating below the Base Case with declining margin of protection. Adverse trends in business conditions and/or industry outlook are viewed as probably lasting for more than a year. Payment default is still considered unlikely, but there is a moderate to high risk of covenant default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Watch List - Medium Maintenance:** Borrower is operating well below the Base Case but has adequate liquidity. Adverse trends are more pronounced than in Internal Risk Rating 6 above. There is a high risk of covenant default, or it may have already occurred. Payments are current, although subject to greater uncertainty, and there is a moderate to high risk of payment default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Watch List - High Maintenance:** Borrower is operating well below the Base Case. Liquidity may be strained. Covenant default is imminent or may have occurred. Payments are current, but there is a high risk of payment default. Negotiations to restructure or refinance debt on normal terms may have begun. Further significant deterioration appears unlikely and no loss of principal is currently anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Watch List - Possible Loss:** At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Liquidity is strained. Payment default may have occurred or is very likely in the short term unless creditors grant some relief. Loss of principal is possible.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Watch List - Probable Loss:** At the current level of operations and financial condition, the borrower does not have the ability to service and ultimately repay or refinance all outstanding debt on current terms. Payment default is very likely or may have already occurred. Liquidity is extremely limited. The prospects for improvement in the borrower's situation are sufficiently negative that loss of some or all principal is probable.

Churchill regularly monitors and, when appropriate, changes the investment rating assigned to each investment in our portfolio, excluding Liquid Investments managed by the leveraged finance division of Nuveen Asset Management. Each investment team will review the investment ratings in connection with monthly or quarterly portfolio reviews.

The following table shows the investment ratings of the investments in our portfolio (dollar amounts in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Fair Value**<sup>(1)</sup> | **% of Portfolio** | **Number of Portfolio Companies**<sup>(1)</sup> | **Fair Value**<sup>(1)</sup> | **% of Portfolio** | **Number of Portfolio Companies**<sup>(1)</sup> |
| 1 | $— | —% |  | $— | —% |  |
| 2 |  |  |  |  |  |  |
| 3 | 55945 | 2.32% | 5 | 72748 | 3.37 | 5 |
| 4 | 1960926 | 81.16% | 217 | 1707845 | 79.22 | 206 |
| 5 | 141090 | 5.84% | 22 | 130449 | 6.05 | 21 |
| 6 | 70260 | 2.91% | 9 | 70810 | 3.28 | 9 |
| 7 | 1714 | 0.07% | 1 |  |  |  |
| 8 | 9187 | 0.38% | 2 | 9506 | 0.44 | 2 |
| 9 |  |  |  |  |  |  |
| 10 |  |  |  |  |  |  |
| **Total** | $**2239122** | **92.68%** | **256** | $**1991358** | **92.36%** | **243** |

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_______________

(1)Liquid Investments managed by the leveraged finance division of Nuveen Asset Management are excluded from the investment ratings table. As of March 31, 2026, there were 81 portfolio companies in the Liquid Investments portfolio, which had a total fair value of $176,858 or 7.32% of the portfolio. As of December 31, 2025, there were 76 portfolio companies in the Liquid Investments portfolio, which had a total fair value of $164,488 or 7.64% of the portfolio.

As of March 31, 2026 and December 31, 2025, the weighted average Internal Risk Rating of our investment portfolio was 4.1 and 4.1, respectively. As of March 31, 2026, we had an investment in one portfolio company on non-accrual status. The cost of the investment on non-accrual status was $0.2 million, which represents approximately 0.01% of total investments at cost. As of December 31, 2025, we had an investment in one portfolio company on non-accrual status. The cost of the investment on non-accrual status was $0.2 million, which represents approximately 0.01% of total investments at cost.

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**Results of Operations**

Operating results for the three months ended March 31, 2026 and 2025 were as follows (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Investment income:** |  |  |
| Non-controlled/non-affiliated company investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $48210 | $40913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 2315 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 220 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 50745 | 42633 |
| **Expenses:** |  |  |
| Interest and debt financing expenses | 12989 | 14240 |
| Management fees (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 2635 | 1602 |
| Income based incentive fees (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 4864 | 3876 |
| Professional fees | 924 | 480 |
| Board of Trustees' fees | 125 | 131 |
| Administration fees (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | 514 | 429 |
| Other general and administrative expenses | 682 | 410 |
| Distribution and shareholder servicing fees |  |  |
| &nbsp;&nbsp;Class S | 94 | 46 |
| &nbsp;&nbsp;Class D | 16 | 10 |
| Offering costs | 236 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 23079 | 21411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense support (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | (424) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees waived (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) |  | (801) |
| &nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waived (See <u>[Note 5](#i179485e4d5974b9194141071c2198a8e_130)</u>) | (1604) | (3876) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 21051 | 16572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 29694 | 26061 |
| **Realized and unrealized gain (loss) on investments:** |  |  |
| Net realized gain (loss) on non-controlled/non-affiliated company investments | (2022) | 212 |
| Net change in unrealized appreciation (depreciation): |  |  |
| Non-controlled/non-affiliated company investments | (15487) | (10431) |
| Income tax (provision) benefit | (366) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation): | (15853) | (10425) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net realized and unrealized gain (loss) on investments | (17875) | (10213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $11819 | $15848 |

---

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses, and changes in unrealized appreciation and depreciation on the investment portfolio.

------

*Investment Income*

Investment income increased to $50.7 million for the three months ended March 31, 2026, from $42.6 million for the three months ended March 31, 2025, primarily due to an increase in our deployed capital. This increase was partially offset by a decrease in the weighted average yield on our debt and income-producing investments due to market spread tightening and a decline in SOFR. As of March 31, 2026, the size of our portfolio increased to $2.4 billion from $1.8 billion as of March 31, 2025, at cost. As of March 31, 2026, the weighted average yield of our debt and income-producing investments decreased to 8.68% from 9.48% as of March 31, 2025, at cost, primarily due to overall tightening of spreads in newly originated investments during 2025, the refinancing or repricing of existing portfolio companies to marginally lower spreads, and the decline in base interest rates. We expect our portfolio and investment income to continue growing as we raise and deploy capital through our offering. Shifts in base interest rates, such as SOFR and other applicable benchmark rates, may affect our investment income.

*Expenses*

Total expenses before expense support and waived fees increased to $23.1 million for the three months ended March 31, 2026, from $21.4 million for the three months ended March 31, 2025.

Interest and debt financing expenses decreased for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a lower average interest rate. The average interest rate for the three months ended March 31, 2026 was 5.86%, compared to 6.60% for the three months ended March 31, 2025. The average daily borrowings for the three months ended March 31, 2026 were $856.6 million, compared to $858.3 million for the three months ended March 31, 2025.

Our Adviser had waived 100% of the management fee from the Escrow Break Date through May 31, 2024, then waived 50% of the management fee for the period from June 1, 2024 through May 31, 2025. The increase in management fees for the three months ended March 31, 2026 was primarily attributable to the increase in our net assets and the expiration of the fee waivers.

Additionally, our Adviser waived 100% of incentive fees on income through May 31, 2025, and waived 50% of incentive fees on income for February and March 2026, with no waiver in effect for January 2026. For the three months ended March 31, 2026, income-based incentive fees totaled $4.9 million, of which $1.6 million was waived. The increase in incentive fees for the three months ended March 31, 2026, compared to the same period in 2025, was primarily attributable to higher net investment income and the expiration of the full incentive fee waiver, partially offset by the 50% waiver of incentive fees for February and March 2026. As of March 31, 2026, income-based incentive fees payable to the Adviser totaled $3.3 million. No capital gains incentive fees were incurred during the three months ended March 31, 2026 or 2025.

Other operating expenses also increased as the Fund grew. Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Fund. Administrative fees represent fees paid to the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including our allocable portion of the cost of our chief financial officer and chief compliance officer, and their respective staffs. Other general and administrative expenses include insurance, filing, research, rating agencies, subscriptions and other costs. Professional, administration, and other general and administrative fees for the three months ended March 31, 2026 and 2025 were $2.1 million and $1.3 million, respectively.

The expense support amount represents expenses paid on our behalf under the Expense Support Agreement, which are subject to reimbursement by us in accordance with the terms of the Expense Support Agreement. For the three months ended March 31, 2026 and 2025, expense support totaled $(0.4) million and $(0.2) million, respectively.

*Net realized gain (loss) and Net change in unrealized gains (losses) on investments*

For the three months ended March 31, 2026, we recorded a net realized loss on investments of $(2.0) million, primarily driven by sales of certain debt investments and the amendment of an underperforming debt position, compared to a net realized gain of $0.2 million for the three months ended March 31, 2025.

We recorded a net change in unrealized loss of $(15.5) million for the three months ended March 31, 2026, compared to a net change in unrealized loss of $(10.4) million for the three months ended March 31, 2025. The net change in unrealized loss for the three months ended March 31, 2026 compared to the same period in 2025 primarily resulted from benchmark spread widening and decreases in the fair value of certain underperforming portfolio investments.

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**Financial Condition, Liquidity and Capital Resources**

Due to the diverse capital resources available to us at this time, we believe we have adequate liquidity to support our near-term capital requirements. Our liquidity and capital sources are generated primarily from (i) the net proceeds of our offering of Common Shares, (ii) cash flows from income earned from our investments and principal repayments, (iii) proceeds from net borrowings on our financing facilities and CLO debt issuances (discussed further below) and (iv) any future offerings of our equity or debt securities. Due to an uncertain economic outlook, elevated capital market volatility, and evolving macroeconomic conditions, we regularly evaluate our overall liquidity position and take proactive steps to maintain that position based on such circumstances. Our primary uses of cash are (i) the purchase of investments in portfolio companies, (ii) funding the cost of operations (including paying the Adviser and the Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program, and (v) cash distributions to the holders of our Common Shares.

As of March 31, 2026, our debt consisted of asset based leverage facilities, a revolving credit facility and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue further debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, we are only permitted to borrow amounts such that our asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. As of March 31, 2026, our asset coverage was 245.61%.

Cash and cash equivalents as of March 31, 2026, taken together with our available debt, are expected to be sufficient to fund our investment activities and operating needs in the near term. As of March 31, 2026, we had $200.4 million available under our Bank of America Credit Facility, $327.5 million available under our Scotiabank Credit Facility, and $29.5 million available under our SMBC Revolving Credit Facility.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

For the three months ended March 31, 2026, our cash and cash equivalents balance increased by $25.5 million. During that period, $247.8 million was used in operating activities, primarily due to investment purchases of $321.6 million, partially offset by $47.5 million in repayments and sales of investments in portfolio companies. During the same period, $273.3 million was provided by financing activities, consisting primarily of proceeds from issuance of Common Shares and secured borrowings of $108.3 million and $233.0 million, respectively, partially offset by repayments of secured borrowings of $34.5 million, share repurchases of $13.9 million million, and distributions paid to our shareholders of $18.2 million.

For the three months ended March 31, 2025, our cash and cash equivalents balance increased by $2.0 million. During that period, $100.9 million was used in operating activities, primarily due to investment purchases of $216.1 million, partially offset by $64.4 million in repayments and sales of investments in portfolio companies. During the same period, $102.9 million was provided by financing activities, consisting primarily of proceeds from issuance of Common Shares and secured borrowings of $86.4 million and $188.0 million, respectively, partially offset by repayments of secured borrowings and distributions paid to our shareholders of $154.5 million and $12.2 million, respectively.

***Net Worth of Sponsors***

The North American Securities Administrators Association ("NASAA"), in its Omnibus Guidelines Statement of Policy, adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time (the "Omnibus Guidelines"), requires that our affiliates and Adviser, or our Sponsor, as defined under the Omnibus Guidelines, have an aggregate financial net worth, exclusive of home, automobiles and home furnishings, of the greater of either $100 thousand, or 5.0% of the first $20 million of both the gross amount of securities currently being offered in our offering and the gross amount of any originally issued direct participation program securities sold by our affiliates and sponsors within the past 12 months, plus 1.0% of all amounts in excess of the first $20 million. Based on these requirements, our Adviser and its affiliates, while not liable directly or indirectly for any indebtedness we may incur, have an aggregate financial net worth in excess of those amounts required by the Omnibus Guidelines.

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***Equity***

We are authorized to issue an unlimited number of Common Shares. In connection with our formation, we issued an initial 40 Class I shares to TIAA on March 30, 2022, and on March 31, 2022, TIAA contributed certain portfolio investments to the Fund in exchange for 10,540,000 shares of the Fund's Class I shares of beneficial interest at $25.00 per share. As of March 31, 2026, TIAA owned 3,347,667 shares of the Fund's Class I shares of beneficial interest, both directly and indirectly through private funds in which TIAA is the sole investor or that TIAA controls.

As of June 1, 2023 (the "Escrow Break Date"), we satisfied the minimum offering requirement, and the Board authorized the release of proceeds from escrow.

The following table presents transactions in Common Shares during the three months ended March 31, 2026 (dollars in thousands except share amounts):

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| | | |
|:---|:---|:---|
| | **Three March 31, 2026** | **Three March 31, 2026** |
| | **Shares** | **Amount** |
| **CLASS S** | | |
| Subscriptions | 136572 | $3305 |
| Share transfers between classes | (18056) | (438) |
| Distributions reinvested | 17072 | 413 |
| Share repurchases, net of early repurchase deduction | (13771) | (330) |
| **Net increase (decrease)** | 121817 | $2950 |
| **CLASS D** |  |  |
| Subscriptions | 42977 | 1045 |
| Share transfers between classes |  |  |
| Distributions reinvested | 19194 | 466 |
| Share repurchases, net of early repurchase deduction | (4949) | (119) |
| **Net increase (decrease)** | 57222 | $1392 |
| **CLASS I** |  |  |
| Subscriptions | 4285709 | $103936 |
| Share transfers between classes | 18004 | 438 |
| Distributions reinvested | 446823 | 10838 |
| Share repurchases, net of early repurchase deduction | (1733371) | (41392) |
| **Net increase (decrease)** | 3017165 | $73820 |

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------

The following table presents transactions in Common Shares during the three months ended March 31, 2025 (dollars in thousands except share amounts):

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| | | |
|:---|:---|:---|
| | **Three March 31, 2025** | **Three March 31, 2025** |
| | **Shares** | **Amount** |
| **CLASS S** | | |
| Subscriptions | 189647 | $4685 |
| Share transfers between classes | (4050) | (100) |
| Distributions reinvested | 5539 | 137 |
| Share repurchases, net of early repurchase deduction |  |  |
| **Net increase (decrease)** | 191136 | $4722 |
| **CLASS D** |  |  |
| Subscriptions | 45922 | $1137 |
| Share transfers between classes | (5684) | (141) |
| Distributions reinvested | 12574 | 311 |
| Share repurchases, net of early repurchase deduction | (5467) | (135) |
| **Net increase (decrease)** | 47345 | $1172 |
| **CLASS I** |  |  |
| Subscriptions | 3253184 | $80612 |
| Share transfers between classes | 9723 | 241 |
| Distributions reinvested | 363382 | 9000 |
| Share repurchases, net of early repurchase deduction | (242124) | (5965) |
| **Net increase (decrease)** | 3384165 | $83888 |

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The Fund determines NAV for each class of Common Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).

The following table presents each month-end net offering price for Class S, Class D, and Class I Common Shares, which approximately equals their respective NAV per share, for the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
|<br>**For the Month Ended** | **Class S**  | **Class D**  | **Class I** |
| January 31, 2026 | $24.21 | $24.28 | $24.28 |
| February 28, 2026 | $24.09 | $24.16 | $24.16 |
| March 31, 2026 | $23.94 | $24.02 | $24.02 |

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---

| | | | |
|:---|:---|:---|:---|
| | **NAV Per Share** | **NAV Per Share** | **NAV Per Share** |
|<br>**For the Month Ended** | **Class S**  | **Class D**  | **Class I** |
| January 31, 2025 | $24.75 | $24.80 | $24.81 |
| February 28, 2025 | $24.64 | $24.69 | $24.70 |
| March 31, 2025 | $24.58 | $24.63 | $24.64 |

---

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***Distributions***

The following tables summarize our distributions recorded for the three months ended March 31, 2026 (dollars in thousands except per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S**  | **Class S**  |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2026 | January 31, 2026 | February 27, 2026 | $0.153 | $279 |
| February 25, 2026 | February 28, 2026 | March 27, 2026 | $0.153 | $288 |
| March 27, 2026 | March 31, 2026 | April 28, 2026 | $0.153 | $291 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2026 | January 31, 2026 | February 27, 2026 | $0.165 | $217 |
| February 25, 2026 | February 28, 2026 | March 27, 2026 | $0.165 | $219 |
| March 27, 2026 | March 31, 2026 | April 28, 2026 | $0.165 | $220 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| January 29, 2026 | January 31, 2026 | February 27, 2026 | $0.170 | $9493 |
| February 25, 2026 | February 28, 2026 | March 27, 2026 | $0.170 | $9702 |
| March 27, 2026 | March 31, 2026 | April 28, 2026 | $0.170 | $9994 |

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_____________

(1)Distributions are net of distribution and servicing fees.

The following tables summarize our distributions recorded for the three months ended March 31, 2025 (dollars in thousands except per share amounts):

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class S**  | **Class S**  |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | $0.183 | $156 |
| February 27, 2025 | February 28, 2025 | March 28, 2025 | $0.183 | $162 |
| March 28, 2025 | March 31, 2025 | April 29, 2025 | $0.183 | $172 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class D** | **Class D** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** <sup>(1)</sup> | **Distribution Amount** |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | $0.195 | $162 |
| February 27, 2025 | February 28, 2025 | March 28, 2025 | $0.195 | $165 |
| March 28, 2025 | March 31, 2025 | April 29, 2025 | $0.195 | $170 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Class I** | **Class I** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| January 29, 2025 | January 31, 2025 | February 28, 2025 | $0.200 | $6741 |
| February 27, 2025 | February 28, 2025 | March 28, 2025 | $0.200 | $6901 |
| March 28, 2025 | March 31, 2025 | April 29, 2025 | $0.200 | $7076 |

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_______________

(1)Distributions are net of distribution and servicing fees.

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*Distribution Reinvestment Plan*

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash, except for shareholders in certain states. As a result, if the Board authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Distributions on fractional shares will be credited to each participating shareholder's account to three decimal places.

*Share Repurchase Program*

Beginning with the fiscal quarter ended September 30, 2023, we commenced a share repurchase program in which we intend to repurchase in each quarter, at the discretion of the Board, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board, in its sole discretion, may amend or suspend the share repurchase program if it deems such action to be in the best interest of our shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board will consider on at least a quarterly basis whether the continued suspension of the share repurchase program is in the best interest of us and our shareholders and will reinstate the share repurchase program when and if appropriate and subject to its fiduciary duty to us and our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued.

Under the share repurchase program, to the extent we offer to repurchase Common Shares in any particular quarter, we expect to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by us for the benefit of remaining shareholders. The repurchase of the Adviser's shares, if any, will be on the same terms and subject to the same limitations as other shareholders under the share repurchase program.

Payment for repurchased Common Shares may require us to liquidate portfolio holdings earlier than our Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses as a result of higher portfolio turnover rates. Our Adviser intends to take measures, subject to policies as may be established by our Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of shares. Class I shares owned by TIAA will be subject to the following restrictions: TIAA may submit its Class I shares for repurchase beginning on March 31, 2027. Beginning March 31, 2027, the total amount of TIAA shares eligible for repurchase will be limited to no more than 1.67% of our aggregate NAV per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Common Shares does not exceed the share repurchase program limit of 5% of the aggregate NAV per calendar quarter, these redemption limits on the TIAA shares will not apply for that quarter, and TIAA will be entitled to submit its shares for repurchase up to the overall share repurchase program limits. Notwithstanding the foregoing, TIAA may sell a portion of its Class I shares to unaffiliated investors in reliance upon an exemption from registration under the Securities Act.

------

The following tables present the share repurchases completed for the three months ended March 31, 2026 and 2025 (dollars in thousands except share and per share amounts):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Repurchase Price per share** | **Repurchased Amount** <sup>(1)</sup> | **Shares Repurchased** <sup>(2)</sup> |
| February 28, 2026 | Class I | March 27, 2026 | $24.02 | $41392 | 1733371 |
| February 28, 2026 | Class D | March 27, 2026 | $24.02 | $119 | 4949 |
| February 28, 2026 | Class S | March 27, 2026 | $23.94 | $330 | 13771 |

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_______________

(1)Amounts shown net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Repurchase Price per share** | **Repurchased Amount** <sup>(1)</sup> | **Shares Repurchased** <sup>(2)</sup> |
| February 28, 2025 | Class I | March 28, 2025 | $24.64 | $5965 | 242124 |
| February 28, 2025 | Class D | March 28, 2025 | $24.63 | $135 | 5467 |

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_______________

(1)Amounts shown net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full.

***Income Taxes***

We have elected to be regulated as a BDC under the 1940 Act. We also intend to qualify annually to be treated as a RIC under the Code. So long as we maintain our RIC tax treatment, we generally will not be subject to U.S federal income tax on any ordinary income or capital gains that we timely distribute to our shareholders as dividends. Rather, any tax liability related to income earned and distributed by us would represent obligations of our investors and would not be reflected in our financial statements.

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we must distribute to our shareholders, for each taxable year, at least the sum of (i) 90% of our "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) 90% of our net tax-exempt income.

In addition, based on the excise tax distribution requirements, we are subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless we distribute in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of our ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by us that is subject to corporate income tax is considered to have been distributed.

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***Secured Borrowings***

See <u>[Note 6](#i179485e4d5974b9194141071c2198a8e_133)</u> to the consolidated financial statements in <u>[Part I, Item 1](#i179485e4d5974b9194141071c2198a8e_1338)</u> of this Quarterly Report on Form 10-Q for more information on our secured borrowings.

*Bank of America Credit Facility*

On April 19, 2022, a wholly owned subsidiary of the Fund entered into a credit agreement with the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, the Fund, as servicer, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian (as amended from time to time, the "Bank of America Credit Agreement" and the revolving credit facility thereunder, the "Bank of America Credit Facility"). On July 16, 2024, SPV II entered into the borrower joinder agreement to become party to the Bank of America Credit Agreement and pledged all of its assets to the collateral agent to secure its obligations under the Bank of America Credit Facility.

The most recent amendment on December 19, 2025, among other things: (i) revised the Applicable Rate (as defined in the Bank of America Credit Agreement) calculation for the first three months following the amendment date to the (A) sum of (1) 1.60% multiplied by the lesser of (x) the Adjusted Principal Balance (as defined in the Bank of America Credit Agreement) of all Eligible Collateral Assets (as defined in the Bank of America Credit Agreement) that are Qualifying Syndicated Loans (as defined in the Bank of America Credit Agreement) or (y) 30% of the Adjusted Principal Balance of all Eligible Collateral Assets, plus (2) 1.80% multiplied by (x) the Adjusted Principal Balance of all Eligible Collateral Assets minus the amount determined in clause (II)(i)(a)(y) of the definition of "Applicable Rate" divided by (B) the Aggregate Adjusted Principal Balance (as defined in the Bank of America Credit Agreement); (ii) incorporated an additional Applicable Rate such that, starting after the three-month anniversary of the amendment date, the Applicable Rate will be equal to 1.80% per annum, (iii) extended the availability period from September 19, 2027 to March 19, 2028; (iv) extended the maturity date of the facility from September 19, 2029 to March 19, 2030; and (v) revised the Make-Whole Percentage (as defined in the Bank of America Credit Agreement) from 0.0% to 0.25% for the period from December 19, 2026 through December 19, 2027, and 0.0% thereafter. The maximum amount available under the Bank of America Credit Facility is $350,000.

Borrowings under the Bank of America Credit Facility bear interest based on either (x) an annual rate equal to SOFR determined for any day ("Daily SOFR") for the relevant interest period, plus an applicable spread, or (y) the highest of (i) the Federal Funds Rate plus an applicable spread, (ii) the Prime Rate in effect for any day and (iii) Daily SOFR plus an applicable spread. Interest is payable monthly in arrears. Advances under the Bank of America Credit Facility are secured by a pool of broadly-syndicated and middle-market loans subject to eligibility criteria and advance rates specified in the Bank of America Credit Agreement. Advances under the Bank of America Credit Facility may be prepaid and reborrowed at any time during the Availability Period (as defined therein), but any termination or reduction of the facility amount is subject to certain conditions. The Fund and SPV II have made customary representations and warranties and are required to comply with various financial covenants related to liquidity and other maintenance covenants, reporting requirements and other customary requirements for similar facilities.

As of March 31, 2026, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.80% per annum. As of March 31, 2025, the Bank of America Credit Facility bore interest at a rate of Daily SOFR plus 1.88% per annum. Interest is payable monthly in arrears.

*Scotiabank Credit Facility*

On July 19, 2024, a wholly owned subsidiary of NCPCF entered into a credit agreement (as amended from time to time, the "Scotiabank Credit Facility Agreement" and the credit facility thereunder, the "Scotiabank Credit Facility") with the lenders from time to time parties thereto, NCPCF, as servicer, 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. Effective December 11, 2024, as a result of the NCPCF Acquisition, the Fund became a party to the Scotiabank Credit Facility Agreement as successor in interest to NCPCF and assumed the Scotiabank Credit Facility. In connection with an amendment on May 22, 2025, SPV III and BSL SPV I were added as new borrowers (collectively, the "New Borrowers"). In addition, the amendment, among other things: (i) adjusted the total revolving commitment available to $150.0 million (subject to increases up to $450.0 million), subject to availability governed by a collateralization test; (ii) amended the applicable margin for the interest rate payable by each New Borrower, and (iii) extended the final maturity date from July 19, 2033 to May 22, 2034.

The total revolving commitment available was increased to $450.0 million, subject to availability governed by a collateralization test, effective February 22, 2026.

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Borrowings under the Scotiabank Credit Facility are secured by all of the assets held by the New Borrowers and bear interest based on an annual rate equal to SOFR determined for any day ("Daily Simple SOFR") for the relevant interest period, plus the applicable margin. As of March 31, 2026, the Scotiabank Credit Facility bore interest at a rate of SOFR, reset daily, plus 2.08% per annum. Interest is payable quarterly. The Fund and the New Borrowers, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Scotiabank Credit Facility Agreement includes usual and customary events of default for facilities of this nature. Borrowings under the Scotiabank Credit Facility will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.

*SMBC Revolving Credit Facility*

On April 8, 2025, the Fund entered into a Senior Secured Revolving Credit and Term Loan Agreement (the "SMBC Revolving Credit Facility Agreement" and the revolving credit facility thereunder, the "SMBC Revolving Credit Facility") by and among the Fund, as borrower, the lenders from time to time parties thereto, Sumitomo Mitsui Banking Corporation, as administrative agent, collateral agent, issuing bank, swingline lender, a lender and as lead arranger and sole bookrunner. The SMBC Revolving Credit Facility is guaranteed by certain subsidiaries of the Fund that may be formed or acquired by the Fund in the future (collectively, the "Guarantors").

The initial maximum principal amount available under the SMBC Revolving Credit Facility was $50.0 million, subject to availability under the borrowing base, which is based on the Fund's portfolio investments and other outstanding indebtedness. Maximum capacity under the SMBC Revolving Credit Facility may be increased to $300.0 million through the exercise by the Fund of an uncommitted accordion feature, through which existing and new lenders may, at their option, agree to provide additional financing. Effective May 22, 2025, in connection with the closing of the 2025 Debt Securitization (discussed further below), the maximum principal amount increased to $100.0 million. The SMBC Revolving Credit Facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Fund and each Guarantor, subject to certain exceptions, and includes a $25.0 million limit for swingline loans.

The availability period under the SMBC Revolving Credit Facility will terminate on April 8, 2029 (the "Commitment Termination Date") and the SMBC Revolving Credit Facility will mature on April 8, 2030 (the "Final Maturity Date"). During the period from the Commitment Termination Date to the Final Maturity Date, the Fund will be obligated to make mandatory prepayments under the SMBC Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances.

The Fund may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the SMBC Revolving Credit Facility in U.S. dollars will bear interest at either Term SOFR plus a margin, or the Alternate Base Rate (which is the greater of (x) zero and (y) the highest of (a) the Prime Rate, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.50%, or (c) Term SOFR plus 1.00% per annum) plus a margin. The Fund may elect either the Term SOFR or Alternate Base Rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Fund's option, subject to certain conditions. Amounts drawn under the SMBC Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus an applicable margin. The Fund also will pay a fee of 0.375% per annum on the daily undrawn amounts under the SMBC Revolving Credit Facility. As of March 31, 2026, the SMBC Revolving Credit Facility bore interest at SOFR plus 2.125% per annum.

The SMBC Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Fund of additional indebtedness and on the Fund's ability to make distributions to its shareholders, or to redeem, repurchase or retire common shares of beneficial interest upon the occurrence of certain events and certain financial covenants related to asset coverage and minimum shareholders' equity, as well as customary events of default.

*CLO-I*

On July 16, 2024, the Fund completed a $398.7 million term debt securitization (the "2024 Debt Securitization").

The notes offered in the 2024 Debt Securitization (the "2024 Notes") were issued by CLO-I (formerly known as SPV I) (the "2024 Issuer"), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement, dated as of July 16, 2024 (the "2024 Indenture"). The 2024 Notes consist of $197.0 million of AAA-rated Class A 2024 Notes, which bear interest at the three-month Term SOFR plus 1.70%; $48.0 million of AA-rated Class B 2024 Notes, which bear interest at the three-month Term SOFR plus 1.95%; $26.0 million of A-rated Class C 2024 Notes, which bear interest at the three-month Term SOFR plus 2.55%; and $92.7 million of Subordinated 2024 Notes, which do not bear interest. The Fund directly owns all of the Subordinated 2024 Notes, and as such, these notes are eliminated in consolidation.

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As part of the 2024 Debt Securitization, CLO-I also entered into a loan agreement, dated July 16, 2024 (the "CLO-I Loan Agreement"), pursuant to which various financial institutions and other persons which are, or may become, parties to the CLO-I Loan Agreement as lenders committed to make $35.0 million of AAA Class A-L 2024 Loans to CLO-I (the "2024 Loans" and, together with the 2024 Notes, the "2024 Debt"). The 2024 Loans bear interest at the three-month Term SOFR plus 1.70% (the "2024 Class A-L Loans") and were fully drawn upon the closing of the transaction. Any lender may elect to convert all of the 2024 Class A-L Loans held by such lenders into Class A 2024 Notes upon written notice to CLO-I in accordance with the CLO-I Loan Agreement.

The 2024 Debt is backed by a diversified portfolio of senior secured and second lien loans. Each of the 2024 Indenture and the CLO-I Loan Agreement contain certain conditions pursuant to which loans can be acquired by the 2024 Issuer, in accordance with rating agency criteria or as otherwise agreed with certain institutional investors who purchased the 2024 Debt. Through July 20, 2028, all principal collections received on the underlying collateral may be used by the 2024 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2024 Issuer, and in accordance with the Fund's investment strategy, allowing the Fund to maintain the initial leverage in the 2024 Debt Securitization. The 2024 Notes are due on July 20, 2036, and the 2024 Loans mature on July 20, 2036.

The Fund serves as collateral manager to the 2024 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

*CLO-II*

On May 22, 2025, the Fund completed a $499.7 million term debt securitization (the "2025 Debt Securitization").

The debt offered in the 2025 Debt Securitization (the "2025 Debt") was issued by CLO-II (formerly known as SPV IV) (the "2025 Issuer"), a direct, wholly owned, consolidated subsidiary of the Fund, pursuant to an indenture and security agreement (the "2025 Indenture") and Class A-2L and Class B-L loan agreements (collectively, the "CLO-II Loan Agreements"), each dated as of May 22, 2025. The 2025 Debt consists of (i) $290.0 million of AAA-rated Class A-1 Notes, which bear interest at the three-month Term SOFR plus 1.665%; $35.0 million of AA-rated Class B Notes, which bear interest at the three-month Term SOFR plus 2.100%; and $144.7 million of Subordinated Notes, which do not bear interest (collectively, the "2025 Notes"), and (ii) $20.0 million of AAA Class A-2L Loans, which bear interest at the three-month Term SOFR plus 1.850% and $10.0 million of AA Class B-L Loans, which bear interest at the three-month Term SOFR plus 2.100% (collectively, the "2025 Loans"). The 2025 Debt also consists of AAA-rated Class A-2 Notes, which were issued with a $0 principal balance. The Fund directly owns all of the Subordinated Notes and, as such, these notes are eliminated in consolidation.

The 2025 Debt is backed by a diversified portfolio of senior secured and second lien loans. The 2025 Indenture contains certain conditions pursuant to which loans can be acquired by the 2025 Issuer, in accordance with rating agency criteria and as otherwise agreed with certain institutional investors who purchased the 2025 Debt. Through May 15, 2029, all principal collections received on the underlying collateral may be used by the 2025 Issuer to purchase new collateral under the direction of the Fund, in its capacity as collateral manager of the 2025 Issuer and in accordance with the Fund's investment strategy, allowing the Fund to maintain the initial leverage in the 2025 Debt Securitization. The 2025 Notes are due on May 15, 2037 and the 2025 Loans mature on May 15, 2037.

The Fund serves as collateral manager to the 2025 Issuer under a collateral management agreement and waives any management fee due to it in consideration for providing these services.

***Contractual Obligations***

The following tables show the contractual maturities of our debt obligations as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of March 31, 2026** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Bank of America Credit Facility | $145500 | $— | $— | $145500 | $— |
| Scotiabank Credit Facility | 117000 |  |  |  | 117000 |
| SMBC Revolving Credit Facility | 70500 |  |  | 70500 |  |
| CLO-I | 306000 |  |  |  | 306000 |
| CLO-II | 355000 |  |  |  | 355000 |
| **Total debt obligations** | $994000 | $— | $— | $216000 | $778000 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|<br>**As of December 31, 2025** | **Total** | **Less than 1 Year** | **1 to 3 years** | **3 to 5 years** | **More than 5 Years** |
| Bank of America Credit Facility | $67000 | $— | $— | $67000 | $— |
| Scotiabank Credit Facility | 46000 |  |  |  | 46000 |
| SMBC Revolving Credit Facility | 21500 |  |  | 21500 |  |
| CLO-I | 306000 |  |  |  | 306000 |
| CLO-II | 355000 |  |  |  | 355000 |
| **Total debt obligations** | $795500 | $— | $— | $88500 | $707000 |

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**Related-Party Transactions**

We have entered into a number of business relationships with affiliated or related parties, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CAM Sub-Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the NAM Sub-Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Administration Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Expense Support Agreement.

On August 5, 2025, we and certain of our affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the "Order"). The Order supersedes the prior exemptive order granted on June 7, 2019 and amended on October 14, 2022. The Order permits us to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when we co-invest with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if we dispose of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee our participation in the co-investment program. As required by the Order, we have adopted, and the Board has approved, policies and procedures reasonably designed to ensure our compliance with the conditions of the Order, and the Adviser and our Chief Compliance Officer will provide reporting to the Board.

***Expense Support Agreement***

We have entered into the Expense Support Agreement with Churchill. The Expense Support Agreement provides that, at such times as it determines, Nuveen Alternative Holdings may pay (or cause one or more of its affiliates to pay) certain expenses of the Fund, including organization and offering expenses, provided that no portion of the payment will be used to pay any interest expense and/or shareholder servicing fees of the Fund (each, an "Expense Payment"). Such Expense Payment will be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from Nuveen Alternative Holdings to pay such expense and/or by an offset against amounts due from us to Nuveen Alternative Holdings.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to our shareholders based on distributions declared with respect to record dates occurring in such calendar month (such amount referred to as the "Excess Operating Funds"), we will pay such Excess Operating Funds, or a portion thereof (each, a "Reimbursement Payment"), to Nuveen Alternative Holdings that previously paid such expenses, until such time as all Expense Payments made by such entity within three years prior to the last business day of such calendar quarter have been reimbursed. "Available Operating Funds" means the sum of (i) net investment income (including net realized short-term capital gains reduced by net realized long-term capital losses), (ii) net capital gains (including the excess of net realized long-term capital gains over net realized short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The amount of the Reimbursement Payment for any calendar month will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by Nuveen Alternative Holdings to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to Nuveen Alternative Holdings.

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The Expense Support Agreement provides additional restrictions on the amount of each Reimbursement Payment for any calendar quarter, and no Reimbursement Payment will be made for any month if: (1) the annualized rate (based on a 365-day year) of regular cash distributions per share of beneficial interest declared by our Board exclusive of returns of capital, distribution rate reductions due to any fees (including to a transfer agent) payable in connection with distributions, and any declared special dividends or distributions (the "Effective Rate of Distributions Per Share") declared by us at the time of such Reimbursement Payment, is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates or (2) our Operating Expense Ratio (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. The "Operating Expense Ratio" is calculated by dividing Operating Expenses (as defined below), less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by our net assets. "Operating Expenses" means all of our operating costs and expenses incurred, as determined in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Nuveen Alternative Holdings may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar quarter, so that such Reimbursement Payment may be reimbursable in a future calendar quarter within three years of the date of the applicable Expense Payment.

Our obligation to make a Reimbursement Payment will automatically become a liability of ours on the last business day of the applicable calendar month, except to the extent Nuveen Alternative Holdings has waived the right to receive such payment for the applicable month.

The following table presents a cumulative summary of the expense payments and reimbursement payments since our commencement of operations (dollar amounts in thousands):

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the Quarter Ended** | **Expense Payments by Adviser** | **Reimbursement Payments to Adviser** | **Expired Expense Support** | **Unreimbursed Expense Payments** | **Effective Rate of Distribution per Share** <sup>(1)</sup> | **Reimbursement Eligibility Expiration** | **Operating Expense Ratio** <sup>(2)</sup> |
| March 31, 2022 | $983 | $— | $(983) | $— | —% | March 31, 2025 | 0.08% |
| June 30, 2022 | 677 |  | (677) |  | 6.62% | June 30, 2025 | 0.19% |
| September 30, 2022 | 379 |  | (379) |  | 7.23% | September 30, 2025 | 0.21% |
| December 31, 2022 | 176 |  | (176) |  | 9.07% | December 31, 2025 | 0.14% |
| March 31, 2023 | 198 |  | (198) |  | 10.22% | March 31, 2026 | 0.22% |
| June 30, 2023 | 113 |  |  | 113 | 11.69% | June 30, 2026 | 0.22% |
| September 30, 2023 | 327 |  |  | 327 | 12.19% | September 30, 2026 | 0.27% |
| December 31, 2023 | 115 |  |  | 115 | 12.13% | December 31, 2026 | 0.13% |
| March 31, 2024 | 31 |  |  | 31 | 12.19% | March 31, 2027 | 0.12% |
| June 30, 2024 | 217 | **—** |  | 217 | 9.72% | June 30, 2027 | 0.15% |
| September 30, 2024 | 75 |  |  | 75 | 9.70% | September 30, 2027 | 0.15% |
| December 31, 2024 | 333 |  |  | 333 | 9.68% | December 31, 2027 | 0.21% |
| March 31, 2025 |  |  |  |  | 9.74% | March 31, 2028 | 0.17% |
| June 30, 2025 | 110 |  |  | 110 | 9.78% | June 30, 2028 | 0.15% |
| September 30, 2025 | 384 |  |  | 384 | 9.82% | September 30, 2028 | 0.15% |
| December 31, 2025 | 413 |  |  | 413 | 8.88% | December 31, 2028 | 0.23% |
| March 31, 2026 | 428 |  |  | 428 | 8.49% | March 31, 2029 | 0.16% |
| **Total** | $**4959** | $**—** | $**(2413)** | $**2546** |  |  |  |

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__________

(1)The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding) divided by the Fund's gross offering price per share as of each quarter ended.

(2)The operating expense ratio is calculated by dividing the quarterly operating expenses, less organizational and offering expenses, base management fee and incentive fees owed to Churchill, and interest expense, by the Fund's net assets as of each quarter end.

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**Off-Balance Sheet Arrangements**

In the ordinary course of its business, we enter into contracts or agreements that contain indemnifications or warranties. Future events could occur which may give rise to liabilities arising from these provisions against us. We believe that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of March 31, 2026 and December 31, 2025. We may in the future become obligated to fund commitments such as delayed draw commitments, revolvers, and equity investment commitments.

*For more information on our off-balance sheet arrangements, commitments and contingencies see <u>[Note 7](#i179485e4d5974b9194141071c2198a8e_136)</u> to the consolidated financial statements in <u>[Part I, Item 1](#i179485e4d5974b9194141071c2198a8e_1338)</u>of this Quarterly Report on Form 10-Q.* 

**Critical Accounting Policies and Estimates**

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates, including those relating to the valuation of our portfolio investments, are described below. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, and U.S. Federal Income Taxes, which are described below. The valuation of investments is our most significant critical accounting estimate. The critical accounting policies and estimates should be read in connection with our risk factors as disclosed under the heading "Risk Factors" in our Quarterly Report on Form 10-Q for the three months ended March 31, 2026.

*Valuation of Portfolio Investments*

Consistent with U.S. GAAP and the 1940 Act, we conduct a valuation of our assets, pursuant to which our net asset value is determined.

Our assets are valued on a quarterly basis, or more frequently if required under the 1940 Act. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as our valuation designee (the "Valuation Designee") to determine the fair value of our investments that do not have readily available market quotations. Pursuant to our valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the "Valuation Committee") is responsible for determining the fair value of our assets for which market quotations are not readily available, subject to the oversight of the Board.

Investments for which market quotations are readily available are typically valued at those market quotations. Market quotations are obtained from independent pricing services where available. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the quotes obtained. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.

With respect to investments for which market quotations are not readily available, we, or an independent third-party valuation firm engaged by the Valuation Designee, will take into account relevant factors in determining the fair value of our investments, including and in combination of: comparison to publicly traded securities, including factors such 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 flows; and the markets in which the portfolio company does business. Investment performance data utilized are the most recently available financial statements and compliance certificates received from the portfolio companies as of the measurement date, which in many cases may reflect a lag in information. The independent third-party valuation firm provides a fair valuation report, a description of the methodology used to determine the fair value and their analysis and calculations to support their conclusion.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation.

We apply the practical expedient relating to investments in certain portfolio companies that calculate NAV per share (or its equivalent). U.S. GAAP permits an entity holding investments in certain portfolio companies that either are investment companies, or have attributes similar to an investment company, and calculate NAV per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that NAV per share, or its equivalent, without adjustment. Investments which are valued using NAV per share or its equivalent as a practical expedient are not categorized within the fair value hierarchy, as described below.

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U.S. GAAP establishes a hierarchical disclosure framework which ranks the level of observability of market price inputs used in measuring investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment and the characteristics specific to the investment and state of the marketplace, including the existence and transparency of transactions between market participants. Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value. We review pricing and methodologies in order to determine if observable market information is being used as opposed to unobservable inputs.

Our accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of these valuations, and any change in these valuations, on the consolidated financial statements.

*For more information on the fair value hierarchy, our framework for determining fair value and the composition of our portfolio, see <u>[Note 4](#i179485e4d5974b9194141071c2198a8e_127)</u> to the consolidated financial statements in <u>[Part I, Item 1](#i179485e4d5974b9194141071c2198a8e_1338)</u> of this Quarterly Report on Form 10-Q.*

*Revenue Recognition*

Our revenue recognition policies are as follows:

*Net realized gains (losses) on investments*: Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method

*Investment Income*: Interest income, including amortization of premium and accretion of discount on loans, is recorded on an accrual basis. We accrue interest income based on the effective yield if we expect that, ultimately, we will be able to collect such income. We may have loans in our portfolio that contain payment-in-kind ("PIK") income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity.

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Distributions from the Fund's equity investments in other investment companies occur at irregular intervals and the exact timing of the distributions cannot be determined. The classification of distributions received, including return of capital, realized gains and dividend income, is based on information received from the portfolio company.

Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with our investment activities, as well as any fees for managerial assistance services rendered by us to our portfolio companies. Such fees are recognized as income when earned or the services are rendered.

*Non-accrual*: Generally, if a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments, Churchill will place the loan on non-accrual status, and we will cease recognizing interest income on that loan until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible, even though we remain contractually entitled to this interest. We may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated.

Our accounting policy on net realized gains (losses) and investment income recognition is critical because it involves the primary source of our revenue and accordingly is significant to the financial results as disclosed in our consolidated financial statements.

*U.S. Federal Income Taxes*

We have elected to be regulated as a BDC under the 1940 Act. We have elected, and intend to qualify annually, to be treated as a RIC under the Code; however, no assurance can be given that we will be able to qualify for and maintain RIC tax status. So long as we maintain our qualification as a RIC, we generally will not be subject to U.S. federal income or U.S. federal excise taxes on any ordinary income or capital gains that we timely distribute at least annually to our stockholders as dividends. As a result, any tax liability related to income earned and distributed by us represents obligations of our stockholders and will not be reflected in our consolidated financial statements.

------

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reversed and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. As of March 31, 2026, we did not have any uncertain tax positions that met the recognition or measurement criteria nor did the Fund have any unrecognized tax benefits.

Our accounting policy on income taxes is critical because if we are unable to maintain our status as a RIC, we would be required to record a provision for U.S. federal income taxes, which may be significant to our financial results.

**Contractual Obligations**

We have entered into the Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services.

We have entered into the Bank of America Credit Facility, the Scotiabank Credit Facility, the SMBC Revolving Credit Facility, the 2024 Debt Securitization, and the 2025 Debt Securitization, and intend to establish additional credit facilities or enter into other financing arrangements in the future to facilitate investments and the timely payment of our expenses. It is anticipated that any such financing facilities will bear interest at floating rates at to-be-determined spreads, such as SOFR. We cannot assure shareholders that we will be able to enter into a financing facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

**Recent Developments** 

***Distributions***

On April 29, 2026, the Fund declared regular distributions for each class of its Common Shares in the amounts per share set forth below, net of distribution and servicing fees, where applicable. The distributions for each class of Common Shares are payable on or about May 28, 2026 to shareholders of record as of April 30, 2026.

---

| | |
|:---|:---|
| | **Net Distribution** |
| Class I Common Shares | $0.170 |
| Class S Common Shares | $0.153 |
| Class D Common Shares | $0.165 |

---

***Subscriptions***

Subsequent to the fiscal quarter ended March 31, 2026, the Fund received approximately $55.7 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 as of May 11, 2026. As of May 11, 2026, the Fund has raised total gross proceeds of $1.5 billion in the continuous offering of its Common Shares.

***Acquisition of Nuveen Churchill BDC V***

On May 1, 2026, we completed our previously announced acquisition (the "Asset Purchase") of substantially all of the assets of Nuveen Churchill BDC V ("BDC V"). The Asset Purchase was completed pursuant to a purchase and sale agreement, dated April 1, 2026 (the "BDC V Purchase Agreement"), by and between the Fund and BDC V. Our board of trustees and the board of trustees of BDC V, including a majority of our independent trustees and the independent trustees of BDC V, approved the BDC V Purchase Agreement and the transactions contemplated thereby, including the Asset Purchase, consistent with the requirements of Rule 17a-8 under the 1940 Act. In addition, the BDC V Purchase Agreement and the transactions contemplated thereby, including the Asset Purchase, were approved by BDC V's shareholders at a virtual shareholder meeting held on April 30, 2026.

The Fund and BDC V are affiliated BDCs externally managed by the Adviser and Churchill, respectively. Churchill also serves as our sub-adviser under the CAM Sub-Advisory Agreement, pursuant to which the Adviser has delegated substantially all of its daily portfolio management obligations under the Advisory Agreement to Churchill. Further, the same individuals who serve as trustees on our board of trustees also serve as trustees on BDC V's board of trustees, except that our board of trustees includes one additional trustee who is an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of us who does not serve on BDC V's board of trustees.

------

Pursuant to the BDC V Purchase Agreement, at the Effective Time (as defined in the BDC V Purchase Agreement), we delivered to BDC V an aggregate purchase price of $347.0 million, equal to the net asset value of BDC V as of April 29, 2026 (the "Purchase Price"), at which time BDC V sold, transferred, assigned and conveyed to us substantially all of its assets, and we assumed all of BDC V's liabilities, including $511.0 million of indebtedness outstanding under BDC V's credit facility.

We funded the Purchase Price with $337.3 million of borrowings under the Bank of America Credit Facility and the ScotiaBank Credit Facility.

***Citi Credit Facility***

On May 11, 2026, we entered into a credit and security agreement (the "Citi Credit Agreement" and the credit facility thereunder, the "Citi Credit Facility") with our direct wholly-owned subsidiary, SPV V, as borrower, the Fund, as equityholder and collateral manager, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian. We will serve as collateral manager to SPV V under the Citi Credit Agreement and will waive any management fee that we are due in consideration for providing these services. The Citi Credit Agreement (i) provides an initial facility amount of up to $150.0 million and (ii) has a reinvestment period initially ending on November 11, 2026 and a final maturity date on May 10, 2027.

In connection with the Citi Credit Agreement, the Fund, as transferor, and SPV V, as transferee, entered into a Loan Sale and Contribution Agreement (the "Contribution Agreement"), pursuant to which we will transfer to SPV V certain originated or acquired loans and related assets from time to time.

The obligations of SPV V under the Citi Credit Agreement are secured by substantially all of the assets held by SPV V. The interest rate charged on the Citi Credit Facility is based on Term SOFR plus an applicable margin of at least 1.125% per annum. In addition, SPV V is required to pay, among other fees, a commitment fee of 0.25% on any unused portion of the Citi Credit Facility from May 11, 2026 through August 11, 2026. Beginning on August 12, 2026, the commitment fee on any unused portion of the Citi Credit Facility will equal (i) 0.25% per annum if the average utilization rate is greater than or equal to 90.0%, (ii) 0.50% per annum if the average utilization rate is less than 90.0% and greater than or equal to 70.0%, and (iii) the Weighted Average Applicable Margin (as defined in the Administrative Agent Fee Letter) if the average utilization rate is less than 70.0%.

Under the Citi Credit Agreement, the Fund and SPV V, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Citi Credit Agreement includes usual and customary events of default for facilities of this nature.

Proceeds from the Citi Credit Facility will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.

------

**ITEM 3. Quantitative and Qualitative Disclosures about Market Risk**

Uncertainty with respect to, among other things, inflationary pressures, elevated interest rates, new tariffs and trade barriers, geopolitical conditions, including the ongoing conflict between Russia and Ukraine, the turmoil in Europe and the Middle East and the failure of major financial institutions introduced significant volatility in the financial markets, and the effects of this volatility has materially impacted and could continue to materially impact our market risks, including those listed below.

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments do not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser, as the Valuation Designee, in accordance with our valuation policy, subject to the oversight of the Board and based on, among other things, the input of the independent third-party valuation firms engaged by the Valuation Designee. There is no single standard for determining fair value. 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.

***Interest Rate Risk***

We are subject to interest rate risk. Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing internals between our assets and liabilities and the effect that interest rates may have on our cash flows. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. Our net investment income is also affected by fluctuations in various interest rates to the extent our debt investments include floating interest rates. As a result, 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.

The Federal Reserve reduced its benchmark interest rate by 0.25% on each of September 17, 2025, October 29, 2025, and December 10, 2025, bringing the benchmark rate to the 3.50% to 3.75% range, representing cumulative cuts of 75 basis points during 2025. The Federal Reserve maintained this range at its January 28, 2026 and March 18, 2026 meetings, citing a data-dependent approach as policymakers continued to balance their dual mandate of full employment and progress toward the Federal Reserve's long-run inflation target. While market participants had broadly expected additional rate cuts in 2026 at the start of the year, expectations have shifted toward rates remaining at current levels for longer, as headline inflation remains above the Federal Reserve's 2% target and geopolitical tensions have added further upside pressure to the inflation outlook. Given the evolving economic environment and the Federal Reserve's continued focus on balancing its dual mandate of full employment and progress toward its long-run inflation target, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. In an elevated interest rate environment, our cost of funds would increase, which could reduce our net investment income absent a corresponding increase in interest income generated by our investment portfolio. Conversely, sustained reductions in interest rates will decrease our gross investment income and could result in lower net investment income if declines in base rates, such as SOFR or other benchmark rates, are not offset by corresponding increases in credit spreads on our portfolio investments, reductions in our operating expenses, or decreases in the interest rates on our borrowings.

As of March 31, 2026, on a fair value basis, approximately 4.00% of our debt investments bear interest at a fixed rate, and approximately 96.00% of our debt investments bear interest at a floating rate. As of March 31, 2026, 85.60% of our floating rate debt and income producing investments are subject to interest rate floors. Our credit facilities, along with our debt issued in our collateralized loan obligation, are predominantly subject to floating interest rates and are currently paid based on floating SOFR rates.

The following table estimates the annualized impact of hypothetical base rate changes on net cash flows generated from interest income and expenses should interest rates increase by 100, 200 or 300 basis points or decrease by 100, 200 or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2026. Interest expense is calculated based on the terms of the credit facilities and collateralized loan obligations using the outstanding balance as of March 31, 2026. Interest expense on our credit facilities and the debt issued in our collateralized loan obligations are calculated using the interest rate as of March 31, 2026, adjusted for the impact of hypothetical changes in rates, as shown below. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2026.

------

Actual results could differ significantly from those estimated in the table (dollar amounts in thousands).

---

| | | | |
|:---|:---|:---|:---|
| **Changes in Interest Rates** | **Interest Income** | **Interest Expense** | **Net Income** <sup>(1)</sup> |
| - 300 Basis Points | $(15878) | $(7353) | $(8525) |
| - 200 Basis Points | $(11343) | $(4902) | $(6441) |
| - 100 Basis Points | $(5674) | $(2451) | $(3223) |
| +100 Basis Points | $5675 | $2451 | $3224 |
| +200 Basis Points | $11349 | $4902 | $6447 |
| +300 Basis Points | $17024 | $7353 | $9671 |

---

_____________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Excludes the impact of income based incentive fees.

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, there can be no assurance that actual results would not differ materially from the analysis above.

------

**ITEM 4. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q.

Based on that evaluation, we, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of March 31, 2026 and provided reasonable assurance that information required to be disclosed in our periodic Securities and Exchange Commission filings is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information was accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

**Changes in Internal Controls Over Financial Reporting**

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**Part II - Other Information**

**Item 1. Legal Proceedings** 

We, our consolidated subsidiaries, and the Advisers are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we, our consolidated subsidiaries and/or the Advisers may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is subject to extensive regulation, which may result in regulatory proceedings against us.

**Item 1A. Risk Factors**

There have been no material changes to the risk factors previously disclosed under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025 other than those noted below. For a further discussion of our potential risks and uncertainties, see the information under the heading "Risk Factors" in our Annual Report on Form <u>[10-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001911066/000191106626000012/ncpif-20251231.htm)</u> filed with the SEC on March 6, 2026, which is accessible on the SEC's website at sec.gov.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds** 

*Sales of Unregistered Securities*

We did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act of 1933, as amended.

*Issuer Purchases of Equity Securities*

Beginning with the fiscal quarter ended September 30, 2023, the Fund commenced a share repurchase program in which it intends to repurchase in each quarter, at the discretion of the Board, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board, in its sole discretion, may amend or suspend the share repurchase program if it deems such action to be in the best interest of the Fund's shareholders. All Common Shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

Under the share repurchase program, to the extent the Fund offers to repurchase Common Shares in any particular quarter, the Fund expects to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

The repurchase of the Adviser's shares, if any, will be on the same terms and subject to the same limitations as other shareholders under the share repurchase program. Class I shares owned by TIAA will be subject to the following restrictions: TIAA may submit its Class I shares for repurchase beginning on March 31, 2027. Beginning March 31, 2027, the total amount of TIAA shares eligible for repurchase will be limited to no more than 1.67% of our aggregate NAV per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Common Shares does not exceed the share repurchase program limit of 5% of the aggregate NAV per calendar quarter, these redemption limits on the TIAA shares will not apply for that quarter, and TIAA will be entitled to submit its shares for repurchase up to the overall share repurchase program limits.

During the three months ended March 31, 2026, we repurchased the following shares pursuant to the share repurchase program (dollars in thousands, except share and per share data):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offer Date** | **Class** | **Tender Offer Expiration** | **Repurchase Price per share** | **Repurchased Amount** <sup>(1)</sup> | **Shares Repurchased** <sup>(2)</sup> |
| February 28, 2026 | Class I | March 27, 2026 | $24.02 | $41392 | 1733371 |
| February 28, 2026 | Class D | March 27, 2026 | $24.02 | $119 | 4949 |
| February 28, 2026 | Class S | March 27, 2026 | $23.94 | $330 | 13771 |

---

_______________

(1)Amount shown is net of Early Repurchase Deduction.

(2)All repurchase requests were satisfied in full. Amount shown is net of Early Repurchase Deduction.

------

**Item 3. Defaults Upon Senior Securities** 

None

**Item 4. Mine Safety Disclosures** 

Not applicable

**Item 5. Other Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Item 1.01. Entry into a Material Definitive Agreement.**

On May 11, 2026, the Fund entered into a credit and security agreement (the "Citi Credit Agreement" and the credit facility thereunder, the "Citi Credit Facility") with its direct wholly-owned subsidiary, NCPCIF SPV V, LLC, a Delaware limited liability company, as borrower ("SPV V"), the Fund, as equityholder and collateral manager, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as document custodian. The Fund will serve as collateral manager to SPV V under the Citi Credit Agreement and will waive any management fee that the Fund is due in consideration for providing these services. The Citi Credit Agreement (i) provides an initial facility amount of up to $150.0 million and (ii) has a reinvestment period initially ending on November 11, 2026 and a final maturity date on May 10, 2027.

In connection with the Citi Credit Agreement, the Fund, as transferor, and SPV V, as transferee, entered into a Loan Sale and Contribution Agreement (the "Contribution Agreement"), pursuant to which the Fund will transfer to SPV V certain originated or acquired loans and related assets from time to time.

The obligations of SPV V under the Citi Credit Agreement are secured by substantially all of the assets held by SPV V. The interest rate charged on the Citi Credit Facility is based on Term SOFR plus an applicable margin of at least 1.125% per annum. In addition, SPV V is required to pay, among other fees, a commitment fee of 0.25% on any unused portion of the Citi Credit Facility from May 11, 2026 through August 11, 2026. Beginning on August 12, 2026, the commitment fee on any unused portion of the Citi Credit Facility will equal (i) 0.25% per annum if the average utilization rate is greater than or equal to 90.0%, (ii) 0.50% per annum if the average utilization rate is less than 90.0% and greater than or equal to 70.0%, and (iii) the Weighted Average Applicable Margin (as defined in the Administrative Agent Fee Letter) if the average utilization rate is less than 70.0%.

Under the Citi Credit Agreement, the Fund and SPV V, as applicable, have made customary representations and warranties and are required to comply with customary covenants and other requirements for similar facilities. The Citi Credit Agreement includes usual and customary events of default for facilities of this nature.

Proceeds from the Citi Credit Facility will be used to acquire collateral loans during the reinvestment period, fund revolving collateral loans and/or delayed funding loans, pay certain fees and expenses and make permitted distributions.

The foregoing description of the Citi Credit Agreement and the Contribution Agreement does not purport to be complete and is qualified in its entirety by reference to the Citi Credit Agreement and the Contribution Agreement, copes of which are filed as Exhibits 10.4 and 10.5, respectively, to this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

**Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information provided above in Item 1.01 is incorporated by reference into this Item 2.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Fund has entered into any (i) contract, instruction or written plan for the purchase or sale of securities of the Fund intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

------

**ITEM 6. EXHIBITS** 

---

| | |
|:---|:---|
| 3.1 | <u>[Sixth Amended and Restated Declaration of Trust of the Registrant](https://www.sec.gov/Archives/edgar/data/0001911066/000162828024045157/pcap-ex31x6ardeclarationof.htm)</u><sup>(1)</sup> |
| 3.2 | <u>[Fifth Amended and Restated Bylaws of the Registrant](https://www.sec.gov/Archives/edgar/data/1911066/000162828025037878/pcap-exhibit31x5arbylaws.htm)</u><sup>(3)</sup> |
| 4.1 | <u>[Form of Subscription Agreement](https://www.sec.gov/Archives/edgar/data/0001911066/000191106625000038/exhibit41-formofsubscripti.htm)</u><sup>(4)</sup> |
| 4.2 | <u>[Amended Distribution Reinvestment Plan](https://www.sec.gov/Archives/edgar/data/1911066/000191106625000013/pcap-ex101xamendeddripjuly.htm)</u><sup>(2)</sup> |
| 10.1 | <u>[I](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000021/exhibit101-incentivefeewai.htm)[ncentive Fee Waiver Agreement, dated March 30, 2026, by and between Nuveen Churchill Private Capital Income Fund and Churchill PCIF Advisor LLC](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000021/exhibit101-incentivefeewai.htm)</u><sup>(5)</sup> |
| 10.2 | <u>[P](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000027/exhibit101-pcapandbdcvpurc.htm)[urchase and Sale Agreement, dated April 1, 2026, by and between Nuveen Churchill BDC V, as seller, and Nuveen Churchill Private](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000027/exhibit101-pcapandbdcvpurc.htm)[Capital I](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000027/exhibit101-pcapandbdcvpurc.htm)[ncome Fund, as buyer](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000027/exhibit101-pcapandbdcvpurc.htm)</u><sup>(6)</sup> |
| 10.3 | <u>[I](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000044/exhibit101-pcapxincentivef.htm)[ncentive Fee Waiver Agreement, dated April](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000044/exhibit101-pcapxincentivef.htm)[28](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000044/exhibit101-pcapxincentivef.htm)[, 2026, by and between Nuveen Churchill Private Capital Income Fund and Churchill PCIF Advisor LLC](https://www.sec.gov/Archives/edgar/data/1911066/000191106626000044/exhibit101-pcapxincentivef.htm)</u><sup>(7)</sup> |
| 10.4 | <u>[C](pcap-ex104xcitibslfacility.htm)[redit and Security Agreement, dated as of May 11, 2026](pcap-ex104xcitibslfacility.htm)[, by and among N](pcap-ex104xcitibslfacility.htm)[CPCIF SPV V, LLC, as](pcap-ex104xcitibslfacility.htm)[borrower, Nuveen Churchill Private Capital Income Fund, as](pcap-ex104xcitibslfacility.htm)[collateral manager and equity](pcap-ex104xcitibslfacility.htm)[holder,](pcap-ex104xcitibslfacility.htm)[the lenders party thereto,](pcap-ex104xcitibslfacility.htm)[Citibank, N.A., as administrative agent, U.S. Bank, National Association, as document custodian, U.S. Bank Trust Company, National Association, as collateral agent and col](pcap-ex104xcitibslfacility.htm)[lateral administrator](pcap-ex104xcitibslfacility.htm)</u>\* |
| 10.5 | <u>[L](pcap-ex105xcitibslfacility.htm)[oan Sale and Contribution Agreement, dated as of May 11, 2026, by a](pcap-ex105xcitibslfacility.htm)[nd between Nuveen Churchill Private Capital Income F](pcap-ex105xcitibslfacility.htm)[und, as seller, and N](pcap-ex105xcitibslfacility.htm)[CPCIF SPV V, LLC, as buyer](pcap-ex105xcitibslfacility.htm)</u>\* |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](pcap-ceosection302ex311mar.htm)</u>\* |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended](pcap-cfosection302ex312mar.htm)</u>\* |
| 32 | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended](pcap-906ex32march312026.htm)</u>\* |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

__________________

\*Filed herewith

(1)Incorporated by reference to the Registrant's Current Report on Form 8-K filed on November 5, 2024.

(2)Incorporated by reference to the Registrant's Current Report on Form 8-K filed on July 24, 2025.

(3)Incorporated by reference to the Registrant's Current Report on Form 8-K filed on August 5, 2025.

(4)Incorporated by reference to the Registrant's Quarterly Report on Form 10-Q filed on November 10, 2025.

(5)Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 1, 2026.

(6)Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 2, 2026.

(7)Incorporated by reference to the Registrant's Current Report on Form 8-K filed on April 29, 2026.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| **Nuveen Churchill Private Capital Income Fund** | **Nuveen Churchill Private Capital Income Fund** |
| By: | /s/ Kenneth Kencel |
|  | Name: Kenneth Kencel |
|  | Title: Chief Executive Officer, President, Trustee and Chairman<br>*(principal executive officer)* |

---

---

| | |
|:---|:---|
| By: | /s/ Shai Vichness |
|  | Name: Shai Vichness |
|  | Title: Chief Financial Officer and Treasurer<br>*(principal financial officer)* |

---

Date: May 11, 2026

## Exhibit 10.4

**Exhibit 10.4**

**CREDIT AND SECURITY AGREEMENT**

Dated as of May 11, 2026

among

NCPCIF SPV V, LLC,<br>as Borrower,

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND,<br>as Collateral Manager,

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND,<br>as Equityholder,

THE LENDERS FROM TIME TO TIME PARTIES HERETO,

CITIBANK, N.A.,<br>as Administrative Agent,

U.S. BANK NATIONAL ASSOCIATION,<br>as Document Custodian

and

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,<br>as Collateral Agent and Collateral Administrator

------

**TABLE OF CONTENTS**

<u>Page</u>

Section 1.01&nbsp;&nbsp;&nbsp;&nbsp;Definitions&nbsp;&nbsp;&nbsp;&nbsp;[1](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 1.02&nbsp;&nbsp;&nbsp;&nbsp;Rules of Construction&nbsp;&nbsp;&nbsp;&nbsp;[63](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 1.03&nbsp;&nbsp;&nbsp;&nbsp;Computation of Time Periods&nbsp;&nbsp;&nbsp;&nbsp;[64](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 1.04&nbsp;&nbsp;&nbsp;&nbsp;Collateral Value Calculation Procedures&nbsp;&nbsp;&nbsp;&nbsp;[65](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE II<br>ADVANCES

Section 2.01&nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility; Approval Requests&nbsp;&nbsp;&nbsp;&nbsp;[67](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.02&nbsp;&nbsp;&nbsp;&nbsp;Making of the Advances&nbsp;&nbsp;&nbsp;&nbsp;[68](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.03&nbsp;&nbsp;&nbsp;&nbsp;Evidence of Indebtedness; Notes&nbsp;&nbsp;&nbsp;&nbsp;[69](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.04&nbsp;&nbsp;&nbsp;&nbsp;Payment of Amounts&nbsp;&nbsp;&nbsp;&nbsp;[69](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.05&nbsp;&nbsp;&nbsp;&nbsp;Prepayment of Advances&nbsp;&nbsp;&nbsp;&nbsp;[70](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.06&nbsp;&nbsp;&nbsp;&nbsp;Changes of Commitments&nbsp;&nbsp;&nbsp;&nbsp;[72](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.07&nbsp;&nbsp;&nbsp;&nbsp;Maximum Lawful Rate&nbsp;&nbsp;&nbsp;&nbsp;[73](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.08&nbsp;&nbsp;&nbsp;&nbsp;Several Obligations&nbsp;&nbsp;&nbsp;&nbsp;[73](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.09&nbsp;&nbsp;&nbsp;&nbsp;Increased Costs&nbsp;&nbsp;&nbsp;&nbsp;[73](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.10&nbsp;&nbsp;&nbsp;&nbsp;Illegality; Inability to Determine Rates&nbsp;&nbsp;&nbsp;&nbsp;[75](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.11&nbsp;&nbsp;&nbsp;&nbsp;Fees&nbsp;&nbsp;&nbsp;&nbsp;[75](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.12&nbsp;&nbsp;&nbsp;&nbsp;Rescission or Return of Payment&nbsp;&nbsp;&nbsp;&nbsp;[76](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.13&nbsp;&nbsp;&nbsp;&nbsp;Default Interest&nbsp;&nbsp;&nbsp;&nbsp;[77](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.14&nbsp;&nbsp;&nbsp;&nbsp;Payments Generally&nbsp;&nbsp;&nbsp;&nbsp;[77](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.15&nbsp;&nbsp;&nbsp;&nbsp;Defaulting Lenders&nbsp;&nbsp;&nbsp;&nbsp;[79](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.16&nbsp;&nbsp;&nbsp;&nbsp;Right of Setoff&nbsp;&nbsp;&nbsp;&nbsp;[80](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.17&nbsp;&nbsp;&nbsp;&nbsp;Lending Offices; Changes Thereto&nbsp;&nbsp;&nbsp;&nbsp;[80](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.18&nbsp;&nbsp;&nbsp;&nbsp;Recourse Against Certain Parties&nbsp;&nbsp;&nbsp;&nbsp;[81](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.19&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Lenders&nbsp;&nbsp;&nbsp;&nbsp;[81](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 2.20&nbsp;&nbsp;&nbsp;&nbsp;Contractual Currency&nbsp;&nbsp;&nbsp;&nbsp;[82](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE III<br>CONDITIONS PRECEDENT

Section 3.01&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to Initial Advances&nbsp;&nbsp;&nbsp;&nbsp;[83](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;Conditions Precedent to Subsequent Advances&nbsp;&nbsp;&nbsp;&nbsp;[85](#id9a5e5d85e614b7ba02787fdc716a60b_10)

-i-

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ARTICLE IV<br>REPRESENTATIONS AND WARRANTIES

Section 4.01&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Borrower&nbsp;&nbsp;&nbsp;&nbsp;[86](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 4.02&nbsp;&nbsp;&nbsp;&nbsp;Additional Representations and Warranties of the Borrower&nbsp;&nbsp;&nbsp;&nbsp;[90](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 4.03&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Equityholder and the Collateral Manager&nbsp;&nbsp;&nbsp;&nbsp;[93](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 4.04&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Collateral Agent, Document Custodian and Collateral Administrator&nbsp;&nbsp;&nbsp;&nbsp;[95](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE V<br>COVENANTS

Section 5.01&nbsp;&nbsp;&nbsp;&nbsp;Affirmative Covenants of the Borrower&nbsp;&nbsp;&nbsp;&nbsp;[96](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 5.02&nbsp;&nbsp;&nbsp;&nbsp;Negative Covenants of the Borrower&nbsp;&nbsp;&nbsp;&nbsp;[106](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 5.03&nbsp;&nbsp;&nbsp;&nbsp;Affirmative Covenants of the Equityholder and the Collateral Manager&nbsp;&nbsp;&nbsp;&nbsp;[109](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 5.04&nbsp;&nbsp;&nbsp;&nbsp;Negative Covenant of the Equityholder and the Collateral Manager&nbsp;&nbsp;&nbsp;&nbsp;[112](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 5.05&nbsp;&nbsp;&nbsp;&nbsp;Certain Undertakings Relating to Separateness&nbsp;&nbsp;&nbsp;&nbsp;[112](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE VI<br>EVENTS OF DEFAULT

Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;Events of Default&nbsp;&nbsp;&nbsp;&nbsp;[113](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 6.02&nbsp;&nbsp;&nbsp;&nbsp;Remedies&nbsp;&nbsp;&nbsp;&nbsp;[116](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 6.03&nbsp;&nbsp;&nbsp;&nbsp;Power of Attorney&nbsp;&nbsp;&nbsp;&nbsp;[116](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 6.04&nbsp;&nbsp;&nbsp;&nbsp;Sales&nbsp;&nbsp;&nbsp;&nbsp;[117](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 6.05&nbsp;&nbsp;&nbsp;&nbsp;Purchase Option&nbsp;&nbsp;&nbsp;&nbsp;[119](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE VII<br>PLEDGE OF COLLATERAL;<br>RIGHTS OF THE COLLATERAL AGENT

Section 7.01&nbsp;&nbsp;&nbsp;&nbsp;Grant of Security&nbsp;&nbsp;&nbsp;&nbsp;[119](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 7.02&nbsp;&nbsp;&nbsp;&nbsp;Release of Security Interest&nbsp;&nbsp;&nbsp;&nbsp;[120](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 7.03&nbsp;&nbsp;&nbsp;&nbsp;Rights and Remedies&nbsp;&nbsp;&nbsp;&nbsp;[121](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 7.04&nbsp;&nbsp;&nbsp;&nbsp;Remedies Cumulative&nbsp;&nbsp;&nbsp;&nbsp;[122](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 7.05&nbsp;&nbsp;&nbsp;&nbsp;Related Documents&nbsp;&nbsp;&nbsp;&nbsp;[122](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 7.06&nbsp;&nbsp;&nbsp;&nbsp;Borrower Remains Liable&nbsp;&nbsp;&nbsp;&nbsp;[122](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 7.07&nbsp;&nbsp;&nbsp;&nbsp;Protection of Collateral&nbsp;&nbsp;&nbsp;&nbsp;[123](#id9a5e5d85e614b7ba02787fdc716a60b_10)

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ARTICLE VIII<br>ACCOUNTS, ACCOUNTINGS AND RELEASES

Section 8.01&nbsp;&nbsp;&nbsp;&nbsp;Collection of Money&nbsp;&nbsp;&nbsp;&nbsp;[124](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.02&nbsp;&nbsp;&nbsp;&nbsp;Collection Account&nbsp;&nbsp;&nbsp;&nbsp;[124](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.03&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].&nbsp;&nbsp;&nbsp;&nbsp;[125](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.04&nbsp;&nbsp;&nbsp;&nbsp;The Custodian Account.&nbsp;&nbsp;&nbsp;&nbsp;[125](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.05&nbsp;&nbsp;&nbsp;&nbsp;The Unfunded Reserve Account; Fundings&nbsp;&nbsp;&nbsp;&nbsp;[126](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.06&nbsp;&nbsp;&nbsp;&nbsp;Account Control Agreement&nbsp;&nbsp;&nbsp;&nbsp;[126](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.07&nbsp;&nbsp;&nbsp;&nbsp;Funds in Covered Accounts; Reports by Collateral Agent&nbsp;&nbsp;&nbsp;&nbsp;[126](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.08&nbsp;&nbsp;&nbsp;&nbsp;Accountings&nbsp;&nbsp;&nbsp;&nbsp;[127](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.09&nbsp;&nbsp;&nbsp;&nbsp;Release of Collateral&nbsp;&nbsp;&nbsp;&nbsp;[128](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 8.10&nbsp;&nbsp;&nbsp;&nbsp;Reports by Independent Accountants&nbsp;&nbsp;&nbsp;&nbsp;[130](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE IX<br>APPLICATION OF FUNDS

Section 9.01&nbsp;&nbsp;&nbsp;&nbsp;Disbursements of Funds from Collection Account&nbsp;&nbsp;&nbsp;&nbsp;[131](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE X<br>SALE OF COLLATERAL LOANS;<br>PURCHASE OF ADDITIONAL COLLATERAL LOANS

Section 10.01&nbsp;&nbsp;&nbsp;&nbsp;Sales of Collateral Loans&nbsp;&nbsp;&nbsp;&nbsp;[135](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 10.02&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Additional Collateral Loans&nbsp;&nbsp;&nbsp;&nbsp;[136](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 10.03&nbsp;&nbsp;&nbsp;&nbsp;Substitution and Transfer of Loans&nbsp;&nbsp;&nbsp;&nbsp;[137](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 10.04&nbsp;&nbsp;&nbsp;&nbsp;Limitations on Sales and Substitutions&nbsp;&nbsp;&nbsp;&nbsp;[139](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 10.05&nbsp;&nbsp;&nbsp;&nbsp;Conditions Applicable to All Sale and Purchase Transactions&nbsp;&nbsp;&nbsp;&nbsp;[139](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 10.06&nbsp;&nbsp;&nbsp;&nbsp;Additional Equity Contributions&nbsp;&nbsp;&nbsp;&nbsp;[139](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 10.07&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Warranty Collateral Loans&nbsp;&nbsp;&nbsp;&nbsp;[140](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE XI<br>THE AGENTS

Section 11.01&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Action&nbsp;&nbsp;&nbsp;&nbsp;[140](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 11.02&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Duties&nbsp;&nbsp;&nbsp;&nbsp;[144](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 11.03&nbsp;&nbsp;&nbsp;&nbsp;Agents' Reliance, Etc.&nbsp;&nbsp;&nbsp;&nbsp;[144](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 11.04&nbsp;&nbsp;&nbsp;&nbsp;Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[147](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 11.05&nbsp;&nbsp;&nbsp;&nbsp;Successor Agents&nbsp;&nbsp;&nbsp;&nbsp;[147](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 11.06&nbsp;&nbsp;&nbsp;&nbsp;Merger, Conversion, Consolidation or Succession to Business of Agents&nbsp;&nbsp;&nbsp;&nbsp;[148](#id9a5e5d85e614b7ba02787fdc716a60b_10)

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Section 11.07&nbsp;&nbsp;&nbsp;&nbsp;Erroneous Payments&nbsp;&nbsp;&nbsp;&nbsp;[148](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE XII<br>MISCELLANEOUS

Section 12.01&nbsp;&nbsp;&nbsp;&nbsp;No Waiver; Modifications in Writing&nbsp;&nbsp;&nbsp;&nbsp;[150](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.02&nbsp;&nbsp;&nbsp;&nbsp;Notices, Etc.&nbsp;&nbsp;&nbsp;&nbsp;[153](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.03&nbsp;&nbsp;&nbsp;&nbsp;Taxes&nbsp;&nbsp;&nbsp;&nbsp;[155](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.04&nbsp;&nbsp;&nbsp;&nbsp;Costs and Expenses; Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[160](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.05&nbsp;&nbsp;&nbsp;&nbsp;Execution in Counterparts&nbsp;&nbsp;&nbsp;&nbsp;[161](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.06&nbsp;&nbsp;&nbsp;&nbsp;Assignability&nbsp;&nbsp;&nbsp;&nbsp;[162](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.07&nbsp;&nbsp;&nbsp;&nbsp;Governing Law&nbsp;&nbsp;&nbsp;&nbsp;[164](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.08&nbsp;&nbsp;&nbsp;&nbsp;Severability of Provisions&nbsp;&nbsp;&nbsp;&nbsp;[165](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.09&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality&nbsp;&nbsp;&nbsp;&nbsp;[165](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.10&nbsp;&nbsp;&nbsp;&nbsp;Merger&nbsp;&nbsp;&nbsp;&nbsp;[166](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.11&nbsp;&nbsp;&nbsp;&nbsp;Survival&nbsp;&nbsp;&nbsp;&nbsp;[166](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.12&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction; Waivers; Etc.&nbsp;&nbsp;&nbsp;&nbsp;[166](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.13&nbsp;&nbsp;&nbsp;&nbsp;IMPORTANT WAIVERS&nbsp;&nbsp;&nbsp;&nbsp;[167](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.14&nbsp;&nbsp;&nbsp;&nbsp;PATRIOT Act Notice&nbsp;&nbsp;&nbsp;&nbsp;[168](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.15&nbsp;&nbsp;&nbsp;&nbsp;Legal Holidays&nbsp;&nbsp;&nbsp;&nbsp;[169](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.16&nbsp;&nbsp;&nbsp;&nbsp;Non-Petition&nbsp;&nbsp;&nbsp;&nbsp;[169](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.17&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Setoff&nbsp;&nbsp;&nbsp;&nbsp;[169](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.18&nbsp;&nbsp;&nbsp;&nbsp;Limited Recourse; Non-Petition; and Corporate Obligations&nbsp;&nbsp;&nbsp;&nbsp;[169](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.19&nbsp;&nbsp;&nbsp;&nbsp;Acknowledgement and Consent to Bail-In of Affected Financial Institutions&nbsp;&nbsp;&nbsp;&nbsp;[171](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 12.20&nbsp;&nbsp;&nbsp;&nbsp;Recognition of the U.S. Special Resolution Regimes&nbsp;&nbsp;&nbsp;&nbsp;[171](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE XIII<br>DOCUMENT CUSTODIAN

Section 13.01&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Document Custodian&nbsp;&nbsp;&nbsp;&nbsp;[172](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.02&nbsp;&nbsp;&nbsp;&nbsp;Duties of Document Custodian&nbsp;&nbsp;&nbsp;&nbsp;[173](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.03&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Collateral Loans to Document Custodian&nbsp;&nbsp;&nbsp;&nbsp;[173](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.04&nbsp;&nbsp;&nbsp;&nbsp;Release of Documents/Control By Agents&nbsp;&nbsp;&nbsp;&nbsp;[174](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.05&nbsp;&nbsp;&nbsp;&nbsp;Records&nbsp;&nbsp;&nbsp;&nbsp;[174](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.06&nbsp;&nbsp;&nbsp;&nbsp;Reporting&nbsp;&nbsp;&nbsp;&nbsp;[174](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.07&nbsp;&nbsp;&nbsp;&nbsp;Certain General Terms&nbsp;&nbsp;&nbsp;&nbsp;[175](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.08&nbsp;&nbsp;&nbsp;&nbsp;Compensation and Reimbursement of Document Custodian&nbsp;&nbsp;&nbsp;&nbsp;[176](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.09&nbsp;&nbsp;&nbsp;&nbsp;Responsibility of Document Custodian&nbsp;&nbsp;&nbsp;&nbsp;[177](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.10&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal; Appointment of Successor&nbsp;&nbsp;&nbsp;&nbsp;[180](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.11&nbsp;&nbsp;&nbsp;&nbsp;Acceptance and Appointment by Successor&nbsp;&nbsp;&nbsp;&nbsp;[181](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 13.12&nbsp;&nbsp;&nbsp;&nbsp;Merger, Conversion, Consolidation or Succession to Business of Document Custodian&nbsp;&nbsp;&nbsp;&nbsp;[182](#id9a5e5d85e614b7ba02787fdc716a60b_10)

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ARTICLE XIV<br>COLLATERAL MANAGEMENT

Section 14.01&nbsp;&nbsp;&nbsp;&nbsp;Designation of the Collateral Manager&nbsp;&nbsp;&nbsp;&nbsp;[182](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 14.02&nbsp;&nbsp;&nbsp;&nbsp;Duties of the Collateral Manager&nbsp;&nbsp;&nbsp;&nbsp;[182](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 14.03&nbsp;&nbsp;&nbsp;&nbsp;Authorization of the Collateral Manager&nbsp;&nbsp;&nbsp;&nbsp;[184](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 14.04&nbsp;&nbsp;&nbsp;&nbsp;Separateness Provisions of the Borrower&nbsp;&nbsp;&nbsp;&nbsp;[184](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 14.05&nbsp;&nbsp;&nbsp;&nbsp;Compensation&nbsp;&nbsp;&nbsp;&nbsp;[185](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 14.06&nbsp;&nbsp;&nbsp;&nbsp;Expenses; Indemnification&nbsp;&nbsp;&nbsp;&nbsp;[185](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 14.07&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager Not to Resign; Assignment&nbsp;&nbsp;&nbsp;&nbsp;[186](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 14.08&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Successor Collateral Manager&nbsp;&nbsp;&nbsp;&nbsp;[186](#id9a5e5d85e614b7ba02787fdc716a60b_10)

ARTICLE XV<br>THE COLLATERAL ADMINISTRATOR

Section 15.01&nbsp;&nbsp;&nbsp;&nbsp;Designation of Collateral Administrator&nbsp;&nbsp;&nbsp;&nbsp;[187](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 15.02&nbsp;&nbsp;&nbsp;&nbsp;Certain Duties and Powers&nbsp;&nbsp;&nbsp;&nbsp;[188](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 15.03&nbsp;&nbsp;&nbsp;&nbsp;Certain Rights of Collateral Administrator&nbsp;&nbsp;&nbsp;&nbsp;[191](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 15.04&nbsp;&nbsp;&nbsp;&nbsp;Compensation and Reimbursement of Collateral Administrator&nbsp;&nbsp;&nbsp;&nbsp;[194](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 15.05&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal; Appointment of Successor&nbsp;&nbsp;&nbsp;&nbsp;[194](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 15.06&nbsp;&nbsp;&nbsp;&nbsp;Acceptance and Appointment by Successor&nbsp;&nbsp;&nbsp;&nbsp;[195](#id9a5e5d85e614b7ba02787fdc716a60b_10)

Section 15.07&nbsp;&nbsp;&nbsp;&nbsp;Merger, Conversion, Consolidation or Succession to Business of Collateral Administrator&nbsp;&nbsp;&nbsp;&nbsp;[195](#id9a5e5d85e614b7ba02787fdc716a60b_10)

-v-

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**SCHEDULES**

Schedule 1&nbsp;&nbsp;&nbsp;&nbsp;Initial Commitments and Percentages<br>Schedule 2&nbsp;&nbsp;&nbsp;&nbsp;Contents of Monthly Report<br>Schedule 3&nbsp;&nbsp;&nbsp;&nbsp;S&P Industry Classifications<br>Schedule 4&nbsp;&nbsp;&nbsp;&nbsp;Notice Information<br>Schedule 5&nbsp;&nbsp;&nbsp;&nbsp;Authorized Persons<br>Schedule 6&nbsp;&nbsp;&nbsp;&nbsp;Diversity Score Calculations<br>Schedule 7&nbsp;&nbsp;&nbsp;&nbsp;Loan Tape Information<br>Schedule 8&nbsp;&nbsp;&nbsp;&nbsp;Contents of Payment Date Report

**EXHIBITS**

Exhibit A&nbsp;&nbsp;&nbsp;&nbsp;Form of Approval Request <br>Exhibit B&nbsp;&nbsp;&nbsp;&nbsp;Form of Notice of Borrowing (with attached form of Borrowing Base<br>&nbsp;&nbsp;&nbsp;&nbsp;Calculation Statement)<br>Exhibit C&nbsp;&nbsp;&nbsp;&nbsp;Form of Notice of Prepayment<br>Exhibit D&nbsp;&nbsp;&nbsp;&nbsp;Form of Assignment and Acceptance<br>Exhibit E&nbsp;&nbsp;&nbsp;&nbsp;Form of Note<br>Exhibit F&nbsp;&nbsp;&nbsp;&nbsp;Form of Tax Compliance Certificates

Exhibit G&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Release and Receipt

------

**CREDIT AND SECURITY AGREEMENT**

CREDIT AND SECURITY AGREEMENT, dated as of May 11, 2026, by and among NCPCIF SPV V, LLC, a Delaware limited liability company, as borrower (together with its successors and assigns in such capacity, the "<u>Borrower</u>"), NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, a Delaware statutory trust, in its capacity as Collateral Manager, NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, a Delaware statutory trust, in its capacity as Equityholder, the LENDERS from time to time party hereto, CITIBANK, N.A. ("<u>Citibank</u>"), as administrative agent for the Secured Parties (as hereinafter defined) (in such capacity, the "<u>Administrative Agent</u>"), U.S. BANK NATIONAL ASSOCIATION, as document custodian for the Secured Parties (in such capacity, the "<u>Document Custodian</u>"), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION as collateral agent for the Secured Parties (in such capacity, the "<u>Collateral Agent</u>") and as collateral administrator (in such capacity, the "<u>Collateral Administrator</u>").

<u>W I T N E S</u> <u>S E T H</u>:

WHEREAS, the Borrower desires that the Lenders make advances to the Borrower on a revolving basis on the terms and subject to the conditions set forth in this Agreement; and

WHEREAS, each Lender is willing to make such advances to the Borrower on the terms and subject to the conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the parties hereto agree as follows:

**ARTICLE I<br>DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS**

Section 1.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>

As used in this Agreement, the following terms shall have the meanings indicated:

"<u>Account Control Agreement</u>" means the Account Control Agreement, dated as of the Closing Date, by and among the Borrower, the Collateral Manager, the Collateral Agent and U.S. Bank National Association, as the Securities Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to time.

"<u>Accredited Investor</u>" has the meaning assigned to such term in <u>Section 12.06(e)</u>.

"<u>Acquisition Date</u>" means, for any Collateral Loan, the date on which such Collateral Loan is committed to be acquired by the Borrower.

"<u>Additional Amounts</u>" has the meaning assigned to such term in <u>Section 12.03(a)</u>.

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"<u>Administrative Agent</u>" has the meaning assigned to such term in the introduction to this Agreement.

"<u>Administrative Agent Fee Letter</u>" means that certain fee letter, dated as of the Closing Date, as amended, restated or otherwise modified from time to time, between the Administrative Agent and the Borrower setting forth the amounts payable by the Borrower to the Administrative Agent in connection with the transactions contemplated by this Agreement.

"<u>Administrative Expense Cap</u>" means, for any Payment Date, an amount equal (when taken together with any Administrative Expenses paid during the period since the preceding Payment Date or, in the case of the first Payment Date, the Closing Date) to $200,000 *per annum*, pro-rated for the related Interest Accrual Period on the basis of a 360-day year and the actual number of days elapsed.

"<u>Administrative Expenses</u>" means the reasonable and documented fees and expenses (including indemnities and fees and expenses of counsel, agents and experts) and other amounts owed by the Borrower due or accrued with respect to any Payment Date and payable in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;*first*, to the Collateral Administrator, the Collateral Agent, the Securities Intermediary, the Document Custodian and U.S. Bank Trust Company, National Association and U.S. Bank National Association in any of their other respective capacities under the Facility Documents, the Collateral Administration and Agency Fee, and any other amounts, expenses and indemnities payable to the Collateral Administrator, the Collateral Agent, the Securities Intermediary or the Document Custodian, as applicable, pursuant to the terms hereof and any other Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;*second*, to the Collateral Manager for expenses incurred by the Collateral Manager in connection with the services provided under this Agreement, excluding any Collateral Management Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;*third*, on a *pro rata* basis, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Independent Accountants, agents (other than the Collateral Manager) and counsel of the Borrower for fees and expenses related to the Collateral and the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any other Person (other than the Agents or the Lenders) in respect of any other fees or expenses permitted under or incurred pursuant to or in connection with the Facility Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;indemnification obligations owing by the Borrower to the Borrower's independent directors or managers under its Constituent Documents;

<u>provided</u> that, for the avoidance of doubt, (1) amounts that are expressly payable to any Person under the Priority of Payments in respect of an amount that is stated to be payable

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as an amount other than as Administrative Expenses shall not constitute Administrative Expenses and (2) expenses paid for on the Closing Date shall not constitute Administrative Expenses.

"<u>Advance</u>" has the meaning assigned to such term in <u>Section 2.01(c)</u>.

"<u>Advance Rate</u>" means, as of any date of determination, the lower of the Maximum Advance Rate and the Weighted Average Advance Rate.

"<u>Advances Outstanding</u>" means, as of any date of determination, the aggregate principal amount of all Advances outstanding on such date, after giving effect to all repayments of Advances made on or prior to such date and any new Advances made on such date.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affected Person</u>" means (a) the Administrative Agent, each Lender and each of their respective Affiliates and (b) any assignee or participant of any Lender (unless the benefit of any particular provision hereof to any such Affected Person is otherwise expressly excluded herein).

"<u>Affiliate</u>" or "<u>Affiliated</u>" means, with respect to a Person, (a) any other Person who, directly or indirectly, including through one or more intermediaries, is in Control of, or Controlled by, or is under common Control with, such Person or (b) any other Person who is a director, executive officer, employee, managing member or general partner of (i) such Person or (ii) any such other Person described in clause (a) above; <u>provided</u> that a Person shall not be deemed to be an "Affiliate" of an Obligor solely because it is under the common ownership or Control of the same financial sponsor or affiliate thereof as such Obligor (except if any such Person or Obligor provides collateral for, guarantees or otherwise supports the obligations of the other such Person or Obligor).

"<u>Agents</u>" means, collectively, the Administrative Agent and the Collateral Agent.

"<u>Aggregate Asset Value</u>" means, when used with respect to all or a portion of the Collateral Loans, the sum of the Asset Values of all or of such portion of such Collateral Loans (other than Ineligible Collateral Loans).

"<u>Aggregate Funded Spread</u>" means, as of any date, the sum (for all Eligible Collateral Loans) of, in the case of each Eligible Collateral Loan that bears interest at a spread over an index, (i) the stated interest rate spread (including, without duplication, any credit spread adjustment to such spread in accordance with the Underlying Loan Agreement) over such index *multiplied by* (ii) the Principal Balance of such Eligible Collateral Loan; <u>provided</u> that, with respect to any Floor Obligation, the stated interest rate spread (including, without duplication, any credit spread adjustment to such spread in accordance with the Underlying Loan Agreement) on such Eligible Collateral Loan over such index shall be deemed to be equal to the sum of (x) the stated interest rate spread (including, without duplication, any credit spread adjustment to such spread in accordance with the Underlying Loan Agreement) over such index and (y) the

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excess, if any, of the specified "floor" rate relating to such Collateral Loan over Term SOFR as in effect.

"<u>Aggregate Principal Balance</u>" means, when used with respect to all or a portion of the Collateral Loans, the sum of the Principal Balances of all or of such portion of such Collateral Loans (other than Ineligible Collateral Loans).

"<u>Aggregate Unfunded Spread</u>" means, as of any date, the sum of the products obtained by multiplying (a) for each Delayed Drawdown Collateral Loan and Revolving Collateral Loan, the related commitment fee or other analogous fees (expressed at a per annum rate) then in effect for such Delayed Drawdown Collateral Loan or Revolving Collateral Loan as of such date and (b) the unfunded commitments of each such Delayed Drawdown Collateral Loan and Revolving Collateral Loan as of such date.

"<u>Agreement</u>" means this Credit and Security Agreement.

"<u>Amortization Period</u>" means the period beginning on the Commitment Termination Date and ending on the date on which all Obligations are Paid in Full.

"<u>Anti-Corruption Laws</u>" means (a) the U.S. Foreign Corrupt Practices Act of 1977, as amended; (b) the U.K. Bribery Act 2010, as amended; and (c) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Borrower or any of its Subsidiaries is located or doing business.

"<u>Anti-Money Laundering Laws</u>" means Applicable Law in any jurisdiction in which the Borrower or any of its Subsidiaries are located or doing business that relates to money laundering or terrorism financing, any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto.

"<u>Applicable Law</u>" means any Law of any Governmental Authority, including all federal and state banking or securities laws, to which the Person in question is subject or by which it or any of its assets or properties are bound.

"<u>Applicable Margin</u>" has the meaning assigned to such term in the Administrative Agent Fee Letter.

"<u>Approval Request</u>" has the meaning assigned to such term in <u>Section 2.01(a)</u>.

"<u>Approved Valuation Firm</u>" means each of FTI Consulting, Inc., Houlihan Lokey, Kroll Inc., Lincoln International LLC, Murray Devine, Valuation Research Corp., and any other nationally recognized accounting firm or valuation firm selected by the Collateral Manager and approved by the Administrative Agent in its reasonable discretion.

"<u>Asset Advance Rate</u>" means, as of any date of determination with respect to each Eligible Collateral Loan, the Asset Advance Rate set forth on the related Approval Request by the Administrative Agent, which shall be based on the lowest applicable indicative levels for the type of such Eligible Collateral Loan set forth below:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Type of Eligible Collateral Loan** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Advance Rate** |
| Broadly Syndicated Loans with a Moody's Rating of "B3" or higher and an S&P Rating of "B-" or higher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.0% |
| Collateral Loans (other than Broadly Syndicated Loans) with a Moody's Rating of "B3" or higher and an S&P Rating of "B-" or higher | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.0% |
| Broadly Syndicated Loans with a Moody's Rating of less than "B3" or an S&P Rating of less than "B-" on the related Acquisition Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.0% |
| Broadly Syndicated Loans with a Moody's Rating of less than "B3" or an S&P Rating of less than "B-" after the related Acquisition Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.0% |
| First Lien Last Out Loans and Deemed Second Lien Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.0% |
| Collateral Loans (other than Broadly Syndicated Loans) with a Moody's Rating of less than "B3" or an S&P Rating of less than "B-"  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.0% |

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"<u>Asset Value</u>" means, with respect to any Collateral Loan on the relevant date of determination, (w) if such Collateral Loan is an Ineligible Collateral Loan, zero, (x) if such Collateral Loan is included in the Caa/CCC Excess, the Observable Market Price of such Collateral Loan (such price not to exceed 100% of such Collateral Loan's Principal Balance), (y) if the Administrative Agent has waived one or more of the criteria set forth in the definition of "Eligible Collateral Loan" with respect to such Collateral Loan, the amount determined by the Administrative Agent in its sole discretion or (z) otherwise, the amount (reported to the Collateral Administrator by the Borrower or the Collateral Manager on its behalf) equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;prior to an Asset Value Adjustment Event with respect to such Collateral Loan, the Original Asset Value of such Collateral Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) after the occurrence of an Asset Value Adjustment Event set forth in clauses (a), (c) and (g) of the definition thereof, zero (unless otherwise expressly determined by the Administrative Agent in its sole discretion) and (ii) after the occurrence of an Asset Value Adjustment Event (other than set forth in clause (a), (c) and (g) of the definition thereof), the value determined by the Administrative Agent in its commercially reasonable discretion equal to the net cash proceeds that would be received from the sale of such Collateral Loan.

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If the Borrower disputes the Asset Value of any Collateral Loan determined pursuant to the foregoing clause (b), then the Borrower (at its sole expense) may request an Approved Valuation Firm provide an assessment of the current Asset Value of the applicable Collateral Loan using the most recent financial reporting and/or any other customary sources and provide a copy of such assessment to the Administrative Agent. Such Asset Value determined by such Approved Valuation Firm will be the Asset Value; <u>provided</u> that the Asset Value of such Collateral Loan shall be the value assigned by the Administrative Agent until such determination.

After an Asset Value Adjustment Event with respect to a Collateral Loan, to the extent the circumstances giving rise to such Asset Value Adjustment Event have been remedied or are no longer in existence, the Borrower (or the Collateral Manager on its behalf) shall have the right to require the Administrative Agent to, and promptly following notice from the Borrower (or the Collateral Manager on its behalf) the Administrative Agent shall, re-determine the Asset Value of any Collateral Loan.

"<u>Asset Value Adjustment Event</u>" means, with respect to any Collateral Loan, each occurrence of one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a payment default (i) with respect to such Collateral Loan (giving effect to the lesser of (x) any applicable grace period and (y) five (5) Business Days or seven calendar days, whichever is greater, past the applicable due date) or (ii) to the actual knowledge of a Responsible Officer of the Collateral Manager or the Borrower, under any other debt obligation of such Obligor which is senior or pari passu in right of payment to such Collateral Loan (giving effect to the lesser of (x) any applicable grace period and (y) five (5) Business Days or seven calendar days, whichever is greater, past the applicable due date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a Material Modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;an Insolvency Event with respect to any related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Senior Net Leverage Ratio of the related Obligor for any Relevant Test Period has increased by 1.00x or more above the Senior Net Leverage Ratio of such Obligor at the time such Collateral Loan was acquired by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Cash Interest Coverage Ratio of the related Obligor for any Relevant Test Period has decreased (i) by more than 20.0% from the Cash Interest Coverage Ratio of such Obligor at the time such Collateral Loan was acquired by the Borrower or (ii) to below 1.20x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Loan has a Moody's Rating and/or an S&P Rating, such Collateral Loan is downgraded by (i) Moody's to "Caa2" or lower or (ii) S&P to "CCC" or lower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;a determination by the Collateral Manager in accordance with the Collateral Management Standard that such Collateral Loan is on a non-accrual status or is not collectible, or all of the principal amount due under such Collateral Loan is reduced or forgiven;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the related Obligor elects to defer any portion of the accrued interest with respect to such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;EBITDA of the related Obligor for any Relevant Test Period has decreased (i) by 25.0% or more below such EBITDA at the time such Collateral Loan was acquired by the Borrower or (ii) below $39,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Loan is a Broadly Syndicated Loan, (a) its Observable Market Price declines by 10.0% or more from its Purchase Price and/or (b) fails to have least one (1) bid quotation from a nationally recognized independent dealer in the related loan as reported by an independent nationally recognized pricing service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;the related Obligor fails to deliver to the Borrower or the Collateral Manager any quarterly or annual financial reporting information as required under the related Underlying Loan Agreement after giving effect to any grace and/or cure period applicable thereto not to exceed (i) seventy five (75) days after the original due date, in the case of unaudited financial statements; or (ii) one hundred and fifty (150) days after the original due date, in the case of audited financial statements, in each case unless otherwise extended by the Administrative Agent in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;an event of default (after giving effect to any grace period or cure provision) with respect to such Collateral Loan resulting from the related Obligor's failure to comply with any Maintenance Covenant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of any other event mutually agreed upon by the Administrative Agent and the Collateral Manager as part of the Administrative Agent's approval of such Collateral Loan.

"<u>Assignment and Acceptance</u>" means an Assignment and Acceptance in substantially the form of <u>Exhibit D</u> hereto, entered into by a Lender, an assignee, the Administrative Agent and, if applicable, the Borrower.

"<u>Authorized Person(s)</u>" has the meaning assigned to such term in <u>Section 13.07(d)(i)</u>.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to any then-current Benchmark for any currency, as applicable, (x) if any then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Accrual Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date.

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"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirements for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bank Party</u>" means, individually, each of the Collateral Agent, the Document Custodian, the Collateral Administrator or the Securities Intermediary.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code.

"<u>Base Rate</u>" means, on any date, the greater of (x) 0.00% and (y) a fluctuating interest rate *per annum* equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate *plus* 0.50% or (c) the applicable Benchmark for a three-month period plus 1.0%. The Base Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any Lender. Interest calculated pursuant to clauses (a), (b) and (c) above will be determined based on a year of 360 days and actual days elapsed.

"<u>Benchmark</u>" means, initially, Term SOFR; <u>provided</u> that if a replacement of an initial or subsequent Benchmark has occurred pursuant to <u>Section 12.01(c)</u>, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof.

"<u>Benchmark Replacement</u>" means, for any Available Tenor, the sum of (a) the alternate benchmark rate and (b) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for syndicated credit facilities at such time denominated in the applicable currency; <u>provided</u> that, if any Benchmark Replacement would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Facility Documents.

"<u>Benchmark Replacement Date</u>" means the earlier to occur of the following events with respect to a then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information

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referenced therein and (ii) the date on which the administrator of such Benchmark permanently or indefinitely ceases to provide such Benchmark; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks; <u>provided</u> that such non-representativeness, non-compliance or non-alignment will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

"<u>Benchmark Transition Event</u>" means, with respect to any then-current Benchmark, the occurrence of one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Relevant Governmental Body, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

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For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Start Date</u>" means, in the case of a Benchmark Transition Event with respect to any then-current Benchmark, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"<u>Benchmark Unavailability Period</u>" means, with respect to any then-current Benchmark, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Facility Document in accordance with <u>Section 12.01(c)</u> and (b) ending at the time that a Benchmark Replacement has replaced such Benchmark for all purposes hereunder and under any Facility Document in accordance with <u>Section 12.01(c)</u>.

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"<u>Block Notice</u>" has the meaning assigned to such term in <u>Section 13.04(b)</u>.

"<u>Borrower</u>" has the meaning assigned to such term in the introduction to this Agreement.

"<u>Borrower Information</u>" has the meaning assigned to such term in <u>Section 12.09</u>.

"<u>Borrowing</u>" has the meaning assigned to such term in <u>Section 2.01</u>.

"<u>Borrowing Base</u>" means, on any date of determination, the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) the Facility Amount *minus* (ii) the Unfunded Exposure Amount (net of the aggregate amount on deposit in the Unfunded Reserve Account), in each case, as of such date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) the Aggregate Asset Value of all Eligible Collateral Loans *minus* the Excess Concentration Amount *multiplied by* (ii) the Advance Rate *plus* the Principal Proceeds and Eligible Investments made with Principal Proceeds on deposit in the Collection Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) the Aggregate Asset Value of all Eligible Collateral Loans *minus* the Excess Concentration Amount *minus* (ii) the Minimum Equity Amount, *plus* (iii) the amount of Principal Proceeds and Eligible Investments made with Principal Proceeds on deposit in the Collection Account, *minus* (iv) the Unfunded Reserve Required Amount (net of the aggregate amount on deposit in the Unfunded Reserve Account), in each case, as of such date.

"<u>Borrowing Base Calculation Statement</u>" means a statement in substantially the form attached to the form of Notice of Borrowing attached hereto as <u>Exhibit B</u>, as such form of Borrowing Base Calculation Statement may be modified by the Administrative Agent with the consent of the Collateral Manager from time to time to the extent such form does not, in the good faith opinion of the Administrative Agent, accurately reflect the calculation of the Borrowing Base Test required hereunder.

"<u>Borrowing Base Deficiency</u>" means a condition occurring on any day on which the Advances Outstanding exceed the Borrowing Base at such time.

"<u>Borrowing Base Test</u>" means a test that will be satisfied at any time if Advances Outstanding are less than or equal to (x) the Borrowing Base at such time *multiplied by* (y) 105%.

"<u>Borrowing Date</u>" means the date of a Borrowing.

"<u>Broadly Syndicated Loan</u>" means any Collateral Loan that meets the following criteria on any date of determination: (i) is a First Lien Loan or a First Lien Last Out Loan, (ii) has a Tranche Size on the related Acquisition Date of at least $300,000,000, (iii) has a Moody's Rating or an S&P Rating and (iv) unless such Collateral Loan is a JPM Agented Loan, (x) if such Collateral Loan has a Tranche Size of greater than $500,000,000, such Collateral Loan has at least two (2) bid quotations and (y) if such Collateral Loan as a Tranche Size of less than or equal to $500,000,000, such Collateral Loan has at least three (3) bid quotations, in each case, from a nationally recognized independent dealer in the related loan as reported by an independent nationally recognized pricing service as of the related Acquisition Date; <u>provided</u> that such Collateral Loan shall be deemed to have satisfied this <u>clause (iv)</u> if it has at least three (3) bid quotations from a nationally recognized independent dealer in the related loan as reported by an independent nationally recognized pricing service within a five (5) Business Day period of such Acquisition Date.

"<u>Business Day</u>" means any day of the year except a Saturday, Sunday or other day on which commercial banks in New York City or the cities in which the Corporate Trust Office is located are authorized or required by law to close; <u>provided</u> that when used in connection with any interest rate setting as to an Advance determined by reference to Term SOFR, any fundings,

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disbursements, settlements and payments in respect of any such Advance, or any other dealings to be carried out pursuant to this Agreement in respect of any such Advance (or any Advance determined by reference to the Base Rate as to which such Base Rate is determined by reference to Term SOFR), the term "Business Day" shall exclude any day on which banks are not open for dealings in deposits in such currency.

"<u>Caa/CCC Collateral Loan</u>" means at any time, a Collateral Loan with a Moody's Rating (based on tranche rating) of "Caa1" or lower or an S&P Rating of "CCC+" or lower.

"<u>Caa/CCC Excess</u>" means, as of any date of determination, an amount equal to the excess, if any, by which the Aggregate Principal Balance of Caa/CCC Collateral Loans exceeds 7.5% of the Aggregate Principal Balance of all Eligible Collateral Loans on such date of determination; <u>provided</u> that, in determining which of the Caa/CCC Collateral Loans (or portions thereof) shall be included in the Caa/CCC Excess, the Caa/CCC Collateral Loans (or portions thereof) with the lowest Observable Market Price (expressed as a percentage of par) shall be deemed to constitute such Caa/CCC Excess.

"<u>Cash</u>" means Dollars immediately available on the day in question.

"<u>Cash Interest Coverage Ratio</u>" means, with respect to any Collateral Loan for any Relevant Test Period, either (a) the meaning of "Cash Interest Coverage Ratio" or comparable term set forth in the Related Documents for such Collateral Loan, or (b) in the case of any Collateral Loan with respect to which the Related Documents do not include a definition of "Cash Interest Coverage Ratio" or comparable term, the ratio obtained by dividing (i) EBITDA by (ii) Cash Interest Expense of the related Obligor for the Relevant Test Period, as calculated by the Collateral Manager in accordance with the Collateral Management Standard using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents.

"<u>Cash Interest Expense</u>" means, with respect to any Obligor for any period, the amount which, in conformity with GAAP, would be set forth opposite the caption "interest expense" or any like caption reflected on the most recent financial statements delivered by such Obligor to the Borrower for such period, but excluding any non-cash item to the extent included under such caption.

"<u>Certificated Security</u>" has the meaning specified in Section 8-102(a)(4) of the UCC.

"<u>Change in Law</u>" means the occurrence, after the Closing Date (or, with respect to any Lender not a party hereto on the date hereof, after the date such Lender becomes a party hereto), of any of the following: (a) the adoption of any law, rule or regulation, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority or (c) compliance by any Lender (or, for purposes of <u>Section 2.09(b)</u>, by any lending office of such Lender or by such Lender's holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority; <u>provided</u> 

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that, notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law" regardless of the date enacted, adopted or issued.

"<u>Change of Control</u>" means, at any time, the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Churchill Private Capital Income Fund ceases, at any time, to directly or indirectly own 100% of the outstanding equity interests in the Borrower free and clear of any and all Liens; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Churchill Asset Management LLC or a Qualifying Affiliate ceases to be the investment adviser to, and otherwise control (whether as sub-advisor or in another capacity), the investment management and investment policies of, the Equityholder and the Collateral Manager.

"<u>Citibank</u>" has the meaning assigned to such term in the introduction of this Agreement.

"<u>Clearing Agency</u>" means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act.

"<u>Clearing Corporation</u>" means each entity included within the meaning of "clearing corporation" under Section 8-102(a)(5) of the UCC.

"<u>Clearing Corporation Security</u>" means securities which are in the custody of or maintained on the books of a Clearing Corporation or a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly endorsed to or registered in the name of the Clearing Corporation or such nominee.

"<u>Closing Date</u>" means May 11, 2026.

"<u>Closing Date Participation</u>" means a Participation Interest acquired by the Borrower on the Closing Date pursuant to a Participation Agreement.

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collateral</u>" has the meaning assigned to such term in <u>Section 7.01(a)</u>.

"<u>Collateral Administration and Agency Fee Letter</u>" means the fee letter, dated on March 16, 2026, by and among the Borrower and the Collateral Administrator, Collateral Agent, Document Custodian and Securities Intermediary setting forth the amounts payable by the Borrower to the Collateral Administrator, the Collateral Agent, the Document Custodian and the

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Securities Intermediary in connection with the transactions contemplated by this Agreement, as such fee letter may be amended, modified, supplemented, restated or replaced from time to time.

"<u>Collateral Administration and Agency Fees</u>" means the fees payable to the Collateral Administrator, the Collateral Agent, the Document Custodian and the Securities Intermediary pursuant to the Collateral Administration and Agency Fee Letter.

"<u>Collateral Administrator</u>" has the meaning assigned to such term in the introduction to this Agreement.

"<u>Collateral Agent</u>" has the meaning assigned to such term in the introduction to this Agreement.

"<u>Collateral Database</u>" has the meaning assigned to such term in Section <u>15.02</u>.

"<u>Collateral Loan</u>" means (a) a commercial loan owned or, as set forth in <u>Section 1.04</u>, committed to be acquired or funded, by the Borrower and (b) any Closing Date Participation.

"<u>Collateral Management Fee</u>" means the fee to the Collateral Manager for services rendered and performance of its obligations under this Agreement, in arrears on each Payment Date (subject to availability of funds and the Priority of Payments), in an amount equal to 0.20% *per annum* of the Fee Basis Amount (unless such fee is waived by the Collateral Manager in its sole discretion); measured as of the Determination Date immediately preceding such Payment Date (calculated on the basis of a 360-day year and the actual number of days elapsed).

"<u>Collateral Management Standard</u>" means, with respect to any Collateral Loans, to service and administer such Collateral Loans on behalf of the Borrower and the Secured Parties with reasonable care (i) using no less degree of care, skill and attention as it employs with respect to similar collateral that it manages for itself and its Affiliates having similar investment objectives and restrictions and (ii) without limiting the clause (i), in a manner it reasonably believes consistent with customary standards, policies and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Collateral Loans. To the extent not inconsistent with the foregoing, the Collateral Manager shall, in performing its duties under the Facility Documents, follow its customary standards, policies and procedures and exercise a degree of skill and attention no less than that which it exercises with respect to comparable assets that it manages for itself and for other clients having similar investment objectives and restrictions.

"<u>Collateral Manager</u>" has the meaning assigned to such term in <u>Section 14.01(a)</u>.

"<u>Collateral Manager Default</u>" means any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the Collateral Manager to make any payment, transfer or deposit into any Covered Account as required by this Agreement on or prior to the date

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that such payment, transfer or deposit is required to be made or (ii) the Collateral Manager makes any withdrawal from a Covered Account not in accordance with the terms of the Facility Documents, in each case after giving effect to a grace period of the greater of (x) two (2) Business Days (or, with respect to clause (i) hereof, if such failure is solely due to administrative error by the Administrative Agent, within two (2) Business Days following the earlier of notice to the Collateral Manager or actual knowledge of the Collateral Manager) and (y) any related grace period or applicable notice period or requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any failure by the Collateral Manager to deliver (i) any Monthly Report or any Borrowing Base Calculation Statement required to be delivered by it under this Agreement or the other Facility Documents on or before three (3) Business Days after the date that such report is required to be delivered and (ii) any other report required to be delivered by it under this Agreement or the other Facility Documents on or before the date that is five (5) Business Days after the Administrative Agent provides written notice of such failure to the Collateral Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise provided in this definition, a default in any material respect in the performance, or breach in any material respect, of any covenant or agreement of the Collateral Manager under any Facility Document to which it is a party (it being understood, without limiting the generality of the foregoing, that any failure to meet any Concentration Limitation or any Collateral Quality Test is not a Collateral Manager Default), or the failure of any representation or warranty of the Collateral Manager made in any Facility Document to be correct, in each case, the failure of which would have a Material Adverse Effect (unless already qualified by materiality, a Material Adverse Effect or any similar qualifier), and the continuation of such default, breach or failure for a period of thirty (30) days after the earlier of (i) the date on which written notice to the Collateral Manager of such failure, requiring the same to be remedied, shall have been given to a Responsible Officer of the Collateral Manager by the Administrative Agent, and (ii) the date on which a Responsible Officer of the Collateral Manager acquires actual knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;an Insolvency Event shall occur with respect to the Collateral Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of an Event of Default as a result of any breach of the Collateral Manager of its duties under this Agreement, subject to applicable grace periods therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $10,000,000 against the Collateral Manager (exclusive of judgment amounts to the extent covered by applicable insurance), and the Collateral Manager shall not have either (i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within sixty (60) days from the date of entry thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Collateral Manager to make any payment when due (after giving effect to any related grace period) under one or more agreements for borrowed money to which it is a party and the indebtedness for borrowed money thereunder is in an amount in excess of $10,000,000, individually or in the aggregate, or the occurrence of any event or condition that has resulted in the acceleration of such indebtedness, whether or not waived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Collateral Manager to act in accordance with the Collateral Management Standard in a manner that is materially adverse to any Secured Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral Manager is subject to proceedings or investigations by any official body or regulation which results in the disruption to the business activities of the Collateral Manager such that it is unable to fulfil its duties under the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the occurrence of a Change of Control under clause (b) of the definition thereof with respect to the Collateral Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Nuveen Churchill Private Capital Income Fund or a Qualifying Affiliate ceases to be the Collateral Manager other than in the case where a successor Collateral Manager becomes the Collateral Manager in accordance with this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;any other event which has caused a Material Adverse Effect on the assets, liabilities, financial condition, prospects, business or operations of the Collateral Manager or the ability of the Collateral Manager to meet its obligations under the Facility Documents to which it is a party.

"<u>Collateral Quality Test</u>" means a test that is satisfied if, as of any date of determination, in the aggregate, the Eligible Collateral Loans owned (or, in relation to a proposed purchase of an Eligible Collateral Loan, both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below, calculated, in each case, in accordance with <u>Section 1.04</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Maximum S&P Rating Factor Test;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Minimum Diversity Score Test;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Maximum Weighted Average Life Test; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Minimum Weighted Average EBITDA Test.

"<u>Collection Account</u>" has the meaning assigned to such term in <u>Section 8.02</u>.

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"<u>Collection Period</u>" means, with respect to (a) the first Payment Date, the period from and including the Closing Date to and including the Determination Date immediately preceding the first Payment Date, and (b) any subsequent Payment Date, the period from but excluding the Determination Date immediately preceding the previous Payment Date to and including the Determination Date immediately preceding the current Payment Date (or, in the case of the final Payment Date, to and including such Payment Date).

"<u>Collections</u>" means all cash collections, distributions, payments or other amounts received, or to be received, by the Borrower from any Person in respect of any Collateral Loan constituting Collateral, including all principal, interest, fees, distributions, recoveries and redemption and withdrawal proceeds payable to the Borrower under or in connection with any such Collateral Loans and all Proceeds from any sale or disposition of any such Collateral Loans, but excluding (a) any amounts received by the Borrower from an Obligor or any other party obligated to make payments in respect of such Collateral Loan following the sale of a Collateral Loan by the Borrower that the Borrower is required to pay to the purchaser of such Collateral Loan so long as such amounts are not included in the net proceeds reported to be received by the Borrower from such sale, (b) any amounts in respect of indemnities received by the Borrower but owing to parties other than the Borrower in accordance with the Related Documents for any Collateral Loan and (c) any Excluded Amounts.

"<u>Commitment</u>" means the obligation of Citibank to make, on and subject to the terms and conditions hereof, Advances to the Borrower pursuant to <u>Section 2.01</u> in an aggregate principal amount at any one time outstanding up to but not exceeding the Facility Amount or, if Citibank assigns any of its interests hereunder to another Lender, in any Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment (or portion thereof), as applicable, as such amount may be increased or reduced from time to time pursuant to this Agreement.

"<u>Commitment Fee</u>" has the meaning assigned to such term in <u>Section 2.11(a)</u>.

"<u>Commitment Fee Rate</u>" has the meaning assigned to such term in the Administrative Agent Fee Letter.

"<u>Commitment Termination Date</u>" means the last day of the Reinvestment Period; <u>provided</u> that, if the Commitment Termination Date would otherwise not be a Business Day, then the Commitment Termination Date shall be the immediately succeeding Business Day.

"<u>Competitor</u>" means (a) any Person primarily engaged in the business of private asset management as a business development company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in direct or indirect competition with the Borrower, the Equityholder, the Collateral Manager, any sub-advisor of the Collateral Manager, or any Affiliate thereof that is an investment advisor, (b) any Person controlled by, or controlling, or under common control with, a Person referred to in clause (a) above, or (c) any Person for which a Person referred to in clause (a) above serves as an investment advisor with discretionary investment authority; <u>provided</u> that, in no event shall the term "Competitor" include any commercial bank, investment bank or insurance company (including any investment account or

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fund managed by such insurance company's adviser unless such investment account or fund is investing in a separately managed account, a fund or other vehicle advised by a Person that would otherwise be a Competitor).

"<u>Concentration Denominator</u>" means the Aggregate Principal Balance of the Eligible Collateral Loans owned (and, solely in relation to a proposed acquisition of an Eligible Collateral Loan, proposed to be owned) by the Borrower in each case in accordance with the procedures set forth in <u>Section 1.04</u>.

"<u>Concentration Limitations</u>" means, as of any date of determination, the following limitations and calculated in accordance with the procedures set forth in <u>Section 1.04</u> as a percentage of the Concentration Denominator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;not more than 1.50% consists of Collateral Loans of any one (1) Obligor (and Affiliates thereof); <u>provided</u> that, the Collateral Loans of each of the largest five (5) single Obligors (and Affiliates thereof), may constitute up to 2.00%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;not more than 10.0% consists of Collateral Loans with Obligors in any one S&P Industry Classification; <u>provided</u> that (x) Collateral Loans with Obligors in the largest S&P Industry Classification may constitute up to 17.50% and (y) Collateral Loans with Obligors in the second-largest S&P Industry Classification may constitute up to 12.50%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;not more than 10.0% consists of Collateral Loans with respect to which the Obligor has an EBITDA less than $75,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;not more than 10.0% consists of First Lien Last Out Loans and Deemed Second Lien Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;not more than 5.0% consists of First Lien Last Out Loans (excluding Deemed Second Lien Loans);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;not more than 5.0% consists of Collateral Loans that provide for payment of interest in cash less frequently than quarterly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;not more than (i) 20.0% consists of Collateral Loans that are Covenant Lite Loans with an EBITDA as of the Relevant Test Period most recently ended prior to such date of determination of less than $100,000,000, (ii) 10.0% consists of Collateral Loans that are Covenant Lite Loans with an EBITDA as of the Relevant Test Period most recently ended prior to such date of determination of less than $75,000,000 and (iii) 0.0% consists of Collateral Loans that are Covenant Lite Loans with an EBITDA as of the Relevant Test Period most recently ended prior to such date of determination of less than $40,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;not more than (i) 7.5% consists of PIK Loans and (ii) 2.5% consists of PIK-ing Loans;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;not more than 5.0% consists of Current Pay Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;not more than 5.0% consists of Revolving Collateral Loans and Delayed Drawdown Collateral Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;not more than 5.0% consists of Collateral Loans whose Obligors are organized outside of (i) the United States (or any state thereof) and (ii) Canada (or any territory thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;not more than 15.0% consists of Caa/CCC Collateral Loans; <u>provided</u> that (i) not more than 2.5% consist of Collateral Loans that have a Moody's Rating (based on tranche rating) of "Caa2" or lower or an S&P Rating of "CCC" or lower as of its date of acquisition and (ii) not more than 7.5% consist of Collateral Loans that are Caa/CCC Collateral Loans as of its date of acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;not more than 5.0% consists of Collateral Loans denominated in a currency other than Dollars.

"<u>Conforming Changes</u>" means, with respect to the use or administration of any Benchmark or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "Business Day," the definition of "Interest Accrual Period," the definition of "U.S. Government Securities Business Day," the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor rates identified pursuant to the definition of "Benchmark Replacement" (including whether such formula shall be cumulative or non-cumulative), the formula, methodology or convention for applying the successor Floor to the successor Benchmark Replacement and other technical, administrative or operational matters) that the Administrative Agent in consultation with the Collateral Manager decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent in consultation with the Collateral Manager decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Facility Documents).

"<u>Consent Loan</u>" means any Collateral Loan that, at the time the Borrower commits to acquire such Collateral Loan, (a) is a Broadly Syndicated Loan, (b) is a PIK Loan with a minimum current cash pay rate of less than the Benchmark plus 2.25% *per annum*, (c) has an LTV Ratio of 65.0% or higher, (d) has addbacks to EBITDA of the related Obligor for the most recent Relevant Test Period constituting 25% or more of the aggregate EBITDA of such Obligor, (e) has a primary Obligor with a most recently calculated EBITDA of less than $15,000,000, (f) has a Senior Net Leverage Ratio of at least 6.00x, (g) has a Total Net Leverage

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Ratio of at least 6.75x, (h) has a Purchase Price of less than 90.0%, (i) is a Covenant Lite Loan that has an Obligor with a most recently reported EBITDA of $75,000,000 or less and/or (j) has any eligibility requirement expressly waived by the Administrative Agent in its sole discretion in accordance with the definition of "Eligible Collateral Loan".

"<u>Constituent Documents</u>" means, in respect of any Person, the trust agreement, certificate or articles of formation, registration, incorporation or organization, memorandum and articles of association, the limited liability company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation or organization (or equivalent or comparable constituent documents), statutory registers, section 9 statement, section 10 statements (if any), section 5 statement, section 8 statements (if any) and other organizational documents and by-laws and any certificate of trust, certificate of incorporation, certificate of formation, certificate of registration of exempted limited partnership, certificate of limited partnership and other agreement or similar instrument filed or made in connection with its formation or organization, in each case, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.

"<u>Continued Errors</u>" has the meaning assigned to such term in <u>Section 14.08(c)</u>.

"<u>Contractual Currency</u>" has the meaning assigned to such term in <u>Section 2.20</u>.

"<u>Control</u>" means (i) the direct or indirect possession of the power to direct or cause the direction of the management or policies of a Person whether through ownership, by contract, arrangement or understanding, or otherwise or (ii) with respect to (x) clause (q) of the definition of "Eligible Collateral Loan" and (y) any provision of any Facility Document related to the purchase or sale of Collateral from an "Affiliate", ownership of 20% or more of the equity securities of a Person. "<u>Controlled</u>" and "<u>Controlling</u>" have the meaning correlative thereto.

"<u>Corporate Trust Office</u>" means the applicable designated corporate trust office of the Collateral Agent, the Collateral Administrator, the Securities Intermediary or the Document Custodian, as applicable, specified on <u>Schedule 4</u>, or such other address within the United States as it may designate from time to time by notice to the Administrative Agent.

"<u>Covenant Lite Loan</u>" means a Collateral Loan that (x) has an Obligor with a most recently reported EBITDA of $100,000,000 or less and (y) (a) is not subject to any Maintenance Covenants or (b) requires the related Obligor to comply with an Incurrence Covenant, but does not require the related Obligor to comply with a Maintenance Covenant (regardless of whether compliance with one or more Incurrence Covenants is otherwise required by the Related Documents).

"<u>Coverage Deficiency</u>" means, as of any date of determination, an amount equal to the positive difference, if any, of (a) the aggregate sum of, for all Eligible Collateral Loans as of such date, (I) a percentage equal to (x) 100% *minus* the Asset Advance Rate for each such Collateral Loan as of such date *minus* (y) 7.5%, <u>multiplied</u> <u>by</u> (II) (x) the Purchase Price multiplied by (y) the Principal Balance of each such Collateral Loan *minus* (b) the Equity Coverage Amount on such date.

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"<u>Coverage Deficiency Test</u>" means a test that will be satisfied if at any date of determination no Coverage Deficiency exists.

"<u>Coverage Test</u>" means each of the Borrowing Base Test and the Coverage Deficiency Test.

"<u>Covered Account</u>" means each of the Collection Account, the Custodian Account and the Unfunded Reserve Account.

"<u>Covered Party</u>" has the meaning assigned to such term in <u>Section 12.20</u>.

"<u>Current Pay Loan</u>" means any Collateral Loan that would otherwise be a Defaulted Loan, but as to which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) no default has occurred and is continuing with respect to the payment of interest and any contractual principal (if any), (ii) all contractual payments due at the relevant time of determination (including principal, interest and any other such payments) have been paid in Cash and (iii) the Collateral Manager reasonably expects that the remaining scheduled interest and principal payments will be paid in Cash on the scheduled payment dates thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Collateral Loan has an Asset Value (expressed as a percentage of par) of no less than 80% of par; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Obligor in respect of such Collateral Loan is subject to a bankruptcy proceeding, (i) the related bankruptcy court has authorized all payments due and payable on such Collateral Loan and (ii) all interest payments and scheduled distributions of principal authorized by such bankruptcy court have been paid by such Obligor in respect of such Collateral Loan.

"<u>Custodian Account</u>" has the meaning assigned to such term in <u>Section 8.04</u>.

"<u>Data File</u>" has the meaning specified in <u>Section 8.08(a)</u>.

"<u>Data Site</u>" means an electronic password protected data site maintained by the Borrower (or by the Collateral Manager on behalf of Borrower) at Merrill Corporation, Intralinks, SyndTrak Online or any other similar electronic distribution system reasonably acceptable to the Administrative Agent.

"<u>Deemed Second Lien Loan</u>" means any portion of any First Lien Loan (other than Broadly Syndicated Loans) in respect of which the Senior Net Leverage Ratio of the related Obligor was greater than 5.00 to 1.00 but less than 7.00 to 1.00 as of the Relevant Test Period most recently ended.

"<u>Default</u>" means any event which, with the passage of time, the giving of notice, or both, would constitute an Event of Default.

"<u>Default Rate</u>" means a rate per annum equal to the rate of interest otherwise in effect pursuant to this Agreement (or, if no such rate is specified, the Base Rate) plus 2.00% *per* 

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*annum*; <u>provided</u> that such additional margin shall not be applied pursuant to this definition in any case where it has already been applied pursuant to the definition of "Applicable Margin."

"<u>Defaulted Loan</u>" means any Collateral Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which a default as to the payment of principal and/or interest has occurred and is continuing (giving effect to any grace or cure period applicable thereto, but in no event exceeding five (5) Business Days or seven (7) calendar days, whichever is greater);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to the actual knowledge of a Responsible Officer of the Collateral Manager or the Borrower, with respect to which a default as to the payment of principal and/or interest has occurred and is continuing with respect to another full recourse debt obligation of the same Obligor secured by the same collateral and which is senior to or *pari passu* with in right of payment to such Collateral Loan (giving effect to any grace or cure period applicable thereto, but in no event exceeding five (5) Business Days or seven (7) calendar days, whichever is greater);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which the Obligor thereunder has become subject to an Insolvency Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;that has a published S&P Rating of "D" or below or "SD" or a Moody's probability of default rating (as published by Moody's) of "D" or "LD" or previously had such ratings before they were withdrawn by S&P or Moody's (in each case based on tranche rating not corporate family rating);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;that is *pari passu* in right of payment as to the payment of principal and/or interest to another debt obligation of the same Obligor which has a published S&P Rating of "SD" or "D" or lower or a Moody's probability of default rating (as published by Moody's) of "D" or "LD"; provided that both the Collateral Loan and such other debt obligation are full recourse obligations of such Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which a Responsible Officer of the Collateral Manager has received written notice or has actual knowledge that a default has occurred under the Related Documents and any applicable grace period has expired and the holders of such Collateral Loan have accelerated the repayment of such Collateral Loan (but only until such acceleration has been rescinded) in the manner provided in the Related Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which the Collateral Manager has, in its reasonable commercial judgment, otherwise declared such debt obligation to be a "Defaulted Loan".

"<u>Defaulting Lender</u>" means, at any time, any Lender that (a) has failed for two (2) or more Business Days after a Borrowing Date to fund its portion of an Advance required pursuant to the terms of this Agreement (other than failures to fund as a result of a bona fide dispute as to whether the conditions to borrowing were satisfied on the relevant Borrowing Date

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(which condition precedent, together with any applicable default, has been specifically identified to the Administrative Agent in writing or in any public statement by such Lender)), (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund an Advance hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within two (2) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower) or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under the Bankruptcy Code or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, receivership, insolvency, reorganization or similar debtor relief laws of the United States or other applicable jurisdiction, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) became the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) shall be conclusive and binding absent manifest error.

"<u>Delayed Drawdown Collateral Loan</u>" means a Collateral Loan that (a) requires the Borrower to make one or more future advances to the Obligor under the Related Documents, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the Obligor thereunder; <u>provided</u> that any such Collateral Loan will be a Delayed Drawdown Collateral Loan only to the extent of unfunded commitments and solely until all commitments by the Borrower to make advances on such Collateral Loan to the Obligor under the Related Documents expire or are terminated or are reduced to zero.

"<u>Deliver</u>" or "<u>Delivered</u>" or "<u>Delivery</u>" means the taking of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to such of the Collateral as constitutes an instrument that does not constitute a Financial Asset forming the basis of a Security Entitlement Delivered to the Securities Intermediary or the Document Custodian, as applicable, pursuant to the other clauses of this definition, causing the Securities Intermediary or the Document

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Custodian, as applicable, to take and continuously maintain possession of such instrument indorsed to the Collateral Agent or in blank by an effective indorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to such of the Collateral as constitutes a Certificated Security, (i) causing the delivery of such Certificated Security to the Securities Intermediary registered in the name of the Collateral Agent or its affiliated nominee or endorsed to the Collateral Agent or its affiliated nominee or endorsed in blank, (ii) causing the Securities Intermediary to continuously identify on its books and records that such Certificated Security is credited to the appropriate Covered Account and (iii) causing the Securities Intermediary to maintain continuous possession of such Certificated Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;with respect to such of the Collateral as constitutes an Uncertificated Security, (i) causing the issuer of such Uncertificated Security to register the Collateral Agent as the registered owner of such Uncertificated Security, (ii) causing the issuer of such Uncertificated Security to agree to comply with instructions of the Collateral Agent without further consent of the Borrower, upon original issue or registration of transfer by the issuer of such Uncertificated Security or (iii)(A) causing the issuer of such Uncertificated Security to register the Collateral Agent as the registered owner of such Uncertificated Security and (B) causing the Securities Intermediary to continuously identify on its books and records that such Uncertificated Security is credited to the appropriate Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;with respect to such of the Collateral as constitutes a Security Entitlement, causing the Securities Intermediary to indicate by book entry that the Financial Asset relating to such Security Entitlement has been credited to the appropriate Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;with respect to such of the Collateral as constitutes a deposit account, causing such deposit account to be maintained in the name of the Collateral Agent or causing the bank with which such deposit account is maintained to agree in writing with the parties hereto that (i) such bank shall comply with instructions originated by the Collateral Agent directing disposition of the funds in the deposit account without further consent of any other Person, (ii) such bank will not agree with any Person other than the Collateral Agent to comply with instructions originated by any Person other than the Collateral Agent or the Borrower (or the Collateral Manager on its behalf), (iii) such deposit account and the funds on deposit therein shall not be subject to any Lien or right of set-off in favor of such bank or anyone claiming through it (other than the Collateral Agent) other than as permitted in the Account Control Agreement, (iv) such agreement shall be governed by the laws of the State of New York, and (v) with respect to such bank, the State of New York shall be the "bank's jurisdiction" for purposes of Article 9 of the UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;with respect to such of the Collateral as constitutes an account or a general intangible or is not otherwise described in the foregoing clauses (a) through (e), causing to be filed with the Delaware Secretary of State a properly completed UCC financing statement that names the Borrower as debtor and the Collateral Agent as secured party

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and that describes such Collateral (which financing statement may have been previously filed) or any equivalent filing in any applicable jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;in the case of each of clauses (a) through (f) above, such additional or alternative procedures as may hereafter become necessary or desirable to perfect the security interest granted to the Collateral Agent hereunder in such items of the Collateral, consistent with Applicable Law.

In addition, the Collateral Manager on behalf of the Borrower will obtain any and all consents required by the Related Documents relating to any Instruments, accounts or general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is rendered ineffective under Section 9-406 or Section 9-408 of the UCC).

"<u>Delivery Event</u>" means a failure to deliver any financial reports specified in <u>Section 5.01(d)(i)</u> or <u>(ii)</u>.

"<u>Designated Lender</u>" means Citibank, N.A., in its capacity as a Lender hereunder, any Affiliate thereof and any successor-in-interest thereto (but not, for the avoidance of doubt, an assignee thereof that is not Citibank, N.A. or an Affiliate thereof).

"<u>Determination Date</u>" means, with respect to any Payment Date, the date that is ten (10) Business Days prior to such Payment Date.

"<u>Disruption Event</u>" means the occurrence of any of the following: (a) any Lender shall have notified the Administrative Agent of the commercially reasonable determination by such Lender that it would be contrary to Law or to the directive of any Governmental Authority (whether or not having the force of law) to obtain Dollars to fund any Advance, (b) the Administrative Agent shall have notified the Borrower and each Lender of the inability, acting in a commercially reasonable manner, to determine the Benchmark, (c) the Required Lenders shall have notified the Administrative Agent of the commercially reasonable determination by such Lenders that the rate at which deposits of Dollars are being offered to such Lenders does not accurately reflect the cost to such Lenders of making, funding or maintaining any Advance or (d) any Lender shall have notified the Administrative Agent of the inability of such Lender, acting in a commercially reasonable manner, to obtain Dollars to make, fund or maintain any Advance.

"<u>Diversity Score</u>" means, as of any day, a single number that indicates Collateral Loan concentration in terms of both Obligor and industry concentration, calculated as set forth in <u>Schedule 6</u>, as such diversity scores shall be updated at the mutual agreement of the Administrative Agent and the Borrower if S&P publishes revised criteria.

"<u>Document Checklist</u>" means an electronic or hard copy list delivered by the Borrower (or by the Collateral Manager on behalf of the Borrower) to the Document Custodian that identifies each of the documents contained in each Loan File and whether such document is an original or a copy and whether a hard copy or electronic copy will be delivered to the

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Document Custodian related to a Collateral Loan and includes the name of the Obligor with respect to such Collateral Loan, in each case as of the related date of Advance or acquisition by the Borrower.

"<u>Document Custodian</u>" has the meaning assigned to such term in the introduction to this Agreement.

"<u>Dollars</u>" and "<u>$</u>" mean lawful money of the United States of America.

"<u>Due Date</u>" means each date on which any payment is due on a Collateral Loan in accordance with its terms.

"<u>EBITDA</u>" means, with respect to any Relevant Test Period (or other period set forth herein) and any Collateral Loan, the meaning of the term "Adjusted EBITDA", the term "EBITDA" or any comparable term in the Related Documents for such period (together with all add backs and exclusions as designated in such Underlying Loan Agreement) and Collateral Loan (or, in the case of a Collateral Loan for which the Related Documents have not been executed, as set forth in the relevant marketing materials or financial model in respect of such Collateral Loan, until the first testing period after the Related Documents have been executed), and in any case that the term "Adjusted EBITDA", the term "EBITDA" or such comparable term is not defined in such Related Document or marketing materials or financial model, an amount, for the principal Obligor thereunder and any of its parents or Subsidiaries that are obligated as guarantor or co-borrower pursuant to the Related Documents for such Collateral Loan (determined on a consolidated basis without duplication in accordance with GAAP (and also on a pro forma basis as determined in good faith by the Collateral Manager in accordance with the Collateral Management Standard in case of any acquisitions)) as mutually agreed upon by the Borrower and the Administrative Agent; <u>provided</u> that with respect to any Obligor for which four full fiscal quarters of financial data are not available, EBITDA shall be determined for such Obligor based on annualizing the financial data from the reporting periods actually available in a manner mutually acceptable to the Borrower and the Administrative Agent.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Elevation</u>" has the meaning specified in the applicable Participation Agreement.

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"<u>Elevation Date</u>" means the date on which an Elevation occurs with respect to a Closing Date Participation pursuant to the applicable Participation Agreement.

"<u>Eligible Bid</u>" means a valid cash bid made in good faith by a creditworthy counterparty (as determined by the Administrative Agent's in its reasonable discretion) for all or a portion of the Collateral in connection with a sale of the Collateral in whole or in part pursuant to <u>Section 6.04</u>.

"<u>Eligible Collateral Loan</u>" means a Collateral Loan that (A) in the case of any Consent Loan, has been approved by the Administrative Agent, in its sole discretion prior to the date on which the Borrower commits to acquire such Collateral (or, if later, the Closing Date), and (B) satisfies each of the following eligibility requirements on any date of determination (unless otherwise expressly waived by the Administrative Agent in its sole discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;is a First Lien Loan, a First Lien Last Out Loan or a Deemed Second Lien Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;is denominated and payable in Dollars and does not permit the currency in which it is payable or the place of payment to be changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the related Obligor is (x) not a Sanctioned Person and (y) organized or incorporated in (i) the United States (or any state thereof), (ii) Canada (or any province or territory thereof), or (iii) any other jurisdiction approved by the Administrative Agent in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Related Documents for which are governed by the laws of (i) the United States (or any state thereof), (ii) the United Kingdom, (iii) Canada or (iv) any other jurisdiction approved by the Administrative Agent in its reasonable discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;has an original term to maturity of not more than 7.5 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;is not a PIK Loan (unless it is a Permitted PIK Loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;is not an obligation (other than a Delayed Drawdown Collateral Loan or a Revolving Collateral Loan) pursuant to which any future advances or payments to the Obligor may be required to be made by the Borrower and will not otherwise result in the imposition of any other present or future, actual or contingent, monetary liabilities or obligations of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;does not constitute Margin Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;is not an Equity Security or a component thereof and does not provide for mandatory or optional conversion or exchange into an Equity Security; <u>provided</u> that (i) any equity security purchased as part of a "unit" or "package" with a Collateral Loan (including any attached warrants) and that itself is not eligible for purchase by the Borrower as a Collateral Loan shall not cause the Collateral Loan portion to lose its eligibility hereunder and (ii) the ability of the Borrower to receive Equity Securities in

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exchange for a Collateral Loan or a portion thereof in connection with an Insolvency Event, reorganization, debt restructuring or workout of the Obligor thereof will not be deemed to be a "mandatory or optional conversion or exchange" for purposes of this clause (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;as of its date of acquisition by the Borrower (or, if later, the Closing Date) is not a Defaulted Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;as of its date of acquisition by the Borrower (or, if later, the Closing Date), the related Obligor on the Collateral Loan is not insolvent, is not the subject of an Insolvency Event, and there are no proceedings pending (or, to the knowledge of any Responsible Officer of the Borrower or the Collateral Manager threatened) wherein the related Obligor or any other party or any Governmental Authority (i) has asserted insolvency of the related Obligor on such Collateral Loan (and, in the case of an involuntary insolvency proceeding, such proceeding has not been dismissed for sixty (60) days), or (ii) has alleged that such Collateral Loan or any of the Related Documents is illegal or unenforceable and such Collateral Loan is not subject to any pending or threatened litigation or right or claim of rescission, set-off, netting, counterclaim or defense on the part of the related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;to the actual knowledge of a Responsible Officer of the Borrower, the Related Property has not been used by the related Obligor (or any parent entity, subsidiary or Affiliate thereof) in any manner or for any purpose that would result in any material risk of liability being imposed upon the Administrative Agent, Borrower, the Equityholder, the Collateral Manager or any Secured Party under any Applicable Law (as determined by such party in its reasonable discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition thereof will not (i) violate any Applicable Law on the date of acquisition by the Borrower (or, if later, the Closing Date), (ii) violate any Applicable Law in any manner which would or could reasonably be expected to materially and adversely impact the value thereof on any date after the date of acquisition by the Borrower (or, if later, the Closing Date) or (iii) to the actual knowledge of a Responsible Officer of the Borrower or the Collateral Manager, cause the Administrative Agent or any Lender to fail to comply with any request or directive from any banking authority or governmental entity having jurisdiction over the Administrative Agent or such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(i) except for Permitted Liens, the Borrower has good and marketable title to, and is the sole owner of, such Collateral Loan and the Related Security or, with respect to any Related Security securing such Collateral Loan, the Borrower has the benefit of a valid security interest therein of the priority required by the Related Documents free and clear of all Liens and (ii) the Borrower has granted to the Administrative Agent for the benefit of the Secured Parties, a valid and perfected first-priority security interest in such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;to the actual knowledge of the Borrower, such Collateral Loan and the Related Documents for such Collateral Loan constitute the legal, valid and binding

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obligations of the related Obligor thereunder and each guarantor thereof, enforceable against such Person in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;provides for a fixed amount of principal to be payable in cash no later than its stated maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;the related Obligor on such Collateral Loan (i) is a business entity (and not a natural person) duly organized and validly existing under the Laws of its jurisdiction of organization, (ii) is a legal operating entity or holding company, (iii) is not a Governmental Authority, (iv) as determined by the Collateral Manager in its reasonable discretion, has not experienced a material adverse change in its condition and (v) is not Affiliated with the Borrower, the Equityholder, the Collateral Manager or any of their respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which are not permitted primarily to be used for personal, family or household purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;is capable of being transferred to and owned by the Borrower (whether directly or by means of a security entitlement) and of being pledged, assigned or novated by the owner thereof or of an interest therein, subject to customary restrictions for assets of the type constituting the Collateral Loans (i) to the Collateral Agent, (ii) to any assignee of the Collateral Agent permitted or contemplated under this Agreement, (iii) to any Person at any foreclosure or strict foreclosure sale or other disposition initiated by a secured creditor in furtherance of its security interest and (iv) to commercial banks, financial institutions, offshore and other funds (in each case, including transfer permitted by operation of the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;does not contain restrictions on transfer which limit potential transferees, other than any such restrictions customary for assets of the type constituting the Collateral Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;does not contain confidentiality restrictions that would prohibit the Administrative Agent, the Collateral Agent or the Lenders from accessing or receiving all material obligor information with regards to such Collateral Loan (subject to customary confidentiality provisions) that is necessary to exercise its rights under the Related Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;is not a synthetic obligation, a Structured Finance Obligation, an unsecured loan, a bridge loan or a bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;does not subject the Borrower to withholding tax, fee or governmental charge (other than withholding tax on amendment, waiver, consent, commitment fees and other similar fees or withholding tax imposed under FATCA) unless the Obligor is

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required to make "gross-up" payments constituting 100% of such withholding tax, fee or governmental charge on an after-tax basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;is in "registered" form for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;the Loan File with respect to such Collateral Loan has been delivered to the Document Custodian or the time period for such delivery under <u>Section 13.03(a)</u> has not yet expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition of such Collateral Loan will not cause the Borrower or the pool of Collateral to be required to register as an "investment company" under Section 8 of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;is not a letter of credit (other than a Revolving Collateral Loan that includes a letter of credit sub-facility as long as the Borrower is not the letter of credit issuer with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;is not a Participation Interest (excluding Closing Date Participations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower has all necessary Governmental Authorizations and Private Authorizations necessary to purchase and own such Collateral Loan and enter into the Related Documents with respect to such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;the Obligor of such Collateral Loan has EBITDA greater than or equal to $25,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;provides for scheduled payments of interest in cash at least semi-annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Loan was acquired for a Purchase Price not less than 80% of its Principal Balance at the time the Borrower committed to acquire such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;is not (i) underwritten as a real estate loan or principally secured by real property; (ii) a construction loan, (iii) a project finance loan or (iv) an asset-based credit facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;its transfer may be effected pursuant to a form attached as an exhibit to the relevant Underlying Loan Agreement or other assignment documentation customary for assets of the type constituting such Collateral Loan (which may be an LSTA Par/Near Par Trade Confirmation, subject to Standard Terms and Conditions for Par/Near Par Trade Confirmations, as published by The Loan Syndications and Trading Association, Inc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;no selection procedure adverse to the interests of the Secured Parties was intentionally utilized at the time of the selection of such Collateral Loan for acquisition by the Borrower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;such Collateral Loan requires the related Obligor to maintain, subject to market standard qualifications and exceptions (as determined by the Collateral Manager in accordance with the Collateral Management Standard), the Related Property in good repair and to maintain adequate insurance with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;(i) such Collateral Loan was sourced or originated by the Equityholder or the Borrower in the ordinary course of the Equityholder's business and in accordance with the Collateral Management Standard, and (ii) if such Collateral Loan is an Equityholder Collateral Loan, the Equityholder has caused its master computer records to be clearly and unambiguously marked to indicate that such Collateral Loan has been sold to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;if such Collateral Loan is a Fixed Rate Obligation, it provides for a minimum current cash pay rate of 6.00% *per annum*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;as of its date of acquisition by the Borrower (or, if later, the Closing Date), if such Collateral Loan is rated by (i) Moody's, it has a Moody's Rating of "Caa2" or higher or (ii) S&P, it has an S&P Rating of "CCC" or higher; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;is an "instrument", "general intangible" or "payment intangible" under the UCC.

"<u>Eligible Investment Required Ratings</u>" means, (a) with respect to any obligation or security, with respect to ratings assigned by Moody's, "P-1" for short-term instruments or "A2" for long-term instruments and (b) with respect to rating assigned by S&P, "A-1" for short-term instruments or "A" for long-term instruments.

"<u>Eligible Investments</u>" means any Dollar-denominated investment that, at the time it is Delivered, is Cash or one or more of the following obligations or securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;direct obligations of, and obligations the timely payment of principal and interest on which is fully and expressly guaranteed by, the United States of America or any agency or instrumentality of the United States of America the obligations of which are expressly backed by the full faith and credit of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;demand and time deposits in, bank deposit products of, certificates of deposit of, trust accounts with, bankers' acceptances payable within 183 days of issuance by, or federal funds sold by any depository institution or trust company incorporated under the Laws of the United States of America or any state thereof and subject to supervision and examination by federal and/or state banking authorities, so long as the commercial paper and/or the debt obligations of such depository institution or trust company (or, in the case of the principal depository institution in a holding company system, the commercial paper or debt obligations of such holding company) at the time of such investment or contractual commitment providing for such investment have the Eligible Investment Required Ratings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;non-extendable commercial paper or other short-term obligations with the Eligible Investment Required Ratings and that either bear interest or are sold at a discount from the face amount thereof and have a maturity of not more than 183 days from their date of issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;money market funds that have, at all times, ratings in the highest credit rating category by Moody's and S&P;

<u>provided</u> that none of the foregoing obligations or securities shall constitute Eligible Investments if (A) such obligation or security has an "f", "r", "p", "pi", "q", "sf" or "t" subscript assigned by S&P, (B) all, or substantially all, of the remaining amounts payable thereunder consist of interest and not principal payments, (C) such obligation or security is subject to U.S. withholding or foreign withholding tax unless the issuer of the security is required to make "gross-up" payments for the full amount of such withholding tax, (D) such obligation or security is secured by real property, (E) such obligation or security is purchased at a price greater than 100% of the principal or face amount thereof, (F) such obligation or security is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar action or (G) in the Collateral Manager's commercially reasonable judgment, such obligation or security is subject to material non-credit related risks. Any such investment may be made or acquired from or through the Collateral Agent or any of its Affiliates, or any entity for whom the Collateral Agent or any of its Affiliates provides services, receives compensation or acts as offeror (so long as such investment otherwise meets the applicable requirements of the foregoing definition of Eligible Investment at the time of acquisition). The Collateral Agent shall have no obligation to determine or oversee compliance with the foregoing requirements.

"<u>Equityholder</u>" means Nuveen Churchill Private Capital Income Fund, a Delaware statutory trust.

"<u>Equityholder Collateral Loan</u>" means each Collateral Loan sold and/or contributed by the Equityholder to the Borrower pursuant to a Sale Agreement.

"<u>Equityholder Purchased Loan Balance</u>" means, as of any date of determination, an amount equal to the aggregate Principal Balance of all Equityholder Collateral Loans acquired by the Borrower prior to such date.

"<u>Equity Coverage Amount</u>" means, at any date of determination, the aggregate sum of (i) the Observable Market Price of all Eligible Collateral Loans that are Broadly Syndicated Loans owned by the Borrower on such date (determined for this purpose on a "trade date" basis), plus (ii) the amount on deposit in the Principal Collection Account on such date, plus (iii) the amount on deposit in the Interest Collection Account on such date minus (iv) the amount of accrued and unpaid Interest payable hereunder as of such date minus (v) the Advances Outstanding and all other Obligations owing on such date or on the immediately following Payment Date.

"<u>Equity Security</u>" means any stock or similar security, certificate of interest or participation in any profit sharing agreement, reorganization certificate or subscription,

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transferable share, voting trust certificate or certificate of deposit for an equity security, limited partnership or membership interest, interest in a joint venture, or certificate of interest in a business trust; any security future on any such security; or any security convertible, with or without consideration into such a security, or carrying any warrant (other than a detachable warrant) or right to subscribe to or purchase such a security; or any such warrant or right.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974 and the regulations promulgated and rulings issued thereunder.

"<u>ERISA Event</u>" means (a) any "reportable event," as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure with respect to any Plan to satisfy the "minimum funding standard" (as defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in "at risk" status within the meaning of Section 430(i) of the Code or Section 303(i) of ERISA; (e) the incurrence by the Borrower or any member of its ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) (i) the receipt by the Borrower or any member of its ERISA Group from the PBGC of a notice of determination that the PBGC intends to seek termination of any Plan or to have a trustee appointed for any Plan under Section 4042 of ERISA, or (ii) the filing by the Borrower or any member of its ERISA Group of a notice of intent to terminate any Plan; (g) the incurrence by the Borrower or any member of its ERISA Group of any liability (i) with respect to a Plan pursuant to Sections 4063 and 4064 of ERISA, (ii) with respect to a facility closing pursuant to Section 4062(e) of ERISA, or (iii) with respect to the withdrawal or partial withdrawal from any Multiemployer Plan; (h) the receipt by the Borrower or any member of its ERISA Group of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered status or critical status, within the meaning of Section 432 of the Code or Section 305 of ERISA or is or is expected to be insolvent or terminated, within the meaning of Title IV of ERISA; or (i) the failure of the Borrower or any member of its ERISA Group to make any required contribution to a Multiemployer Plan.

"<u>ERISA Group</u>" means each controlled group of corporations or trades or businesses (whether or not incorporated) under common control that is treated as a single employer under Section 414(b) or (c) of the Code with the Borrower or, solely for purposes of Section 302 of ERISA and Sections 412 and 430 of the Code, is treated as a single employer under Section 414(m) or (o) of the Code with the Borrower.

"<u>Erroneous Payment</u>" has the meaning specified in <u>Section 11.07(a)</u>.

"<u>Errors</u>" has the meaning assigned to such term in <u>Section 14.08(c)</u>.

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

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"<u>Event of Default</u>" has the meaning assigned to such term in <u>Section 6.01</u>.

"<u>Excepted Property</u>" means the proceeds of the Borrower's issued ordinary shares plus any transaction fee paid to the Borrower for entering into the transactions contemplated by this Agreement and the account in which such funds are credited or deposited.

"<u>Excess Concentration Amount</u>" means, at any time in respect of which any one or more of the Concentration Limitations are exceeded, the portions (calculated without duplication) of each Collateral Loan that cause such Concentration Limitations to be exceeded, as calculated by the Collateral Manager and certified to as required hereunder.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provision shall be deemed to be a reference to any successor statutory or regulatory provision.

"<u>Excluded Amounts</u>" means (i) any amount deposited into the Collection Account with respect to any Collateral Loan, which amount is attributable to the reimbursement of payment by the Borrower not using Collections of any Tax, fee or other charge imposed by any Governmental Authority on such Collateral Loan or on any Related Security, (ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the applicable Person from whom the Borrower purchased such Collateral Loan to the extent such amount is attributable to a time before the Borrower acquired such Collateral Loan, (iii) any reimbursement of insurance premiums not paid by the Borrower using Collections, (iv) any escrows relating to Taxes, insurance and other amounts in connection with Collateral Loan which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements as Related Security under the Related Documents securing the obligations represented by such Collateral Loan or (v) any amount deposited into the Collection Account in error (including any amounts relating to any portion of an asset sold by the Borrower in accordance with this Agreement, in each case to the extent such amount is attributable to a time after the effectiveness of such sale).

"<u>Excluded Taxes</u>" means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or deducted from a payment to a Secured Party (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof) under the Laws of which such Secured Party is organized or in which its principal office is located, or in the case of any Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Commitment or an Advance pursuant to a Law in effect on the date on which (i) such Lender acquires such interest in such Commitment or Advance (other than pursuant to an assignment request under <u>Section 2.20</u>) or (ii) such Lender designates a new lending office, except in each case to the extent that, pursuant to <u>Section 12.03</u>, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes

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attributable to such Secured Party's failure to comply with <u>Section 12.03(f)</u>, and (d) any withholding Taxes imposed under FATCA.

"<u>Facility Amount</u>" means during the Reinvestment Period, $150,000,000 (as such amount may be reduced from time to time pursuant to <u>Section 2.06</u>); <u>provided</u>, that following the Commitment Termination Date, the Facility Amount will equal the Advances Outstanding as of the applicable date of determination.

"<u>Facility Documents</u>" means this Agreement, the Notes, the Account Control Agreement, the Administrative Agent Fee Letter, the Collateral Administration and Agency Fee Letter, each Sale Agreement, each Participation Agreement and any other security agreements and other instruments entered into or delivered by or on behalf of the Borrower, or the Equityholder in favor of the Collateral Agent, the Administrative Agent or any Lender from time to time pursuant to this Agreement.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended versions of Sections 1471 through 1474 of the Code that are substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, guidance notes, rule or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities implementing any of the foregoing or analogous provisions of non-U.S. law.

"<u>Federal Funds Rate</u>" means, for any period, a fluctuating interest rate per annum equal for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it.

"<u>Fee Basis Amount</u>" means, for any Payment Date, the quotient of (a) the arithmetic mean of (i) the Aggregate Principal Balance of all Eligible Collateral Loans *plus* (ii) the Principal Proceeds and Eligible Investments made with Principal Proceeds on deposit in the Collection Account, in each case, on the first day and on the last day of the related Interest Accrual Period, *divided by* (b) the number of days during such Interest Accrual Period.

"<u>Final Maturity Date</u>" means the earliest to occur of (i) the date on which the Borrower (or the Collateral Manager on its behalf) reduces the Facility Amount in full pursuant to <u>Section 2.06(b)</u> or the Administrative Agent reduces the Facility Amount in full pursuant to <u>Section 2.06(c)</u>; (ii) the Maturity Date; and (iii) the date on which the Administrative Agent provides notice of the declaration of the Final Maturity Date after the occurrence and during the continuance of an Event of Default; <u>provided</u>, that, in the case of the foregoing clauses (i) and

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(ii), if such day is not a Business Day, then the Final Maturity Date shall be the next succeeding Business Day.

"<u>Financial Asset</u>" has the meaning specified in Section 8-102(a)(9) of the UCC.

"<u>First Lien Last Out Loan</u>" means, as of any date of determination, any Collateral Loan that would constitute a First Lien Loan but that, at any time prior to and/or after an event of default under the related Underlying Loan Agreement of such Eligible Collateral Loan, will be paid after one or more tranches of First Lien Loans issued by the same Obligor have been paid in full in accordance with a specified waterfall or other priority of payments; <u>provided</u> that any such Collateral Loan being junior in payment priority or lien to Permitted Obligor Indebtedness shall not cause a Collateral Loan that would otherwise be treated as a First Lien Loan to become a First Lien Last Out Loan.

"<u>First Lien Loan</u>" means any Collateral Loan that meets the following criteria on any date of determination: (i) is not (and is not expressly permitted by its terms to become) contractually subordinate in right of payment to any other obligation for borrowed money of the obligor of such Collateral Loan other than Permitted Obligor Indebtedness; (ii) is secured by a valid first-priority perfected Lien in, to or on specified collateral securing the Obligor's obligations under such Collateral Loan (whether or not such Collateral Loan is also secured by any lower priority Lien on other collateral) subject to customary permitted Liens; (iii) is secured, pursuant to such first-priority perfected Lien, by collateral having a value (determined in good faith by the Collateral Manager in accordance with the Collateral Management Standard) not less than the outstanding Principal Balance of such Collateral Loan *plus* the aggregate outstanding principal balances of all other loans of equal seniority secured by a first Lien in the same collateral and (iv) is not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates.

"<u>Fixed Rate Obligation</u>" means any Collateral Loan that bears a fixed rate of interest.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the applicable initial provided for hereunder.

"<u>Floor Obligation</u>" means, as of any date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a Collateral Loan (i) for which the Related Documents provides for an applicable interbank offered rate (or any successor rate reasonably acceptable to the Administrative Agent) option, as applicable, and that such rate is calculated as the greater of a specified "floor" rate per annum and such rate for the applicable Interest Accrual Period and (ii) that, as of such date, bears interest based on such rate option, but only if as of such date the applicable rate for the applicable Interest Accrual Period is less than such floor rate; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a Collateral Loan (i) for which the Related Documents provides for a base or prime rate option and such base or prime rate is calculated as the greater of a specified "floor" rate per annum and the base or prime rate for the applicable Interest Accrual Period and (ii) that, as of such date, bears interest based on such base or prime rate option, but only if as of such date the base or prime rate for the applicable Interest Accrual Period is less than such floor rate.

"<u>Fundamental Amendment</u>" means any amendment, modification, waiver or supplement of or to this Agreement that would (as determined by the Administrative Agent) (a) increase or extend the term of the Commitments or change the Final Maturity Date, (b) extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, (c) reduce the amount of any scheduled payment of principal or the amount of any other payment due to any Lender, (d) reduce the rate at which interest is payable thereon or any fee is payable hereunder (other than any waiver or rescission of the Default Rate), (e) release any material portion of the Collateral, except in connection with dispositions expressly permitted hereunder, (f) alter the terms of <u>Section 9.01</u> or <u>Section 12.01(b)</u> or, for purposes of <u>Sections 9.01</u> or <u>12.01(b)</u>, alter any defined term or alter any other provision of this Agreement to the extent such alteration would alter the order of application of proceeds or the pro rata sharing of payments required thereby or (g) modify the definitions of the terms "Required Lenders" or "Fundamental Amendment" or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof.

"<u>GAAP</u>" means generally accepted accounting principles in effect from time to time in the United States or, with respect to an Obligor located outside the United States, such other generally accepted accounting principles in effect from time to time in the jurisdiction of such Obligor.

"<u>Governmental Authority</u>" means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, administrative tribunal, central bank, public office, court, arbitration or mediation panel, or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of government, including the SEC, the stock exchanges, any federal, state, territorial, county, municipal or other government or governmental agency, arbitrator, board, body, branch, bureau, commission, court, department, instrumentality, master, mediator, panel, referee, system or other political unit or subdivision or other entity of any of the foregoing, whether domestic or foreign.

"<u>Governmental Authorizations</u>" means all franchises, permits, licenses, approvals, consents and other authorizations of all Governmental Authorities.

<u>"Governmental Filings</u>" means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such filings with all Governmental Authorities.

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"<u>Incurrence Covenant</u>" means a covenant by any Obligor to comply with one or more financial covenants only upon the occurrence of certain actions of such Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

"<u>Indemnified Party</u>" has the meaning assigned to such term in <u>Section 12.04(b)</u>.

"<u>Independent Accountants</u>" has the meaning assigned to such term in <u>Section 8.08(a)</u>.

"<u>Independent Director</u>" means a director of the Borrower who, (a) is an employee of, or is a special purpose corporation which is an Affiliate of or is operated by, employees of, or is otherwise provided by, any one of CT Corporation, Citadel SPV, MaplesFS Limited, Corporation Service Company, Puglisi & Associates, National Registered Agents, Inc. Wilmington Trust Company, Lord Securities Corporation, The Corporation Trust Company, or an Affiliate thereof, or, if none of those companies is then providing professional independent directors or managers, another nationally-recognized company, in each case that is not an Affiliate of the Borrower and that provides professional independent directors or managers and other corporate services in the ordinary course of its business; (b) in the case of any natural person, has (i) prior experience as an independent director for a corporation, or as an independent director or independent manager or independent trustee for a limited liability company or trust, whose organizational documents required the unanimous consent of all independent directors (or independent managers or independent trustees) thereof before such corporation or limited liability company or trust could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy, and (ii) at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities; and (c) in the case of any natural person, is not, and has not been for a period of five (5) years prior to his or her appointment as an Independent Director: (i) a stockholder (whether direct, indirect or beneficial), director, member, manager, officer, employee, or partner, of (A) the Borrower, (B) the Collateral Manager, (C) the Equityholder, (D) any principal of the Equityholder, the Borrower or the Collateral Manager, or (E) any Affiliate of the Equityholder, the Borrower or the Collateral Manager, (ii) a spouse, parent, sibling or child of any Person referred to in clause (i) above, (iii) an individual or other Person controlling or under common control with any such stockholder, director, member, manager, officer, employee, or partner; <u>provided</u>, <u>however</u>, such Independent Director may be an independent director, independent trustee or independent manager of another special purpose entity affiliated with the Equityholder, the Borrower or the Collateral Manager.

"<u>Ineligible Collateral Loan</u>" means, at any time, a loan or other obligation, or any portion thereof, that fails to satisfy any criteria of the definition of "Eligible Collateral Loan" (unless otherwise expressly waived by the Administrative Agent in its sole discretion).

"<u>Insolvency Event</u>" means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy Code or any

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other applicable insolvency Law now or hereafter in effect, or appointing a receiver, liquidator, provisional liquidator, examiner, process agent, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the examinership, winding-up, provisional liquidation or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of sixty (60) consecutive days; or (b) the commencement by such Person of a voluntary case under the Bankruptcy Code or any other applicable insolvency Law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such Law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, provisional liquidator, restructuring officer, interim restructuring officer, examiner, process agent, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

"<u>Instrument</u>" has the meaning specified in Section 9-102(a)(47) of the UCC.

"<u>Interest</u>" means, for each day during an Interest Accrual Period and each Advance outstanding by a Lender on such day, the sum of the products (for each day during such Interest Accrual Period) of:

*IR* x *P* x 1 <br> *D*

where:

IR&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Interest Rate for such Advance on such day;

P&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the principal amount of such Advance on such day;

D&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;and 360 days, or, to the extent the applicable Interest Rate is the Base Rate, 365 or 366 days, as applicable.

"<u>Interest Accrual Period</u>" means (a) with respect to the first Payment Date, the period from and including the Closing Date to but excluding the Determination Date prior to the first Payment Date, and (b) with respect to any subsequent Payment Date, the period from and including the Determination Date prior to the preceding Payment Date to but excluding the Determination Date prior to such Payment Date; <u>provided</u>, that the final Interest Accrual Period hereunder shall end on and include the day prior to the day of the Payment in Full of the Advances hereunder.

"<u>Interest Collection Account</u>" has the meaning assigned to such term in <u>Section 8.02(a)</u>.

"<u>Interest Proceeds</u>" means, with respect to any Collection Period or the related Determination Date, without duplication, the sum of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all payments of interest and other income received by the Borrower during such Collection Period on the Collateral Loans (including interest and other income received on Ineligible Collateral Loans and the accrued interest received in connection with a sale of any such Collateral Loan during such Collection Period), less any such amount that represents Principal Financed Accrued Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all principal and interest payments received by the Borrower during such Collection Period on Eligible Investments purchased with Interest Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all amendment and waiver fees, late payment fees, prepayment fees and all protection fees and other fees and commissions received by the Borrower during such Collection Period unless the Collateral Manager has determined that such payments are to be treated as Principal Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;commitment fees, facility fees, anniversary fees, ticking fees and other similar fees received by the Borrower during such Collection Period unless the Collateral Manager has determined that such payments are to be treated as Principal Proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all amounts received in respect of Equity Securities held by the Borrower in respect of any Obligor.

Any amounts received in respect of any Defaulted Loan will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all Collections in respect of such Defaulted Loan since it became a Defaulted Loan equals the outstanding principal balance of such Collateral Loan at the time it became a Defaulted Loan; thereafter, any such amounts will constitute Interest Proceeds.

"<u>Interest Rate</u>" means, for each day during any Interest Accrual Period, the Benchmark for such Interest Accrual Period *plus* the Applicable Margin; <u>provided</u> that if a Disruption Event has occurred and is continuing, then subject to <u>Section 12.01(c)</u>, "Interest Rate" means the Base Rate (determined without giving effect to clause (c) of the definition thereof) *plus* the Applicable Margin.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940 and the rules and regulations promulgated thereunder.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Law</u>" means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law, injunction, interpretation, judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule of law, treaty, rule of public policy, settlement agreement, statute, or writ, of any Governmental Authority, or any particular section, part or provision thereof.

"<u>Lender</u>" means each Person listed on <u>Schedule 1</u> and any other Person that shall have become a party hereto in accordance with the terms hereof pursuant to an Assignment and

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Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.

"<u>Liabilities</u>" means all liabilities, obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses (including reasonable and documented out-of-pocket attorneys' fees and expenses) and disbursements of any kind or nature whatsoever, whether or not brought by the Borrower, the Collateral Manager, the Equityholder or any third party.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or preference, priority or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing authorized by the Borrower of any financing statement under the UCC or comparable Law of any jurisdiction); <u>provided</u> that "Lien" does not include (i) customary restrictions on assignments or transfers thereof on customary and market based terms pursuant to the Related Documents relating to any Collateral Loan or (ii) in the case of any Equity Securities, customary drag-along, tag-along, right of first refusal and other similar rights in favor of other equity holders of the same issuer.

"<u>Loan File</u>" means, with respect to each Collateral Loan and as identified on the related Document Checklist delivered to the Document Custodian, each of the Required Loan Documents in original or copy form as identified on the related Document Checklist and any other document delivered in connection therewith.

"<u>LTV Ratio</u>" means, with respect to any Collateral Loan, as of the date of acquisition thereof, the ratio of (i) indebtedness of the relevant Obligor to (ii) enterprise value of such Obligor.

"<u>Maintenance Covenant</u>" means a covenant by any Obligor to comply with one or more financial covenants during each reporting period (but not more frequently than quarterly), whether or not such Obligor has taken any specified action.

"<u>Margin Stock</u>" has the meaning assigned to such term in Regulation U.

"<u>Material Adverse Effect</u>" means a material adverse effect on (a) the business, assets, financial condition or operations of the Borrower, (b) the business, assets, financial condition or operations of the Equityholder, (c) the operations or the business of the Collateral Manager in a manner that impairs the ability of the Collateral Manager and its employees to manage the Collateral Loans and the Borrower as contemplated by the Facility Documents, (d) the validity or enforceability of this Agreement or any other Facility Document or the validity, enforceability or collectability of the Collateral Loans or the Related Documents generally or any material portion of the Collateral Loans or the Related Documents, (e) the rights and remedies of the Administrative Agent, the Lenders and the other Secured Parties with respect to matters arising under this Agreement or any other Facility Document, (f) the ability of each of the Borrower or the Collateral Manager to perform its obligations under any Facility Document to which it is a party or (g) the status, existence, perfection, priority or enforceability of the

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Collateral Agent's Lien on the Collateral (excluding in each case a decline in the asset value of the Borrower or a change in general market conditions or values of the Collateral Loans).

"<u>Material Modification</u>" means, with respect to any Collateral Loan, any amendment, waiver, consent or modification of, or supplement to, a Related Document with respect thereto executed or effected after the date on which such Collateral Loan is acquired by the Borrower, that (unless otherwise consented to by the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) reduces, defers or forgives any principal amount due with respect to such Collateral Loan or provides for any such principal amount to be deferred (other than any deferral already expressly permitted by the terms of the Related Documents as of the date such Collateral Loan was acquired), (ii) reduces, waives or forgives any interest payment due with respect to such Collateral Loan, provides for any such interest to be deferred or capitalized and added to the principal amount of such Collateral Loan (other than (x) any deferral or capitalization or (y) any reduction related to positive performance pursuant to a pricing grid, in each case already expressly permitted by the terms of the Related Documents as of the date such Collateral Loan was acquired), (iii) reduces the rate of interest payable on such Collateral Loan (other than pursuant to the application of any pricing grid) or (iv) extends, delays or waives any scheduled principal installment or the stated maturity date of such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;other than "permitted liens" (within the meaning of the applicable Underlying Loan Agreement), contractually or structurally subordinates such Collateral Loan by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor, in case, solely with respect to Consent Loans, other than as permitted by the terms of the Related Documents as in effect on the date such Collateral Loan was acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;other than as permitted by the terms of the Related Documents as in effect on the date such Collateral Loan was acquired, substitutes, alters, releases or terminates all, substantially all or any material portion of the underlying assets securing such Collateral Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;amends, waives, forbears, supplements or otherwise modifies (x) the meaning of "Senior Net Leverage Ratio," "EBITDA," "Cash Interest Coverage Ratio," "Total Net Leverage Ratio," or "Permitted Liens" or any respective comparable terms in the Related Documents for such Collateral Loan, (y) any term, provision or threshold of such Related Documents referenced in or utilized in the calculation of any financial covenant, including "Senior Net Leverage Ratio," "EBITDA," "Cash Interest Coverage Ratio," "Permitted Liens" or "Total Net Leverage Ratio" or, in each case, any respective comparable terms for such Collateral Loan, or (z) any of the required maintenance levels of any financial covenant in the Related Documents for such Collateral Loan, in the case of any of clause (x), (y) or (z) above, in a manner that, in the commercially reasonable discretion of the Administrative Agent, is materially adverse to the Secured Parties;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;modifies the meaning of "Event of Default" or "Default" or the comparable term in the Related Documents for such Collateral Loan with respect to such Collateral Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any other material modification agreed upon between the Administrative Agent and the Borrower.

"<u>Maturity Date</u>" means the 364-day anniversary of (i) the Closing Date or (ii) if a Reinvestment Period Extension Date has occurred, such Reinvestment Period Extension Date.

"<u>Maximum Advance Rate</u>" means, on any date of determination, (a) if the Diversity Score is 10 or less, 25%, (b) if the Diversity Score is greater than 10 and less than 15, 60%, (c) if the Diversity Score is 15 or greater and less than 25, 70% and (d) if the Diversity Score is 25 or greater, 77.5%.

"<u>Maximum S&P Rating Factor Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average S&P Rating Factor of the Collateral Loans is less than or equal to 3000.

"<u>Maximum Weighted Average Life Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average Life of the Eligible Collateral Loans as of such date is less than or equal to 6.0 years.

"<u>Measurement Date</u>" means (a) the Closing Date, (b) the date of each Notice of Borrowing (giving pro forma effect to the related Borrowing), (c) each Determination Date, (d) each Monthly Report Determination Date, (e) the date on which a Collateral Loan is acquired or disposed of by the Borrower, (f) [reserved], (g) the date that the Asset Value of any Collateral Loan is adjusted, (h) any date the Commitments of the Lenders are reduced pursuant to <u>Section 2.06(b)</u>, (i) the Commitment Termination Date and (j) any other dates reasonably requested by the Borrower or the Administrative Agent with two (2) Business Days' notice.

"<u>Minimum Diversity Score Test</u>" means a test that will be satisfied on any date of determination if the Diversity Score as of such date equals or exceeds 18.

"<u>Minimum Equity Amount</u>" means, on any date of determination, an amount equal to the greater of (a) the Aggregate Asset Value of the Eligible Collateral Loans of the four (4) largest Obligors (by Asset Value) and (b) 10% of the Facility Amount.

"<u>Minimum Weighted Average EBITDA Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average EBITDA equals or exceeds $100,000,000.

"<u>Money</u>" has the meaning specified in Section 1-201(24) of the UCC.

"<u>Monthly Report</u>" has the meaning specified in <u>Section 8.08(a)</u>.

"<u>Monthly Report Determination Date</u>" has the meaning specified in <u>Section 8.08(a)</u>.

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"<u>Moody's</u>" means Moody's Investors Service, Inc., together with its successors.

"<u>Multiemployer Plan</u>" means an employee pension benefit plan within the meaning of Section 4001 (a)(3) of ERISA that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.

"<u>Non-Excluded Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Facility Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"<u>Non-U.S. Lender</u>" has the meaning assigned to such term in <u>Section 12.03(f)</u>.

"<u>Note</u>" means each promissory note, if any, issued by the Borrower to a Lender in accordance with the provisions of <u>Section 2.03</u>, substantially in the form of <u>Exhibit E</u> hereto.

"<u>Noteless Loan</u>" means a Collateral Loan with respect to which (a) the related loan agreement does not require the Obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Collateral Loan and (b) no Underlying Notes issued to the Borrower are outstanding with respect to the portion of the Collateral Loan transferred to the Borrower.

"<u>Notice of Borrowing</u>" has the meaning assigned to such term in <u>Section 2.02(a)</u>.

"<u>Notice of Prepayment</u>" has the meaning assigned to such term in <u>Section 2.05(a)</u>.

"<u>Obligations</u>" means all indebtedness and all other amounts owed, whether absolute, fixed or contingent, at any time or from time to time owing by the Borrower to any Secured Party or any Affected Person arising under or in connection with this Agreement, the Notes or any other Facility Document, including all amounts payable by the Borrower in respect of the Advances, with interest thereon, the Administrative Expenses and all other amounts payable hereunder or thereunder by the Borrower, including amounts owed to the corporate administrator and in relation to government taxes and registered office fees of the Borrower.

"<u>Obligor</u>" means, in respect of any Collateral Loan, any Person obligated to pay Collections in respect of such Collateral Loan, including any applicable guarantors.

"<u>Observable Market Price</u>" means (x) the most recent quoted bid-side price from MarkIt Partners or another independent nationally recognized loan pricing service selected by the Administrative Agent and acceptable to the Collateral Manager in its reasonable discretion or (y) if such quote or bid described in clause (x) is not available, the value determined as the bid side market value of such Collateral Loan as reasonably determined by the Collateral Manager consistent with the Collateral Management Standard and certified by the Collateral Manager to the Administrative Agent.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the United States Department of the Treasury.

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"<u>Original Asset Value</u>" means, on any date of determination, (i) with respect to any Collateral Loan that is not a Consent Loan, an amount equal to (x) the Purchase Price of such Collateral Loan *multiplied by* (y) such Collateral Loan's Principal Balance at such date of determination and (ii) with respect to any Consent Loan, an amount equal to (x) the fair value of such Collateral Loan as determined by the Administrative Agent in its commercially reasonable discretion *multiplied by* (y) such Collateral Loan's Principal Balance at such date of determination; <u>provided</u> that if a Collateral Loan acquired by the Borrower in the primary market has an original issue discount of 3% of par or less or is otherwise acquired for a Purchase Price of 97% or greater (expressed as a percentage of par) (including, for the avoidance of doubt, in excess of 100%), it shall be deemed to have been acquired at par.

"<u>Other Connection Taxes</u>" means, in the case of any Secured Party, any Taxes imposed by any jurisdiction by reason of such Secured Party having any present or former connection with such jurisdiction (other than a connection arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received any payment under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced its rights under this Agreement, the Notes or any other Facility Document or sold or assigned an interest in any Collateral Loan or Facility Document).

"<u>Other Taxes</u>" has the meaning assigned to such term in <u>Section 12.03(b)</u>.

"<u>Paid in Full</u>" or "<u>Payment in Full</u>" means, with respect to any Obligations (a) the payment in full in cash of all such Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted) and (b) the termination or expiration of all of the Commitments.

"<u>Participant</u>" means any bank or other Person to whom a participation is sold as permitted by <u>Section 12.06(c)</u>.

"<u>Participant Register</u>" has the meaning assigned to such term in <u>Section 12.06(c)(ii)</u>.

"<u>Participation Agreement</u>" means the master participation agreement, dated as of the Closing Date, among NCPCIF SPV II, LLC and the Borrower, as may be amended, restated, supplemented or otherwise modified from time to time.

"<u>Participation Interest</u>" means a participation interest in a loan, debt obligation or other obligation that satisfies each of the following criteria: (i) such loan would constitute a Collateral Loan were it acquired directly, (ii) the seller of the participation is the lender on the loan, (iii) the aggregate participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the seller holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its acquisition (or, in the case of a participation in a Revolving Collateral Loan or Delayed Drawdown Collateral Loan, at the time of the funding of such loan), (vi) the participation provides the participant all of the economic benefit and risk of the whole or part of

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the loan or commitment that is the subject of the loan participation, (vii) such participation (including any Closing Date Participations) shall be elevated to a full assignment within ninety (90) days of the sale of such participation and (viii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or similar agreement standard for loan participation transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include a sub-participation interest in any loan.

"<u>PATRIOT Act</u>" means Title III of Pub. L. 107 56 (signed into Law on October 26, 2001).

"<u>Payment Date</u>" means the 20th day of January, April, July and October of each year, beginning in July, 2026, or, if such day is not a Business Day, the next succeeding Business Day. The Final Maturity Date shall also be a Payment Date.

"<u>Payment Date Report</u>" has the meaning specified in <u>Section 8.08(b)</u>.

"<u>Payment Notice</u>" has the meaning specified in <u>Section 11.07(a)</u>.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same functions.

"<u>Percentage</u>" of any Lender means, (a) with respect to any Lender party hereto on the date hereof, the percentage set forth opposite such Lender's name on <u>Schedule 1</u>, as such amount is reduced by any Assignment and Acceptance entered into by such Lender with an assignee or increased by any Assignment and Acceptance entered into by such Lender with an assignor in accordance with the terms of this Agreement, or (b) with respect to a Lender that has become a party hereto pursuant to an Assignment and Acceptance, the percentage set forth therein as such Lender's Percentage, as such amount is reduced by an Assignment and Acceptance entered into between such Lender and an assignee or increased by any Assignment and Acceptance entered into by such Lender with an assignor.

"<u>Periodic Term SOFR Determination Day</u>" has the meaning specified in the definition of "Term SOFR".

"<u>Permitted Liens</u>" means any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens created in favor of the Collateral Agent hereunder or under the other Facility Documents for the benefit of the Secured Parties; (b) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person; (c) with respect to agented Collateral Loans, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of the related Obligor under the related facility; (d) any security interests, liens and other rights or encumbrances granted under any governing documents or other agreement between or among or binding upon the Borrower as the

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holder of equity in an Obligor; (e) Liens imposed by law, such as materialmen's, warehousemen's, mechanics', carriers', workmen's and repairmen's Liens and other similar Liens, arising by operation of law in the ordinary course of business for sums that are not overdue or are being contested in good faith; (f) as to Related Security, any Liens on the Related Security permitted pursuant to the applicable Related Documents or otherwise; (g) as to any Covered Account, customary Liens in favor of the Securities Intermediary to the extent permitted in the Account Control Agreement; (h) Liens in favor of any purchaser of a Collateral Loan if such Collateral Loan has been sold by the Borrower for cash consideration and (i) such cash consideration has been delivered into the Collection Account, (ii) the transfer of such Collateral Loan has not been or cannot be completed and (iii) the Borrower has settled such sale as a participation or similar arrangement (including settlement as a participation pending transfer); and (i) with respect to agented Collateral Loans, Liens in favor of the lead agent, the collateral agent or the paying agent for the benefit of all holders of indebtedness of such obligor under the related Collateral Loan.

"<u>Permitted Obligor Indebtedness</u>" means, as of any date of determination, indebtedness that (i) is secured by all or a portion of the assets of the related Obligor and (ii) has a ratio of the maximum aggregate principal amount outstanding or available to be drawn under the applicable underlying instruments to EBITDA of such Obligor (based on the most recently available quarterly financial statements of such obligor received by the Borrower on or prior to the related date of determination) not greater than 1.00x or, with respect to any Collateral Loan, such greater amount as the Administrative Agent may permit with respect to such indebtedness in its sole discretion.

"<u>Permitted PIK Loan</u>" means any PIK Loan with a minimum cash pay rate greater than or equal to (i) if such PIK Loan is a floating rate loan, the Benchmark plus (A) if such PIK Loan is a Broadly Syndicated Loan, 1.10% *per annum* and (B) otherwise, 1.65% *per annum* and (ii) if such PIK Loan is a Fixed Rate Obligation, 6.00% *per annum*.

"<u>Permitted Refinancing</u>" means any refinancing transaction undertaken by the Equityholder or an Affiliate of the Equityholder that is secured, directly or indirectly, by any Collateral Loan currently or formerly included in the Collateral or any portion thereof or any interest therein released from the Lien of this Agreement.

"<u>Permitted Securitization</u>" means a private or public term or conduit securitization transaction undertaken by the Equityholder, the Borrower or an Affiliate of the Equityholder, that is secured, directly or indirectly, by any Collateral Loan currently or formerly included in the Collateral or any portion thereof or any interest therein released from the Lien of this Agreement, including, without limitation, any collateralized loan obligation or collateralized debt obligation offering or other asset securitization.

"<u>Person</u>" means an individual or a corporation (including a business trust), exempted company, exempted limited partnership, partnership, trust, incorporated or unincorporated association, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind.

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"<u>PIK Loan</u>" means a Collateral Loan that permits the Obligor thereon to defer or capitalize any portion of the accrued interest thereon.

"<u>PIK-ing Loan</u>" means a PIK Loan that is actively deferring or capitalizing any portion of the accrued interest thereon.

"<u>Plan</u>" means an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code that is sponsored by the Borrower or a member of its ERISA Group or to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability under Title IV of ERISA or Section 412 of the Code.

"<u>Potential Terminated Lender</u>" has the meaning specified in <u>Section 2.19(a)</u>.

"<u>Predecessor Collateral Manager Work Product</u>" has the meaning assigned to such term in <u>Section 14.08(c)</u>.

"<u>Prepayment Fee</u>" has the meaning assigned to such term in <u>Section 2.11(b)</u>.

"<u>Prime Rate</u>" means the rate announced by Citibank from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by Citibank in connection with extensions of credit to debtors.

"<u>Principal Balance</u>" means, with respect to any loan, as of any date of determination, the outstanding principal amount of such loan, excluding any capitalized interest; <u>provided</u> that, other than as expressly set forth herein, for all purposes of this Agreement and the other Facility Documents (other than in determining the Asset Value or the Aggregate Principal Balance of any Collateral Loan for purposes of calculating each Borrowing Base or compliance with any Coverage Test), in determining the Principal Balance of any Delayed Drawdown Collateral Loan or Revolving Collateral Loan, any unfunded commitments in respect of such Delayed Drawdown Collateral Loan or Revolving Collateral Loan shall be assumed to have been fully funded as of such date of determination.

"<u>Principal Collection Account</u>" has the meaning assigned to such term in <u>Section 8.02(a)</u>.

"<u>Principal Financed Accrued Interest</u>" means, with respect to any Collateral Loan purchased after the Closing Date, the amount of Principal Proceeds, if any, applied towards the purchase of accrued interest on such Collateral Loan; <u>provided</u> that Principal Financed Accrued Interest shall not include any accrued interest purchased with Interest Proceeds deemed to be Principal Proceeds as set forth in the definition of "Interest Proceeds;" <u>provided</u>, <u>further</u>, that once any Principal Financed Accrued Interest is actually received by the Borrower, it shall no longer constitute Principal Financed Accrued Interest hereunder.

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"<u>Principal Proceeds</u>" means, with respect to any Collection Period or the related Determination Date, all amounts received by the Borrower during such Collection Period that do not constitute Interest Proceeds, including unapplied proceeds of the Advances and any amounts received by the Borrower as equity contributions (unless, in the case of any such equity contribution, designated as Interest Proceeds by the Collateral Manager pursuant to <u>Section 10.05</u>).

"<u>Priority of Payments</u>" has the meaning specified in <u>Section 9.01(a)</u>.

"<u>Private Authorizations</u>" means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons (other than Governmental Authorities).

"<u>Proceeds</u>" has, with reference to any asset or property, the meaning assigned to it under Section 9-102(a)(64) of the UCC and, in any event, shall include, but not be limited to, any and all amounts from time to time paid or payable under or in connection with such asset or property.

"<u>Proper Instructions</u>" means instructions received by the Document Custodian, the Securities Intermediary, the Collateral Administrator or the Collateral Agent from the Borrower, or the Collateral Manager on behalf of the Borrower, in any of the following forms acceptable to the Document Custodian, the Securities Intermediary, the Collateral Administrator or the Collateral Agent, as applicable: (a) in writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by email); (b) by electronic mail from an Authorized Person; (c) in tested communication; (d) in a communication utilizing access codes effected between electro mechanical or electronic devices; or (e) such other means as may be agreed upon from time to time by the Document Custodian, the Securities Intermediary, the Collateral Administrator or the Collateral Agent, as applicable, and the party giving such instructions. For purposes of <u>Section 7.02</u> and <u>Article X</u> and any release, sale or acquisition of any Collateral under this Agreement, "Proper Instructions" shall also mean delivery to the Document Custodian, the Securities Intermediary, the Collateral Administrator or the Collateral Agent, as applicable, by the Borrower (or the Collateral Manager on its behalf), by email or otherwise in writing, of a trade ticket, confirmation of trade, instruction to post or to commit to the trade, "SWIFT" message, message via Markit Loan Settlement Custodial Services (Markit CIDD) or any other electronic communication agreed to by the Document Custodian, the Securities Intermediary, the Collateral Administrator or the Collateral Agent, as applicable, which shall constitute a direction and certification that the transaction is in compliance with and satisfies all applicable provisions of <u>Section 7.02</u> and <u>Article X</u> of this Agreement. The Collateral Agent may conclusively rely on SWIFT transmissions to release payments as instructed, subject to any verification of information as requested by the Collateral Agent, including the call back process to an individual designated by the Borrower or the Collateral Manager as authorized to provide such verification. The Collateral Agent may also request, and the Borrower or the Collateral Manager will provide, an additional signed direction (whether by manual, facsimile, PDF or other electronic signature) in order for the Collateral Agent to make such payment in connection with any SWIFT transmission.

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"<u>Purchase Price</u>" means, with respect to any Collateral Loan, the purchase price paid (expressed as a percentage of par) by the Borrower to purchase such Collateral Loan.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and interpreted in accordance with, 12 U.S.C. § 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning assigned to such term in <u>Section 12.20</u>.

"<u>Qualified Institution</u>" means a depository institution or trust company organized under the Laws of the United States of America or any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (i) that has either (A) a long-term issuer rating of "A-" or better by S&P and "Baa1" or better by Moody's or (B) a short-term issuer rating of "A-3" or better by S&P or "P-3" or better by Moody's, (ii) the parent corporation of which has either (A) a long-term issuer rating of "A-" or better by S&P and "Baa1" or better by Moody's or (B) a short-term issuer rating of "A-3" or better by S&P and "P-3" or better by Moody's or (iii) is otherwise acceptable to the Administrative Agent.

"<u>Qualified Purchaser</u>" has the meaning assigned to such term in <u>Section 12.06(e)</u>.

"<u>Qualifying Affiliate</u>" means an Affiliate of the Collateral Manager reasonably acceptable to the Administrative Agent that employs principal investment professionals which manage non-investment grade loans and are (or will be) actively involved in the selection and management of the assets of the Borrower and, in the Administrative Agent's sole discretion, satisfies the Administrative Agent's credit approval requirements and "know your customer" requirements including such requirements prescribed by applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act.

"<u>Ramp-Up Period</u>" means the period from and including the Closing Date through the earlier of (i) the three (3) month anniversary of the Closing Date and (ii) the first date on which the Aggregate Principal Balance of the Collateral Loans equals or exceeds $175,000,000.

"<u>Register</u>" has the meaning assigned to such term in <u>Section 12.06(d)</u>.

"<u>Regulation T</u>", "<u>Regulation U</u>" and "<u>Regulation X</u>" mean Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System, as in effect from time to time.

"<u>Reinvestment Period</u>" means the period from and including the Closing Date to and including the earliest of (a) the date that is six (6) months after (i) the Closing Date or (ii) if a Reinvestment Period Extension Date has occurred, such Reinvestment Period Extension Date and (b) the Final Maturity Date (other than clause (ii) of the definition of Final Maturity Date).

"<u>Reinvestment Period Extension Request</u>" means a written request from the Borrower to the Administrative Agent (with a copy to the Collateral Agent) to extend the Reinvestment Period; <u>provided</u> that such Reinvestment Period Extension Request shall be

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delivered to the Administrative Agent on or before the date that is two (2) months prior to the expiration of the Reinvestment Period.

"<u>Reinvestment Period Extension Date</u>" means the date on which the Administrative Agent and each Lender, in their respective sole discretion, agree to extend the Reinvestment Period following receipt of a Reinvestment Period Extension Request.

"<u>Related Documents</u>" means, with respect to any Collateral Loan, the Underlying Loan Agreement, any Underlying Note, and all other agreements or documents evidencing, securing, governing or giving rise to such Collateral Loan.

"<u>Related Property</u>" means, with respect to a Collateral Loan, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Collateral Loan.

"<u>Related Security</u>" means, with respect to each Collateral Loan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any Related Property securing a Collateral Loan and all recoveries related thereto, all payments paid in respect thereof and all monies due, to become due and paid in respect thereof accruing after the applicable date such Collateral Loan is acquired by the Borrower and all related liquidation proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;all Liens, guaranties, indemnities and warranties, insurance policies, financing statements and other agreements or arrangements of whatever character from time to time supporting or securing payment of any such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all Collections with respect to such Collateral Loan and any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any guarantees or similar credit enhancement for an Obligor's obligations under any Collateral Loan, all UCC financing statements or other filings relating thereto, including all rights and remedies, if any, against any Related Security, including all amounts due and to become due to the Borrower thereunder and all rights, remedies, powers, privileges and claims of the Borrower thereunder (whether arising pursuant to the terms of such agreement or otherwise available to the Borrower at law or in equity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all records and Related Documents with respect to such Collateral Loan and any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all recoveries and proceeds of the foregoing.

"<u>Relevant Governmental Body</u>" means (a) with respect to a Benchmark Replacement in respect of Dollars, the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto and (b) with respect to a Benchmark Replacement in respect of any other currency, (1) the central bank for the currency in which such Benchmark Replacement is

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denominated or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (2) any working group or committee officially endorsed or convened by (A) the central bank for the currency in which such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either (i) such Benchmark Replacement or (ii) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof.

"<u>Relevant Test Period</u>" means, with respect to any Collateral Loan, the relevant test period for the calculation of Senior Net Leverage Ratio, Total Net Leverage Ratio, Cash Interest Coverage Ratio, or EBITDA, as applicable, for such Collateral Loan in the applicable Underlying Loan Agreement or, if no such period is provided for therein, for Obligors delivering monthly financial statements, each period of the last twelve consecutive reported calendar months, and for Obligors delivering quarterly financial statements, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Collateral Loan; <u>provided</u> that, with respect to any Collateral Loan for which the relevant test period is not provided for in the applicable Underlying Loan Agreement, if an Obligor is a newly-formed entity as to which twelve consecutive calendar months have not yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such Obligor to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last twelve consecutive reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor.

"<u>Replacement Lender</u>" has the meaning assigned to such term in <u>Section 2.19(a)</u>.

"<u>Request for Release and Receipt</u>" means a form substantially in the form of <u>Exhibit G</u> completed and signed by the Borrower (or the Collateral Manager on its behalf).

"<u>Requested Amount</u>" has the meaning assigned to such term in <u>Section 2.02(b)</u>.

"<u>Required Lenders</u>" means, as of any date of determination, (a) any Lender Affiliated with the Administrative Agent and (b) Lenders (including Lenders specified in clause (a)) whose aggregate principal amount of Advances Outstanding *plus* unused Commitments exceed 50% of the aggregate amount of the Commitments (used and unused) or, if the Commitments have expired or been terminated or otherwise reduced to zero, Lenders whose aggregate principal amount of Advances Outstanding exceed 50% of the aggregate principal amount of all Advances Outstanding; <u>provided</u> that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders any Advances owing to such Defaulting Lender and such Defaulting Lender's unfunded Commitments.

"<u>Required Loan Documents</u>" means, for each Collateral Loan (as identified on the related Document Checklist):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;an executed copy of the assignment from the prior owner to the Borrower, if applicable, for such Collateral Loan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) if such Collateral Loan is not a Noteless Loan, the original executed Underlying Note (if any) or, in the case of a lost note, a copy of the executed Underlying Note accompanied by an original executed affidavit and indemnity endorsed by the Borrower in blank (and an unbroken chain of endorsements from each prior holder of such Underlying Note to the Borrower) or (ii) if such Collateral Loan is a Noteless Loan, an executed copy of each assignment and assumption agreement, transfer document or instrument relating to such Collateral Loan evidencing the assignment of such Collateral Loan from any prior third party owner thereof to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;an executed copy of the Underlying Loan Agreement and, to the extent the following can be obtained without undue expense or effort for the related Collateral Loan, any other material agreement related to such Collateral Loan (as determined by the Collateral Manager in its reasonable discretion), together with a copy of all amendments and modifications thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a Document Checklist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the funding memo in respect of the Collateral Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Closing Date Participation, a fully executed assignment agreement that (x) shall be delivered as soon as practicable, but in no event later than the Elevation Date applicable to such Closing Date Participation or (y) if no assignment agreement is delivered, then other written evidence satisfactory to the Administrative Agent evidencing the Elevation of such Closing Date Participation and the recognition of the Borrower as the owner of record by the applicable administrative agent in respect of each applicable Collateral Loan related to such Closing Date Participation.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means (a) in the case of (i) a corporation, (ii) an exempted company, (iii) an exempted limited partnership, or (iv) a partnership or limited liability company that, in each case, pursuant to its Constituent Documents, has officers, any chief executive officer, director, manager, president, executive vice president, treasurer, chief financial officer, secretary, or vice president, (b) without limitation of clause (a), in the case of a corporation, exempted limited partnership or a limited partnership, a Responsible Officer of the general partner, acting on behalf of such general partner in its capacity as general partner or investment manager, (c) without limitation of clause (a), in the case of a limited liability company or exempted company that, pursuant to its Constituent Documents, does not have officers, any director or any manager or any Responsible Officer of the sole member, administrative manager or managing member, acting on behalf of the sole member, administrative manager or managing member in its capacity as sole member, administrative manager or managing member, (d) in the case of a trust, the Responsible Officer of the trustee, acting on behalf of such trustee in its capacity as trustee, (e) an "authorized signatory" or "authorized officer" that has been so authorized pursuant to customary corporate proceedings, limited partnership proceedings, limited

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liability company proceedings or trust proceedings, as the case may be, and that has responsibilities commensurate with the matter for which it is acting as a Responsible Officer, (f) in the case of the Administrative Agent, an officer of the Administrative Agent, responsible for the administration of this Agreement, (g) in the case of a Lender, an "authorized signatory" or "authorized officer" of such Lender that has been so authorized pursuant to customary corporate or similar proceedings and that has responsibilities commensurate with the matter for which such "authorized signatory" or "authorized officer" is acting as a Responsible Officer on behalf of such Lender and (h) in the case of the Collateral Agent, the Collateral Administrator, the Document Custodian or the Securities Intermediary, any officer assigned to the applicable corporate trust or other group (or any successor thereof), as applicable, authorized to act for and on behalf of the Collateral Agent, the Collateral Administrator, Document Custodian or the Securities Intermediary, as applicable, including any vice president of the Collateral Agent, the Collateral Administrator, the Document Custodian or the Securities Intermediary customarily performing functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any matter is referred within such corporate trust or other group (or any successor thereof), because of such person's knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration of this Agreement.

"<u>Restricted Payment</u>" means (i) any dividend or other distribution, direct or indirect, on account of any class of membership interests of the Borrower now or hereafter outstanding, except a dividend or distribution paid solely in interests of that class of membership interests or in any junior class of membership interests of the Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter outstanding, and (iii) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of any outstanding warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding.

"<u>Revolving Collateral Loan</u>" means any Collateral Loan (other than a Delayed Drawdown Collateral Loan) that is a loan (including revolving loans, including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to be made to the related Obligor by the Borrower; <u>provided</u> that any such Collateral Loan will be a Revolving Collateral Loan only until all commitments to make advances to the Obligor expire or are terminated or irrevocably reduced to zero.

"<u>S&P</u>" means S&P Global Ratings and any successor thereto.

"<u>S&P Industry Classification</u>" means the industry classifications set forth in <u>Schedule 3</u>, as such industry classifications shall be updated at the mutual agreement of the Administrative Agent and the Borrower if S&P publishes revised industry classifications.

"<u>S&P Rating</u>" means, with respect to any Collateral Loan, either (i) the public rating issued by S&P (based on tranche rating not corporate family rating) or (ii) any credit estimate issued by S&P received by the Borrower or the Collateral Manager.

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"<u>S&P Rating Factor</u>" means, with respect to any Collateral Loan, the value determined (based on the five-year asset default rate multiplied by 10,000) in accordance with the below table (or such other published table by S&P that the Manager provides to the Administrative Agent and the Collateral Administrator):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**S&P Rating** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**S&P Rating Factor** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AA- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BB- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC+ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4641.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000.00 |

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"<u>Sale Agreement</u>" means the loan sale and contribution agreement, dated as of the Closing Date, by and between the Equityholder, as the seller, and the Borrower, as the buyer, as may be amended, restated, supplemented or otherwise modified from time to time.

"<u>Sanctioned Country</u>" means, at any time, a country or territory which is the subject or target of any Sanctions.

"<u>Sanctioned Person</u>" means at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union (including, any member state thereof), Canada, the United Kingdom, Switzerland, Denmark, Sweden or Norway, (ii) any Person that is operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

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"<u>Sanctions</u>" means individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by OFAC, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future Executive Order; (b) the United Nations Security Council; (c) the European Union (including any member state thereof); (d) the State Secretariat for Economic Affairs of Switzerland; (e) the United Kingdom; (f) the Government of Canada; (g) the Government of Denmark; (h) the Government of Sweden; (i) the Government of Norway; (j) HM Treasury or (k) to the extent that such bodies have jurisdiction over the Borrower or the applicable Subsidiary or such economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws are binding on the Borrower or the applicable Subsidiary, a body administering such economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes and anti-terrorism laws in any jurisdiction in which the Borrower or any of its Subsidiaries is located or doing business.

"<u>Scheduled Distribution</u>" means, with respect to any Collateral Loan, for each Due Date, the scheduled payment of principal and/or interest and/or fees due on such Due Date with respect to such Collateral Loan.

"<u>SEC</u>" means the Securities and Exchange Commission or any other Governmental Authority of the United States of America at the time administrating the Securities Act, the Investment Company Act or the Exchange Act.

"<u>Secured Parties</u>" means the Administrative Agent, the Document Custodian, the Collateral Administrator, the Collateral Agent, the Securities Intermediary and the Lenders.

"<u>Secured Party Representative</u>" has the meaning assigned to such term in <u>Section 12.09</u>.

"<u>Securities Act</u>" means the Securities Act of 1933 and the rules and regulations promulgated thereunder, all as from time to time in effect.

"<u>Securities Intermediary</u>" means a Person satisfying Section 8-102(a)(14) of the UCC with respect to the Covered Accounts. Initially, the Securities Intermediary shall be U.S. Bank National Association, in its capacity as securities intermediary under the Account Control Agreement.

"<u>Security Entitlement</u>" has the meaning specified in Section 8-102(a)(17) of the UCC.

"<u>Senior Net Leverage Ratio</u>" means, with respect to any Collateral Loan and the related Obligor for the Relevant Test Period, either (a) the meaning of "Senior Net Leverage Ratio" or comparable term set forth in the Related Documents for such Collateral Loan, or (b) in the case of any Collateral Loan with respect to which the Related Documents do not include a definition of "Senior Net Leverage Ratio" or comparable term, the ratio obtained by dividing (i)

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the indebtedness (including the full drawn but not the undrawn amount of any revolving and delayed draw indebtedness) of the related Obligor (other than indebtedness of such Obligor that is junior in terms of payment or lien priority to indebtedness of such Obligor held by the Borrower) as of such date, minus the Unrestricted Cash of such Obligor as of such date by (ii) EBITDA of such Obligor for the Relevant Test Period, as calculated by the Collateral Manager in accordance with the Collateral Management Standard in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Loan Agreement (or, in the case of a Collateral Loan for which the related Underlying Loan Agreement has not been executed, as set forth in the relevant marketing materials or financial model in respect of such Collateral Loan).

"<u>Shortfall</u>" has the meaning assigned to such term under <u>Section 12.18</u>.

"<u>SOFR</u>" means a rate *per annum* equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>Solvent</u>" as to any Person means that such Person is not "insolvent" within the meaning of Section 101(32) of the Bankruptcy Code or Section 271 of the New York Debtor and Creditor Law.

"<u>Structured Finance Obligation</u>" means any debt obligation owing by a special purpose finance vehicle that is secured directly and primarily by, primarily referenced to, and/or primarily representing ownership of, a pool of receivables or a pool of other assets, including collateralized debt obligations, residential mortgage-backed securities, commercial mortgage-backed securities, other asset-backed securities, "future flow" receivable transactions and other similar obligations.

"<u>Subsidiary</u>" means any Person with respect to which the Borrower or the Equityholder, as the case may be, owns, directly or indirectly, more than 50% of the Equity Securities of such Person; <u>provided</u> that a Person whose Equity Securities were acquired by the Borrower or the Equityholder, as the case may be, in a workout or restructuring of a Collateral Loan shall not be deemed to be a "Subsidiary" for purposes of this Agreement.

"<u>Successor Collateral Manager</u>" has the meaning assigned to it in <u>Section 14.08(a)</u>.

"<u>Supported QFC</u>" has the meaning assigned to such term in <u>Section 12.19</u>.

"<u>Tax Distribution</u>" means, so long as the Equityholder is a regulated investment company, a distribution on any Payment Date in accordance with the Priority of Payments to the Equityholder (from the Collection Account or otherwise) to the extent required to allow the Equityholder to make sufficient distributions to qualify as a regulated investment company, and to otherwise eliminate U.S. federal or state income or excise taxes payable by the Equityholder in

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or with respect to any taxable year of the Equityholder (or any calendar year, as relevant); provided that (A) the amount of any such payments made in or with respect to any such taxable year (or calendar year, as relevant) of the Equityholder shall not exceed 102.0% of the amounts that the Borrower would have been required to distribute to the Equityholder to: (i) allow the Borrower to satisfy the minimum distribution requirements that would be imposed by Section 852(a) of the Code (or any successor thereto) to maintain its eligibility to be taxed as a regulated investment company for any such taxable year, (ii) reduce to zero for any such taxable year the Borrower's liability for U.S. federal income taxes imposed on (x) its investment company taxable income pursuant to Section 852(b)(1) of the Code (or any successor thereto), and (y) its net capital gain pursuant to Section 852(b)(3) of the Code (or any successor thereto), and (iii) reduce to zero the Borrower's liability for U.S. federal excise taxes for any such calendar year imposed pursuant to Section 4982 of the Code (or any successor thereto), in the case of each of (i), (ii) or (iii), calculated assuming that the Borrower had qualified to be taxed as a regulated investment company under the Code and (B) after the occurrence and during the continuance of an Event of Default, all such distributions shall be prohibited (unless otherwise consented to by the Administrative Agent in its sole discretion).

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term SOFR</u>" means, for any calculation with respect to an Advance (other than an Advance bearing interest at the Base Rate), the Term SOFR Reference Rate for a tenor of three months on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to (a) with respect to the Interest Accrual Period in which the applicable Borrowing Date occurs, such Borrowing Date and (b) for each subsequent Interest Accrual Period, the commencement of such Interest Accrual Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above (including pursuant to the proviso above) shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

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"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Total Net Leverage Ratio</u>" means, with respect to any Collateral Loan and the related Obligor for the Relevant Test Period, either (a) the meaning of "Total Net Leverage Ratio" or comparable term set forth in the Related Documents for such Collateral Loan, or (b) in the case of any Collateral Loan with respect to which the Related Documents do not include a definition of "Total Net Leverage Ratio" or comparable term, the ratio obtained by dividing (i) the total indebtedness of the related Obligor as of such date, minus the Unrestricted Cash of such Obligor as of such date by (ii) EBITDA of such Obligor for the Relevant Test Period, as calculated by the Collateral Manager in accordance with the Collateral Management Standard in good faith using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Loan Agreement (or, in the case of a Collateral Loan for which the related Underlying Loan Agreement has not been executed, as set forth in the relevant marketing materials or financial model in respect of such Collateral Loan).

"<u>Tranche Size</u>" means, in respect of any Collateral Loan, the aggregate principal amount of all of the borrowing facilities available to the Obligor under the terms of the relevant Underlying Loan Agreement as of the original effective date of the Underlying Loan Agreement. For purposes of determining the Tranche Size in respect of any Collateral Loan: (1) for Collateral Loans that are, in accordance with then-prevailing market practice, typically bought and sold together, the respective aggregate principal amount of the borrowing facilities available to the Obligor under the facilities evidenced by the relevant Underlying Loan Agreement shall be aggregated (and, for the avoidance of doubt, the respective aggregate principal amounts of all revolving facilities, term loan "A" tranches, term loan "B" tranches and similar loan tranches issued under a single credit agreement shall be aggregated); (2) the respective principal amounts of lines of credit and delayed draws that, in accordance with then-prevailing market practice, trade with any Collateral Loan shall be aggregated; and (3) the respective principal amount of any borrowing facilities that are, under then prevailing market practice, considered add-on or incremental term loan facilities in respect of any Collateral Loan shall be aggregated with the principal amount of such Collateral Loan; provided that, in the case of clauses (1), (2) and (3) above, such facilities are pari passu in terms of repayment seniority and, with respect to appropriate price adjustments, buyers are typically indifferent between such facilities.

"<u>U.S. Government Securities Business Day</u>" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities as indicated on the SIFMA website.

"<u>U.S. Special Resolution Regime</u>" has the meaning assigned to such term in <u>Section 12.20</u>.

"<u>UCC</u>" means the New York Uniform Commercial Code; <u>provided</u> that if, by reason of any mandatory provisions of Law, the perfection, the effect of perfection or non-

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perfection or priority of the security interests granted to the Collateral Agent pursuant to this Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than the State of New York, then "<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Uncertificated Security</u>" has the meaning specified in Section 8-102(a)(18) of the UCC.

"<u>Underlying Loan Agreement</u>" means, with respect to any Collateral Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Collateral Loan is made.

"<u>Underlying Note</u>" means one or more promissory notes, if any, executed by an Obligor evidencing a Collateral Loan.

"<u>Unencumbered Liquidity</u>" means the sum of (a) all cash or cash equivalents held by the Equityholder (to the extent available to be contributed to the Borrower by the Equityholder without any third-party consent and not designated for any other purpose), *plus* (b) the committed, undrawn, and recallable equity capital of the Equityholder (other than in respect of any defaulted investors), which is available to be contributed to the Borrower by the Equityholder without any third-party consent and is not designated for any other purpose.

"<u>Unfunded Exposure Amount</u>" means on any date of determination, with respect to any Delayed Drawdown Collateral Loans and Revolving Collateral Loans, the aggregate amount (without duplication) of all (a) unfunded commitments and (b) all standby or contingent commitments of the Borrower pursuant to such Collateral Loan.

"<u>Unfunded Reserve Account</u>" has the meaning specified in <u>Section 8.03</u>.

"<u>Unfunded Reserve Account Shortfall</u>" has the meaning specified in <u>Section 2.01</u>.

"<u>Unfunded Reserve Required Amount</u>" means an amount equal to the aggregate sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to each Delayed Drawdown Collateral Loan included in the Collateral:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate sum of the unfunded commitments of the Borrower in respect of all such Delayed Drawdown Collateral Loans, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate sum of the unfunded commitments of the Borrower in respect of each such Delayed Drawdown Collateral Loan included in the Collateral *times* the Asset Value of such Delayed Drawdown Collateral Loan (expressed as percentage of par) *times* the Advance Rate then in effect for such Delayed Drawdown Collateral Loan; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to each Revolving Collateral Loan included in the Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate sum of the unfunded commitments of the Borrower in respect of all such Revolving Collateral Loans, *minus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate sum of the unfunded commitments of the Borrower in respect of each such Revolving Collateral Loan included in the Collateral *times* the Asset Value of such Revolving Collateral Loan (expressed as percentage of par) *times* the Advance Rate then in effect for such Revolving Collateral Loan;

<u>provided</u> that after the Commitment Termination Date, the Unfunded Reserve Required Amount shall equal the Unfunded Exposure Amount.

"<u>Unintended Recipient</u>" has the meaning specified in <u>Section 11.07(a)</u>.

"<u>Unrestricted Cash</u>" means "Unrestricted Cash" or any comparable term in the Related Document for any Collateral Loan, and in any case that "Unrestricted Cash" or such comparable term is not defined in such Related Documents, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Related Documents), as reflected on the most recent financial statements of the related Obligor that have been delivered to the Borrower.

"<u>Unused Amount</u>" means, for any day, an amount equal to the excess, if any, of (a) the Facility Amount on such day *over* (b) the Advances Outstanding on such day.

"<u>Warranty Collateral Loan</u>" has the meaning assigned to such term in each Sale Agreement.

"<u>Weighted Average Advance Rate</u>" means, as of any date of determination, an amount equal to (a) the aggregate sum of the products, for each Eligible Collateral Loan, of (i) the Asset Advance Rate for such Eligible Collateral Loan as of such date and (ii) the Asset Value of such Eligible Collateral Loan as of such date *divided by* (b)(i) the Aggregate Asset Value of all Eligible Collateral Loans *minus* (ii) the Excess Concentration Amount.

"<u>Weighted Average EBITDA</u>" means, as of any date, the number obtained by dividing:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the amount equal to the sum of the product of (i) the most recently reported EBITDA of the related Obligor and (ii) the Principal Balance of such Eligible Collateral Loan, by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Aggregate Principal Balance of all Collateral Loans as of such date.

"<u>Weighted Average Life</u>" means, as of any date of determination with respect to all Eligible Collateral Loans, the number of years following such date obtained by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;*summing* the products of: (i) the Average Life at such time of each Eligible Collateral Loan *multiplied by* (ii) the Principal Balance of such Eligible Collateral Loan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;*dividing* such sum by the Aggregate Principal Balance of all Eligible Collateral Loans as of such date.

For the purposes of the foregoing, the "<u>Average Life</u>" is, on any date of determination with respect to any Eligible Collateral Loan, the quotient obtained by *dividing* (x) the sum of the products of (A) the number of years (rounded to the nearest one hundredth thereof) from such date of determination to the stated maturity date of the applicable Eligible Collateral Loan and (B) the respective amounts of principal of such Eligible Collateral Loan by (y) the sum of all principal on such Eligible Collateral Loan.

"<u>Weighted Average S&P Rating Factor</u>" means the number (rounded up to the nearest whole number) determined by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;summing the products of (i) the Principal Balance of each Collateral Loan (excluding Defaulted Loans) multiplied by (ii) the S&P Rating Factor of such Collateral Loan, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;dividing such sum by the Aggregate Principal Balance of all Collateral Loans as of such date.

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"<u>Write-Down and Conversion Powers</u>" means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised

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under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

Section 1.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Rules of Construction</u>

For all purposes of this Agreement and the other Facility Documents, except as otherwise expressly provided or unless the context otherwise requires, (a) singular words shall connote the plural as well as the singular and vice versa (except as indicated), as may be appropriate, (b) the words "herein," "hereof" and "hereunder" and other words of similar import used in any Facility Document refer to such Facility Document as a whole and not to any particular article, schedule, section, paragraph, clause, exhibit or other subdivision thereof, (c) the headings, subheadings and table of contents set forth in any Facility Document are solely for convenience of reference and shall not constitute a part of such Facility Document nor shall they affect the meaning, construction or effect of any provision hereof, (d) references in any Facility Document to "include" or "including" shall mean include or including, as applicable, without limiting the generality of any description preceding such term, and for purposes hereof the rule of *ejusdem generis* shall not be applicable to limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically mentioned, (e) any definition of or reference to any Facility Document, agreement, instrument or other document shall be construed as referring to such Facility Document, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein or any other Facility Document), (f) any reference in any Facility Document, including the introduction and recitals to such Facility Document, to any Person shall be construed to include such Person's successors and assigns (subject to any restrictions set forth herein or in any other applicable agreement), (g) any reference to any Law or regulation herein shall refer to such Law or regulation as amended, modified or supplemented from time to time, (h) any use of "knowledge" or "actual knowledge" in this Agreement shall mean actual knowledge following reasonable inquiry which, in the case of the Collateral Manager, shall be determined in accordance with the Collateral Management Standard; <u>provided</u>, that in the case of knowledge with respect to information provided by third parties (including Obligors), the Collateral Manager shall not be required to conduct any inquiry if such inquiry would not be required under the Collateral Management Standard, (i) unless otherwise specified herein, any use of "material" or "materially" or words of similar meaning in this Agreement shall mean material, as determined by the Administrative Agent in its reasonable discretion, (j) an Event of Default shall be deemed to be continuing until it is waived in accordance with <u>Section 12.01</u> or such Event of Default has been remedied and has remained remedied for a period of five (5) consecutive Business Days; <u>provided</u>, however, that if the Obligations have been accelerated following an Event of Default, no Event of Default will be considered to be capable of being remedied and (k) any reference to "execute", "executed", "sign", "signed", "signature" or any other like term hereunder shall include execution by electronic signature (including, with-out limitation, any .pdf file, .jpeg file, or any other electronic or image file, or any "electronic signature" as defined under the U.S. Electronic Signatures in Global and National Commerce Act ("<u>E-SIGN</u>") or the New York Electronic Signatures and Records Act ("<u>ESRA</u>"), which includes any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar

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platform identified by the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent or any Lender and reasonably available at no undue burden or expense to the Collateral Agent, the Document Custodian or the Collateral Administrator), except to the extent the Collateral Agent, the Document Custodian or the Collateral Administrator requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and validly delivered for all purposes hereunder.

Section 1.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Computation of Time Periods</u>

Unless otherwise stated in the applicable Facility Document, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including", the word "through" means "to and including" and the words "to" and "until" both mean "to but excluding". Periods of days referred to in any Facility Document shall be counted in calendar days unless Business Days are expressly prescribed. Unless otherwise indicated herein, all references to time of day refer to Eastern standard time or Eastern daylight saving time, as in effect in New York City on such day.

Section 1.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Value Calculation Procedures</u>

In connection with all calculations required to be made pursuant to this Agreement with respect to Scheduled Distributions on any Collateral Loan, or any payments on any other assets included in the Collateral, with respect to the sale of and reinvestment in Collateral Loans, and with respect to the income that can be earned on Scheduled Distributions on such Collateral Loans and on any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this <u>Section 1.04</u> shall be applied. The provisions of this <u>Section 1.04</u> shall be applicable to any determination or calculation that is covered by this <u>Section 1.04</u>, whether or not reference is specifically made to <u>Section 1.04</u>, unless some other method of calculation or determination is expressly specified in the particular provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All calculations with respect to Scheduled Distributions on any Collateral Loan shall be made on the basis of information as to the terms of each such Collateral Loan and upon reports of payments, if any, received on such Collateral Loan that are furnished by or on behalf of the Obligor of such Collateral Loan and, to the extent they are not manifestly in error, such information or reports may be conclusively relied upon in making such calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations will not include (i) scheduled interest and principal payments on Ineligible Collateral Loans unless or until such payments are actually made and (ii) ticking fees and other similar fees in respect of Collateral Loans, unless or until such fees are actually paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For each Collection Period and as of any date of determination, the Scheduled Distribution on any Collateral Loan (other than a Defaulted Loan or an Ineligible Collateral Loan, which, except as otherwise provided herein, shall be assumed to have Scheduled Distributions of zero) shall be deemed to be the total amount of (i) payments and collections to

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be received during such Collection Period in respect of such Collateral Loan, (ii) proceeds of the sale of such Collateral Loan received and, in the case of sales which have not yet settled, to be received during such Collection Period that are not reinvested in additional Collateral Loans or retained in a Collection Account for subsequent reinvestment pursuant to <u>Article X</u>, which proceeds, if received as scheduled, will be available in a Collection Account and available for distribution at the end of such Collection Period and (iii) amounts referred to in clause (i) or (ii) above that were received in prior Collection Periods but were not disbursed on a previous Payment Date or retained in a Collection Account for subsequent reinvestment pursuant to <u>Article X</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, each Scheduled Distribution receivable with respect to a Collateral Loan shall be assumed to be received on the applicable Due Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;References in the Priority of Payments to calculations made on a "pro forma basis" shall mean such calculations after giving effect to all payments, in accordance with the Priority of Payments, that precede (in priority of payment) or include the clause in which such calculation is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration Limitations, Ineligible Collateral Loans will be treated as having a Principal Balance of zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, Ineligible Collateral Loans will (i) not be included in the calculation of the Collateral Quality Test, (ii) be treated as having an Asset Value of zero and (iii) be excluded from the calculation of each Borrowing Base on and after the date such Collateral Loan constitutes an Ineligible Collateral Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Portions of the same Collateral Loan acquired by the Borrower on different dates (excluding subsequent draws under Revolving Collateral Loans or Delayed Drawdown Collateral Loans) will, for purposes of determining the purchase price of such Collateral Loan, be treated as separate purchases on separate dates (and not a weighted average purchase price for any particular Collateral Loan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the nearest 0.01%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating compliance with any Coverage Test, the Collateral Quality Test, or any Concentration Limitation under this Agreement in connection with the acquisition or disposition of a Collateral Loan or Eligible Investment, both the trade date and the settlement date with respect to any such Collateral Loan or Eligible Investment acquired or disposed of or under consideration for acquisition or disposition shall be used to determine compliance with the Coverage Tests, the Collateral Quality Test or any Concentration Limitation and whether such acquisition or disposition is permitted hereunder; <u>provided</u> that, (i) for

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purposes of calculating compliance with the Coverage Tests, the Collateral Quality Test or any Concentration Limitation, the calculation thereof shall assume (and give pro forma effect to) (x) the making of an Advance to the Borrower (based on the Advance Rate applicable thereto) and any capital contribution to the Borrower by the Equityholder upon settlement of the acquisition of a Collateral Loan (based on the purchase price therefor) and (y) the repayment of an Advance to the Borrower upon settlement of the disposition of a Collateral Loan (based on the sale price therefor) and (ii) for purposes of calculating the Coverage Tests, the Collateral Quality Test, or any Concentration Limitation in connection with the making or repayment of any Advance, such calculation shall be recalculated at the time such Advance is made or repaid after giving effect to the settlement of any Collateral Loan acquired or disposed of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;At any time when any one or more of the Concentration Limitations are exceeded, the Borrower (or the Collateral Manager acting on its behalf) shall select (from among the Collateral Loans whose Aggregate Asset Value causes such Concentration Limitations to be exceeded) the Collateral Loans, or portions thereof, to be allocated to the Excess Concentration Amount, and revise such allocations from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;To the extent of any ambiguity in the interpretation of any definition or term contained in this Agreement or to the extent more than one methodology can be used to make any of the determinations or calculations set forth herein, the Collateral Administrator shall request direction from the Administrative Agent as to the interpretation and/or methodology to be used, and the Collateral Administrator shall follow such direction, and together with the Collateral Agent, the Document Custodian and the Securities Intermediary, shall be entitled to conclusively rely thereon without any responsibility or liability therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Any direction required hereunder relating to the purchase, acquisition, sale, disposition or other transfer of the Collateral may be in the form of a trade ticket from the Borrower on which the Collateral Agent and Collateral Administrator may rely. Furthermore, with respect to any instruction to the Collateral Agent hereunder relating to the transfer of amounts on deposit in any of the Covered Accounts, a copy of such instruction shall also be required to be given to the Collateral Administrator.

**ARTICLE II<br>ADVANCES**

Section 2.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Revolving Credit Facility; Approval Requests</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall, prior to each proposed acquisition of any Consent Loan, provide to the Administrative Agent (with a copy to the Equityholder and the Collateral Agent) a notice by electronic mail in the form of <u>Exhibit A</u> hereto (together with any attachments required in connection therewith, an "<u>Approval Request</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have the right to approve or reject any Approval Request in its sole discretion and/or to request additional information regarding any

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proposed Consent Loan. The Administrative Agent shall promptly after receipt by the Administrative Agent of all required information and documentation notify the Collateral Manager and the Borrower (with a copy to the Collateral Agent and the Collateral Administrator) in writing (including via electronic mail) whether each Approval Request has been approved or rejected; <u>provided</u> that if the Administrative Agent shall fail to so notify the Collateral Manager and the Borrower, the Administrative Agent shall be deemed to have rejected such Approval Request. Any approval may be withdrawn at any time at least three (3) Business Days prior to the time at which the Borrower actually becomes obligated to purchase or enter into documents governing such proposed Consent Loan by written notice (including via e-mail) of such withdrawal from the Administrative Agent to the Collateral Manager. If the Administrative Agent has rejected an Approval Request, or withdrawn or withheld its approval of any such request, then the Borrower shall not be authorized to purchase such proposed Consent Loan unless, in the case of a withdrawn approval, the Administrative Agent has not withdrawn its approval at least three (3) Business Days prior to the time at which the Borrower enters into a commitment to purchase such proposed Consent Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;On the terms and subject to the conditions hereinafter set forth, including <u>Article III</u>, each Lender severally agrees to make loans to the Borrower (each, an "<u>Advance</u>") from time to time on any Business Day during the Reinvestment Period, on a *pro rata* basis in each case in an aggregate principal amount at any one time outstanding up to but not exceeding such Lender's Commitment and, as to all Lenders, in an aggregate principal amount up to but not exceeding the applicable Borrowing Base as then in effect. Each such borrowing of an Advance on any single day is referred to herein as a "<u>Borrowing</u>".

Within such limits and subject to the other terms and conditions of this Agreement, the Borrower may borrow (and re-borrow) Advances under this <u>Section 2.01</u> and prepay Advances under <u>Section 2.05</u>.

Notwithstanding anything to the contrary herein, upon the occurrence of an Event of Default and on the Commitment Termination Date, if the amount on deposit in the Unfunded Reserve Account is less than the Unfunded Exposure Amount (such amount, the "<u>Unfunded Reserve Account Shortfall</u>"), the Borrower shall request an Advance in an amount sufficient to cause the Unfunded Reserve Account Shortfall to equal $0. Following receipt of a Notice of Borrowing relating to the foregoing (which shall specify the account details of the Unfunded Reserve Account where the funds will be made available), each Lender shall fund its pro rata portion of such Advances in accordance with <u>Section 2.02(e)</u>, notwithstanding anything to the contrary herein (including, without limitation, the Borrower's failure to satisfy any of the conditions precedent set forth in <u>Section 3.02)</u>; <u>provided</u> that no such Advance may cause the Advances Outstanding to exceed the applicable Borrowing Base.

Section 2.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Making of the Advances</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower desires to make a Borrowing under this Agreement it shall give the Administrative Agent (with a copy to the Collateral Agent and the Collateral Administrator) a written notice (such notice, a "<u>Notice of Borrowing</u>") for such Borrowing (which notice shall be irrevocable and effective upon receipt) not later than (x) 11:00 a.m. on the

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requested Borrowing Date; <u>provided</u> that such same-day notice shall be limited to the first three (3) notices in any given month, unless the Administrative Agent consents in its sole discretion to a subsequent notice during such month, and (y) otherwise, 3:00 p.m. on the Business Day prior to the requested Borrowing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Notice of Borrowing shall be substantially in the form of <u>Exhibit B</u> hereto, dated the date the request for the related Borrowing is being made, signed by a Responsible Officer of the Borrower (or the Collateral Manager on behalf of the Borrower), shall attach a Borrowing Base Calculation Statement, and shall otherwise be appropriately completed. Such Notice of Borrowing shall specify the proposed Borrowing Date. The proposed Borrowing Date specified in each Notice of Borrowing shall be a Business Day falling on or prior to the Commitment Termination Date and, with respect to Borrowings in Dollars, the amount of the Borrowing requested in such Notice of Borrowing (the "<u>Requested Amount</u>") shall be equal to at least $500,000 or an integral multiple of $100,000 in excess thereof (or, if less, the remaining unfunded Commitments hereunder or, in the case of Delayed Drawdown Collateral Loans or Revolving Collateral Loans, such lesser amount required to be funded by the Borrower in respect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall notify each Lender of its receipt of such Notice of Borrowing by 5:00 p.m. on the day of receipt thereof (or, if such day is not a Business Day, by noon on the next succeeding Business Day).

Section 2.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of Indebtedness; Notes</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to it and resulting from the Advances made by such Lender to the Borrower, from time to time, including the amounts of principal and interest thereon and paid to it, from time to time hereunder; <u>provided</u> that the failure of any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Advances in accordance with the terms of this Agreement. The Collateral Agent shall be entitled to conclusively rely upon the information provided to it by the Administrative Agent with respect to the Advances Outstanding with respect to each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender may request that its Advances to the Borrower be evidenced by a Note. In such event, the Borrower shall promptly prepare, execute and deliver to such Lender a Note payable to such Lender and otherwise appropriately completed. Thereafter, the Advances of such Lender evidenced by such Note and interest thereon shall at all times (including after any assignment pursuant to <u>Section 12.06(a)</u>) be represented by a Note payable to such Lender (or registered assigns pursuant to <u>Section 12.06(a)</u>), except to the extent that such Lender (or assignee) subsequently returns any such Note for cancellation and requests that such Advances once again be evidenced as described in clause (a) of this <u>Section 2.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender elects not to receive a Note, all references herein and the other Facility Documents to such Lender's Note shall be deemed to mean the Advances Outstanding with respect to such Lender. The parties hereto acknowledge and agree that the

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provisions herein and the other Facility Documents related to the Lenders hereunder shall apply to each Lender regardless of whether such Lender has received a Note.

Section 2.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Amounts</u>

The Borrower shall pay principal and Interest on the Advances and the fees set forth in the Facility Documents to the Lenders in accordance with the Priority of Payments as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;100% of the outstanding principal amount of each Advance, together with all accrued and unpaid Interest thereon, shall be payable on the Final Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Interest shall accrue at the Interest Rate on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall determine the unpaid Interest, Commitment Fees, and Prepayment Fees payable thereto prior to each Payment Date using the applicable Interest Rate for the related Interest Accrual Period to be paid by the Borrower with respect to each Advance on each Payment Date for the related Interest Accrual Period and shall advise each Lender and the Collateral Manager thereof and shall send a consolidated invoice of all such Interest, Commitment Fees, and Prepayment Fees to the Borrower (with copies to the Collateral Administrator and the Collateral Agent) on the third (3rd) Business Day prior to such Payment Date. The Collateral Administrator shall have no duty to verify or recalculate the amounts provided by the Administrative Agent pursuant to this <u>Section 2.04</u> and is fully protected in relying on these amounts when preparing the Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest on each Advance shall be payable in arrears (i) on each Payment Date, and (ii) in connection with any prepayment in full of the Advances pursuant to <u>Section 2.05(a)</u>; <u>provided</u> that (x) with respect to any prepayment in full of the Advances Outstanding, accrued Interest on such amount through the date of prepayment may be payable on such date or as otherwise agreed to between the Lenders and the Borrower and (y) with respect to any partial prepayment of the Advances outstanding, accrued Interest on such amount through the date of prepayment shall be payable on the Payment Date following such prepayment. Accrued Commitment Fees shall be payable in arrears on each Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Borrower to pay the Obligations, including the obligation of the Borrower to pay the Lenders the outstanding principal amount of the Advances and accrued interest thereon, shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms hereof (including <u>Section 2.14</u>), under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or any other Person may have or have had against any Secured Party or any other Person.

Section 2.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment of Advances</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Prepayments</u>. The Borrower may, from time to time on any Business Day, voluntarily prepay Advances in whole or in part, without penalty or premium; <u>provided</u> that the Borrower (or the Collateral Manager on behalf of the Borrower) shall have delivered to the Collateral Agent and the Administrative Agent written notice of such prepayment (such notice, a "<u>Notice of Prepayment</u>") in the form of <u>Exhibit C</u> hereto not later than 3:00 p.m. one (1) Business Day (or such shorter period as the Administrative Agent may agree in its reasonable discretion) prior to the date of such prepayment (<u>provided</u> that same day notice may be given to cure any non-compliance with the Coverage Tests).

The Administrative Agent shall promptly notify the Lenders of such Notice of Prepayment. Each such Notice of Prepayment shall be irrevocable and effective upon receipt and shall be dated the date such notice is being given, signed by a Responsible Officer of the Borrower (or the Collateral Manager on behalf of the Borrower) and otherwise appropriately completed; <u>provided</u> that any such Notice of Prepayment may be conditioned upon the happening or occurrence of a specified event, and thereafter revoked in the event that such specified event does not occur. Each prepayment by the Borrower of any Advance denominated in Dollars pursuant to this <u>Section 2.05(a)</u> (other than a prepayment made in order to cure any non-compliance with the Coverage Tests) shall in each case be, unless otherwise agreed with the Administrative Agent in its reasonable discretion, in a principal amount of at least $100,000 or, if less, the entire outstanding principal amount of the Advances Outstanding or, in the case of any prepayment of Advances with the proceeds of a prepayment or repayment of principal of Collateral Loans, such lesser amount as is paid by the applicable Obligor in respect thereof. If a Notice of Prepayment is given by (or on behalf of) the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein unless such notice is rescinded in accordance with this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Prepayments</u>. The Borrower shall prepay the Advances on each Payment Date in the manner and to the extent provided in the Priority of Payments.

The Borrower shall provide, in each Monthly Report, notice of the aggregate amounts of Advances that are to be prepaid on the related Payment Date in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing Base Deficiency Cures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In addition to any other obligation of the Borrower to cure any Borrowing Base Deficiency or Coverage Deficiency pursuant to the terms of this Agreement, if any Borrowing Base Deficiency or Coverage Deficiency exists, then the Borrower may eliminate such Borrowing Base Deficiency or Coverage Deficiency, as applicable, in its entirety by effecting one or more (or any combination thereof) of the following actions: (A) deposit into or credit to the Collection Account cash and Eligible Investments, (B) repay Advances (together with all accrued and unpaid costs and expenses of the Agents, Document Custodian, Collateral Administrator, Securities Intermediary and the Lenders, in each case in respect of the amount so repaid), (C) sell Collateral Loans in accordance with <u>Article X</u>, or (D) during the Reinvestment Period, pledge additional Collateral Loans as Collateral. For the avoidance of doubt, no Prepayment Fee shall be

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required in connection with any prepayment of an Advance made to cure a Borrowing Base Deficiency or a Coverage Deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the proposed repayment of Advances or pledge of additional Collateral Loans as Collateral pursuant to <u>Section 2.05(c)(i)</u>, the Borrower (or the Collateral Manager on its behalf) shall deliver in accordance with <u>Section 2.05(a)</u>, (x) to the Administrative Agent (with a copy to the Collateral Agent, the Collateral Administrator and the Document Custodian), notice of such repayment or pledge and a duly completed Borrowing Base Calculation Statement, updated to the date such repayment or pledge is being made and giving *pro forma* effect to such repayment or pledge, and (y) to the Administrative Agent, if applicable, a description of any Collateral Loans and each Obligor of such Collateral Loan to be pledged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Until such time as any Borrowing Base Deficiency or Coverage Deficiency has been cured in full and no other Default or Event of Default has occurred and is continuing, the Borrower shall not request the right to transfer (by sale, dividend, distribution or otherwise), and the Borrower shall not request that the Collateral Agent grant the release of any Lien on, or the transfer of, any Collateral Loan from the Collateral, other than (i) any transfer that complies with <u>Section 10.01(a)</u> or (ii) in connection with the settlement of purchases or sales of Collateral Loans committed to be acquired or sold by the Borrower prior to the occurrence of such Borrowing Base Deficiency or Coverage Deficiency, as applicable, that have not yet settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Prepayment Provisions</u>. Each prepayment pursuant to this <u>Section 2.05</u> shall be subject to <u>Section 2.04(d)</u> and applied to the Advances in accordance with the Lenders' respective Percentages.

Section 2.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes of Commitments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Automatic Reduction and Termination</u>. The Commitments of all Lenders shall be automatically reduced to zero at 5:00 p.m. on the Commitment Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Termination or Reductions</u>. Prior to the Final Maturity Date, the Borrower shall have the right to terminate or reduce the unused amount of the Facility Amount at any time or from time to time without any fee or penalty, except as specified in <u>Section 2.11(b)</u>, upon not less than two (2) Business Days' prior notice (or such shorter period as the Administrative Agent may agree in its reasonable discretion) to the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Document Custodian of each such termination or reduction, which notice shall specify the effective date of such termination or reduction and the amount of any such reduction; <u>provided</u> that any notice received after 3:00 p.m. shall be deemed to be received on the next Business Day; <u>provided</u>, <u>further</u>, that (i) the amount of any such reduction of the Facility Amount shall be equal to at least $500,000 or an integral multiple of $10,000 in excess thereof or, if less, the remaining unused portion thereof, and (ii) no such reduction will reduce the Facility Amount below the sum of (x) the aggregate principal amount of Advances Outstanding at such time and (y) the Unfunded Reserve Required Amount. Such notice of termination or reduction shall be irrevocable (provided that any such

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notice may be conditioned upon the happening or occurrence of a specified event, and thereafter revoked in the event that such specified event does not occur) and shall be effective only upon receipt by the Administrative Agent, the Collateral Agent, the Lenders, the Collateral Administrator and the Document Custodian, and shall attach, in the case of a reduction of the Commitments, a Borrowing Base Calculation Statement. Each reduction of Commitments of the Lenders hereunder shall be applied *pro rata* to reduce the respective Commitments of each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Termination at the Election of the Administrative Agent</u>. Unless a Ramp-Up Period is in effect, if the Diversity Score is less than five (5), then the Administrative Agent shall have the right (but not the obligation), upon two (2) Business Days' prior written notice to the Borrower, the Equityholder, the Collateral Agent, the Lenders, the Collateral Administrator and the Document Custodian, effective immediately upon delivery of such notice, to reduce the Facility Amount in full and declare the Final Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Termination or Reduction</u>. The Commitments of the Lenders once terminated or reduced may not be reinstated. Each reduction of the Facility Amount pursuant to this <u>Section 2.06</u> shall be applied ratably among the Lenders in accordance with their respective Commitments.

Section 2.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Maximum Lawful Rate</u>

It is the intention of the parties hereto that the interest on the Advances shall not exceed the maximum rate permissible under Applicable Law. Accordingly, anything herein or in any Note to the contrary notwithstanding, in the event any interest is charged to, collected from or received from or on behalf of the Borrower by the Lenders pursuant hereto or thereto in excess of such maximum lawful rate, then the excess of such payment over that maximum shall be applied first to the payment of amounts then due and owing by the Borrower to the Secured Parties under this Agreement (other than in respect of principal of and interest on the Advances) and then to the reduction of the outstanding principal amount of the Advances Outstanding.

Section 2.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Several Obligations</u>

The failure of any Lender to make any Advance to be made by it on the date specified therefor shall not relieve any other Lender of its obligation to make its Advance on such date. None of the Administrative Agent, the Collateral Agent, the Document Custodian, the Securities Intermediary or the Collateral Administrator, shall be responsible for the failure of any Lender to make any Advance, and no Lender shall be responsible for the failure of any other Lender to make an Advance required to be made by such other Lender.

Section 2.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Increased Costs</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Increased Costs Generally</u>. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;impose, modify or deem applicable any reserve, compulsory loan, insurance charge, special deposit or similar requirement against assets of, deposits with or

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for account of, or credit extended by, any Affected Person (except any such reserve requirement reflected in any Benchmark);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;subject any Secured Party to any Taxes (other than (A) Non-Excluded Taxes and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;impose on any Affected Person or the applicable interbank market any other condition, cost or expense (other than Taxes), affecting this Agreement or Advances made by such Affected Person by reference to any then-applicable Benchmark or any participation therein;

and the result of any of the foregoing shall be to increase the cost to any Affected Person of making, continuing, converting into or maintaining any Advance (or of maintaining its obligation to make any Advance) or to increase the cost to, or to reduce the amount of any payment (whether of principal, interest, fees, compensation or otherwise) or sum received or receivable by, such Affected Person hereunder (whether of principal, interest, fees, compensation or otherwise), then the Borrower will pay to such Affected Person from time to time after receipt of a written demand by a Responsible Officer of such Affected Person in Dollars, such additional amount or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered within ten (10) Business Days of receipt of such demand. If a Lender requests compensation by the Borrower under this <u>Section 2.09</u>, the Borrower may, by notice to such Lender, suspend the obligation of such Lender to make or continue Advances by reference to such Benchmark, until the event or condition giving rise to such request ceases to be in effect (in which case (x) all Advances of such Lender shall be made or continued by reference to the Base Rate and (y) such Lender shall have no obligation to make any Advances by reference to such Benchmark); <u>provided</u> that such suspension shall not affect the right of such Lender to receive the compensation required in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Capital Requirements</u>. If any Affected Person determines that any Change in Law regarding capital or liquidity requirements has or would have (but for the operation of this <u>Section 2.09</u>) the effect of reducing the rate of return on such Affected Person's capital or on the capital of such Affected Person's holding company, if any, as a consequence of this Agreement (or arising in connection herewith) or the Advances made by such Affected Person to a level below that which such Affected Person or such Affected Person's holding company could have achieved but for such Change in Law (taking into consideration such Affected Person's policies and the policies of such Affected Person's holding company with respect to capital adequacy or liquidity coverage) by an amount deemed to be material by such Affected Person, then any such Affected Person shall give the Borrower (and the Collateral Manager) prompt notice thereof and from time to time after written demand by such Affected Person, the Borrower will pay to such Affected Person in Dollars, such additional amount or amounts as will compensate such Affected Person or such Affected Person's holding company for any such reduction suffered or charge imposed on the Payment Date after the Borrower's receipt of such demand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Calculation</u>. In determining any amount provided for in this <u>Section 2.09</u>, the Affected Person may use any reasonable averaging and attribution methods. The Administrative Agent, on behalf of any Affected Person making a claim under this <u>Section 2.09</u>, shall submit to the Borrower and the Collateral Manager a certificate of a Responsible Officer of the Affected Person setting forth in reasonable detail the basis for and the computations of such additional or increased costs, which certificate shall be conclusive absent manifest error. The Borrower shall pay such amount shown as due on any such certificate on the next Payment Date after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delay in Requests</u>. Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall not constitute a waiver of such Affected Person right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate an Affected Person pursuant to this Section for any increased costs or reductions incurred more than six months prior to the date that such Affected Person notifies the Borrower and the Collateral Manager of the Change in Law giving rise to such increased costs or reductions and of such Affected Person's intention to claim compensation therefor; <u>provided</u>, <u>further</u> that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lending Office</u>. Upon the occurrence of any event giving rise to the Borrower's obligation to pay additional amounts to a Lender pursuant to clauses (a) or (b) of this <u>Section 2.09</u>, such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would reduce or obviate the obligations of the Borrower to make future payments of such additional amounts; <u>provided</u> that such designation is made on such terms that such Lender and its lending office suffer no material unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision.

Section 2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Illegality; Inability to Determine Rates</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Agreement, in the event of a Disruption Event, then the affected Lender shall promptly notify the Agents and the Borrower thereof, and such Lender's obligation to make or maintain Advances hereunder based on any then-applicable Benchmark shall be suspended until such time as such Lender may again make and maintain Advances based on such Benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of any event giving rise to a Lender's suspending its obligation to make or maintain Advances based on any then-applicable Benchmark pursuant to <u>Section 2.10(a)</u>, such Lender will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate a different lending office if such designation would enable such Lender to again make and maintain Advances based on such Benchmark; <u>provided</u> that such designation is made on such terms that such Lender and its

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lending office suffer no unreimbursed cost or material legal or regulatory disadvantage (as reasonably determined by such Lender), with the object of avoiding future consequence of the event giving rise to the operation of any such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If, prior to the first day of any Interest Accrual Period or prior to the date of any Advance, as applicable, either (i) the Administrative Agent determines that for any reason adequate and reasonable means do not exist for determining any then-applicable Benchmark for the applicable Advances, or (ii) the Required Lenders determine and notify the Administrative Agent that such Benchmark with respect to such Advances does not adequately and fairly reflect the cost to such Lenders of funding such Advances, the Administrative Agent will promptly so notify the Borrower, the Collateral Agent and each Lender. Thereafter, the obligation of the Lenders to make or maintain Advances based on such Benchmark shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt of any notice described in <u>Section 2.10(a)</u> or <u>(c)</u>, the Borrower may revoke any pending request for the making or continuation of an Advance based on the then-applicable Benchmark or, failing that, will be deemed to have converted such request into a request for an Advance based on the Base Rate.

Section 2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitment Fee</u>. On each Payment Date, the Borrower shall pay to the Administrative Agent (for the account of the Lenders on a pro rata basis) a commitment fee (a "<u>Commitment Fee</u>") in an amount equal to the sum, for each day during the related Interest Accrual Period from and including the Closing Date to and excluding the Commitment Termination Date, of the product of (i) the Commitment Fee Rate, *divided by* 360 and (ii) the Unused Amount, in each case for each such day during the related Interest Accrual Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment Fee</u>. If, at any time prior to the 12-month anniversary of the Closing Date, the Facility Amount is reduced in whole or in part at the option or election of the Borrower, the Borrower shall pay to the Administrative Agent (for the account of the Lenders on a pro rata basis), a prepayment fee (a "<u>Prepayment Fee</u>") equal to the product of (i) 0.50% *multiplied by* (ii) the amount of such reduction in the Facility Amount; <u>provided</u> that no Prepayment Fee shall be due and payable so long as such termination or permanent reduction occurs (x) within the sixty (60) day period immediately preceding the Maturity Date or (y) as a result of a refinancing of all or a material portion of this credit facility in connection with any Permitted Securitization or Permitted Refinancing for which Citibank, N.A. (or any of its Affiliates) serves as the administrative agent or similar capacity for such transaction. Such Prepayment Fee shall be payable on the date of the termination of this Agreement (in the event this Agreement is terminated in whole) or on the first Payment Date immediately succeeding the reduction of the Facility Amount (in the event the Facility Amount is reduced in part). For the avoidance of doubt, no Prepayment Fee shall be required in connection with (x) any prepayment of an Advance made to cure a Borrowing Base Deficiency or Coverage Deficiency or (y) a termination pursuant to <u>Section 12.03(j)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrative Agent Fees</u>. The Borrower agrees to pay to the Administrative Agent such fees as are mutually agreed to in writing from time to time by the Borrower and the Administrative Agent, including the fees set forth in the Administrative Agent Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent, Collateral Administrator, Document Custodian and Securities Intermediary Fees</u>. The Borrower agrees to pay to the Collateral Agent, the Collateral Administrator, the Document Custodian and the Securities Intermediary such fees as are mutually agreed to in writing from time to time by the Borrower and the Collateral Agent, the Collateral Administrator, the Document Custodian and the Securities Intermediary, including the fees set forth in the Collateral Administration and Agency Fee Letter. For purposes of any portion of fees payable to the Collateral Agent or the Collateral Administrator calculated with respect to any period at a per annum rate, such amount shall be computed on the basis of a 360-day year and the actual number of days elapsed during the related Collection Period and shall be based on the aggregate principal balance of all Collateral Loans owned by the Borrower and the cash and the principal balance of any Eligible Investments on deposit in each Principal Collection Account, in each case, on the first day of the Collection Period relating to the applicable Payment Date.

Section 2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Rescission or Return of Payment</u>

The Borrower agrees that, if at any time (including after the occurrence of the Final Maturity Date) all or any part of any payment theretofore made by it to any Secured Party or any designee of a Secured Party is or must be rescinded or returned for any reason whatsoever (including the insolvency, bankruptcy or reorganization of the Borrower or any of its Affiliates), the obligation of the Borrower to make such payment to such Secured Party shall, for the purposes of this Agreement, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence and this Agreement and any other applicable Facility Document shall continue to be effective or be reinstated, as the case may be, as to such obligations, all as though such payment had not been made.

Section 2.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Default Interest</u>

During the existence and continuance of an Event of Default arising pursuant to clause (a), clause (b), clause (c) or clause (i) of <u>Section 6.01</u>, at the election of the Administrative Agent or Required Lenders (or, following the occurrence of an Event of Default under clause (i) of Section 6.01, automatically), all Obligations shall bear interest at the Default Rate until rescinded by the Administrative Agent or the Required Lenders. Interest payable at the Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

Section 2.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Generally</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;All amounts owing and payable to any Secured Party, any Affected Person or any Indemnified Party, in respect of the Advances and other Obligations, including the principal thereof, interest, fees, indemnities, expenses or other amounts payable under this Agreement or any other Facility Document, shall be paid on behalf and at the direction of the

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Borrower (or the Collateral Manager on behalf of the Borrower) by the Collateral Agent to the applicable recipient in Dollars in immediately available funds, on each Payment Date in accordance with the Priority of Payments, and all without counterclaim, setoff, deduction, defense, abatement, suspension or deferment. Each Lender shall provide wire instructions to the Borrower and the Collateral Agent. Other than with respect to payments on a Payment Date, payments must be received by the Collateral Agent on or prior to 3:00 p.m. on a Business Day to be remitted by the Collateral Agent on such Business Day to the Lenders; <u>provided</u> that payments received by the Collateral Agent after 3:00 p.m. on a Business Day will be deemed to have been paid on the next following Business Day. At no time will the Collateral Agent have any duty (express or implied) to fund (or front or advance) any amount owing by the Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, all computations of interest, fees and other Obligations shall be made on the basis of a year of 360 days (or, to the extent the applicable Interest Rate is the Base Rate, 365 or 366 days, as applicable) for the actual number of days elapsed in computing interest on any Advance, the date of the making of the Advance shall be included and the date of payment shall be excluded; <u>provided</u> that, if an Advance is repaid on the same day on which it is made, one day's Interest shall be paid on such Advance. All computations made by the Collateral Agent, the Collateral Administrator or the Administrative Agent under this Agreement or any other Facility Document shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All payments under the Facility Documents shall be made in USD.

Section 2.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lenders</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender pursuant to <u>Section 2.15(b)</u>, to the extent permitted by Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers and Amendments.</u> Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of "Required Lenders" and <u>Section 12.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lender Waterfall.</u> Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article IX</u> or otherwise) shall be applied at such time or times as may be determined by the Administrative Agent as follows: <u>first</u>, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; <u>second</u>, as the Borrower may request (so long as no Event of Default exists and is continuing), to the funding of any Advance in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <u>third</u>, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender's potential future

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funding obligations with respect to Advances under this Agreement; <u>fourth</u>, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; <u>fifth</u>, so long as no Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; <u>provided</u> that if an Event of Default exists, such amounts shall be applied to reduce the outstanding Obligations in accordance with the Priority of Payments; and <u>sixth</u>, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if such payment is a payment of the principal amount of any Advances in respect of which such Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Advances of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Advances of such Defaulting Lender until such time as all Advances are held by the Lenders pro rata in accordance with the Commitments hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this <u>Section 2.15</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Fees.</u> No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 2.11(a)</u> for any period during which that Lender is a Defaulting Lender and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lender Cure</u>. If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Advances of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Advances Outstanding to be held on a pro rata basis by the Lenders in accordance with their Percentages, whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

Section 2.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Right of Setoff</u>

The Borrower agrees that, in addition to (and without limitation of) any right of set-off that the Agents or any Lender may otherwise have, after the occurrence and during the continuance of an Event of Default, each of the Agents and the Lenders shall be entitled, at its

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option, to offset amounts owing by the Agents or such Lender, as the case may be, to the Borrower, in Dollars or in any other currency (irrespective of the place of payment or booking office of the obligation and regardless of whether such amounts are then due to the Borrower), against any amount payable by the Borrower to the Agents or such Lender, as the case may be, under this Agreement that is not paid when due; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of <u>Section 2.15</u> and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agents a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of setoff. For this purpose, any amount owing by the Agents or any Lender to the Borrower may be converted by the Agents or such Lender, as the case may be, into the currency in which the amount payable by the Borrower to the Agents or such Lender, as the case may be, under this Agreement is denominated at the rate of exchange at which the Agents or such Lender, as the case may be, would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency.

Section 2.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Lending Offices; Changes Thereto</u>

Each Lender may at any time or from time to time designate, by written notice to the Administrative Agent to the extent not already reflected on <u>Schedule 1</u>, one or more domestic or foreign lending offices (which, for this purpose, may include branches or Affiliates of the respective Lender) for the various Advances made by such Lender (including by designating a separate lending office (or Affiliate) to act as such); provided that, for designations made after the Closing Date to the extent such designation shall result in increased costs under <u>Section 2.09</u> or additional amounts under <u>Section 12.03</u> in excess of those which would be charged in the absence of the designation of a different lending office (including a different Affiliate of the respective Lender), then the Borrower shall not be obligated to pay such excess increased costs or additional amounts (although the Borrower, in accordance with and pursuant to the other provisions of this Agreement, shall be obligated to pay the costs or additional amounts which would apply in the absence of such designation and any subsequent increased costs of the type described above resulting from changes after the date of the respective designation). Each lending office and Affiliate of any Lender designated as provided above shall, for all purposes of this Agreement, be treated in the same manner as the respective Lender (and shall be entitled to all indemnities and similar provisions in respect of its acting as such hereunder) and any designation of a lending office pursuant to this <u>Section 2.17</u> shall not affect the obligation of the Borrower to repay any Obligations in accordance with the terms of this Agreement.

Section 2.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Recourse Against Certain Parties</u>

Notwithstanding any other provision of this Agreement, subject to <u>Section 2.18(b)</u> below, the obligations of the Borrower under this Agreement are limited recourse obligations of the Borrower (and not any of its Affiliates or any other party) payable solely from the Collateral in accordance with the Priority of Payments and, following realization of the Collateral, and

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application of the proceeds thereof in accordance with the Priority of Payments and, subject to <u>Section 2.12</u>, all obligations of and any claims against the Borrower hereunder or in connection herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director, employee, shareholder, member, manager, agent, partner, principal or incorporator of the Borrower or their respective successors or assigns for any amounts payable under this Agreement. It is understood that the foregoing provisions of this <u>Section 2.18</u> shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by this Agreement until such Collateral has been realized. It is further understood that the foregoing provisions of this <u>Section 2.18</u> shall not limit the right of any Person to name the Borrower as a party defendant in any proceeding or in the exercise of any other remedy under this Agreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against the Borrower.

Section 2.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Replacement of Lenders</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, in the event that (i) any Affected Person shall request reimbursement for amounts owing pursuant to <u>Section 2.09</u>, (ii) the Borrower shall be required to reimburse any Affected Person for any Non-Excluded Taxes or pay any additional amounts to any Affected Person or any Governmental Authority for the account of any Affected Person pursuant to <u>Section 12.03</u>, (iii) any Lender becomes a Defaulting Lender or (iv) any Lender does not give or approve any consent, waiver or amendment that requires the approval of all Lenders or all affected Lenders in accordance with the terms hereof and has been approved by the Required Lenders (any such Lender under clause (i), (ii), (iii) or (iv) above that is not a Designated Lender, a "<u>Potential Terminated Lender</u>"), the Borrower, at its sole expense and effort, shall be permitted, upon written notice to the Administrative Agent, the Collateral Agent and the applicable Potential Terminated Lender, to require such Potential Terminated Lender to (x) assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 12.06</u>), all of its interests, rights (other than its existing rights to payments pursuant to <u>Sections 2.09</u> and <u>12.03</u>) and obligations under this Agreement and the related Facility Documents to an assignee permitted pursuant to <u>Section 12.06</u> (a "<u>Replacement Lender</u>") that shall assume such obligations (which assignee may be another Lender, if such Lender accepts such assignment) or (y) terminate all of its interests, rights and obligations under this Agreement and the Facility Documents and reduce the aggregate Commitments outstanding; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;such Potential Terminated Lender shall have received payment of an amount equal to the outstanding principal of its Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Facility Documents (subject to <u>Section 2.16</u>) from the Replacement Lender (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any such assignment resulting from a claim for compensation under <u>Sections 2.09</u> or <u>12.03</u>, such assignment will result in a reduction in such compensation or payments thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;such assignment does not conflict with applicable Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an assignment based on clause (iv) above, the Replacement Lender shall have consented to the applicable amendment, waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Potential Terminated Lender hereby agrees to take all actions reasonably necessary, at the sole expense of the Borrower, to permit a Replacement Lender to succeed to its rights and obligations hereunder. Upon the effectiveness of any such assignment to a Replacement Lender, (i) such Replacement Lender shall become a "Lender" hereunder for all purposes of this Agreement and the other Facility Documents, (ii) the applicable Potential Terminated Lender shall have no further Commitment hereunder (such Person, a "<u>Terminated Lender</u>") and (iii) such Replacement Lender shall have a Commitment in the amount not less than the Terminated Lender's Commitment assumed by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;No Lender shall be required to make any assignment or delegation pursuant to <u>Section 2.20(a)</u> if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

Section 2.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Contractual Currency</u>

To the fullest extent permitted by Applicable Law, if any judgment or order expressed in a currency other than the currency in which a payment is required by this Agreement is to be made by the Borrower (the "<u>Contractual Currency</u>"***)*** is rendered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;for the payment of any amount owing in respect of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in respect of a judgment or order of another court for the payment of any amount described in the foregoing clause (a),

the recipient of such payment, after recovery in full of the aggregate amount to which the recipient of such payment is entitled pursuant to the judgment or order, will be entitled to receive promptly from the Borrower the amount of any shortfall of the Contractual Currency received by the recipient of such payment as a consequence of sums being paid in such other currency if such shortfall arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which the recipient of such payment is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by the recipient of such payment. The

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term "rate of exchange" includes any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency.

To the fullest extent permitted by Applicable Law, the obligations in this <u>Section 2.20</u> constitute separate and independent obligations from the other obligations in this Agreement and any related document, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the recipient of such payment and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement or any related document. To the extent permitted by Applicable Law, the Borrower hereby waives the right to invoke any defense of payment impossibility.

**ARTICLE III<br>CONDITIONS PRECEDENT**

Section 3.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent to Initial Advances</u>

The obligation of each Lender to make its initial Advance hereunder shall be subject to the conditions precedent that the Administrative Agent shall have received on or before the Closing Date the following, each in form and substance reasonably satisfactory to the Administrative Agent, or, as applicable, the events set forth below shall have occurred (or such applicable conditions precedent have been waived by the Administrative Agent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;each of the Facility Documents (other than the Collateral Administration and Agency Fee Letter) duly executed and delivered by the parties thereto, which shall each be in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;true and complete copies certified by a Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations and Governmental Filings, if any, required in connection with the transactions contemplated by this Agreement and the other Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;each of the representations and warranties of the Borrower, the Collateral Manager and the Equityholder contained in the Facility Documents shall be true and correct as of the Closing Date (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;one or more certificates of a Responsible Officer of each of the Borrower, the Collateral Manager and the Equityholder certifying (i) as to its Constituent Documents and certificates of good standing, if applicable, (ii) as to its resolutions or other action of its general partner, board of directors or board of managers or members approving this Agreement and the other Facility Documents to which it is a party and the transactions contemplated hereby and thereby, (iii) that each of such Person's representations and warranties set forth in the Facility Documents to which it is a party are true and correct in all material respects as of the Closing Date (except to the extent (x) such representations and warranties expressly relate to any earlier

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date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date and (y) such representations are already qualified as to materiality or similar, in which case such representations and warranties shall be true and correct in all respects), (iv) that no Default or Event of Default has occurred and is continuing, and (v) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute the Facility Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;proper financing statements, in acceptable form for filing on the Closing Date, under the UCC with the Delaware Secretary of State and any other applicable filing office in any applicable jurisdiction that the Administrative Agent deems reasonably necessary or desirable in order to perfect the interests in the Collateral contemplated by this Agreement and such further instruments and such further actions that the Administrative Agent deems reasonably necessary or desirable in order to perfect the Collateral Agent's first-priority security interest in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;legal opinions (addressed to each of the Secured Parties) of (i) counsel to the Borrower, the Collateral Manager and the Equityholder, covering customary corporate matters (including opinions regarding no conflict with covered Laws and non-contravention with organizational or constitutional documents and the Investment Company Act), substantive nonconsolidation of the Borrower with the Equityholder, the true sale nature of any transfers to the Borrower of Collateral Loans from the Equityholder, perfection of the Collateral Agent's security interest in the Collateral and such other matters as the Administrative Agent and its counsel shall reasonably request and (ii) counsel to the Collateral Administrator, the Collateral Agent and the Document Custodian, covering corporate and enforceability matters, and such other matters as the Administrative Agent and its counsel shall reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;all of the Covered Accounts denominated in Dollars shall have been established and shall be subject to the Account Control Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;evidence reasonably satisfactory to it that (i) all fees and (to the extent invoiced at least two (2) Business Days prior to the Closing Date) expenses due and owing to the Administrative Agent on or prior to the Closing Date have been received or will be received contemporaneously with the Closing Date; and (ii) the reasonable and documented fees and expenses of counsel to the Administrative Agent and the Lenders, and of counsel to the Document Custodian, the Collateral Agent, the Securities Intermediary and the Collateral Administrator in connection with the transactions contemplated hereby, shall have been paid by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;evidence reasonably satisfactory to it that an amount equal to the Unfunded Reserve Required Amount with respect to the Collateral Loans to be acquired on the Closing Date shall have been deposited into the Unfunded Reserve Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;a solvency certificate reasonably satisfactory to it from an authorized signatory of the Borrower and the Equityholder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;the Lenders and the Administrative Agent shall have received a Notice of Borrowing with respect to such Advance demonstrating that immediately after the making of such initial Advance, (i) the Advances Outstanding shall be less than or equal to the Borrowing Base and (ii) the Collateral Quality Test shall be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have instructed all Obligors or, if applicable, the administrative agents, on the Collateral Loans that all payments shall be made directly to the Collection Account and all Collections received by the Borrower or its Affiliates with respect to the Collateral shall be held in trust for the benefit of the Collateral Agent on behalf of the Secured Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;sufficiently in advance of the Closing Date, (x) all documentation and other information required by bank regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the PATRIOT Act and (y) if the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, a Beneficial Ownership Certification in relation to the Borrower.

Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent to Subsequent Advances</u>

The obligation of each Lender to make each Advance to be made by it (other than the initial Advance) on each Borrowing Date shall be subject to the fulfillment (or waiver by the Required Lenders) of the following conditions; <u>provided</u> that the conditions described in clauses (c) and (d) (other than a Default or Event of Default described in <u>Section 6.01(i)</u>) below need not be satisfied if the proceeds of the Borrowing are used to fund Delayed Drawdown Collateral Loans or Revolving Collateral Loans then owned by the Borrower or to fund the Unfunded Reserve Account to the extent required under <u>Section 8.03</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Lenders and the Administrative Agent shall have received a Notice of Borrowing with respect to such Advance (including the Borrowing Base Calculation Statement attached thereto, all duly completed) delivered in accordance with <u>Section 2.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;immediately after the making of such Advance on the applicable Borrowing Date, (i) the Advances Outstanding shall be less than or equal to the Borrowing Base and (ii) each of the Collateral Quality Test and the Coverage Deficiency Test shall be satisfied (or, if either of the Collateral Quality Test and the Coverage Deficiency Test was not satisfied immediately before the making of such Advance, such test is maintained or improved) (as demonstrated on the Borrowing Base Calculation Statement attached to such Notice of Borrowing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;each of the representations and warranties of the Borrower, the Collateral Manager and the Equityholder contained in the Facility Documents shall be true and correct in all material respects as of such Borrowing Date (except to the extent (x) such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date and (y) such representations and warranties are already qualified as to materiality or similar, in which case such representations and warranties shall be true and correct in all respects);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;no Default, Event of Default or Delivery Event shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Advance for the purpose of financing the acquisition of a Consent Loan, the Borrower and the Collateral Manager shall have received written notice from the Administrative Agent (with a copy to the Collateral Administrator and the Collateral Agent), evidencing the approval of the Administrative Agent in its sole discretion, in accordance with clause (A) of the definition of "Eligible Collateral Loan", of the relevant Consent Loans to be added to the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;after the making of such Advances and the deposit of any portion thereof into the Unfunded Reserve Account, the amount on deposit therein is at least equal to the Unfunded Reserve Required Amount.

By accepting any amount of such Advance, the Borrower shall be deemed to have certified as to the foregoing.

**ARTICLE IV<br>REPRESENTATIONS AND WARRANTIES**

Section 4.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Borrower</u>

The Borrower represents and warrants to each of the Secured Parties on and as of each Measurement Date (other than Measurement Dates specified in clauses (c), (h) and (j) of the definition thereof), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Organization; Power and Authority</u>. The Borrower is a Delaware limited liability company, duly incorporated under the Laws of its jurisdiction of formation, each with full power and authority to own and operate its assets and properties and to conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Qualification and Good Standing</u>. It is validly existing and in good standing under the Laws of its jurisdiction of formation. It is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability</u>. The execution and delivery by it of, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby are within its powers and have been duly authorized by all

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requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Contravention</u>. None of the execution and delivery by it of this Agreement or the other Facility Documents to which it is a party, the Borrowings or the pledge of the Collateral hereunder, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law, (B) any material indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of constitute a default under, or permit the acceleration of any obligation or liability in, any material contractual obligation or any material agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Authorizations; Private Authorizations; Governmental Filings</u>. It has obtained, maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and has made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement and the performance by the Borrower of its obligations under this Agreement and the other Facility Documents to which it is a party, other than such filings to be made in connection with the execution and delivery of the Facility Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party, the Borrowings by the Borrower under this Agreement, the pledge of the Collateral by the Borrower under this Agreement or the performance of its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Agreements, Laws, Etc.</u> It has duly observed and complied with all Applicable Laws relating to the conduct of its business and its assets, except where the failure to so observe or comply would not reasonably be expected to have a Material Adverse Effect. It has preserved and kept in full force and effect its legal existence. It has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Location</u>. The chief executive office of the Borrower is located at c/o Churchill Asset Management LLC, 375 Park Avenue, 9th Floor, New York, New York 10152,

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and the office in which it maintains its corporate books and records is located at the address for notices to the Borrower as set forth on <u>Schedule 4</u> (as such location may change from time to time as notified to the Administrative Agent in accordance with <u>Section 12.02)</u>. Its jurisdiction of formation is the jurisdiction referred to in <u>Section 4.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Company Act</u>. Neither it nor the pool of Collateral is required to register as an "investment company" under the Investment Company Act. Each Advance hereunder and each Collateral Loan acquired by the Borrower is an "eligible asset" as defined under Rule 3a-7 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. It has filed or caused to be filed all U.S. federal income and other material Tax returns which are required to be filed by it, if any, and has paid all U.S. federal income and other material Taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person other than any such taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Status</u>. For U.S. federal income tax purposes, it is an entity disregarded as separate from the single Equityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. Except as would not constitute a Material Adverse Effect, neither (i) the Borrower nor (ii) any member of the Borrower's ERISA Group has, or during the past five years had, any liability or obligation with respect to any Plan or Multiemployer Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Assets</u>. The assets of the Borrower are not and, during the term of this Agreement and any transaction hereunder, will not be deemed to be "plan assets" for purposes of Section 3(42) of ERISA. It has not taken, or omitted to take, any action which could result in any of the Collateral being treated as "plan assets" for purposes of Section 3(42) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency</u>. After giving effect to each Advance hereunder, and the disbursement of the proceeds of such Advance, the Borrower is and will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Purpose Provision</u>. It has complied in all material respects with its Constituent Documents and the activities described in <u>Section 5.05</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange Act Compliance; Regulations T, U and X; Margin Regulations</u>. None of the transactions contemplated herein or in the other Facility Documents (including, without limitation, the use of the proceeds from the transfer of the Collateral) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation, Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. It does not own or intend to carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any "margin stock" within the meaning of Regulation U or to extend "purpose credit" within the meaning of Regulation U.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Proceedings</u>. There are no proceedings or investigations pending or, to the knowledge of any Responsible Officer of it, threatened against it, before any Governmental Authority having jurisdiction over it or its properties (i) asserting the invalidity of any of the Facility Documents, (ii) seeking to prevent the making of the Advances or the consummation of any of the transactions contemplated by the Facility Documents or (iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Bulk Sales</u>. The grant of the security interest in the Collateral by the Borrower to the Collateral Agent, for the benefit of the Secured Parties, pursuant to this Agreement, and the execution, delivery and performance of this Agreement and the other Facility Documents, is in the ordinary course of business for the Borrower and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness</u>. It has no indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than (a) indebtedness incurred under the terms of the Facility Documents; (b) indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Facility Documents; and (c) any commitment arising in the ordinary course of business to make a future investment or fund subsequent draws under Revolving Collateral Loans or Delayed Drawdown Collateral Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collections</u>. It acknowledges that (a) all Obligors (and any related agents) have been directed to make all payments directly to the Collection Account and (b) all Collections received by it or its Affiliates with respect to the Collateral pledged hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until deposited into the Collection Account in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws.</u> (i) None of the Borrower nor, to the knowledge of the Borrower, or any of its directors, Subsidiaries, officers or employees, or (ii) to the knowledge of the Borrower, any of its agents (other than an Agent) or any Subsidiary that will act in any capacity in connection with or benefit from the facility established hereby is a Sanctioned Person or to its knowledge is under investigation for an alleged breach of Sanctions by a Governmental Authority that enforces Sanctions. The Borrower and its Subsidiaries are in compliance with Anti-Corruption Laws and Anti-Money Laundering Laws. The Borrower will notify the Lenders, the Collateral Agent and the Administrative Agent in writing not more than one (1) Business Day after becoming aware of any breach of this <u>Section 4.01(t)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;<u>Material Adverse Effect</u>. Since its date of formation, no event or condition has occurred with respect to the Borrower that constitutes a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Fraud</u>. To the actual knowledge of any Responsible Officer of it, each Collateral Loan was originated without any fraud or material misrepresentation on the part of any party thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;<u>Broker/Dealer</u>. It is not a broker/dealer or subject to the Securities Investor Protection Act of 1970.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;<u>Ordinary Course</u>. Each repayment of principal or interest in respect of the Advances under this Agreement shall be (x) in payment of a debt incurred by it in the ordinary course of business or financial affairs of it and (y) made in the ordinary course of business or financial affairs of it and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership Certification</u>. As of the Closing Date, to the extent required to be delivered pursuant to <u>Section 3.01(m)</u>, the information included in the Beneficial Ownership Certification is true and correct in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;<u>OFAC</u>. The Borrower covenants and represents that neither it nor, to its knowledge, any of its affiliates, subsidiaries, directors or officers (i) are the target or subject of any Sanctions and (ii) will use any payments made pursuant to this Agreement (x) to fund or facilitate any prohibited activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (y) to fund or facilitate any prohibited activities of or business with any country or territory that is the target or subject of Sanctions, or (z) in any other manner that will result in a violation of Sanctions.

Section 4.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Representations and Warranties of the Borrower</u>

The Borrower represents and warrants to each of the Secured Parties on and as of each Measurement Date (other than Measurement Dates specified in clauses (c), (h) and (j) of the definition thereof), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information</u>. Each Notice of Borrowing, each Monthly Report, each Payment Date Report, each Borrowing Base Calculation Statement and all other written information, reports, certificates and statements furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby (in each case, excluding financial projections pro forma financial information and other forward-looking information), in each case, is true, complete and correct in all material respects (or, with respect to information of a general economic or general industry nature or information received from an Obligor or other third party, is true and correct in all material respects to the knowledge of the Borrower or the Collateral Manager) as of the date such information is stated or certified, in each case, after giving effect to all written updates provided by the Borrower or on its behalf to any such Secured Party. All Collateral Loans included as Eligible Collateral Loans in the most recent calculation of the Borrowing Base Test required to be determined hereunder were Eligible Collateral Loans as of the date of such calculation and any other information contained in each Notice of Borrowing is an accurate and complete listing of all the Collateral Loans contained in the Collateral as of the related date such Collateral Loan was included in the Collateral and the information contained therein with respect to the identity of such item of Collateral and the amounts owing thereunder is true, complete and correct as of the related date such Collateral Loan was included in the Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations Relating to the Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower owns and has good and marketable and the sole legal title to all Collateral Loans and other Collateral free and clear of any Lien, claim or encumbrance of any Person, other than Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower has acquired its ownership in the Collateral Loans and other Collateral in good faith without notice of any adverse claim, other than Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;other than Permitted Liens, the Borrower has not pledged, assigned or sold (except as otherwise permitted under the Facility Documents), granted a security interest in, or otherwise conveyed (except as otherwise permitted under the Facility Documents) any of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower has full right to grant a security interest in and assign and pledge the Collateral to the Collateral Agent for the benefit of the Secured Parties (and has duly authorized such grant by all necessary action and the execution, delivery and performance of this Agreement and the other Facility Documents to which it is a party have been duly authorized by it by all necessary action);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;other than the security interest granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement or as expressly permitted hereunder, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral; the Borrower has not authorized the filing of and is not aware of any financing statements or any equivalent filing in any applicable jurisdiction against the Borrower that include a description of collateral covering the Collateral other than any financing statement or any equivalent filing in any applicable jurisdiction relating to the security interest granted to the Collateral Agent hereunder, and the Borrower is not aware of any judgment, PBGC liens or Tax lien filings against the Borrower or any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral constitutes Money, Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles (as defined in Section 9-102(a)(42) of the UCC), Uncertificated Securities, Certificated Securities, "securities accounts" under Section 8-501(a) of the UCC, "deposit accounts" (as defined in Section 9-102 of the UCC) or security entitlements to financial assets resulting from the crediting of financial assets to a "securities account" (as defined in Section 8-501(a) of the UCC) or supporting obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;all Covered Accounts constitute "securities accounts" under Section 8-501(a) of the UCC or "deposit accounts" as defined in Section 9-102 of the UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement creates a valid, continuing and, upon Delivery of Collateral, execution of the Account Control Agreement and filing of the financing statements referenced in clause (xi) below, perfected security interest (as defined in

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Section 1-201(35) of the UCC) in the Collateral in favor of the Collateral Agent, for the benefit and security of the Secured Parties, which security interest is prior to all other Liens and claims (other than Permitted Liens) and is enforceable as such against creditors of and purchasers from the Borrower, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower has received all consents and approvals required by the terms of the Related Documents in respect of such Collateral to the pledge hereunder to the Collateral Agent of its interest and rights in such Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the Collateral that constitutes Security Entitlements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;all such Collateral has been and will have been credited to the applicable Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the Securities Intermediary for each Covered Account has agreed to treat all assets credited to the Covered Accounts as Financial Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;(x) the Borrower has caused or will have caused, on or prior to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the Collateral Agent, for the benefit and security of the Secured Parties, hereunder (which the Borrower hereby agrees may be an "all asset" filing) and (y)(A) the Borrower has delivered to the Collateral Agent a fully executed Account Control Agreement pursuant to which the Securities Intermediary has agreed to comply with all instructions originated by the Collateral Agent relating to the Covered Accounts without further consent of the Borrower or (B) the Borrower has taken all steps necessary to cause the Securities Intermediary to identify in its records the Collateral Agent as the Person having a Security Entitlement against the Securities Intermediary in each of the Covered Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;with respect to Collateral that constitutes accounts or general intangibles, the Borrower has caused or will have caused, on or prior to the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the Collateral Agent, for the benefit and security of the Secured Parties, hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Value Given</u>. The Borrower has acquired each Collateral Loan in the ordinary course of its business and has given fair consideration and reasonably equivalent value to the seller of each Collateral Loan in exchange for the purchase or contribution of each such Collateral Loan. No such transfer has been made for or on account of an antecedent debt owed

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by the Borrower to such seller and no such transfer is or may be voidable or subject to avoidance under any section of the Bankruptcy Code.

Section 4.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Equityholder and the Collateral Manager</u>

The Collateral Manager and the Equityholder, as applicable, each represents and warrants to each of the Secured Parties on and as of each Measurement Date (other than Measurement Dates specified in clauses (c), (h) and (j) of the definition thereof), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Organization</u>. Each of the Collateral Manager and the Equityholder is a statutory trust, duly organized and validly existing under the Laws of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Qualification and Good Standing</u>. Each of the Collateral Manager and the Equityholder is in good standing in the State of Delaware. Each of the Collateral Manager and the Equityholder is duly qualified to do business and, to the extent applicable, is in good standing in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability</u>. The execution and delivery by it, and the performance of its obligations under the Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated thereby, are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Contravention</u>. None of the execution and delivery by it of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or compliance by it with the terms, conditions and provisions hereof or thereof, will (i) conflict with, or result in a breach or violation of, or constitute a default under its Constituent Documents, (ii) conflict with or contravene (A) any Applicable Law, (B) any material indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Document, or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation,

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agreement or document relates), except in the case of clause (ii) or (iii) above, where such conflicts, breaches, violations or defaults would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Authorizations; Private Authorizations; Governmental Filings</u>. It has obtained, maintained and kept in full force and effect all Governmental Authorizations and Private Authorizations which are necessary for it to properly carry out its business, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and made all material Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party, and the performance by it of its obligations under this Agreement and the other Facility Documents to which it is a party, other than financing statements and other perfection matters to be effected in connection with the execution and delivery of the Facility Documents, and no material Governmental Authorization, Private Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party or the performance of its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. It has filed or caused to be filed all U.S. federal income and other material Tax returns which are required to be filed by it, if any, and has paid all U.S. federal income and other material Taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received by any such Person other than any such Taxes, assessments or charges that are being contested in good faith by appropriate proceedings and for which appropriate reserves in accordance with GAAP have been established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Agreements, Laws, Etc.</u> It has duly observed and complied with all Applicable Laws relating to the conduct of its business and its assets, except where the failure to so observe or comply would not reasonably be expected to have a Material Adverse Effect. It has preserved and kept in full force and effect its legal existence. It has preserved and kept in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility</u>. To its actual knowledge, each Collateral Loan included in a Monthly Report or a Borrowing Base Calculation Statement required to be delivered by it under this Agreement as an Eligible Collateral Loan was, in fact, an Eligible Collateral Loan at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws</u>. Neither it nor to its knowledge any of its Affiliates is a Sanctioned Person or to its knowledge is under investigation for an alleged breach of Sanctions by a Governmental Authority that enforces Sanctions. It is in compliance with Anti-Corruption Laws and Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>OFAC</u>. The Collateral Manager covenants and represents that neither it nor, to its knowledge, any of its affiliates, subsidiaries, directors or officers (i) are the target or subject of any Sanctions and (ii) will use any payments made pursuant to this Agreement (x) to

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fund or facilitate any prohibited activities of or business with any person who, at the time of such funding or facilitation, is the subject or target of Sanctions, (y) to fund or facilitate any prohibited activities of or business with any country or territory that is the target or subject of Sanctions, or (z) in any other manner that will result in a violation of Sanctions.

Section 4.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Collateral Agent, Document Custodian and Collateral Administrator</u>

Each of the Collateral Agent, the Document Custodian and the Collateral Administrator represents and warrants as Collateral Agent, Document Custodian or Collateral Administrator, as applicable, as follows (and any successor Collateral Agent, Document Custodian or Collateral Administrator appointed in accordance with this Agreement represents and warrants as follows in its individual capacity and as Collateral Agent, Document Custodian or Collateral Administrator, as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Corporate Power</u>. It is a duly organized and validly existing national banking association in good standing under the Laws of the United States. It has full power, authority and legal right to execute, deliver and perform its obligations as Collateral Agent, Document Custodian or Collateral Administrator, as applicable, under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Authorization</u>. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have been duly authorized by all necessary action on its part, either in its individual capacity or as Collateral Agent, Document Custodian or Collateral Administrator, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflict</u>. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, result in any breach of any of the material terms and provisions of or constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement, mortgage, deed of trust, or other instrument to which it is a party or by which it or any of its property is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Violation</u>. Its execution and delivery of this Agreement, its performance of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with or violate, in any material respect, any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>All Consents Required</u>. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority applicable to the Collateral Agent, the Document Custodian or the Collateral Administrator required in connection with the execution and delivery of this Agreement, the performance by the Collateral Agent, the Document Custodian or the Collateral Administrator, as applicable, of the transactions contemplated hereby and the fulfillment by the Collateral Agent, the Document Custodian or the Collateral Administrator, as applicable, of the terms hereof have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Validity, etc.</u> This Agreement constitutes the legal, valid and binding obligation of the Collateral Agent, the Document Custodian or the Collateral Administrator, as

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applicable, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable insolvency, bankruptcy, reorganization, moratorium or other similar Laws or general principles of equity (whether considered in a suit at law or in equity).

**ARTICLE V<br>COVENANTS**

Section 5.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Affirmative Covenants of the Borrower</u> 

The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent indemnification and reimbursement obligations for which no claim has been asserted, have been Paid in Full):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Agreements, Laws, Etc.</u> It shall (i) duly observe and comply in all material respects with all Applicable Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document to which it is a party, its Constituent Documents and, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, each Related Document to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out its business and the transactions contemplated to be performed by it under the Facility Documents to which it is a party, its Constituent Documents and the Related Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;It shall not take any action that would release any Obligor from any of such Obligor's covenants or obligations under any instrument or agreement included in the Collateral, except in the case of (A) repayment of Collateral Loans, (B) subject to the terms of this Agreement, (1) amendments, consents, waivers and other modifications of Collateral Loans in accordance with the Collateral Management Standard and (2) actions taken in connection with the work out or restructuring of any Collateral Loan in accordance with the provisions hereof, and (C) other actions by the Collateral Manager required hereby or otherwise to the extent not prohibited by, or in conflict with, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;It will not, without the prior written consent of the Administrative Agent and the Required Lenders, contract with other Persons (other than the Collateral Manager and the Collateral Administrator) for the performance of actions and obligations to be performed by the Borrower or the Collateral Manager hereunder. Notwithstanding any such arrangement, it shall remain primarily liable with respect thereto. It will promptly

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perform, and use commercially reasonable efforts to cause the Collateral Manager to perform, all of their obligations and agreements contained in this Agreement or any other Facility Document to which such Person is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. It shall promptly upon the reasonable request of the Required Lenders (through the Administrative Agent), at the Borrower's expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Collateral Agent's first-priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties free and clear of any Liens (other than Permitted Liens). At the reasonable request of the Required Lenders (through the Administrative Agent), the Borrower shall promptly take, at the Borrower's expense, such further action in order to establish and protect the rights, interests and remedies created or intended to be created under this Agreement in favor of the Secured Parties in the Collateral, including all actions which are necessary to (x) enable the Secured Parties to enforce their rights and remedies under this Agreement and the other Facility Documents, and (y) effectuate the intent and purpose of, and to carry out the terms of, the Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements; Other Information</u>. It (or the Collateral Manager on its behalf) shall provide to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;within 120 days after the end of each fiscal year of the Borrower (commencing with the fiscal year ending 2026), an annual report of the Equityholder and its Subsidiaries, on a consolidated basis, containing an audited consolidated statement of assets and liabilities as of the end of such fiscal year, and audited consolidated statements of operations, changes in net assets and cash flows, and a calculation of the Unencumbered Liquidity for the year then ended, prepared in accordance with GAAP, each reported on by independent public accountants of recognized national standing (without a "going concern" or like qualification or exception and without any qualification or exception as to the scope of such audit), to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Equityholder and its consolidated Subsidiaries on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;within 60 days after the end of each of the first three quarters of each fiscal year of the Borrower, an unaudited financial report of the Equityholder and its Subsidiaries, on a consolidated basis, containing a consolidated statement of assets and liabilities, consolidated statements of operations, changes in net assets, and cash flows, a calculation of the Unencumbered Liquidity and a condensed schedule of investments regarding the Equityholder's investments, in each case for the period then ended, all certified by one of its senior financial officers as presenting fairly in all material respects the financial condition and results of operations of the Equityholder and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;promptly (and in any event within four (4) Business Days) after a Responsible Officer of the Borrower obtains actual knowledge of the occurrence and

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continuance of any (A) Default (provided that if such Default is subsequently cured within the time periods set forth herein, the failure to provide notice of such Default shall not itself result in an Event of Default hereunder), or (B) Event of Default, a certificate of a Responsible Officer of the Borrower setting forth the details thereof and the action which the Borrower or the Collateral Manager is taking or proposes to take with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;to the extent reasonably available (and, if requested by the Administrative Agent, the Borrower shall request such information and use commercially reasonable efforts to obtain the same) to the Collateral Manager (on behalf of the Borrower) pursuant to the Related Documents, on or prior to the date the Borrower commits to acquire a Collateral Loan, audited financial statements of the related Obligor for the three (3) year period most recently ended with respect to the related Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;with respect to Collateral Loans that are not Broadly Syndicated Loans: (A) copies of the underwriting and credit memos prepared by the Collateral Manager with respect to such Collateral Loan on or prior to date the Borrower acquires a Collateral Loan, and copies of any updates or amendments thereto, within ten (10) Business Days after such updates or amendments become available; (B) the complete financial reporting package with respect to such Obligor and with respect to each Collateral Loan (including any financial statements, management discussion and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with respect to each Collateral Loan), which delivery shall be made within ten (10) Business Days after receipt by a Responsible Officer of the Borrower or the Collateral Manager (on behalf of the Borrower) as specified in the Related Documents and (C) the quarterly portfolio summary and quarterly internal valuations prepared by the Collateral Manager with respect to each Collateral Loan and Obligor, which delivery shall be made within thirty (30) days after the preparation thereof by the Collateral Manager and which shall reflect the most current financial information received with respect to each Collateral Loan and Obligor at the time such portfolio summary or internal valuation is prepared (which shall include covenant and financial covenant testing as required pursuant to the related Underlying Loan Agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;if requested by the Administrative Agent with respect to Broadly Syndicated Loans, to the extent available to the Collateral Manager (on behalf of the Borrower) pursuant to the Related Documents, the annual audited financial statements with respect to each Obligor and the financial reporting packages delivered by such Obligor pursuant to the applicable Related Documents, which delivery shall be made promptly upon the Administrative Agent's reasonable request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent reasonably available to the Collateral Manager (on behalf of the Borrower) pursuant to the Related Documents, copies of any material amendment, restatement, supplement, waiver or other modification to the Related Documents of any Collateral Loan within ten (10) Business Days following the effectiveness of such amendment, restatement, supplement, waiver or other modification;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;together with each Monthly Report and Payment Date Report delivered in accordance with <u>Section 8.08</u>, a Borrowing Base Calculation Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;such other information as any Lender may reasonably require for regulatory purposes relating to the Collateral Loans or the transactions contemplated hereby and so notified in writing to the Borrower and the Collateral Manager; provided that such information is in the possession of the Borrower or the Collateral Manager, as applicable, or reasonably obtainable thereby without undue burden or expense and not subject to any applicable confidentiality restrictions prohibiting such disclosure to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;promptly after written request therefor, such additional information regarding its financial position or business and the Collateral (including reasonably detailed calculations of compliance or noncompliance with the Borrowing Base Test, Coverage Deficiency Test, the Collateral Quality Test or any Concentration Limitation) as the Required Lenders (through the Administrative Agent) may reasonably request, it being understood that this clause (ix) shall not be construed to require the Borrower to deliver a Borrowing Base Calculation Statement on any date not otherwise expressly required hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;promptly after a Responsible Officer of the Borrower, the Equityholder, or the Collateral Manager obtains actual knowledge thereof, notice of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim with respect to (x) the Borrower, the Equityholder, or the Collateral Manager or (y) any Collateral that (A) is asserted by an Obligor with respect to such Obligor's obligations under any Related Document with respect to any Collateral (or portion thereof) or (B) could reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;promptly after a Responsible Officer of the Borrower, the Equityholder, or the Collateral Manager obtains actual knowledge thereof, notice of the occurrence of any ERISA Event that would reasonably be expected to result in material liability to the Borrower, and, upon request of the Administrative Agent, copies of any material communications with all Governmental Authorities or any Multiemployer Plan with respect to such ERISA Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;promptly after a Responsible Officer of the Borrower, the Equityholder, or the Collateral Manager obtains actual knowledge thereof, notice of any Asset Value Adjustment Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Access to Records and Documents</u>. It shall permit the Administrative Agent (or any Person designated by the Administrative Agent, subject to delivery of standard confidentiality agreements) to, upon reasonable advance notice and during normal business hours, visit and inspect and make copies thereof at reasonable intervals (i) its books, records and accounts relating to its business, financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss the foregoing with its and such Person's officers, partners, employees and accountants, and (ii) all of its Related

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Documents, in each case as often as the Administrative Agent may reasonably request; <u>provided</u> that so long as no Event of Default has occurred and is continuing, it shall be responsible for all costs and expenses for only one such visit per fiscal year by the Administrative Agent or its designees; <u>provided</u>, <u>further</u>, that an officer or employee of the Borrower or the Collateral Manager shall have the opportunity to be present at any discussion between the Administrative Agent, any Lender or any other Person designated by the Administrative Agent, on the one hand, and the Borrower's accountants, on the other hand. The Administrative Agent shall provide two (2) Business Days' prior notice to the Borrower and the Lenders of any such visit and any Lender shall be permitted to accompany the Administrative Agent in such visit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u>. It shall use the proceeds of each Advance made hereunder solely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;to fund or pay the purchase price pursuant to the applicable Sale Agreement of Eligible Collateral Loans or Eligible Investments owned or acquired by the Borrower in accordance with the terms and conditions set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;to fund additional extensions of credit under Delayed Drawdown Collateral Loans and Revolving Collateral Loans held by the Borrower, in each case in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;to fund the Unfunded Reserve Account on or prior to the Commitment Termination Date to the extent the Unfunded Reserve Account is required to be funded pursuant to <u>Section 8.03</u> (and the Borrower shall submit a Notice of Borrowing for a Borrowing Date falling no more than five and no less than one Business Day prior to the Commitment Termination Date with a Requested Amount sufficient to fully fund the Unfunded Reserve Account to the extent required under <u>Section 8.03</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;to make Restricted Payments to the extent permitted by <u>Section 5.02(q)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;to pay fees and expenses in connection with this Agreement and the other Facility Documents in accordance with the terms thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;to make any dividend or other distribution to the Equityholder.

Without limiting the foregoing, it shall use the proceeds of each Advance in a manner that does not, directly or indirectly, violate any provision of its Constituent Documents or any Applicable Law, including Regulation T, Regulation U and Regulation X. Further, the Borrower shall not use the proceeds of any Advance in a manner that would cause such credit extension to become a "covered transaction" as defined in Section 23A of the Federal Reserve Act (12 U.S.C. § 371c) and Regulation W (12 C.F.R. Part 223), including any transaction where the proceeds of any Advance are used for the benefit of, or transferred to, an affiliate of a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information and Reports</u>. Each Notice of Borrowing, each Monthly Report, each Borrowing Base Calculation Statement and all other written information, reports, certificates and statements furnished by or on behalf of the Borrower to any Secured Party for

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purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby (excluding financial projections, pro forma financial information and other forward-looking information, for which the Borrower only represents that such information was prepared in good faith and upon assumptions believed to be reasonable when so prepared) shall be true, complete and correct in all material respects as of the date such information is stated or certified (or, with respect to information of a general economic or general industry nature or information received from an Obligor or other third party not under the direction of the Borrower, the Collateral Manager or an Affiliate thereof, is true and correct in all material respects to the actual knowledge of the Borrower or the Collateral Manager), in each case after giving effect to all written updates provided by the Borrower or on its behalf to any such Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Business</u>. It shall not engage in any business or activity other than (i) borrowing Advances pursuant to this Agreement, funding, acquiring, owning, holding, administering, selling, enforcing, lending, exchanging, redeeming, pledging, contracting for the management of and otherwise dealing with Collateral Loans, Eligible Investments and the Collateral in connection therewith and entering into the Facility Documents, any applicable Related Documents and any other agreement contemplated by this Agreement and (ii) other activities that are incidental to the activities specified in clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;It shall treat the Advances and any Notes as debt for U.S. federal income tax purposes and will take no contrary position, unless otherwise required pursuant to a change in applicable law after the date of this Agreement, a closing agreement with the IRS, or a non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;It shall pay and discharge when due all U.S. federal income and other material Taxes imposed on it or on its income or profits or any of its property, except for any Tax the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;For U.S. federal income tax purposes, it will be treated as an entity disregarded as separate from the Equityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Closing Date, the Borrower will deliver or cause to be delivered an IRS Form W-9 from the Equityholder , or applicable successor form to each issuer, counterparty, paying agent, as necessary to permit the Borrower to receive payments without U.S. federal withholding Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;No more than 50% of the debt obligations or interests therein (in each case as determined for U.S. federal income tax purposes) held by the Borrower may at any time consist of real estate mortgages (or interests therein) as determined for purposes of Section 7701(i) of the Code, unless the Borrower receives an opinion of nationally recognized tax counsel experienced in such matters to the effect that the ownership of

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such debt obligations will not cause the Borrower to be treated as a taxable mortgage pool for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not engage in or permit any activity that causes it to, and shall not, be treated as a partnership, a publicly traded partnership, a taxable mortgage pool, an association taxable as a corporation, or as other than a disregarded entity for U.S. federal income tax purposes, including, without limitation, by election or by operation of Section 7704 of the Code.

Notwithstanding any contrary agreement or understanding, the Equityholder, the Borrower, the Agents, the Collateral Administrator, the Document Custodian, the Securities Intermediary and the Lenders (and each of their respective employees, representatives or other agents) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure. The foregoing provision shall apply from the beginning of discussions between the parties. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state or local Law, and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state or local Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collections</u>. The Borrower (or the Collateral Manager on the Borrower's behalf) shall direct any agent or administrative agent for any Collateral Loan to remit all payments and collections with respect to such Collateral Loan and, if applicable, to direct the Obligor with respect to such Collateral Loan to remit all such payments and collections with respect to such Collateral Loan directly to the Collection Account. It shall transfer, or cause to be transferred, all Collections to the Collection Account by the close of business on the Business Day following the date such Collections are received by the Borrower, the Equityholder, the Collateral Manager or any of their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Priority of Payments</u>. It shall instruct in writing (or cause the Collateral Manager to instruct in writing) the Collateral Agent to apply all Interest Proceeds and Principal Proceeds solely in accordance with the Priority of Payments and the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisition of Collateral Loans from the Equityholder</u>. Any acquisition of Collateral Loans by the Borrower from the Equityholder shall be effected pursuant to the applicable Sale Agreement and subject in all respects to the terms and conditions set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws.</u> It shall comply with all applicable Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws and shall maintain policies and procedures reasonably designed to ensure compliance therewith. It shall ensure that it does not use the proceeds of or fund the repayment of any Advance in violation of Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Access to Data Site</u>. It shall, or shall cause the Collateral Manager to, (a) maintain the Data Site and (b) grant access to the Data Site to the Administrative Agent, the Collateral Agent, the Document Custodian, the Collateral Administrator and each Lender or prospective Lender; <u>provided</u> that it shall not be required to grant access to the Data Site to any Person that has not agreed to be bound by confidentiality requirements that are consistent with <u>Section 12.09</u> or are otherwise satisfactory to the Borrower and the Collateral Manager. It shall, or shall cause the Collateral Manager to, to the extent posting such information would not result in a breach by the Borrower or the Collateral Manager of its respective confidentiality obligations, post the Required Loan Documents and the information described in <u>Section 5.01(d)(v)</u> for each Collateral Loan to the Data Site (<u>provided</u> that, for the avoidance of doubt, the Borrower, or the Collateral Manager on its behalf, shall also deliver the Required Loan Documents to the Document Custodian as specified pursuant to the terms of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Loan Files</u>. It shall comply, or cause the Collateral Manager on behalf of the Borrower to comply, with its obligations under <u>Section 13.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership Regulation</u>. Promptly following any request therefor, if it qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, it shall deliver to the Administrative Agent information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with the Beneficial Ownership Regulation.

Section 5.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Negative Covenants of the Borrower</u> 

The Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent indemnification and reimbursement obligations for which no claim has been asserted, have been Paid in Full):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Agreements</u>. It shall not enter into or suffer to exist or permit to become effective any agreement that prohibits, limits or imposes any condition upon its ability to create, incur, assume or suffer to exist any Lien (other than Permitted Liens) upon any of its property or revenues constituting Collateral, whether now owned or hereafter acquired, to secure its obligations under the Facility Documents other than this Agreement and the other Facility Documents or to perform its obligations under the Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation; Merger; Sale of Collateral</u>. It shall not consummate any plan of liquidation, dissolution, partial liquidation, merger or consolidation (or suffer any liquidation, dissolution or partial liquidation) nor sell, transfer, exchange or otherwise dispose of any of its assets (other than dispositions permitted under this Agreement), or enter into an agreement or commitment to do so or enter into or engage in any business with respect to any part of its assets, except as expressly permitted by this Agreement and the other Facility Documents (including in connection with the Payment in Full of the Obligations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments to Constituent Documents, Etc.</u> It shall not, (i) without giving prior written notice to the Administrative Agent, amend or modify its Constituent

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Documents, (ii) without giving prior written notice to the Administrative Agent, take any action inconsistent with its Constituent Documents and (iii) without the consent of the Administrative Agent, amend, modify or waive any non-ministerial term or provision in any Facility Document (other than in accordance with any provision thereof requiring the consent of the Administrative Agent or all or a specified percentage of the Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liens</u>. It shall not create, assume or suffer to exist any Lien on any of its assets now owned or hereafter acquired by it at any time, except for Permitted Liens or as otherwise expressly permitted by this Agreement and the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Margin Requirements; Covered Transactions</u>. It shall not (i) extend credit to others for the purpose of buying or carrying any Margin Stock in such a manner as to violate Regulation T or Regulation U or (ii) use all or any part of the proceeds of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, for any purpose that violates the provisions of Regulation U or Regulation X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes to Filing Information</u>. It shall not change its name or its jurisdiction of organization from that referred to in <u>Section 4.01(a)</u>, unless it gives prompt (but not less than ten (10) days' (or such shorter period as the Administrative Agent shall agree)) prior written notice to the Administrative Agent and takes all actions that the Administrative Agent or the Required Lenders (through the Administrative Agent) reasonably request and determine to be necessary to protect and perfect the Collateral Agent's perfected security interest in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transactions with Affiliates</u>. It shall not sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, unless such transaction is upon terms no less favorable to it than it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate (it being agreed that any purchase or sale at par or for fair market value (as determined by the Collateral Manager) shall be deemed to comply with this provision). The foregoing covenant (i) shall not apply to the execution, delivery and performance of the Facility Documents or its Constituent Documents, (ii) shall not prohibit it from making Restricted Payments permitted under <u>Section 5.02(q)</u> and (iii) shall not prohibit the Equityholder from transferring Collateral Loans, Cash or other assets to the Borrower in whole or in part as a capital contribution to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Claims Against Advances</u>. Subject to Applicable Law, it shall not claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or any other amount) in respect of the Advances or assert any claim against any present or future Lender, by reason of the payment of any Taxes levied or assessed upon any part of the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness; Guarantees; Securities; Other Assets</u>. It shall not incur or assume or guarantee any indebtedness, obligations (including contingent obligations) or other liabilities, or issue any additional securities, whether debt or equity, in each case other than (i) the Obligations pursuant to or as expressly permitted by this Agreement and the other <u>Facility</u> 

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Documents, (ii) pursuant to customary indemnification, expense reimbursement, funding obligations and similar provisions under the Related Documents; (iii) any commitment arising in the ordinary course of business to make a future investment or fund subsequent draws under Revolving Collateral Loans, Delayed Drawdown Collateral Loans or the unfunded portion of any existing investment or (iv) the issuance of additional Equity Securities to the Equityholder. The Borrower shall not acquire any Collateral Loan or other property other than as expressly permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Validity of this Agreement</u>. It shall not (i) permit the validity or effectiveness of this Agreement or any grant of Collateral hereunder to be impaired, or permit the Lien of this Agreement to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenant or obligation with respect to this Agreement and (ii) except as permitted by this Agreement, take any action that would permit the Lien of this Agreement not to constitute a valid first-priority perfected security interest (subject to Permitted Liens) in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries</u>. It shall not have or permit the formation of any Subsidiaries; <u>provided</u> that this clause shall not apply to any Obligor that becomes a Subsidiary of it in connection with a work-out or restructuring of a Collateral Loan or a bankruptcy of the related Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Name</u>. It shall not conduct business under any name other than its own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Employees</u>. It shall not have any employees (other than any Responsible Officers and other officers and directors to the extent they are employees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. Except as would not constitute a Material Adverse Effect, the Borrower shall not establish or contribute to or incur any liability with respect to any Plan or Multiemployer Plan. Neither the Borrower's underlying assets nor the Collateral shall constitute "plan assets" (within the meaning of Section 3(42) of ERISA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Petition</u>. It shall not be party to any agreements under which it has any material obligation or liability (direct or contingent) without using commercially reasonable efforts to include customary "non-petition" and "limited recourse" provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for loan agreements, related loan documents, bond indentures and related bond documents, any agreements related to the purchase and sale of any Collateral Loan which contain customary (as determined by the Collateral Manager) purchase or sale terms or which are documented using customary (as determined by the Collateral Manager) loan trading documentation, customary service contracts and engagement letters entered into in connection with the Collateral Loans and any agreement that does not impose a material obligation on it and that is of a type that customarily does not include "non-petition" or "limited recourse" provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certificated Securities</u>. It shall not acquire or hold any Certificated Securities in bearer form (other than securities not required to be in registered form under

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Section 163(f)(2)(A) of the Code) in a manner that does not satisfy the requirements of United States Treasury Regulations section 1.165-12(c) (as determined by the Collateral Manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Payments</u>. It shall not make any Restricted Payment other than (i) with respect to amounts received by it in accordance with <u>Section 9.01</u> (in the case of Interest Proceeds) or any other provision of this Agreement or the Facility Documents which expressly requires or permits payments to be made to or amounts to be reimbursed to the Equityholder and (ii) amounts distributed by the Borrower in connection with the acquisition of Collateral Loans from the Equityholder in accordance with <u>Article X</u>, in each case, if no Borrowing Base Deficiency shall have occurred and be continuing or would result therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments to Collateral Loans</u>. The Borrower (and the Collateral Manager on its behalf) may enter into any amendment or waiver of or supplement to any Related Document; <u>provided</u> that the prior written consent of the Required Lenders shall be required if an Event of Default has occurred and is continuing or an Event of Default or Default would result from such amendment, waiver or supplement; <u>provided</u>, <u>further</u>, that, if the Required Lenders fail to provide consent to any amendment or waiver to the extent required under this <u>Section 5.02(r)</u>, then notwithstanding any provision of the Facility Documents to the contrary (excluding <u>Section 10.04</u> herein), the Borrower shall be permitted to sell the relevant Collateral Loan as long as (x) no Default or Event of Default has occurred and is continuing or would result from such sale and (y) the sale price is at least equal to the Asset Value for such Collateral Loan; <u>provided</u>, <u>further</u>, that if such sale cannot be consummated pursuant to the foregoing proviso due to the restrictions in <u>Section 10.04</u>, then the Borrower shall be permitted to consummate such amendment, waiver or supplement so long as (x) no Default or Event of Default has occurred and is continuing or would result from such sale and (y) the Borrower receives a cash equity contribution at least equal to the Asset Value for such Collateral Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligor Payment Instructions</u>. It shall not make any change, or permit the Collateral Manager to make any change, in its instructions to Obligors, agent banks or administrative agents on the Collateral Loans regarding payments to be made with respect to the Collateral Loans to the Collection Account, unless the Administrative Agent has consented to such change. It further agrees that it shall (or it shall cause the Collateral Manager to) provide prompt notice to the Administrative Agent of any misdirected or errant payments made by any Obligor with respect to any Collateral Loan and direct such Obligor to make payments as required hereunder to the extent a Responsible Officer of the Borrower or the Collateral Manager, as applicable, has actual knowledge of such misdirected or errant payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws</u>. It shall not (nor shall it permit any Person directly or (to the knowledge of the Borrower) indirectly Controlled by the Borrower to) use the proceeds of any Advance directly or, to the knowledge of the Borrower, indirectly in any way that would breach or contravene any Sanctions, in each case if and to the extent that such Sanctions are binding on the Borrower or, upon prior written notice to the Borrower from the Administrative Agent, such Sanctions are binding on any Lender and materially impact the ability of such Lender to comply with its respective obligations under this Agreement. It shall not (nor shall it permit any other Person to) use the proceeds of any Advance

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directly or, to the knowledge of the Borrower, indirectly in any way that would be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. The Borrower shall not fund the repayment of any Advance with proceeds derived from any transaction that would be prohibited by Sanctions or would be in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws.

Section 5.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Affirmative Covenants of the Equityholder and the Collateral Manager</u> 

The Collateral Manager, on behalf of itself and the Equityholder, covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent indemnification and reimbursement obligations for which no claim has been asserted, have been Paid in Full):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Agreements, Laws, Etc.</u> It shall (i) duly observe and comply in all material respects with all Applicable Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of each Facility Document to which it is a party, its Constituent Documents and each Related Document to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out (A) its business and (B) the transactions contemplated to be performed by it under the Facility Documents to which it is a party, its Constituent Documents and the Related Documents to which it is a party, except, in the case of clause (v), where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information and Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each Notice of Borrowing, each Monthly Report, each Payment Date Report, each Borrowing Base Calculation Statement and, to the knowledge of the Collateral Manager, all other written information, reports, certificates and statements furnished by the Collateral Manager to any Secured Party for purposes of or in connection with this Agreement, the other Facility Documents or the transactions contemplated hereby or thereby (excluding financial projections, pro forma financial information and other forward-looking information, for which the Collateral Manager only represents that such information was prepared in good faith and upon assumptions believed to be reasonable when so prepared) shall be true, complete and correct in all material respects as of the date such information is stated or certified (or, with respect to information of a general economic or general industry nature or information received from an Obligor or other third party not under the direction of the Borrower, the Collateral Manager or an Affiliate thereof, is true and correct in all material respects to the actual knowledge of the Collateral Manager), in each case, after giving effect to all written updates provided by the Collateral Manager or on its behalf to any such Secured Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager shall provide to the Administrative Agent or cause to be provided to the Administrative Agent (with enough additional copies for each Lender) from time to time such additional information regarding the Collateral (including reasonably detailed calculations of the Coverage Tests and the Collateral Quality Test) as the Required Lenders (through the Administrative Agent) may reasonably request in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager shall provide such information to the Collateral Administrator as required by this Agreement or that the Collateral Administrator may reasonably request to enable the Collateral Administrator to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager shall, on each Measurement Date, calculate each Borrowing Base and provide such calculations to the Borrower, the Collateral Administrator and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager shall comply (or cause the Borrower to comply) with its obligations under <u>Section 13.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Default</u>. Within five (5) Business Days after a Responsible Officer of the Collateral Manager obtains actual knowledge of the occurrence and continuance of any (A) Default (provided that if such Default or Event of Default is subsequently cured within the time periods set forth herein, the failure to provide notice of such Default shall not itself result in an Event of Default hereunder) or (B) Event of Default, the Collateral Manager shall deliver to the Administrative Agent (with a copy to the Collateral Agent) a certificate of a Responsible Officer of the Collateral Manager setting forth the details thereof and the action which the Collateral Manager is taking or proposes to take with respect thereto; <u>provided</u> that the Collateral Manager shall not be obligated to deliver such certificate to the extent that a Responsible Officer of the Borrower delivers a certificate with respect to such Default or Event of Default pursuant to <u>Section 5.01(d)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Access to Records and Documents</u>. The Collateral Manager shall permit the Administrative Agent (or, if Independent Accountants are not engaged by the Collateral Manager or the Borrower, Protiviti, Inc. or another nationally recognized audit firm selected by the Administrative Agent with prior notice to the Borrower and subject to delivery of standard confidentiality agreements) to, upon reasonable advance notice and during normal business hours, but, so long as no Event of Default has occurred and is continuing, no more than one (1) time per calendar year, visit and inspect and make copies thereof at reasonable intervals (i) its books, records and accounts relating to its business, financial condition, operations, assets and its performance under the Facility Documents and the Related Documents and to discuss the foregoing with its and such Person's officers, partners, employees and accountants, and (ii) all of its Related Documents, in each case as often as the Administrative Agent may reasonably request; <u>provided</u> that so long as no Event of Default has occurred and is continuing, the Borrower shall be responsible for all costs and expenses for only one such visit per fiscal year by the Administrative Agent or its respective designees; <u>provided</u>, <u>further</u>, that an officer or employee of the Collateral Manager shall have the opportunity to be present at any discussion

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between the Administrative Agent, any Lender or any other Person designated by the Administrative Agent, on the one hand, and the Collateral Manager's accountants, on the other hand. The Administrative Agent shall provide two (2) Business Days' prior notice to the Lenders of any such visit and any Lender shall be permitted to accompany the Administrative Agent in such visit. Any such visit and inspection shall be made simultaneously with any visit and inspection pursuant to <u>Section 5.01(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Material Modification</u>. Within five (5) Business Days after a Responsible Officer of the Collateral Manager obtains actual knowledge of the occurrence of a Material Modification, the Collateral Manager shall deliver to the Administrative Agent (with a copy to the Collateral Administrator) a notice setting forth the details thereof and attaching a copy of the related amendment or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collections</u>. The Collateral Manager shall direct any agent or administrative agent in respect of any Collateral Loan to remit all payments and collections with respect to such Collateral Loan and, if applicable, to direct the Obligor with respect to such Collateral Loan to remit all such payments and collections with respect to such Collateral Loan directly to the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sanctions; Anti-Corruption Laws; and Anti-Money Laundering Laws.</u> It shall comply with Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws and shall maintain policies and procedures reasonably designed to ensure compliance therewith. It shall ensure that it does not cause the Borrower to use the proceeds of or fund the repayment of any Advance in violation of Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.

Section 5.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Negative Covenant of the Equityholder and the Collateral Manager</u>

The Collateral Manager, on behalf of itself and the Equityholder, covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than contingent indemnification and reimbursement obligations for which no claim has been asserted, have been Paid in Full), it shall not enter into or suffer to exist or permit to become effective any agreement that prohibits, limits or imposes any material condition upon its ability to perform its obligations under the Facility Documents to which it is a party.

Section 5.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Undertakings Relating to Separateness</u>

The Borrower will at all times: (i) have a board of directors separate from that of the Equityholder and any other Person and maintain at least one Independent Director; (ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as an entity separate from the Equityholder and any other Person (although, in connection with certain advertising and marketing, it may be identified as a Subsidiary of the Equityholder); (iv) file its own Tax returns, if any, as may be required under Applicable Law, to the extent (1) not part of a consolidated group filing a consolidated return or returns or (2) not treated as a division for Tax purposes of another taxpayer, and pay any Taxes so required to be paid under Applicable Law in accordance with the terms of this Agreement; (v) except as contemplated by the Facility Documents, not commingle its assets with assets of any other

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Person; (vi) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence, (although, in connection with certain advertising and marketing, the Borrower may be identified as a Subsidiary of the Equityholder); (vii) maintain separate financial statements, except to the extent that the Borrower's financial and operating results are consolidated with those of the Equityholder in consolidated financial statements; (viii) pay its own liabilities only out of its own funds; (ix) maintain an arm's length relationship with its Affiliates, the Equityholder and not enter into any transaction with an Affiliate except on commercially reasonable terms similar to those available to unaffiliated parties in an arm's length transaction (provided that they may make capital contributions or capital distributions permitted under the terms and conditions of its governing documents and properly reflected on its books and records); (x) pay the salaries of its own employees, if any; (xi) not hold out its credit or assets as being available to satisfy the obligations of others; (xii) allocate fairly and reasonably any overhead for shared office space; (xiii) to the extent used, use separate stationery, invoices and checks (although, in connection with certain regulatory filings, advertising and marketing, the Borrower may be identified as a Subsidiary of the Equityholder); (xiv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person; (xv) correct any known misunderstanding regarding its separate identity; (xvi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating expenses and liabilities from its own assets; (xvii) not acquire the obligations or any securities of its Affiliates (other than any Collateral Loans and other investments permitted under the Facility Documents); and (xviii) cause its directors, officers, agents and other representatives to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower.

**ARTICLE VI<br>EVENTS OF DEFAULT**

Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default</u>

"<u>Event of Default</u>", wherever used herein, means the occurrence of any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of Law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative body or Governmental Authority):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a default in the payment, when due and payable, of any Interest, Commitment Fee or other Obligations not specified in clause (c) below and such default has not been cured within three (3) Business Days; <u>provided</u> that, in the case of a default in payment resulting from a failure to disburse amounts solely due to an administrative error or omission of the Collateral Agent, such default will not cause an Event of Default unless such failure continues for five (5) Business Days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the failure on any Payment Date to disburse amounts in the Collection Account in accordance with the Priority of Payments set forth herein and such failure has not been remedied within three (3) Business Days; <u>provided</u> that, in the case of a default in payment resulting from a failure to disburse amounts solely due to an administrative error or omission of the Collateral Agent, such default will not cause an Event of Default unless such failure continues for five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower fails to repay the Obligations (other than contingent indemnification and reimbursement obligations for which no claim has been asserted) in full on the Final Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower or the pool of Collateral becomes, or becomes subject to regulation as, an "investment company" under Section 8 of the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;a default in any respect in the performance, or breach in any respect, of any covenant or agreement of the Borrower, the Equityholder or the Collateral Manager (as applicable) under <u>Section 5.01(a)(ii)</u>, <u>5.01(d)(iii)</u>, <u>5.01(d)(iv)</u> <u>5.01(f)</u>, <u>5.01(h)</u>, <u>5.01(j)</u>, <u>5.01(k)</u>, <u>5.01(p)</u>, <u>5.02(b)</u>, <u>5.02(c)(i)</u>, <u>5.03(a)(ii)</u> or <u>5.03(f)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise provided in this <u>Section 6.01</u> or with respect to a Delivery Event, a default in any material respect in the performance, or breach in any material respect, of any covenant or agreement of the Borrower under this Agreement or the other Facility Documents to which it is a party, or the failure of any representation or warranty of the Borrower made in this Agreement or in any other Facility Document to be correct, in each case, in all material respects (or, if qualified by "material" or "Material Adverse Effect" or similar, in all respects) when the same shall have been made, and the continuation of such default, breach or failure for a period of thirty (30) days after the earlier of (i) written notice to the Borrower, the Collateral Manager and the Equityholder by the Administrative Agent, and (ii) actual knowledge of a Responsible Officer of the Borrower, the Equityholder or the Collateral Manager, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the rendering of one or more final judgments, decrees or orders against the Borrower by a court or arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of $1,000,000 (exclusive of judgment amounts to the extent covered by applicable insurance), and the Borrower shall not have either (x) satisfied, discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (y) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal, in each case, within sixty (60) days from the date of entry thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have made payments of amounts in excess of $5,000,000 in settlement of any litigation, claim or dispute (exclusive of settlement amounts fully covered by insurance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;an Insolvency Event relating to the Borrower occurs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;(i) any Facility Document or any material provision thereof shall (except in accordance with its terms) terminate, cease to be effective or cease to be legally valid, binding and enforceable, (ii) the Borrower, the Equityholder, the Collateral Manager or any Governmental Authority shall, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any Facility Document or any Lien purported to be created thereunder, or (iii) any Lien securing any obligation under any Facility Document shall, in whole or in part, cease to be a first-priority perfected security interest of the Collateral Agent, except as otherwise expressly permitted in accordance with the applicable Facility Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;(i) the IRS shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any asset of the Borrower or, in the case of the Equityholder, any asset which has been sold by the Equityholder to the Borrower pursuant to a Sale Agreement, and such Lien shall not have been released within five (5) Business Days or (ii) the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any asset of the Borrower or, in the case of the Equityholder, any asset which has been sold by the Equityholder to the Borrower pursuant to a Sale Agreement, and such Lien shall not have been released within five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;a Change of Control occurs with respect to the Borrower or the Equityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;a Collateral Manager Default occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(i) failure of the Borrower to maintain at least one (1) Independent Director (it being understood that the Borrower shall not be in violation of the requirement to have at least one (1) Independent Director after the earlier of an Independent Director resigning or becoming deceased, incapacitated or disabled so long as a new Independent Director is appointed within 10 Business Days after a Responsible Officer of the Borrower has actual knowledge or receives written notice thereof), (ii) the removal of any Independent Director of the Borrower without "Cause" (as such term is defined in the constitutional document of the Borrower) or without giving prior written notice to the Administrative Agent, each as required in the constitutional documents of the Borrower, or (iii) the Borrower shall otherwise fail to qualify as a bankruptcy-remote entity based upon the criteria set forth in this Agreement, such that reputable counsel of national standing could no longer render a substantive nonconsolidation opinion with respect to the Borrower, on the one hand, and the Equityholder and the Collateral Manager, on the other hand (it being understood and agreed that no such nonconsolidation opinion need to be delivered to satisfy this clause (n)(iii));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;the Borrowing Base Test shall not be satisfied and such failure shall continue for five (5) Business Days or, if the Collateral Manager has, within five (5) Business Days, provided evidence satisfactory to the Administrative Agent, in its sole discretion that the Borrower will satisfy the Borrowing Base Test in its entirety by depositing Dollars into the Collection Account, within ten (10) (or, if such failure is solely due to an administrative error, eleven (11)) Business Days; <u>provided</u> that, during the period of time that such event remains unremedied, any payments required to be made by the Collateral Manager on a Payment Date shall be made under <u>Section 9.01(a)(iii)</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;subject in each case to <u>Section 9.01</u>, the failure of the Borrower on any date to maintain an amount equal to the Unfunded Reserve Required Amount on deposit in the Unfunded Reserve Account in accordance with this Agreement and, solely during the Reinvestment Period, such failure shall continue for five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Borrower to make any payment when due (after giving effect to any related notice period or requirement or grace period) under one or more agreements for borrowed money to which it is a party and the indebtedness for borrowed money thereunder is in an amount in excess of $1,000,000, or the occurrence of any event or condition that has resulted in the acceleration of such indebtedness, whether or not waived; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;the Equityholder fails to maintain an Unencumbered Liquidity of at least the greater of (i) $15,000,000 and (ii) 10.0% of the aggregate Advances Outstanding as set forth on any of its quarterly or annual financial statements.

With respect to any notice that may be furnished by an Agent to the Borrower pursuant to <u>Sections 6.01(f)</u>, upon written request therefor to the applicable Agent, the Required Lenders may direct such Agent to provide such notice to the Borrower. Such Agent shall promptly thereafter provide such notice to the Borrower.

Section 6.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence and during the continuance of any Event of Default, subject to <u>Section 6.05</u>, in addition to all rights and remedies specified in this Agreement and the other Facility Documents, including (and subject to) <u>Article VII</u>, and the rights and remedies of a secured party under Applicable Law, including the UCC, the Administrative Agent shall, at the request of, or may with the consent of, the Required Lenders by notice to the Borrower (with a copy to the Collateral Agent), do any one or more of the following: (1) declare the Commitments to be terminated forthwith, whereupon the Commitments shall forthwith terminate, (2) declare the Final Maturity Date to have occurred, and (3) declare the principal of and the accrued interest on the Advances and all other amounts whatsoever payable by the Borrower hereunder to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby waived by the Borrower; provided that, upon the occurrence of any Event of Default described in clause (i) of <u>Section 6.01</u> with respect to the Borrower, the Commitments shall automatically terminate and the Advances and all such other amounts shall automatically become due and payable, without any further action or notice by any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence and during the continuance of an Event of Default, but subject to <u>Section 6.05</u>, the Administrative Agent may, or shall upon the direction of the Required Lenders, exercise (or direct the Collateral Agent, as applicable, to exercise) any and all rights with respect to the Collateral, including: (u) the exercise of the Collateral Manager's rights and obligations under the Facility Documents (including the right to direct the Collateral Manager to exercise such rights), including its unilateral power to (A) consent to modifications to Collateral Loans, (B) take any discretionary action with respect to Collateral Loans and (C) direct the sales and other dispositions of Collateral Loans; (v) the termination of the Collateral

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Manager's rights to exercise any rights or take any action with respect to the Collateral; (w) the transfer of the Collateral Manager's rights and obligations under the Facility Documents to a successor Collateral Manager; (x) requiring the Collateral Manager to obtain the consent of the Administrative Agent before agreeing to any modification of any Collateral Loan, taking any discretionary action with respect to any Collateral Loan or causing the Borrower to sell or otherwise dispose of any Collateral Loan; (y) requiring the Collateral Manager to cause the Borrower to sell or otherwise dispose of any Collateral Loan as directed by the Administrative Agent pursuant to <u>Section 7.03</u>, and (z) with respect to any specific Collateral Loan, to require the Collateral Manager to take such discretionary action with respect to such Collateral Loan as directed by the Administrative Agent.

Section 6.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Power of Attorney</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby irrevocably appoints the Administrative Agent as its true and lawful attorney (with full power of substitution) in its name, place and stead and at its expense, during the continuance of an Event of Default, in connection with the enforcement of the rights and remedies provided for (and subject to the terms and conditions set forth) in this Agreement including without limitation the following powers: (i) to give any necessary receipts or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other disposition, the Borrower hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Facility Document, (v) to give notice to the Obligors and related agents of the Collateral Agent's interest in the Collateral and the obligation to make payments as directed by the Administrative Agent and (vi) to exercise directly the Collateral Manager's rights and obligations under this Agreement, including the exercise of rights set forth in <u>Section 6.02(b)</u>, if and to the extent that the Collateral Manager has not complied with any direction given by the Administrative Agent in accordance with this Agreement within three (3) Business Days after the Business Day on which such direction was given to the Collateral Manager; <u>provided</u> that no such direction or lapse of time shall be required after the occurrence and during the continuance of a Collateral Manager Default. Nevertheless, if so requested by the Administrative Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent all proper bills of sale, assignments, releases and other instruments as may be designated in any such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No person to whom this power of attorney is presented as authority for the Administrative Agent to take any action or actions contemplated by clause (a) shall inquire into or seek confirmation from the Borrower as to the authority of the Administrative Agent to take any action described below, or as to the existence of or fulfillment of any condition to the power of attorney described in clause (a), which is intended to grant to the Administrative Agent unconditionally the authority to take and perform the actions contemplated herein, and to the extent permitted by Applicable Law, the Borrower irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity that acts in reliance upon or

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acknowledges the authority granted under this power of attorney. The power of attorney granted in clause (a) is coupled with an interest and may not be revoked or canceled by the Borrower until all obligations of the Borrower under the Facility Documents have been Paid in Full and the Administrative Agent has provided its written consent thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, the power of attorney granted pursuant to this <u>Section 6.03</u> shall only be exercisable after the occurrence and during the continuance of an Event of Default.

Section 6.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Borrower and the Collateral Manager recognizes that an Agent may be unable to effect a public sale of any or all of the Collateral and may be compelled to resort to one or more private sales thereof. Each of the Borrower and the Collateral Manager acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agree that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely by virtue of being a private sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Borrower and the Collateral Manager further agrees that a breach of any of their covenants contained in this <u>Section 6.04</u> will cause irreparable injury to the Agents, that the Agents have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this <u>Section 6.04</u> shall be specifically enforceable against the Borrower and the Collateral Manager, and each of the Borrower and the Collateral Manager hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that there has been a Payment in Full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the UCC, each of the Borrower and the Collateral Manager hereby specifically agrees (x) that it shall not raise any objection to a Secured Party's purchase of the Collateral (through bidding on the obligations or otherwise) and (y) that a foreclosure sale conducted in conformity with the principles set forth in various no action letters promulgated by the SEC staff (1) shall be considered to be a "public" sale for purposes of the UCC and (2) shall be considered to be commercially reasonable notwithstanding that a Secured Party purchases the Collateral at such a sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Borrower and the Collateral Manager agrees that the Collateral Agent shall not have any general duty or obligation to make any effort to obtain or pay any particular price for any Collateral sold by the Collateral Agent pursuant to this Agreement. The Collateral Agent may, at the direction of the Administrative Agent, among other things, accept the first bid received (provided that, at the time of acceptance, such bid is the highest Eligible Bid received), or decide to approach or not approach any potential purchasers. Each of the Borrower and the Collateral Manager hereby agrees that the Collateral Agent shall have the right to conduct, and shall not incur any liability as a result of, the sale of any Collateral, or any part thereof, at any sale conducted in a commercially reasonable manner, it being agreed by the parties hereto that some or all of the Collateral is or may be of one or more types that threaten to

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decline speedily in value. The Borrower and the Collateral Manager hereby waive any claims against the Secured Parties arising by reason of the fact that the price at which any of the Collateral may have been sold at a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Borrower's Obligations under the Agreement, even if the Collateral Agent accepts the first bid received (provided that, at the time of acceptance, such bid is the highest Eligible Bid received) and does not offer any Collateral to more than one bidder. Without in any way limiting the Collateral Agent's right to conduct a foreclosure sale in any manner which is considered commercially reasonable, each of the Borrower and the Collateral Manager hereby agrees that any foreclosure sale conducted in accordance with the following provisions shall be considered a commercially reasonable sale, and each of the Borrower and the Collateral Manager hereby irrevocably waives any right to contest any such sale conducted in accordance with the Laws of the State of New York (in each case, unless the Borrower or the Collateral Manager has objected in writing to the form or circumstances of such sale on or prior to the date thereof on the basis that such form or circumstances is not commercially reasonable, the Borrower or the Collateral Manager has not received notification of such foreclosure sale as provided in clause (e) of this Section, or the Collateral Agent fails to accept the highest Eligible Bid received at the time of such acceptance). All sales conducted by the Collateral Agent pursuant to this <u>Section 6.04(d)</u> shall be at the direction of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Not more than thirty days before, and not less than ten (10) days in advance of a foreclosure sale, the Collateral Agent (at the direction of the Administrative Agent) shall notify the Borrower and the Collateral Manager at the address set forth herein of the time and place of such foreclosure sale.

Section 6.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Option</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, if the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent elects to sell all or any portion of the Collateral at a public or private sale, the Borrower (or any designee thereof) may exercise its right of first refusal to cause a purchase of the Collateral, in whole or in part, prior to such sale at a purchase price that is not less than (i) the amount of the Obligations as of the date of such proposed sale, if such sale is for all of the Collateral or (ii) the outstanding face amount of such Collateral, together with accrued and unpaid interest thereon, as of the date of such proposed sale, if such sale is for a portion of such Collateral. The Borrower's right of first refusal shall terminate not later than 1:00 p.m. on the third Business Day following the Business Day on which the Borrower receives notice of the Collateral Agent's or the Administrative Agent's election to sell such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;It is understood that the Borrower may submit their bid for the Collateral or any portion thereof as a combined bid with the bids of other members of a group of bidders, and shall have the right to find bidders to bid on the Collateral or any portion thereof.

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**ARTICLE VII<br>PLEDGE OF COLLATERAL;<br>RIGHTS OF THE COLLATERAL AGENT**

Section 7.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Security</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby grants, pledges, mortgages, charges and assigns by way of security to the Collateral Agent, for the benefit of the Secured Parties, as collateral security for all Obligations, a continuing security interest in, and a Lien upon, all of the Borrower's right, title and interest in, to and under, the following property, in each case whether tangible or intangible, wheresoever located, and whether now owned by the Borrower or hereafter acquired and whether now existing or hereafter coming into existence (all of the property described in this <u>Section 7.01(a)</u> being collectively referred to herein as the "<u>Collateral</u>", but excluding the Excepted Property):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;all Collateral Loans and Related Documents, both now and hereafter owned, including all Collections and other Proceeds thereon or with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;each Covered Account and all Money and all investment property (including all securities, all security entitlements with respect to such Covered Account and all financial assets carried in such Covered Account) from time to time on deposit in or credited to each Covered Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all interest, dividends, stock dividends, stock splits, distributions and other Money or property of any kind distributed in respect of the Collateral Loans of the Borrower, which the Borrower is entitled to receive, including all Collections in respect of all Collateral Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;each Facility Document and all rights, remedies, powers, privileges and claims under or in respect thereto (whether arising pursuant to the terms thereof or otherwise available to the Borrower at law or equity), including the right to enforce each such document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect thereto, to the same extent as the Borrower could but for the assignment and security interest granted to the Collateral Agent under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;all Cash or Money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;all accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit rights and other supporting obligations relating to the foregoing (in each case as defined in the UCC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;all securities, loans and investments, and all other property of any type or nature in which the Borrower has an interest (including the equity interests of each Subsidiary of the Borrower), and all property of the Borrower which is delivered to the

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Document Custodian or the Securities Intermediary by or on behalf of the Borrower (whether or not constituting Collateral Loans or Eligible Investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;all Liens, Related Security, property, guaranties, supporting obligations, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of the assets, investments and properties described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;all Proceeds of any and all of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this <u>Section 7.01</u> but not defined in <u>Section 1.01</u> shall have the respective meanings assigned to such terms in the UCC as applicable.

Section 7.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Security Interest</u>

If and only if all Obligations have been Paid in Full, the Administrative Agent shall provide notice of the same to the Collateral Agent, and the Collateral Agent's Lien over the Collateral on behalf of the Secured Parties shall be automatically terminated and the Collateral Agent, on behalf of the Secured Parties, shall, at the expense of the Borrower, promptly execute, deliver and authorize for filing such instruments as the Borrower shall prepare and reasonably request in order to reassign, release or terminate the Secured Parties' security interest in the Collateral; <u>provided</u> that the Collateral Agent shall also promptly release or terminate the Secured Parties' security interest in the Collateral in connection with any sale of Collateral permitted under this Agreement. The Secured Parties acknowledge and agree that upon the sale or disposition of any Collateral by the Borrower in compliance with the terms and conditions of this Agreement, the security interest of the Secured Parties in such Collateral shall immediately and automatically terminate without further act, the Administrative Agent shall promptly provide notice of the same to the Collateral Agent, and the Collateral Agent shall, on behalf of the Secured Parties and at the expense of the Borrower, execute, deliver and authorize for filing such instruments as the Borrower shall prepare and reasonably request to reflect or evidence such termination. Any and all actions under this <u>Article VII</u> in respect of the Collateral shall be without any recourse to, or representation or warranty by any Secured Party and shall be at the sole cost and expense of the Borrower.

Section 7.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights and Remedies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent (for itself and on behalf of the other Secured Parties) shall have all of the rights and remedies of a secured party under the UCC and other Applicable Law. Upon the occurrence and during the continuance of an Event of Default, and subject to <u>Section 6.05</u>, the Collateral Agent or its designees shall, acting solely at the written direction of the Administrative Agent or the Required Lenders acting through the Administrative Agent, (i) instruct the Borrower to deliver any or all of the Collateral, the Related Documents and any other document relating to the Collateral to the Collateral Agent or its designees and otherwise give all instructions for the Borrower regarding the Collateral; (ii) sell or otherwise dispose of the Collateral, all without judicial process or proceedings; (iii) take control of the Proceeds of any such Collateral; (iv) subject to the provisions of the applicable Related Documents, exercise any

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consensual or voting rights in respect of the Collateral; (v) release, make extensions, discharges, exchanges or substitutions for, or surrender all or any part of the Collateral; (vi) enforce the Borrower's rights and remedies with respect to the Collateral; (vii) institute and prosecute legal and equitable proceedings to enforce collection of, or realize upon, any of the Collateral; (viii) require that the Borrower promptly take all actions necessary to cause the liquidation of the Collateral in order to pay all amounts due and payable in respect of the Obligations, in accordance with the terms of the Related Documents; (ix) redeem or withdraw or cause the Borrower to redeem or withdraw any asset of the Borrower to pay amounts due and payable in respect of the Obligations; (x) make copies of all books, records and documents relating to the Collateral; and (xi) endorse the name of the Borrower upon any items of payment relating to the Collateral or upon any proof of claim in bankruptcy against an account debtor. In the absence of written direction of the Administrative Agent or the Required Lenders (acting through the Administrative Agent), the Collateral Agent shall take no action. The Collateral Agent shall not be liable to the Administrative Agent, the Required Lenders or any other party for any action taken or omitted to be taken at the direction of the Administrative Agent or the Required Lenders (acting through the Administrative Agent) or any inaction in the absence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby agrees that, upon the occurrence and during the continuance of an Event of Default, and subject to <u>Section 6.05</u>, at the request of the Administrative Agent or the Required Lenders (acting through the Administrative Agent), it shall execute all documents and agreements which are necessary or appropriate to have the Collateral assigned to the Collateral Agent or its designee. For purposes of taking the actions described in clauses (a) through (b) of this <u>Section 7.03</u> the Borrower hereby irrevocably appoints the Collateral Agent as its attorney-in-fact (which appointment being coupled with an interest and is irrevocable until the Obligations are Paid in Full), with power of substitution, in the name of the Collateral Agent or in the name of the Borrower or otherwise, for the use and benefit of the Collateral Agent for the benefit of the Secured Parties, but at the cost and expense of the Borrower and, except as expressly required by Applicable Law, without notice to the Borrower. Such appointment shall in no way impose upon the Collateral Agent any obligation to take any such action unless specifically directed to do so and subject to the receipt of an indemnity from the Lenders reasonably satisfactory to it.

Section 7.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies Cumulative</u>

Each right, power, and remedy of the Agents and the other Secured Parties, or any of them, as provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or in the other Facility Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by the Agents or any other Secured Party of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by such Persons of any or all such other rights, powers, or remedies.

Section 7.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Related Documents</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Borrower and the Collateral Manager hereby agrees that, to the extent not expressly prohibited by the terms of the Related Documents, after the occurrence and during the continuance of an Event of Default, it shall (i) upon the written request of the Administrative Agent, promptly forward to the Administrative Agent all information and notices which it receives under or in connection with the Related Documents relating to the Collateral, and (ii) upon the written request of the Administrative Agent, act and refrain from acting in respect of any request, act, decision or vote under or in connection with the Related Documents relating to the Collateral only in accordance with the direction of the Administrative Agent (in its reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees that, to the extent the same shall be in the Borrower's possession, it will hold all Related Documents relating to the Collateral in trust for the Collateral Agent on behalf of the Secured Parties, and upon request of the Administrative Agent following the occurrence and during the continuance of an Event of Default or as otherwise provided herein, promptly deliver the same to the Collateral Agent or its designee. In addition, in accordance with this Agreement, promptly (and in any event within five (5) Business Days) following its acquisition of any Collateral Loan, the Borrower shall deliver (or cause to be delivered) to the Document Custodian the Required Loan Documents (to the extent in the possession of the Collateral Manager or the Borrower, or otherwise available to the Collateral Manager on the relevant deal site).

Section 7.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrower Remains Liable</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, (i) the Borrower shall remain liable under the contracts and agreements included in and relating to the Collateral (including the Related Documents) to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed, and (ii) the exercise by any Secured Party of any of its rights hereunder shall not release the Borrower from any of its duties or obligations under any such contracts or agreements included in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No obligation or liability of the Borrower is intended to be assumed by the Administrative Agent or any other Secured Party under or as a result of this Agreement or the other Facility Documents, or the transactions contemplated hereby or thereby, including under any Related Document or any other agreement or document that relates to Collateral and, to the maximum extent permitted under provisions of Law, the Administrative Agent and the other Secured Parties expressly disclaim any such assumption.

Section 7.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Protection of Collateral</u>

The Borrower shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize the filing of all such UCC-1 financing statements and continuation statements, instruments of further assurance and other instruments, and shall take such other action as may be necessary to secure the rights and remedies of the Secured Parties hereunder and to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;grant security more effectively on all or any portion of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;maintain, preserve and perfect any grant of security made or to be made by this Agreement including the first-priority nature of the Lien (subject to Permitted Liens) or carry out more effectively the purposes hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;perfect or protect the validity of any grant made or to be made by this Agreement (including any and all actions necessary or desirable as a result of changes in Applicable Law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;enforce any of the Collateral or other instruments or property included in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;preserve and defend title to the Collateral and the rights therein of the Collateral Agent and the other Secured Parties in the Collateral against the claims of all third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;pay or cause to be paid any and all Taxes levied or assessed upon all or any part of the Collateral.

If the Borrower fails to prepare and file any instrument or to take any action required pursuant to this <u>Section 7.07</u> within ten (10) Business Days after the Administrative Agent's request and written instruction therefor, the Borrower hereby designates the Collateral Agent as its agent to prepare and file such instrument and take such action required pursuant to this <u>Section 7.07</u>. The Borrower further authorizes, but does not obligate, the Collateral Agent to file UCC-1 financing statements and continuation statements therefor, that name the Borrower as debtor and the Collateral Agent as secured party and that describes "all assets in which the debtor now or hereafter has rights" (or words of similar effect) as the Collateral in which the Collateral Agent has a grant of security hereunder. Such designation shall not impose upon the Collateral Agent or the Administrative Agent or any other Secured Party, or release or diminish, the Borrower's obligations under this <u>Section 7.07</u>.

Notwithstanding the generality of the foregoing, the Borrower shall, not earlier than six (6) months and not later than one (1) month prior to the fifth (5th) anniversary of the date of filing of any financing statement filed pursuant to this Agreement authorize, deliver and file or cause to be filed an appropriate continuation statement with respect to each such financing statement.

**ARTICLE VIII<br>ACCOUNTS, ACCOUNTINGS AND RELEASES**

Section 8.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Collection of Money</u>

Except as otherwise expressly provided herein, the Administrative Agent may and the Collateral Agent shall at the direction of the Administrative Agent (or the Required Lenders

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acting through the Administrative Agent) demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable by the Collateral Agent pursuant to this Agreement, including all payments due on the Collateral, in accordance with the terms and conditions of such Collateral. The Collateral Agent (or the Securities Intermediary on its behalf) shall segregate and hold all such Money and property received by it for the benefit of the Secured Parties and shall apply it as provided in this Agreement. Each Covered Account shall be established and maintained under the Account Control Agreement with a Qualified Institution. Any Covered Account may contain any number of subaccounts for the convenience of the Collateral Agent or as required by the Collateral Manager for convenience in administering the Covered Accounts or the Collateral.

Section 8.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Collection Account</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Securities Intermediary two (2) segregated non-interest bearing accounts (including any sub-accounts deemed appropriate or necessary by the Securities Intermediary for convenience in administering such accounts) in the name of the Borrower, one of which will be designated as the "<u>Interest Collection Account</u>" (the "<u>Interest Collection Account</u>") and one of which designated the "<u>Principal Collection Account</u>" (the "<u>Principal Collection Account</u>" and, together with the Interest Collection Account, the "<u>Collection Account</u>"), which shall be maintained by the Borrower with the Securities Intermediary in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The Collateral Agent shall from time to time deposit into the Interest Collection Account promptly upon receipt thereof all Interest Proceeds received by the Collateral Agent and identified as such by the Collateral Manager. The Collateral Agent shall from time to time deposit into the Principal Collection Account promptly upon receipt thereof all Principal Proceeds (unless simultaneously reinvested in additional Collateral Loans in accordance with <u>Article X</u> or required to be deposited in the Unfunded Reserve Account pursuant to <u>Section 8.05</u>) received by the Collateral Agent and identified as such by the Collateral Manager. All funds deposited from time to time in the Collection Account pursuant to this Agreement shall be held on behalf of the Collateral Agent as part of the Collateral and shall be applied to the purposes herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;At any time when reinvestment is permitted pursuant to <u>Article X</u>, the Collateral Manager on behalf of the Borrower (subject to compliance with <u>Article X)</u> may, by delivery of written instructions (which may be a .pdf or similar file sent by email) of a Responsible Officer of the Collateral Manager to the Collateral Agent and the Collateral Administrator, direct the Collateral Agent to, and upon receipt of such instructions the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Account representing Principal Proceeds (together with accrued interest received with regard to any Collateral Loan and Interest Proceeds but only to the extent used to pay for accrued interest on an additional Collateral Loan) and reinvest such funds in additional Collateral Loans in accordance with such instructions. If at any time the amount on deposit in the Unfunded Reserve Account is less than the Unfunded Reserve Required Amount, the Collateral Manager (on behalf of the Borrower)

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may, by delivery of written instructions (which may be a .pdf or similar file sent by email) of a Responsible Officer of the Collateral Manager to the Collateral Agent and the Collateral Administrator, direct the Collateral Agent to, and upon receipt of such instructions the Collateral Agent shall, withdraw funds on deposit in the Principal Collection Account representing Principal Proceeds and remit such funds as so directed by the Collateral Manager to meet the Borrower's funding obligations in respect of Delayed Drawdown Collateral Loans or Revolving Collateral Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall transfer from the Collection Account for application pursuant to <u>Section 9.01(a)</u>, on each Payment Date, the amount set forth to be so transferred in the Payment Date Report for such Payment Date.

Section 8.03&nbsp;&nbsp;&nbsp;&nbsp;[<u>Reserved</u>].

Section 8.04&nbsp;&nbsp;&nbsp;&nbsp;<u>The Custodian Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Securities Intermediary one (1) segregated account, which shall be designated as the "Custodian Account" (the "<u>Custodian Account</u>"), which shall be maintained by the Borrower with the Securities Intermediary in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent.

Section 8.05&nbsp;&nbsp;&nbsp;&nbsp;<u>The Unfunded Reserve Account; Fundings</u>

In accordance with this Agreement and the Account Control Agreement, the Collateral Agent shall, on or prior to the Closing Date, establish at the Securities Intermediary one (1) segregated non-interest bearing account in the name of the Borrower, which shall be designated as the "<u>Unfunded Reserve Account</u>" (the "<u>Unfunded Reserve Account</u>"), which shall be maintained by the Borrower with the Securities Intermediary in accordance with the Account Control Agreement and which shall be subject to the Lien of the Collateral Agent. The only permitted deposits to or withdrawals from the Unfunded Reserve Account shall be in accordance with the provisions of this Agreement.

On the date of acquisition by the Borrower of any Delayed Drawdown Collateral Loan, Revolving Collateral Loan, and on any Payment Date, the Collateral Manager shall instruct the Collateral Agent to withdraw funds from the Collection Account for deposit into the Unfunded Reserve Account, to the extent required so that the amount of funds on deposit in the Unfunded Reserve Account is equal to the Unfunded Reserve Required Amount.

During the Reinvestment Period, fundings of Delayed Drawdown Collateral Loans and Revolving Collateral Loans shall be made using, first, amounts on deposit in the Unfunded Reserve Account (in an amount equal to the amount on deposit therein with respect to such Delayed Drawdown Collateral Loan or Revolving Collateral Loan), then available Principal Proceeds and <u>finally</u>, borrowing of Advances under <u>Section 2.01</u>.

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During the Amortization Period, Principal Proceeds received by the Borrower (or the Collateral Manager on its behalf) in respect of Revolving Collateral Loans (to the extent not accompanied by a permanent reduction in the related commitments) shall be deposited by the Borrower (or the Collateral Manager on its behalf) into the Unfunded Reserve Account to the extent the amount on deposit in the Unfunded Reserve Account is less than the Unfunded Reserve Required Amount.

Amounts on deposit in the Unfunded Reserve Account will be available solely to cover drawdowns on Delayed Drawdown Collateral Loans and Revolving Collateral Loans; <u>provided</u> that, to the extent that the aggregate amount of funds on deposit therein at any time exceeds the Unfunded Reserve Required Amount, the Collateral Agent shall remit such excess to the Collection Account. In addition, following the occurrence and during the continuance of an Event of Default, funds in the Unfunded Reserve Account may be withdrawn by the Collateral Agent and deposited into the Collection Account at the direction of the Administrative Agent.

Section 8.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Account Control Agreement</u>

The provisions of <u>Sections 8.02</u> and <u>8.05</u> are subject to the terms of the Account Control Agreement.

Section 8.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Funds in Covered Accounts; Reports by Collateral Agent</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;By delivery of a certificate of a Responsible Officer (which may be in the form of standing instructions), the Borrower (or the Collateral Manager on behalf of the Borrower) shall at all times direct the Collateral Agent to, and, upon receipt of such certificate, the Collateral Agent shall, invest all funds on deposit in the Collection Account and the Unfunded Reserve Account in Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date (or such other maturities expressly provided herein) unless such Eligible Investments are issued by a Bank Party or any Affiliate of a Bank Party in its capacity as a banking institution, in which event such Eligible Investments may mature on such Payment Date. In the absence of an instruction from the Collateral Manager or Administrative Agent, as applicable pursuant to the terms of this Agreement, all funds in any account held under this Agreement shall be held uninvested. In no event shall the Collateral Agent be liable for the selection of any investments or any losses in connection therewith, or for any failure of the relevant party to timely provide investment instruction to the Collateral Agent in connection with the investment of funds in or from any account set forth herein. Except to the extent expressly provided otherwise herein, all interest, gain, loss and other income from such investments, if any, shall be deposited, credited or charged (as applicable) in and to the Interest Collection Account. Absent its timely receipt of such instruction from the Collateral Manager or Administrative Agent, as applicable, in accordance with the foregoing, the Collateral Agent shall not be under an obligation to invest (or pay interest on) funds held hereunder. The Collateral Agent shall in no way be liable for any insufficiency in a Covered Account resulting from any loss relating to any such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent agrees to give the Borrower and the Collateral Manager prompt notice if any Covered Account or any funds on deposit in any Covered

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Account, or otherwise to the credit of a Covered Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process. All Covered Accounts shall remain at all times with the Securities Intermediary or any sub-custodian of the Securities Intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall supply, in a timely fashion, to the Borrower and the Collateral Manager any information regularly maintained by the Collateral Agent that the Borrower or the Collateral Manager may from time to time reasonably request with respect to the Collateral Loans, the Covered Accounts and the other Collateral and provide any other requested information reasonably available to the Collateral Agent and required to be provided by <u>Section 8.08</u> or to permit the Collateral Manager to perform its obligations hereunder or the Borrower's obligations hereunder that have been delegated to the Collateral Manager. The Collateral Agent shall promptly forward to the Collateral Manager copies of notices, periodic financial reports and other writings received by it from the Obligor of any Collateral Loan or from any Clearing Agency with respect to any Collateral Loan.

Section 8.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Accountings</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Monthly</u>. As used herein, the "<u>Monthly Report Determination Date</u>" with respect to any calendar month will be the last calendar day of the prior calendar month. Not later than twenty (20) days following each Monthly Report Determination Date (other than the months for which a Payment Date Report is delivered, in which case, no such Monthly Report shall be due), the Borrower shall compile and provide (or cause to be compiled and provided) to the Administrative Agent and the Equityholder a monthly report (which shall be provided along with a Borrowing Base Calculation Statement prepared by the Collateral Manager and provided to the Collateral Administrator for inclusion in the Monthly Report) (each, a "<u>Monthly Report</u>") in accordance with this <u>Section 8.08.</u> The Borrower shall compile and provide (or cause to be compiled and provided) to the Administrative Agent and the Collateral Administrator a loan data file (the "<u>Data File</u>") for the monthly period ending on the Monthly Report Determination Date (containing such information agreed upon by the Borrower (or the Collateral Manager on its behalf), the Collateral Administrator and the Administrative Agent). The Borrower shall provide (or cause to be provided) the Data File no later than five (5) days following the Monthly Report Determination Date. The first Monthly Report shall be delivered not later than twenty (20) days following May 31, 2026. The Monthly Report for a calendar month shall be in a form reasonably acceptable to the Borrower, the Collateral Administrator, the Collateral Manager, the Equityholder and the Administrative Agent and shall contain the information with respect to the Collateral Loans and Eligible Investments included in the Collateral set forth in <u>Schedule 2</u>, and shall be determined as of the Monthly Report Determination Date for such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Accounting</u>. The Collateral Administrator shall prepare an accounting report (each, a "<u>Payment Date Report</u>"), determined as of the close of business on each Determination Date preceding a Payment Date, and shall deliver such Payment Date Report to the Agents, the Borrower and the Collateral Manager no later than the related Payment Date. The Payment Date Report shall contain the information set forth in <u>Schedule 8</u> hereto.

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In addition, the Borrower shall provide (or cause to be provided, by sending to the Collateral Administrator) in each Payment Date Report a statement notifying of any amendment, modification or waiver under any Related Document for each Collateral Loan that constitutes a Material Modification that became effective since the immediately preceding Payment Date Report (or, in respect of the first Payment Date Report, from the Closing Date) unless previously disclosed under <u>Section 5.01(d)(vi)</u> or <u>8.08(a).</u>

Each Payment Date Report shall constitute instructions to the Collateral Agent to withdraw funds from the Collection Account and pay or transfer such amounts set forth in the Payment Date Report in the manner specific and in accordance with the Priority of Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Failure to Provide Accounting</u>. If the Collateral Agent shall not have received any accounting provided for in this <u>Section 8.08</u> on the first Business Day after the date on which such accounting is due to the Collateral Agent, the Collateral Agent shall notify the Borrower, who shall use reasonable efforts to obtain such accounting by the applicable Payment Date.

For the avoidance of doubt, the Borrower has engaged the Collateral Administrator pursuant to <u>Article XV</u> hereof to compile and provide each Monthly Report and Payment Date Report; <u>provided</u>, <u>however</u>, that the Collateral Administrator's obligation to compile and provide the Monthly Reports and Payment Date Reports is subject to the receipt of the information necessary to do so from the Collateral Manager, the Borrower and the Administrative Agent.

Section 8.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Collateral</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If no Event of Default has occurred and is continuing, the Borrower may, by delivery of a certificate of a Responsible Officer of the Collateral Manager delivered to the Collateral Agent, the Securities Intermediary and the Document Custodian at least one (1) Business Day prior to the settlement date for any sale of any item of Collateral certifying that the sale of such Collateral is being made in accordance with <u>Section 10.01</u> and such sale complies with all applicable requirements of <u>Section 10.01</u> (which certificate shall be deemed delivered upon delivery by the Borrower or the Collateral Manager of a trade ticket or other instruction), direct the Collateral Agent (or the Securities Intermediary or the Document Custodian on its behalf) to release or cause to be released such item from the Lien of this Agreement and, upon receipt of such certificate, the Collateral Agent (or the Securities Intermediary or the Document Custodian, as applicable) shall deliver any such item, if in physical form, duly endorsed to the broker or purchaser designated in such certificate or, if such item is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor as specified by the Collateral Manager in such certificate; <u>provided</u> that the Collateral Agent (or the Securities Intermediary or the Document Custodian on its behalf) may deliver any such item in physical form for examination in accordance with street delivery custom; <u>provided</u>, <u>further</u>, that none of the Collateral Agent, the Securities Intermediary or the Document Custodian will be deemed to have notice of an Event of Default unless it has received notice thereof. Notwithstanding the foregoing, a trade ticket or other confirmation of trade in respect of such sale of Collateral delivered by the Borrower (or the

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Collateral Manager on its behalf) to the Collateral Agent, the Securities Intermediary or the Document Custodian shall constitute certification as to the matters described in this <u>Section 8.09</u>, and the Collateral Agent, the Securities Intermediary or the Document Custodian, as applicable, may conclusively rely on such certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent (or the Securities Intermediary or the Document Custodian, as applicable) shall, upon the receipt of a certificate of the Borrower, by delivery of a certificate of a Responsible Officer of the Collateral Manager (which certificate shall be deemed delivered upon delivery by the Borrower or the Collateral Manager of a trade ticket or other instruction), deliver any Collateral in accordance with such certificate, and execute such documents or instruments as are delivered by or on behalf of the Borrower and reasonably necessary to release or cause to be released such security from the Lien of this Agreement, which is set for any mandatory call or redemption or payment in full to the appropriate paying agent on or before the date set for such call, redemption or payment, in each case against receipt of the call or redemption price or payment in full thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As provided in <u>Section 8.02(a)</u>, the Collateral Agent (and its designees) shall deposit any proceeds received by it from the disposition of a Collateral Loan in the Collection Account as instructed by the Collateral Manager, unless simultaneously applied to the purchase of additional Collateral Loans as permitted under and in accordance with the requirements of this <u>Article VIII</u> and <u>Article X</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall, upon receipt of a certificate of a Responsible Officer of the Borrower certifying that there are no Commitments outstanding and all Obligations of the Borrower hereunder and under the other Facility Documents have been satisfied (other than unasserted contingent obligations), execute such documents or instruments as are delivered by or on behalf of the Borrower and reasonably necessary to release any remaining Collateral from the Lien of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Any security, Collateral Loan or amounts that are released pursuant to <u>Section 8.10(a)</u> or <u>(b)</u> shall be automatically released from the Lien of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Any direction received by the Collateral Agent, the Securities Intermediary or the Document Custodian, as applicable, on or prior to 3:00 p.m. on any Business Day shall be effective on such Business Day and any direction received by the Collateral Agent, the Securities Intermediary or the Document Custodian, as applicable, after 3:00 p.m. on any Business Day, or at any time on any day that is not a Business Day, shall be effective in each case on the next succeeding Business Day.

Section 8.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Reports by Independent Accountants</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager will appoint an independent audit or consulting firm specializing in securitization transactions (together with its successors, the "<u>Independent Accountants</u>") reasonably acceptable to the Administrative Agent to review and deliver the reports of such accountants required by this Agreement. The fees of such Independent Accountants and any successor shall be payable by the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager shall cause the Independent Accountants to furnish to the Administrative Agent (with a copy to the Collateral Agent) within 120 days following the end of each fiscal year beginning with the fiscal year ending on December 31, 2026 (each such date, a "<u>Report Date</u>"), a report relating to a selection of three (3) Monthly Reports (as agreed by the Collateral Manager and the Administrative Agent), delivered during the twelve (12) months immediately preceding such Report Date, to the effect that such firm has applied certain agreed-upon procedures approved by the Administrative Agent (as such agreed-upon procedures may be updated from time to time in response to reasonable requests of the Administrative Agent) with respect to such reports from the related period and, with respect to the Collateral Manager's performance hereunder, to assist the Administrative Agent in determining that the Monthly Reports for the related period were prepared in compliance with this Agreement, except for such exceptions as it believes to be immaterial and such other exceptions as will be set forth in such firm's report (including, with respect to any such exceptions, an explanation of how each such exception arose and reflecting the input/explanation of the Collateral Manager thereto). Such reports pursuant to this clause (b) shall be at the expense of the Borrower. Each such report pursuant to this clause (b) shall include a certification by the Collateral Manager as to whether a Collateral Manager Default occurred during the related testing period and, if any occurred, an explanation as to its resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Independent Accountants require the Collateral Agent or the Collateral Administrator, as applicable, to agree to the procedures performed by such Independent Accountants with respect to any of the reports, statements of such Independent Accountants, or sign any agreement in connection therewith, the Collateral Agent or the Collateral Administrator, as applicable, is hereby directed by the Borrower, to so agree to the terms and conditions requested by such Independent Accountants as a condition to receiving documentation required by this Agreement; it being understood and agreed that the Collateral Agent and the Collateral Administrator shall deliver such agreement in conclusive reliance on such direction and shall make no inquiry or investigation as to, and shall have no obligation or responsibility in respect of, the terms of the engagement of such Independent Accountants by the Borrower or the sufficiency, validity or correctness of the agreed upon procedures in respect of such engagement. The Collateral Agent and the Collateral Administrator may require the delivery of additional written direction to the execution of any such agreement required for the delivery of any report or statement of such Independent Accountants to the Collateral Agent and the Collateral Administrator under this Agreement. The Collateral Agent and the Collateral Administrator are hereby authorized, without liability on their part, to execute and deliver any such agreement with such Independent Accountants, which agreement, to the extent so directed by the Borrower (or the Collateral Manager on behalf of the Borrower), may include, amongst other things, (i) an acknowledgement that the Borrower has agreed that the procedures by such Independent Accountants are sufficient for the relevant purposes, (ii) releases by the Collateral Agent and the Collateral Administrator of any claims, liabilities and expenses arising out of or relating to such Independent Accountant's engagement, agreed-upon procedures or any report or statement issued by such Independent Accountants under any such engagement and acknowledgement of other limitations of liability in favor of such Independent Accountants and (iii) restrictions or prohibitions on the disclosure of any such reports, statements or other information or documents provided to it by such Independent Accountants.

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**ARTICLE IX<br>APPLICATION OF FUNDS**

Section 9.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Disbursements of Funds from Collection Account</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Agreement, but subject to the other subsections of this <u>Section 9.01</u>, the Collateral Agent, based solely upon the Payment Date Report, shall disburse amounts from the Collection Account pursuant to <u>Section 8.02</u> in accordance with the following priorities (the "<u>Priority of Payments</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;On each Payment Date, so long as no Event of Default has occurred and is continuing or would result therefrom, Interest Proceeds on deposit in the Interest Collection Account, to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business Day, the next succeeding Business Day) will be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to pay Taxes, governmental, registration, registered office and filing fees, if any, of the Borrower; <u>provided</u> that, the aggregate amount of Taxes and governmental expenses payable on any Payment Date pursuant to this clause (A) shall not exceed $5,000 *per annum*, and (ii) *second*, to each applicable Person, to pay Administrative Expenses in accordance with the priorities specified in the definition thereof; <u>provided</u> that the amount in this <u>clause (A)</u> (excluding Taxes and governmental expenses) shall not exceed the Administrative Expense Cap for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;to the Collateral Manager to pay the Collateral Management Fee, plus any Collateral Management Fee that remains due and unpaid in respect of any prior Payment Dates as a result of insufficient funds, except, in each case, to the extent that the Collateral Manager elects to waive or defer such current or previously due Collateral Management Fee pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;(1) *first,* to the Administrative Agent, to pay any fees, expenses, indemnities and other amounts payable to the Administrative Agent pursuant to the Administrative Agent Fee Letter and any other Facility Documents and (2) *second, pro rata* to each Lender (based on such Lender's Percentage), to pay accrued and unpaid Interest on the Advances, Commitment Fees and Prepayment Fees, if any, and other fees, expenses, indemnities and amounts due to each such Lender under the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;*pro rata* to each Lender (based on such Lender's Percentage) to pay principal of the Advances in an aggregate amount required to cure any Borrowing Base Deficiency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;to make any Tax Distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;for deposit into the Unfunded Reserve Account until the amount on deposit therein equals the Unfunded Reserve Required Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;(1) *first,* to any applicable Persons, to the payment or application of amounts referred to in clause (A) above (in the same order of priority specified therein), to the extent not paid in full pursuant to applications under such clause; and (2) *second,* to any applicable Persons, to pay all other Obligations then due and owing (other than Advances Outstanding); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;&nbsp;(1) if a Default has occurred and is continuing, or would result therefrom, to remain in the Collection Account or (2) otherwise, to be allocated at the discretion of the Collateral Manager (as set forth in the Monthly Report) to any one or more of the following payments: (1) to prepay the Advances, (2) during the Reinvestment Period, to the Collection Account as Principal Proceeds for the purchase of additional Collateral Loans and the funding of Delayed Drawdown Collateral Loans and Revolving Collateral Loans, or (3) to the Borrower or its designee, which amounts may be distributed to the Equityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;On each Payment Date, so long as no Event of Default has occurred and is continuing or would result therefrom, Principal Proceeds on deposit in the Principal Collection Account to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business Day, the next succeeding Business Day) will be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;to the payment of unpaid amounts under clauses (A) through (D) in clause (i) above (in the same order of priority specified therein), to the extent not paid in full thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;during the Amortization Period, to pay principal of the Advances of each Lender (pro rata, based on each Lender's Percentage) until the Advances are paid in full; <u>provided</u> that if the amount on deposit in the Unfunded Reserve Account equals or exceeds the amount of outstanding Advances, the Borrower (or the Collateral Manager on its behalf) may elect to withdraw such amounts from the Unfunded Reserve Account and repay the Advances pursuant to this clause (B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;to the payment of unpaid amounts under clause (I) in clause (i) above (in the same order of priority specified therein), to the extent not paid in full thereunder; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;(1) if a Default has occurred and is continuing, or would result therefrom (or an Event of Default would result therefrom), to remain in the Collection Account or (2) otherwise at the discretion of the Collateral Manager, all remaining amounts shall be allocated to any one or more of the following payments: (1) during the Reinvestment Period, to the Collection Account for the purchase of additional Collateral Loans and the funding of Delayed Drawdown Collateral Loans and Revolving Collateral Loans, (2) for deposit into the Unfunded Reserve Account until the amount on deposit therein equals the Unfunded Reserve Required Amount or (3) during the Amortization Period, to the Borrower or its designee, which amounts may be distributed to the Equityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;On each Payment Date after the occurrence and during the continuance of an Event of Default, or if an Event of Default would result from the application of Collections pursuant to the preceding clause (i) or (ii), all Collections on deposit in the Collection Account, to the extent received on or before the related Determination Date (or, if such Determination Date is not a Business Day, the next succeeding Business Day) will be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;(1) *first*, to pay Taxes, governmental, registration, registered office and filing fees, if any, of the Borrower; <u>provided</u> that, the aggregate amount of Taxes and governmental expenses payable on any Payment Date pursuant to this clause (1) shall not exceed $5,000, (2) *second*, to pay all out-of-pocket costs and expenses of the Collateral Agent, the Collateral Administrator, the Securities Intermediary and the Document Custodian incurred in connection with any sale of Collateral or exercise of other remedial rights pursuant to <u>Section 7.03</u>, and (3) *third,* to each applicable Person, to pay Administrative Expenses in accordance with the priorities specified in the definition thereof; <u>provided</u> that the amount in this clause (A)(3), other than with respect to the Bank Parties in any of their respective capacities under the Facility Documents, shall not exceed the Administrative Expense Cap for such Payment Date; <u>provided</u>, <u>further</u>, that upon any commencement of the exercise of remedies described in <u>Section 6.02</u>, the Administrative Expenses paid pursuant to this subclause (A) to the Bank Parties shall be paid without regard to the Administrative Expense Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;(1) *first,* to the Administrative Agent, to pay any fees, expenses, indemnities and other amounts payable to the Administrative Agent pursuant to the Administrative Agent Fee Letter and any other Facility Documents and (2) *second, pro rata* to each Lender (based on such Lender's Percentage), to pay accrued and unpaid Interest on the Advances, Commitment Fees and Prepayment Fees, if any, and other fees, expenses, indemnities and amounts due to each such Lender under the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;*pro rata* to each Lender (based on such Lender's Percentage) to pay principal of the Advances Outstanding until the Advances are paid in full;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;for deposit into the Unfunded Reserve Account until the amount on deposit therein equals the Unfunded Reserve Required Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;to the payment or application of amounts referred to in clause (A) above (in the same order of priority specified therein), to the extent not paid in full pursuant to applications under such clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;(1) *first*, to the Collateral Manager to pay the Collateral Management Fee, plus any Collateral Management Fee that remains due and unpaid in respect of any prior Payment Dates as a result of insufficient funds, except, in each case, to the extent that the Collateral Manager elects to waive or defer such current or previously due Collateral Management Fee pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;(1) *first,* to the applicable Person, to the payment or application of amounts referred to in clause (A) above (in the same order of priority specified therein), to the extent not paid in full pursuant to applications under such clause; and (2) *second,* to the applicable Person, to pay all other Obligations then due and owing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;to the Borrower or its designee, which amounts may be distributed to the Equityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If on any Payment Date the amount available in the Collection Account is insufficient to make the full amount of the disbursements required by the Monthly Report, the Collateral Agent shall make the disbursements called for in the order and according to the priority set forth under <u>Section 9.01(a)</u> to the extent funds are available therefor.

**ARTICLE X<br>SALE OF COLLATERAL LOANS;<br>PURCHASE OF ADDITIONAL COLLATERAL LOANS**

Section 10.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales of Collateral Loans</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales of Collateral Loans</u>. Subject to the satisfaction (or waiver, by the Administrative Agent) of the conditions specified in <u>Section 10.04</u>, the Borrower may, but will not be required to, sell any Collateral Loan if such sale meets each of the requirements set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;no Default or Event of Default is continuing or would result upon giving effect thereto, to all other sales or purchases previously or substantially concurrently committed to and to all substantially concurrent substitutions, unless either (x) such Default or Event of Default will be cured upon giving effect to such transactions and the application of the proceeds thereof or (y) otherwise consented to by the Administrative Agent in its reasonable discretion (such consent not to be unreasonably withheld,

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conditioned or delayed); <u>provided</u> that, notwithstanding the foregoing, this <u>clause (i)</u> shall not prohibit (x) any sale of a Collateral Loan the trade date of which was prior to the occurrence of a Default or Event of Default, and the settlement date of which is scheduled to occur on a date following such Default or Event of Default or (y) any sale of a Collateral Loan at a price at least equal to par;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if the Coverage Deficiency Test is not satisfied before the making of such sale, the level of compliance with the Coverage Deficiency Test shall be maintained or improved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;upon giving effect thereto, to all other sales or purchases previously or substantially concurrently committed to and to all substantially concurrent substitutions and to the application of the proceeds thereof, each of the Collateral Quality Tests and the Concentration Limitations is satisfied or, if it is not satisfied, it is maintained or improved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;such sale is made for Cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;no adverse selection procedures were intentionally employed by the Borrower or the Collateral Manager in selecting such Collateral Loan for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales of Equity Securities</u>. The Borrower may sell any Equity Security at any time without restriction, and shall use its commercially reasonable efforts to effect the sale of any Equity Security, regardless of price, within forty-five (45) days of receipt if such Equity Security constitutes Margin Stock, unless such sale is prohibited by Applicable Law or contract, in which case such Equity Security should be sold as soon as such sale is permitted by Applicable Law or contract. The Borrower may also sell any Ineligible Collateral Loan or any portion of any Collateral Loan that is allocated to the Excess Concentration Amount at any time if (x) no Default or Event of Default has occurred and is continuing, (y) the Advances Outstanding shall be less than or equal to the Borrowing Base immediately following the settlement of such sale and (z) for a price not less than fair market value (but otherwise without restriction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Restrictions</u>. No sale of a Collateral Loan to an Affiliate of the Borrower, the Collateral Manager or the Equityholder shall be for a price less than the lesser of (i) the original percentage of par paid by the Borrower or (ii) the current fair market value of such Collateral Loan as determined by an Approved Valuation Firm, in either case without the prior written consent of the Administrative Agent; <u>provided</u> that the Advances Outstanding shall be less than or equal to the Borrowing Base immediately following the settlement of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Proceeds of Sales</u>. The Collateral Manager on behalf of the Borrower shall deposit the proceeds of any sale effected pursuant to this <u>Section 10.01</u> into the Collection Account for disbursement in accordance with <u>Section 9.01</u> or reinvestment in additional Collateral Loans in accordance with <u>Section 10.02</u>.

Section 10.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase of Additional Collateral Loans</u>

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During the Reinvestment Period, the Collateral Manager on behalf of the Borrower may, if the conditions specified in this <u>Section 10.02</u> and <u>Section 10.05</u> are met (or waived by the Administrative Agent), invest Principal Proceeds (and accrued interest received with respect to any Collateral Loan to the extent used to pay for accrued interest on additional Collateral Loans) in additional Collateral Loans; <u>provided</u> that no Collateral Loan may be purchased unless each of the following conditions is satisfied as of the date such Collateral Loan is added to the Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;such obligation is an Eligible Collateral Loan and, if it is a Consent Loan, the Borrower and the Collateral Manager shall have received written notice from the Administrative Agent evidencing the approval of the Administrative Agent in its sole discretion, in accordance with clause (A) of the definition of "Eligible Collateral Loan";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;upon giving effect thereto, to all other sales or purchases previously or substantially concurrently committed to and to all substantially concurrent substitutions and to the application of the proceeds thereof, no Borrowing Base Deficiency shall exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Coverage Deficiency Test shall be satisfied (or, if it is not satisfied after giving effect to such purchase, the level of compliance with the Coverage Deficiency Test shall be maintained or improved);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;upon giving effect thereto, to all other sales or purchases previously or substantially concurrently committed to and to all substantially concurrent substitutions and to the application of the proceeds thereof, each Collateral Quality Test and Concentration Limitation is satisfied or, if it is not satisfied, maintained or improved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;no Default or Event of Default is continuing or would result upon giving effect thereto (unless such Default or Event of Default that is continuing would be cured following the application of such purchase and the Administrative Agent has consented to such purchase in its reasonable discretion (such consent not to be unreasonably withheld, conditioned or delayed)), to all other sales or purchases previously or substantially concurrently committed to and to all substantially concurrent substitutions; <u>provided</u> that, notwithstanding the foregoing, this clause (v) shall not prohibit any purchase of a Collateral Loan the trade date of which was prior to the occurrence of a Default or Event of Default, and the settlement date of which is scheduled to occur on a date following such Default or Event of Default.

The Borrower shall deliver to the Administrative Agent (with a copy to the Collateral Agent) on the date of such purchase a certificate of a Responsible Officer certifying that the foregoing conditions are satisfied.

Section 10.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Substitution and Transfer of Loans</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Substitutions</u>. The Borrower may replace any Collateral Loan with another Collateral Loan (a "<u>Substitute Loan</u>"), subject to the satisfaction (or waiver, by the Administrative Agent) of the conditions set forth in clause (b) below and in <u>Section 10.05</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Substitution</u>. No substitution of a Collateral Loan with a Substitute Loan shall occur unless each of the following conditions is satisfied (or waived by the Administrative Agent) as of the date of such substitution, after giving effect to such substitution, all other substitutions occurring substantially concurrently and all sales or purchases previously or substantially concurrently committed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;such Substitute Loan is an Eligible Collateral Loan and, if it is a Consent Loan, the Borrower and the Collateral Manager shall have received written notice from the Administrative Agent evidencing the approval of the Administrative Agent in its sole discretion, in accordance with clause (A) of the definition of "Eligible Collateral Loan";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(x) each Collateral Quality Test is satisfied or, if it is not satisfied, maintained or improved and (y) the Advances Outstanding are less than or equal to the Borrowing Base at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the sum of the Asset Values of such Substitute Loans shall be equal to or greater than the sum of the Asset Values of the Collateral Loans being substituted for;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;no Default or Event of Default has occurred and is continuing (unless such Default or Event of Default that is continuing would be cured following the application of the proceeds of such substitution and the Administrative Agent has consented to such substitution in its reasonable discretion (such consent not to be unreasonably withheld, conditioned or delayed)) (before or after giving effect to such substitution, all other substitutions occurring substantially concurrently and all sales or purchases previously or substantially concurrently committed to);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower (or the Collateral Manager acting on its behalf) shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any such substitution and shall deliver to the Document Custodian the Related Documents for any Substitute Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;upon confirmation of the delivery of a Substitute Loan for each applicable Collateral Loan being substituted for (the date of such confirmation or delivery, the "<u>Retransfer Date</u>"), each applicable Collateral Loan being substituted for shall be removed from the Collateral and the applicable Substitute Loan(s) shall be included in the Collateral. On the Retransfer Date of a Collateral Loan, the Collateral Agent, for the benefit of the Secured Parties, shall automatically and without further action be deemed to release and transfer to the Borrower, without recourse, representation or warranty, all the right, title and interest of the Collateral Agent, for the benefit of the Secured Parties in, to and under such Collateral Loan being substituted for. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Borrower, execute such documents and instruments of transfer as may be prepared by the Collateral Manager, on behalf of the Borrower, and take such other actions as shall reasonably be requested by the Borrower to effect the release and transfer of such Collateral Loan pursuant to this <u>Section 10.03</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;each of the representations and warranties of the Borrower, the Collateral Manager and the Equityholder contained in the Facility Documents shall be true and correct in all material respects (or if qualified by material or Material Adverse Effect or similar, in all respects) as of such date of substitution (except to the extent such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects (or if qualified by material or Material Adverse Effect or similar, in all respects) as of such earlier date as if made on such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any Substitute Loan that is a Consent Loan, the Borrower and the Collateral Manager shall have received written notice from the Administrative Agent (with a copy to the Collateral Agent and the Collateral Administrator), evidencing the approval of the Administrative Agent in its sole discretion, in accordance with clause (A) of the definition of "Eligible Collateral Loan", of the relevant Consent Loans to be added to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;after the substitution, the amount on deposit therein is at least equal to the Unfunded Reserve Required Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall deliver to the Administrative Agent (with a copy to the Collateral Agent) on the date of such substitution a certificate of a Responsible Officer certifying that each of the foregoing is true and correct in all material respects as of such date.

Section 10.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Sales and Substitutions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Principal Balance of all Equityholder Collateral Loans (other than Warranty Collateral Loans) sold pursuant to <u>Section 10.01(a)</u> or substituted pursuant to <u>Section 10.03</u> to the Equityholder or an Affiliate thereof shall not exceed 20% of the Equityholder Purchased Loan Balance measured as of the date of such sale or dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Principal Balance of all Equityholder Collateral Loans (other than Warranty Collateral Loans) that are Defaulted Loans sold pursuant to <u>Section 10.01(a)</u> or substituted pursuant to <u>Section 10.03</u> to the Equityholder or an Affiliate thereof shall not exceed 10% of the Equityholder Purchased Loan Balance measured as of the date of such sale or dividend.

Section 10.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Applicable to All Sale and Purchase Transactions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any transaction effected under this <u>Article X</u> or in connection with the acquisition of additional Collateral Loans if effected with the Equityholder or a Person that is an Affiliate of the Equityholder (or with an account or portfolio for which the Equityholder or any of its Affiliates serves as investment adviser), shall be (i) for fair market value, (ii) on terms no less favorable to the Borrower than would be the case if such Person were not an Affiliate or as otherwise expressly permitted in this Agreement, (iii) effected in accordance with all Applicable

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Laws, and (iv) no adverse selection procedures shall be employed by the Borrower (or the Collateral Manager on behalf of the Borrower) in selecting the Collateral Loans for acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon each acquisition by the Borrower of a Collateral Loan (i) all of the Borrower's right, title and interest to such Collateral Loan shall be subject to the Lien granted to the Collateral Agent pursuant to this Agreement and (ii) such Collateral Loan shall be Delivered to the Document Custodian on behalf of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <u>Article X</u>, the term "substantially concurrent" or similar phrase shall mean, with respect to any sale, purchase or substitution (each, a "reference transaction"), any other sale, purchase or substitution occurring within one (1) Business Day of such reference transaction (or such longer period as the Administrative Agent shall reasonably agree).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any Proper Instructions provided to the Collateral Agent in respect of any acquisition, sale or substitution shall be deemed to be a certification by the Borrower that the conditions to such acquisition, sale or substitution are satisfied.

Section 10.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Equity Contributions</u>

The Equityholder may, but shall have no obligation to, at any time or from time to time make a capital contribution to the Borrower for any purpose, including for the purpose of curing any Default or Event of Default, satisfying the Coverage Tests, enabling the acquisition or sale of any Collateral Loan or satisfying any conditions under <u>Section 3.02.</u> Each contribution shall either be made (a) in Cash, (b) by assignment and contribution of an Eligible Investment and/or (c) by assignment and contribution of an Eligible Collateral Loan. All Cash contributed or loaned to the Borrower shall be treated as Principal Proceeds, except to the extent that the Equityholder specifies that such Cash shall constitute Interest Proceeds, and shall be deposited into a Collection Account in accordance with <u>Section 8.02</u> as designated by the Equityholder.

Section 10.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Warranty Collateral Loans</u>

The Borrower may transfer any Warranty Collateral Loan to the Equityholder, or to any third party at the Equityholder's direction, to consummate the sale or substitution of such Warranty Collateral Loan pursuant to, and in accordance with the terms of, Article VI of each Sale Agreement.

**ARTICLE XI<br>THE AGENTS**

Section 11.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization and Action</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender (and, in the case of the Collateral Agent, the Administrative Agent) hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this

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Agreement and, to the extent applicable, the other Facility Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral Agent, the Administrative Agent); <u>provided</u> that such Agent shall not be required to take any action which exposes such Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that the Administrative Agent's consent may not be unreasonably withheld, provide for the exercise of the Administrative Agent's reasonable discretion, or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to the Administrative Agent withhold its consent or exercise its discretion in an unreasonable manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Collateral Agent has been requested or directed by the Administrative Agent or the Required Lenders (or other Persons authorized or permitted under the terms hereof to make such request or give such direction) to take any action pursuant to any provision of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it in compliance with or in performing such request or direction. No provision of this Agreement or any other Facility Document shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any duty or obligation to take any action to exercise or enforce any power, right or remedy available to it under this Agreement or any other Facility Document or any Related Document unless and until directed by the Required Lenders (or the Administrative Agent on their behalf). The Collateral Agent shall have no liability to the Borrower, the Collateral Manager, the Equityholder or any of the other Secured Parties in connection with any sales conducted in accordance with directions provided by the Borrower or the Administrative Agent pursuant to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Collateral Agent nor any officer, agent or representative thereof shall be personally liable for any action taken by any such Person in accordance with any notice given by the Administrative Agent or the Required Lenders pursuant to the terms of this Agreement or any other Facility Document even if, at the time such action is taken by any such Person, the Administrative Agent or the Required Lenders or Persons purporting to be the Administrative Agent or the Required Lenders are not entitled to give such notice, unless a Responsible Officer of the Collateral Agent shall have actual knowledge of the same or unless the Collateral Agent acts with gross negligence, fraud or willful misconduct. If any dispute or disagreement shall arise as to the allocation of any sum of money received by the Collateral Agent hereunder or under any Facility Document, the Collateral Agent shall have the right to deliver such sum to a court of competent jurisdiction and therein commence an action for interpleader.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action, it may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within five (5) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such five (5) Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Instructions to Collateral Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions) from the Borrower (or the Collateral Manager on the Borrower's behalf) the Required Lenders or the Administrative Agent, as applicable, as it reasonably deems necessary. In the absence of gross negligence, fraud or willful misconduct by the Collateral Agent, the Collateral Agent shall have no liability for any action (or forbearance from action) taken pursuant to the terms of this Agreement or any other Facility Document or pursuant to any Proper Instruction of the Borrower, the Collateral Manager, the Required Lenders or the Administrative Agent, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Collateral Agent is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance with any applicable term of this Agreement; and whenever any report or other information is required to be produced or distributed by the Collateral Agent it shall be in form, content and medium reasonably acceptable to it and the Borrower, and otherwise in accordance with any applicable term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In case any reasonable question arises as to its duties hereunder, the Collateral Agent may, so long as no Event of Default has occurred and is continuing, request written instructions from the Collateral Manager and may, after the occurrence

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and during the continuance of an Event of Default, request written instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received written instructions from the Collateral Manager or the Administrative Agent, as applicable. The Collateral Agent shall, in the absence of gross negligence, fraud or willful misconduct by the Collateral Agent, have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>General Standards of Care for the Collateral Agent</u>. Notwithstanding any terms herein contained to the contrary, the acceptance by the Collateral Agent of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by a Responsible Officer of the Collateral Agent or unless (and then only to the extent) received in writing by the Collateral Agent and specifically referencing this Agreement. The Collateral Agent shall not be charged with knowledge of any notices, documents, instruments or reports delivered or prepared by the Collateral Administrator. The Collateral Agent is not responsible for or chargeable with knowledge of any terms or conditions contained in any other agreement to which it is not a party referred to herein. It is hereby acknowledged that the Collateral Agent shall have no responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted by any Person under any Facility Document or Related Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement shall require the Collateral Agent to expend or risk its own funds, or to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Collateral Agent to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Borrower or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The permissive right of the Collateral Agent to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent may act or exercise its duties or powers hereunder through agents or attorneys-in-fact, and the Collateral Agent shall not be liable or responsible for the negligence, misconduct, actions or omissions of any such agent or attorney-in-fact selected by it with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall have no obligation to determine the Interest Rate or whether an asset is an Eligible Collateral Loan or otherwise satisfied any eligibility requirements hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent, Collateral Administrator, Document Custodian and Securities Intermediary shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of any Benchmark (or any other applicable index, floating rate, Interest Rate, Benchmark or Benchmark Replacement) or any Base Rate, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of any Benchmark Transition Event or Benchmark Replacement Date (ii) to select, determine or designate any Benchmark Replacement or other alternate Benchmark or Interest Rate, or other successor or replacement rate, or whether any conditions to the designation of such a rate have been satisfied, or (iii) to select, determine or designate any adjustment or modifier to any Benchmark Replacement or other replacement or successor rate or index, or (iv) to determine whether or what Conforming Changes are necessary or advisable, and in connection with each floating rate Collateral Loan, none of the Collateral Agent, the Collateral Administrator, the Document Custodian or the Securities Intermediary shall have any responsibility or liability in each instance for (i) monitoring the status of any Benchmark or other applicable Benchmark, (ii) determining whether a substitute index should or could be selected, (iii) determining the selection of any such substitute index or (iv) exercising any right related to the foregoing on behalf of each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent, Collateral Administrator, Document Custodian and Securities Intermediary shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement or any other Facility Document as a result of the unavailability of Term SOFR or other Interest Rate or Benchmark (or other applicable Benchmark Replacement or alternate benchmark or interest rate) and absence of a designated Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Administrative Agent, the Borrower, the Lenders or the Collateral Manager, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement or other Facility Document and reasonably required for the performance of such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Collateral Agent be deemed to have knowledge of a Default or an Event of Default unless a Responsible Officer thereof has received written notice of such Default or Event of Default. The Collateral Agent may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall have no responsibility or liability for any loss which may result from any investment or sale of investment made pursuant to this Agreement. The Collateral Agent is hereby authorized, in making or disposing of any investment permitted by this Agreement, to deal with itself (in its individual capacity) or with any one or more of its affiliates, whether it or any such affiliate is acting as agent of the Collateral Agent or for any third person or dealing as principal for its own account.

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The Collateral Agent shall not be deemed to be providing any investment supervision, recommendations or advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Each of the rights, protections, benefits, reliances, indemnities and immunities offered to the Document Custodian in <u>Article XIII</u> and to the Collateral Administrator in <u>Article XV</u> shall be afforded to the Collateral Agent.

Section 11.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation of Duties</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Agent may execute any of its duties under this Agreement and each other Facility Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of <u>Section 11.02(a)</u>, the Administrative Agent may at any time or from time to time designate one or more of its Affiliates to execute any of its duties under this Agreement and each other Facility Document.

Section 11.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Agents' Reliance, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Neither Agent nor any of their respective directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any of the other Facility Documents, except for its or their own gross negligence, fraud or willful misconduct. Without limiting the generality of the foregoing, each Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Collateral Manager or any of their Affiliates) and independent public accountants and other experts selected by it and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by such Agent in good faith in accordance with such opinion and shall not be liable for any action taken, suffered or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation to any Secured Party or any other Person and shall not be responsible to any Secured Party or any Person for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement or the other Facility Documents; (iii) shall not have any duty to monitor, ascertain, or investigate as to the performance or observance of any of the terms, covenants or conditions of this Agreement, the other Facility Documents, any Related Document or any notice, consent, certificate, instruction or waiver, report, statement, opinion, direction or other instrument or writing on the part of the Borrower, the Collateral Manager or any other Person or to inspect the property (including the books and records) of the Borrower or the Collateral Manager; (iv) shall not be responsible to any Secured Party or any other Person for the due execution, legality, validity, enforceability, perfection, genuineness, sufficiency or value of any Collateral (or the validity, perfection, priority or enforceability of the Liens on the Collateral), this Agreement, the other Facility Documents, any Related Document or any other instrument or document furnished pursuant hereto or thereto; (v) shall incur no liability under or in respect of this Agreement or any other Facility Document by relying on, acting upon (or by refraining from action in reliance on) any notice, consent, certificate (including, for the avoidance of doubt, the

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Borrowing Base Calculation Statement), instruction or waiver, report, statement, opinion, direction, electronic communication or other instrument or writing (which may be delivered by telecopier, email, cable or telex, if acceptable to it) reasonably believed by it to be genuine and believed by it to be signed or sent by the proper party or parties; (vi) shall not be responsible to any Person for any recitals, statements, information, representations or warranties regarding the Borrower or the Collateral or in any document, certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of thereof or any such other document or the financial condition of any Person or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions related to any Person or the existence or possible existence of any Default or Event of Default; and (vii) shall not have any obligation whatsoever to any Person to assure that any collateral exists or is owned by any Person or is cared for, protected or insured or that any liens have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available with respect thereto. No Agent shall have any liability to the Borrower, any Lender or any other Person for the Borrower's, the Collateral Manager's, any Lender's, or any other Person's, as the case may be, performance of, or failure to perform, any of their respective obligations and duties under this Agreement or any other Facility Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No Agent shall be liable for the actions or omissions of any other Agent (including concerning the application of funds), or under any duty to monitor or investigate compliance on the part of any other Agent with the terms or requirements of this Agreement, any Facility Document or any Related Document, or their duties hereunder or thereunder. Each Agent shall be entitled to assume the due authority of any signatory and genuineness of any signature appearing on any instrument or document it may receive (including each Notice of Borrowing received hereunder). No Agent shall be liable for any action taken in good faith and reasonably believed by it to be within the powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action (including for refusing to exercise discretion or for withholding its consent in the absence of its receipt of, or resulting from a failure, delay or refusal on the part of the Required Lenders (or with respect to the Collateral Agent, the Administrative Agent) to provide, written instruction to exercise such discretion or grant such consent from the Required Lenders (or with respect to the Collateral Agent, the Administrative Agent), as applicable). No Agent shall be liable for any error of judgment made in good faith unless it is proven by a non-appealable court of competent jurisdiction that such Agent was grossly negligent in ascertaining the relevant facts or engaged in fraud or willful misconduct. Nothing herein or in any Facility Document or Related Document shall obligate any Agent to advance, expend or risk its own funds, or to take any action which in its reasonable judgment may cause it to incur any expense or financial or other liability for which it is not adequately indemnified. No Agent shall be liable for any indirect, special, punitive or consequential damages (including lost profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of the form of action. No Agent shall be charged with knowledge or notice of any matter (including any Default, Event of Default or Collateral

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Manager Default) unless actually known to a Responsible Officer of such Agent, or unless and to the extent written notice of such matter is received by such Agent at its address in accordance with <u>Section 12.02</u>. Any permissive grant of power to an Agent hereunder shall not be construed to be a duty to act. Neither Agent shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, entitlement order, approval or other paper, electronic communication or document. Neither Agent shall be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith, except in the case of its willful misconduct or grossly negligent performance or omission of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;No Agent shall be responsible or liable for delays or failures in performance resulting from acts beyond its control; <u>provided</u> that such Agent takes commercially reasonable efforts to resume performance after the cessation of such acts. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The delivery of reports and other documents and information to the Collateral Agent hereunder or under any other Facility Document is for informational purposes only and the Collateral Agent's receipt of such documents and information shall not constitute constructive knowledge or notice of any information contained therein or determinable from information contained therein. The Collateral Agent is hereby authorized and directed to execute and deliver the other Facility Documents to which it is a party. Whether or not expressly stated in such Facility Documents, in performing (or refraining from acting) thereunder, the Collateral Agent shall have all of the rights, benefits, protections and indemnities which are afforded to it in this Agreement. In the event the entity acting as Collateral Agent or any Affiliate thereof is also acting in the capacity of Document Custodian, Collateral Administrator or Securities Intermediary, the rights, protections, benefits, immunities and indemnities afforded to the Collateral Agent pursuant to this Agreement shall also be afforded to the Document Custodian, the Collateral Administrator and the Securities Intermediary acting in such capacities; provided that, such rights, protections, benefits, immunities and indemnities shall be in addition to (but without duplication of) any rights, protections, benefits, immunities and indemnities provided in the Account Control Agreement or any other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender acknowledges that, except as expressly set forth in this Agreement, neither Agent has made any representation or warranty to it, and that no act by either Agent hereafter taken, including any consent and acceptance of any assignment or review of the affairs of the Borrower, shall be deemed to constitute any representation or warranty by such Agent to any Secured Party as to any matter. Each Lender represents to each Agent that it has, independently and without reliance upon such Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the Collateral Manager, and made its own decision to enter into this Agreement and the other Facility Documents to which it is a party. Each Lender also represents

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that it will, independently and without reliance upon either Agent or any other Secured Party and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the Facility Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower and the Collateral Manager. Neither Agent shall have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of the Borrower or Collateral Manager which may come into the possession of such Agent.

Section 11.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>

Each of the Lenders agrees to indemnify and hold the Administrative Agent harmless (to the extent not reimbursed by or on behalf of the Borrower pursuant to <u>Section 12.04</u> or otherwise) from and against any and all Liabilities which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any other Facility Document or any Related Document or any action taken or omitted by the Administrative Agent under this Agreement or any other Facility Document or any Related Document; <u>provided</u> that no Lender shall be liable to the Administrative Agent for any portion of such Liabilities resulting from the Administrative Agent's gross negligence or willful misconduct. The rights of the Administrative Agent and obligations of the Lenders under or pursuant to this <u>Section 11.04</u> shall survive the termination of this Agreement, and the earlier removal or resignation of the Administrative Agent hereunder.

Section 11.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Successor Agents</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of this <u>Section 11.05</u>, each Agent may, upon thirty (30) days' notice to the Lenders and the Borrower, resign as Administrative Agent or the Collateral Agent, as applicable. If an Agent shall resign, then the Required Lenders (with the consent of the Collateral Manager so long as no Event of Default has occurred and is continuing) shall appoint a successor agent. If for any reason a successor agent is not so appointed and does not accept such appointment within thirty (30) days of notice of resignation, such Agent may appoint, or petition a court of competent jurisdiction to appoint, a successor agent; provided that no such successor agent may be a Defaulting Lender without the prior written consent of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any successor Administrative Agent and any successor Collateral Agent shall be a U.S. Person (within the meaning of Section 7701(a)(30) of the Code) and shall be a bank with an office in the United States of America or an Affiliate of such bank and a "financial institution" within the meaning of Treasury Regulations Section 1.1441-1 (as in effect on the date hereof). The appointment of any successor Agent shall be subject to the prior written consent of the Borrower (which consent shall not be unreasonably withheld or delayed); <u>provided</u> that the consent of the Borrower to any such appointment shall not be required if an Event of Default shall have occurred and is continuing. Any resignation or removal of an Agent shall be effective upon the appointment of a successor agent pursuant to this <u>Section 11.05</u>. After the effectiveness of any retiring or removed Agent's resignation or removal hereunder as Agent,

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the retiring or removed Agent shall be discharged from its duties and obligations hereunder and under the other Facility Documents and the provisions of this <u>Article XI</u> shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was Agent under this Agreement and under the other Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms of this <u>Section 11.05(c)</u> the Administrative Agent may, upon thirty (30) days' notice to the Collateral Manager, the Equityholder, the Collateral Agent, the Lenders and the Borrower, remove and discharge the Collateral Agent from the performance of its obligations under this Agreement and under the other Facility Documents without cause at any time. If the Collateral Agent shall be removed pursuant to this <u>Section 11.05(c)</u>, then the Administrative Agent during such thirty (30) day period shall appoint a successor Collateral Agent. The appointment of any successor Collateral Agent pursuant to this <u>Section 11.05(c)</u> shall be subject to the prior written consent of the Borrower <u>(provided</u> that no Event of Default has occurred and is continuing) and the Required Lenders. If the Collateral Agent is removed pursuant to this <u>Section 11.05(c)</u>, the entity serving as Collateral Agent and each of its Affiliates shall be removed in all other capacities in which they serve under this Agreement and under any of the other Facility Documents (including U.S. Bank National Association in its capacity as Document Custodian), but not in its capacities as Administrative Agent or Lender, if applicable. Any removal of the Collateral Agent pursuant to this <u>Section 11.05(c)</u> shall be effective upon the appointment of a successor Collateral Agent pursuant to this <u>Section 11.05(c)</u> and the acceptance of such appointment by such successor. After the effectiveness of any removal of the Collateral Agent pursuant to this <u>Section 11.05(c)</u>, the Collateral Agent shall be discharged from its duties and obligations hereunder and under the other Facility Documents (but not in its capacities as Administrative Agent or Lender, if applicable) and the provisions of this <u>Article XI</u> and <u>Section 11.05(c)</u> shall continue in effect for its benefit with respect to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement and under the other Facility Documents. In the event a successor Collateral Agent shall not be appointed within such thirty (30) day period, the Collateral Agent may petition a court of competent jurisdiction at the Borrower's expense for the appointment of a successor Collateral Agent.

Section 11.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger, Conversion, Consolidation or Succession to Business of Agents</u> 

Any organization or entity into which any Agent may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which such Agent shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of such Agent, shall be the successor of such Agent hereunder and any other Facility Document to which it is a party, without the execution or filing of any document or any further act on the part of any of the parties hereto.

Section 11.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Erroneous Payments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Administrative Agent or the Collateral Agent notifies a Lender, Secured Party or other recipient that the Administrative Agent or the Collateral Agent, as

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applicable, has reasonably determined in its sole discretion that any funds received by such recipient from the Administrative Agent, the Collateral Agent or any of their respective Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such recipient (whether or not known to such recipient) (any such funds whether as a payment, prepayment or repayment of principal, interest, fees or other amounts; a distribution or otherwise, excluding (1) any payments paid out pursuant to <u>Article IX</u> that are consistent with the applicable Monthly Report and (2) any Advances received by the Borrower that are consistent with the applicable Notice of Borrowing; individually and collectively, an "<u>Erroneous Payment</u>" and any such recipient, an "<u>Unintended Recipient</u>") and demands the return of such Erroneous Payment (or a portion thereof), such Unintended Recipient shall promptly, but in no event later than three Business Days thereafter, return to the Administrative Agent or the Collateral Agent, as applicable, the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable law, each party hereto and each Secured Party shall not assert any right or claim to the Erroneous Payment, and hereby waives, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent or the Collateral Agent, as applicable, for the return of any Erroneous Payments received, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;A notice of the Administrative Agent or the Collateral Agent, as applicable, to any Unintended Recipient under this clause (a) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If an Unintended Recipient receives an Erroneous Payment from the Administrative Agent or the Collateral Agent (or any of their respective Affiliates):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;that is in a different amount than, or on a different date from, that specified in a notice of payment or calculation statement sent by the Administrative Agent or the Collateral Agent (or any of their respective Affiliates) with respect to such Erroneous Payment (a "<u>Payment Notice</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;that was not preceded or accompanied by a Payment Notice, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;that such Unintended Recipient otherwise becomes aware was transmitted, or received, in error or mistake (in whole or in part) or such Erroneous Payment is otherwise inconsistent with such recipient's or market expectations,

in each case, an error shall be presumed to have been made with respect to such Erroneous Payment absent written confirmation from the Administrative Agent or the Collateral Agent, as applicable, to the contrary. Upon demand from the Administrative Agent or the Collateral Agent, as applicable, such Unintended Recipient shall promptly, but in no event later than three Business Days thereafter, return to the Administrative Agent or the Collateral Agent, as applicable, the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and each other party hereto hereby agrees that the receipt by Unintended Recipient of an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed to such Unintended Recipient by the Borrower or any other party hereto to the extent such Erroneous Payment was not made from funds provided by the Borrower or an Affiliate or from funds on deposit in any Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <u>Section 11.07</u>, references to Secured Party or Secured Parties shall not include the Bank Parties in any of their respective capacities, including as the Collateral Agent, Collateral Administrator, Document Custodian or Securities Intermediary.

Section 11.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Reimbursement of the Collateral Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. The Borrower agrees to pay, and the Collateral Agent shall be entitled to receive, as compensation for the Collateral Agent's performance of the duties called for herein, the amounts set forth in the Collateral Administration and Agency Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Priority of Payments</u>. All payments hereunder, including, but not limited to indemnities, shall be paid in accordance with <u>Section 9.01</u>.

Section 11.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Duties of the Collateral Agent Related to Delayed Payment of Proceeds</u>.

In the event that in any month the Collateral Agent shall not have received any payment (or is unable to identify whether any payment consists of Principal Proceeds or Interest Proceeds) with respect to any Collateral Loan pursuant to the applicable Related Documents, (a) the Collateral Agent shall promptly notify the Administrative Agent, the Borrower, and the Collateral Manager and (b) unless within three (3) Business Days (or the end of the applicable grace period for such payment, if longer) after such notice such payment shall have been received by the Collateral Agent (or such Collections shall have been identified), the Collateral Manager shall request the applicable Obligor or designated paying agent, as applicable, to make such payment (or identify such Collections) as soon as practicable after such request but in no event later than three (3) Business Days after the date of such request. In the event that such payment is not made (or such Collections are not identified) within such time period, the Collateral Administrator, subject to the provisions of this <u>Article XI</u>, shall take such reasonable action at the Borrower's expense as the Collateral Manager shall direct. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Agreement. All Collections that the Collateral Agent is unable to identify as Principal Proceeds or Interest Proceeds shall be held in the Collection Account.

**ARTICLE XII<br>MISCELLANEOUS**

Section 12.01&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Modifications in Writing</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No failure or delay on the part of any Secured Party exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. Any waiver of any provision of this Agreement or any other Facility Document and any consent to any departure by any party to this Agreement or any other Facility Document from the terms of any provision of this Agreement or such other Facility Document, shall be effective only in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrower, the Collateral Manager or the Equityholder in any case shall entitle the Borrower, the Collateral Manager or the Equityholder to any other or further notice or demand in similar or other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No amendment, modification, supplement or waiver of this Agreement shall be effective unless signed by the Borrower, the Collateral Manager, the Equityholder, the Administrative Agent and the Required Lenders (with prior notice to the Collateral Agent); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;except for an amendment pursuant to clause (c) below, any Fundamental Amendment shall require the written consent of each Lender directly affected thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;no such amendment, modification, supplement or waiver shall amend, modify or otherwise affect the rights or duties of any Agent, the Document Custodian or the Collateral Administrator hereunder without the prior written consent of such Agent, the Document Custodian or the Collateral Administrator, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Facility Document, upon the occurrence of a Benchmark Transition Event with respect to any then-current Benchmark, the Administrative Agent and the Borrower may amend this Agreement to replace such Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the Administrative Agent has provided notice of such proposed amendment to the Collateral Manager, the Borrower and each Lender. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <u>Section 12.01(c)(i)</u> will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the implementation and administration of any Benchmark Replacement, the Administrative Agent, in consultation with the Borrower, will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Facility Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent will promptly notify the Borrower and the Lenders (with a copy to the Collateral Agent) of (A) the implementation of any Benchmark Replacement and (B) the effectiveness of any Conforming Changes. For the avoidance of doubt, any notice required to be delivered by the Administrative Agent as set forth in this <u>Section 12.01(c)</u> may be provided, at the option of the Administrative Agent (in its sole discretion), in one or more notices and may be delivered together with, or as part of any amendment which implements any Benchmark Replacement or Conforming Changes. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this <u>Section 12.01(c)</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this <u>Section 12.01(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Facility Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if a then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion and in consultation with the Borrower or (B) the administrator of such Benchmark or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent in consultation with the Borrower, may modify the definition of "Interest Accrual Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative, non-compliant or non-aligned tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Accrual Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to any then-current Benchmark, (A) the Borrower may, notwithstanding anything herein to the contrary, revoke any pending request for an Advance in the applicable currency during any Benchmark Unavailability Period and (B) all Advances in such currency shall bear interest at the Base Rate. During a Benchmark Unavailability Period for any then-current Benchmark or at any time that a

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tenor for any then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon such Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to (A) the administration, submission or any other matter related to Term SOFR or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement implemented hereunder), (B) the composition or characteristics of any such Benchmark Replacement, including whether it is similar to, or produces the same value or economic equivalence to Term SOFR or any other Benchmark or have the same volume or liquidity as did Term SOFR or any other Benchmark, (C) any actions or use of its discretion or other decisions or determinations made with respect to any matters covered by this <u>Section 12.01(c)</u> including, without limitation, whether or not a Benchmark Transition Event has occurred, the removal or lack thereof of unavailable or non-representative tenors, the implementation or lack thereof of any Conforming Changes, the delivery or non-delivery of any notices required by clause (iv) above or otherwise in accordance herewith, and (D) the effect of any of the foregoing provisions of this <u>Section 12.01(c)</u>. The Administrative Agent shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of any interest rate under this Agreement, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Disruption Event, Benchmark Transition Event, Benchmark Unavailability Period or a Benchmark Replacement Date except as otherwise required by <u>Section 12.01(c)(iii)</u>, (ii) to select, determine or designate any Base Rate, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any adjustment or other modifier to any replacement or successor index, or (iv) notwithstanding anything to the contrary in <u>Section 12.01(c)(ii)</u>, <u>Section 12.01(c)(iv)(i)(B)</u> and <u>Section 12.01(c)(iv)(ii)</u>, to determine whether or what conforming changes or amendments (including any Conforming Changes) are necessary or advisable, if any, in connection with any of the foregoing. The Administrative Agent shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in the Facility Documents as a result of the unavailability of any interest rate hereunder and absence of a designated Base Rate or Benchmark Replacement, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, in providing any direction, instruction, notice or information required or contemplated by the terms of the Facility Documents and reasonably required for the performance of such duties.

Section 12.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except where telephonic instructions are authorized herein to be given, all notices, demands, instructions and other communications required or permitted to be given to or made upon any party hereto shall be in writing, unless otherwise expressly specified herein, and shall be (i) personally delivered or sent by registered, certified or express mail, postage prepaid,

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or by prepaid courier service, or by electronic mail (if the recipient has provided an email address) to the address or email address, as applicable, set forth with respect to such party on <u>Schedule 4</u> (or, if not provided on <u>Schedule 4</u> with respect to any party, such address or email address provided by such party in writing to the Administrative Agent), or (ii) in the case of notices to any Lender, posted to an electronic system approved by or set up by or at the direction of the Administrative Agent, and shall in each case be deemed to be given for purposes of this Agreement on the day that such writing is received by the intended recipient thereof or posted in accordance with the provisions of this <u>Section 12.02.</u> Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this <u>Section 12.02</u>, notices, demands, instructions and other communications in writing shall be given to or made upon the respective parties hereto at their respective addresses (or to their respective email addresses) indicated in <u>Schedule 4</u> (or, if not provided on <u>Schedule 4</u> with respect to any party, such address or email address provided in writing by such party to the Administrative Agent), and, in the case of telephonic instructions or notices, by calling the telephone number or numbers indicated for such party in <u>Schedule 4</u> (or, if not provided on <u>Schedule 4</u> with respect to any party, such telephone number or numbers provided in writing by such party to the Administrative Agent). Each party shall notify the Administrative Agent in writing of any changes in the address, telephone number or email address to which notices to such Person should be directed, and of such other administrative information as the Administrative Agent shall reasonably request. Notwithstanding anything herein to the contrary, when any notice is sent or delivered to the Borrower in accordance with this Agreement, reasonable efforts shall be made to also send a copy of such notice to the Collateral Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Collateral Agent, the Document Custodian and the Collateral Administrator hereby agrees to accept and act upon instructions or directions pursuant to this Agreement sent by unsecured e-mail (or .pdf files of executed documents), facsimile transmission or other similar unsecured electronic methods; <u>provided</u> that, any person providing such instructions or directions shall provide to any of the Collateral Agent, the Document Custodian or the Collateral Administrator, as applicable, an incumbency certificate listing such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If any party hereto elects to give any of the Collateral Agent, the Document Custodian or the Collateral Administrator, as applicable, e-mail (or .pdf files of executed documents) or facsimile instructions (or instructions by a similar electronic method), the Collateral Agent's, the Document Custodian's or the Collateral Administrator's understanding of such instructions actually received by any of the Collateral Agent, the Document Custodian or the Collateral Administrator, as applicable, shall be deemed controlling in the event that such instructions are ambiguous; <u>provided</u> that prior to acting in response to any such instructions that it deems to be ambiguous, the Collateral Agent, Document Custodian or Collateral Administrator shall use commercially reasonable efforts to contact the instructing party and obtain from such instructing party any necessary clarifications with respect to such instructions. Each of the other parties hereto understands and agrees that none of the Collateral Agent, the Document Custodian or the Collateral Administrator can determine the identity of the actual sender of such instructions and that the Collateral Agent, the Document Custodian or the Collateral Administrator shall conclusively presume that directions that purport to have been sent by an officer listed on the incumbency certificate provided to it have been sent

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by such officer. The other parties hereto shall be responsible for ensuring that only authorized officers transmit such instructions to the Collateral Agent, the Document Custodian or the Collateral Administrator and that each such party is solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by it. None of the Collateral Agent, the Document Custodian or the Collateral Administrator shall be liable for any losses, costs or expenses arising directly or indirectly from the Collateral Agent's, the Document Custodian's or the Collateral Administrator's, as applicable, reasonable, good faith reliance upon and compliance with such instructions, notwithstanding that such directions conflict with or are inconsistent with a subsequent written instruction, subject to the duty of care applicable to such Person acting in such capacity. Each of the other parties hereto agrees (i) to assume all risks arising out of its respective use of such electronic methods to submit instructions and directions to any of the Collateral Agent, the Document Custodian or the Collateral Administrator, as applicable, including without limitation the risk of any of the Collateral Agent, the Document Custodian or the Collateral Administrator, as applicable, acting on unauthorized instructions, and the risk of interception and misuse by third parties, (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting instructions to the Collateral Agent, the Document Custodian or the Collateral Administrator and that there may be more secure methods of transmitting instructions than the method(s) selected by it, (iii) that the security procedures (if any) to be followed in connection with its transmission of instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances and (iv) to notify the Collateral Agent, the Document Custodian or the Collateral Administrator immediately upon learning of any compromise or unauthorized use of the security procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;By executing this Agreement, the parties hereto hereby acknowledge and agree, and direct the Collateral Agent, the Document Custodian and the Collateral Administrator to acknowledge and agree and the Collateral Agent, the Document Custodian and the Collateral Administrator do hereby acknowledge and agree, that execution of this Agreement, any instruction, direction, notice, form or other document executed by any party to this Agreement or the Facility Documents in connection with this Agreement or such other Facility Documents, by electronic signatures (whether by Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by such party and reasonably available at no undue burden or expense to the Collateral Agent, the Document Custodian or the Collateral Administrator) shall be permitted hereunder notwithstanding anything to the contrary herein and such electronic signatures shall be legally binding as if such electronic signatures were handwritten signatures. Any electronically signed document delivered via email from a person purporting to be a Responsible Officer shall be considered signed or executed by such Responsible Officer on such party's behalf. To the extent received from a Responsible Officer, the parties hereto also hereby acknowledge and agree that the Collateral Agent, the Document Custodian and the Collateral Administrator shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

Section 12.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any and all payments by, or on account of any obligation of the Borrower under any Facility Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of the applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by the Borrower, the Collateral Agent or the Administrative Agent, then the Borrower, the Collateral Agent or the Administrative Agent (as applicable) shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is a Non-Excluded Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Secured Party receives an amount (such amount, an "<u>Additional Amount</u>") equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Borrower agrees to timely pay (or at the option of the Administrative Agent, timely reimburse it for the payment of) any present or future stamp, court or documentary, intangible, recording or filing Taxes or any other or similar Taxes that arise from any payment made hereunder, under the Notes or under any other Facility Document, or from the execution, delivery, performance, enforcement or registration of from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement, the Notes or under any other Facility Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 2.20</u>) (collectively, the "<u>Other Taxes</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to indemnify, within ten (10) days after demand therefor, each Secured Party for (i) the full amount of Non-Excluded Taxes (including any Non-Excluded Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 12.03)</u> paid or payable by any Secured Party (or required to be withheld or deducted from payments to a Secured Party) and (ii) any reasonable expenses arising therefrom or with respect thereto, in each case whether or not such Non-Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability will be promptly delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or other Secured Party and shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the date of any payment of Taxes pursuant to this <u>Section 12.03</u>, the Borrower will furnish to each Agent the original or a certified copy of a receipt (if any) issued by the relevant Governmental Authority evidencing payment thereof (or other evidence of payment as may be reasonably satisfactory to such Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If any party determines, in its sole discretion exercised in good faith, that it has received a refund (for this purpose, including credits elected by such party in lieu of a refund) of any Taxes as to which it has been indemnified pursuant to this <u>Section 12.03</u> (including by the payment of additional amounts pursuant to this <u>Section 12.03</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity

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payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <u>paragraph (e)</u> (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>paragraph (e)</u>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <u>paragraph (e)</u> the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each Secured Party that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement or any Facility Document shall deliver to the Borrower and each Agent, at the time or times reasonably requested by the Borrower or such Agent, such properly completed and executed documentation reasonably requested by the Borrower or such Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, each Secured Party, if reasonably requested by the Borrower or any Agent, shall deliver such other documentation reasonably requested by the Borrower or such Agent as will enable the Borrower or such Agent to determine whether or not such Secured Party is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation shall not be required if, in the Secured Party's reasonable judgment, such completion, execution or submission would subject such Secured Party to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Secured Party.

Without limiting the generality of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;any Secured Party (other than the Bank Parties) that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Borrower and the Agents on or prior to the date on which such Secured Party becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agents), executed copies of IRS Form W-9 certifying that such Secured Party is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;any Lender that is not a "United States person" under Section 7701(a)(30) of the Code (a "<u>Non-U.S. Lender</u>") shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agents (in such number

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of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a party to under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or an Agent), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Facility Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with respect to any other applicable payments under any Facility Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of <u>Exhibit F-1</u> to the effect that such Non-U.S. Lender is not a "bank" within the meaning of Section 881(C)(3)(A) of the Code, a "10 percent shareholder" of the Borrower (or, for so long as the equity is held by a single holder, such holder of the equity) (within the meaning of Section 881(c)(3)(B) of the Code) or a "controlled foreign corporation" related to the Borrower (or, for so long as the equity is held by a single holder, such holder of the equity) as described in Section 881(c)(3)(C) of the Code (a "<u>U.S. Tax Compliance Certificate</u>") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;to the extent a Non-U.S. Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit F-2</u> or <u>Exhibit F-3</u>, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of <u>Exhibit F-4</u> on behalf of each such direct and indirect partner to the effect that the Non-U.S. Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code or a

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"controlled foreign corporation" related to the Borrower described in Section 881(c)(3)(C) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agents (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a party to this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or Agents), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law to permit the Borrower or the Agents to determine the withholding or deduction required to be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;such Secured Party shall deliver to the Borrower and the Agents at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agents such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agents as may be necessary for the Borrower and the Agents to comply with their obligations under FATCA and to determine that such Secured Party has complied with such Secured Party's obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender agrees that, notwithstanding anything in this Agreement or in any other Facility Document to the contrary, the Borrower and its Affiliates may disclose any such certifications, documentation or other information to any Governmental Authority (i) to establish any exemption from, or reduction in, any Taxes, (ii) to establish that the Borrower, or any Affiliate of the Borrower, is entitled to any benefits under the Treaty or (iii) to the extent required by Applicable Laws.

Each Secured Party agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect it shall update such form or certification or promptly notify the Borrower and the Agents in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this <u>Section 12.03</u> shall be construed to require any Secured Party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall severally indemnify each Agent, within ten (10) days after demand therefor, for (i) any Non-Excluded Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified such Agent for such Non-Excluded

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Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender's failure to comply with the provisions of <u>Section 12.06(c)</u> relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by such Agent in connection with any Facility Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the applicable Agent shall be conclusive absent manifest error. Each Lender hereby authorizes each Agent to set off and apply any and all amounts at any time owing to such Lender under any Facility Document or otherwise payable by such Agent to the Lender from any other source against any amount due to such Agent under this clause (h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations under this <u>Section 12.03</u> shall survive the resignation or replacement of an Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Facility Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Borrower shall be liable for the payment of any Additional Amounts or indemnity payments in accordance with this <u>Section 12.03</u>, then the Borrower shall have the option to terminate this Agreement within six (6) months (in accordance with the provisions of <u>Section 2.05</u> but without the payment of any Prepayment Fee); <u>provided</u> that such option to terminate shall in no event relieve the Borrower of paying any amounts owing pursuant to this <u>Section 12.03</u> in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section, the term "Applicable Law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall treat the Advances and any Notes as debt for U.S. federal income tax purposes and will take no contrary position, unless otherwise required pursuant to a closing agreement with the IRS or a non-appealable judgment of a court of competent jurisdiction.

Section 12.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Costs and Expenses; Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to promptly pay on written demand all reasonable and documented out-of-pocket costs and expenses of the Agents, the Document Custodian, the Securities Intermediary and the Collateral Administrator in connection with the preparation, review, negotiation, reproduction, execution and delivery of this Agreement and the other Facility Documents, including the reasonable and documented fees and disbursements of one outside counsel for the Administrative Agent plus, if necessary, one additional local counsel, one outside counsel for the Collateral Agent, the Document Custodian, the Securities Intermediary and the Collateral Administrator (unless one counsel shall not be able to represent such parties due to an actual or perceived conflict of interest, in which case one additional counsel for each party affected by such conflict), plus, if necessary, one additional local counsel in each applicable jurisdiction, costs and expenses of creating, perfecting, releasing or enforcing the Collateral Agent's security interests in the Collateral, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, UCC filing fees, and the equivalent

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thereof in any foreign jurisdiction, and all other related fees and expenses in connection therewith, and in connection with the administration and any modification or amendment of this Agreement, the Notes or any other Facility Document and advising the Agents, the Document Custodian, the Securities Intermediary and the Collateral Administrator as to their respective rights, remedies and responsibilities. The Borrower agrees to promptly pay on written demand all reasonable and documented costs and expenses of each of the Secured Parties in connection with the enforcement of this Agreement, the Notes or any other Facility Document, including all reasonable and documented costs and expenses incurred by the Collateral Agent, the Securities Intermediary, the Collateral Administrator or the Document Custodian in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Facility Documents or any interest, right, power or remedy of the Collateral Agent, the Document Custodian, the Collateral Administrator or the Securities Intermediary or in connection with the collection or enforcement of any of the Obligations or the proof, protection, administration or resolution of any claim (whether brought by or involving any party hereto or any third party) based upon the Obligations in any insolvency proceeding, including all reasonable and documented fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Agent, the Document Custodian, the Securities Intermediary and the Collateral Administrator. Without prejudice to its rights hereunder, the expenses and the compensation for the services of the Secured Parties are intended to constitute expenses of administration under any applicable insolvency Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to indemnify and hold harmless each Secured Party and each of their Affiliates and the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing (each, an "<u>Indemnified Party</u>") from and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party (including attorney's fees and expenses for each Indemnified Party and limited, solely in the case of Liabilities owing to the Administrative Agent in respect of attorney's fees and expenses, to the reasonable and documented out-of-pocket fees and expenses of one outside counsel and one local counsel in each applicable jurisdiction), in each case arising out of or in connection with or by reason of the execution, delivery, enforcement (including the enforcement of this <u>Section 12.04</u>), performance, administration of or otherwise arising out of or incurred in connection with this Agreement, any other Facility Document, any Related Document or any transaction contemplated hereby or thereby or the use of proceeds of any Advance (and regardless of whether or not any such transactions are consummated) and regardless of whether or not arising out of a suit, claim or other action brought by the Borrower, the Collateral Manager, the Equityholder or any third party, <u>except</u> (A) to the extent any such Liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from (i) with respect to the Collateral Agent, Document Custodian, Collateral Administrator or the Securities Intermediary, the gross negligence or willful misconduct of such Indemnified Party or (ii) with respect to any other Indemnified Party, the gross negligence, bad faith or willful misconduct of such Indemnified Party, any of its Affiliates or the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing or (B) in the case of any Indemnified Party (other than the Document Custodian, Collateral Administrator, Collateral Agent, the Securities Intermediary or their respective Affiliates, officers, directors, employees, agents, managers or controlling Persons) to the extent any such Liability results from

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a claim brought by the Borrower against an Indemnified Party for a material breach of such Indemnified Party's obligations hereunder or under any other Facility Document, if the Borrower has obtained a final, non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction. In the case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, any of the Borrower's equityholders or creditors, an Indemnified Party or any other Person, whether or not an Indemnified Party is otherwise a party hereto. The Borrower shall not, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is a party (or, in the case of a threatened proceeding, could reasonably have been expected to be a party if such proceeding had been brought) and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) does not include a statement as to or admission of, fault, culpability or a failure to act by or on behalf of any such Indemnified Party or (ii) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. This <u>Section 12.04(b)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

Section 12.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution in Counterparts</u>

This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof. Facsimile signatures and signature pages provided in the form of a "pdf" or similar imaged document transmitted by electronic transmission (including .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Borrower and reasonably available at no undue burden or expense to the Collateral Administrator, Document Custodian or Collateral Agent) shall be deemed original signatures for all purposes hereunder. Any electronically signed document delivered via email from a person purporting to be an Authorized Person shall be considered signed or executed by such Authorized Person on behalf of the applicable Person. To the extent received by a Responsible Officer, none of the Collateral Administrator, Document Custodian or Collateral Agent shall have a duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

Section 12.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignability</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the conditions set forth in this <u>Section 12.06</u>, each Lender may, with the consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed) and the Administrative Agent, assign to any Person all or a portion of its rights and

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obligations under this Agreement (including all or a portion of its Advances Outstanding or interests therein owned by it, together with ratable portions of its Commitment); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;neither the Borrower's nor the Administrative Agent's consent to any such assignment shall be required if the assignee is (A) a Lender or any of its Affiliates or (B) managed by a Lender or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower's consent to any such assignment pursuant to this <u>Section 12.06(a)</u> shall not be required if an Event of Default shall have occurred and be continuing; <u>provided</u> that in no event shall an assignment be made to a Competitor without the Borrower's prior written consent unless an Event of Default shall have occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;notwithstanding anything herein to the contrary, each Lender may make an assignment to any Person (other than, unless an Event of Default has occurred and is continuing, a Competitor) with notice to, but without the consent of, the Borrower or the Administrative Agent if such Lender makes a reasonable determination that its ownership of any of its rights or obligations hereunder is prohibited by Applicable Law; <u>provided</u> that, to the extent not prohibited by applicable law, obligation of privilege or a binding confidentiality agreement (not entered into in contemplation of such assignment), such notice shall identify the material regulatory reasons necessitating such assignment or participation; <u>provided</u>, <u>further</u>, that in the event that such assigning Lender does not identify such regulatory reasons in reliance on the exclusions in this sentence relating to violation of any binding obligation of law, privilege or confidentiality, such Lender shall use commercially reasonable efforts to (A) provide notice to the Borrower that such information is being withheld (but solely if providing such notice would not violate such law, privilege or obligation of confidentiality), (B) communicate the applicable information in a way that would not violate the applicable obligation or risk waiver of such privilege and (C) seek to obtain any necessary waivers in order to disclose such information (other than to the extent limited by attorney-client privilege).

The parties to each such assignment shall execute and deliver to the Administrative Agent (with a copy to the Collateral Agent) an Assignment and Acceptance and the applicable tax forms required by <u>Section 12.03(f)</u>, together with administrative details for the applicable assignee (if such assignee is not a current Lender or an Affiliate of Citibank, N.A.). Subject to acceptance and recording thereof by the Administrative Agent pursuant to <u>Section 12.06(d)</u>, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement, and to the extent of the interest assigned by such assigning Lender, have the rights and obligations of a Lender under this Agreement. Notwithstanding any other provision of this <u>Section 12.06</u>, (x) no assignment may be made to the Borrower, the Collateral Manager, the Equityholder or any of their respective Affiliates and (y) no assignment shall be made to any Defaulting Lender, a natural person or any Person that, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (y).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may not assign its rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender may, without the consent of the Borrower (but with notice to the Borrower), sell participations to Participants in all or a portion of such Lender's rights and obligations under this Agreement (other than a Competitor); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Borrower, the Agents, the Collateral Administrator, the Document Custodian and the Securities Intermediary and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, and (D) each Participant shall have agreed to be bound by this <u>Section 12.06(c)</u>, <u>Section 12.06(e)</u>, <u>Section 12.09</u> and <u>Section 12.15</u>. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement. The Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.09</u> and <u>12.03</u> (subject to the requirements and limitations therein, including the requirements under <u>Section 12.03(f)</u> (it being understood that the documentation required under <u>Section 12.03(f)</u> shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment under clause (a) of this Section; <u>provided</u> that such Participant (A) agrees to be subject to the provisions of <u>Section 2.20</u> as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under <u>Sections 2.09</u> or <u>12.03</u>, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Lender sells participations in any portion of its rights and obligations hereunder, such Lender as nonfiduciary agent for the Borrower shall maintain a register on which it enters the name of all participants in the Advances held by it and the principal amount (and stated interest thereon) of the portion of the Advance which is the subject of the participation (the "<u>Participant Register</u>"). An Advance may be participated in whole or in part only by registration of such participation on the Participant Register (and each Note, if any, shall expressly so provide). No Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any rights and obligations hereunder) to any Person except to the extent necessary to establish that such rights and obligations are in registered form under Section 5f.103-1 and proposed Section 1.163-5(b) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, on behalf of and acting solely for this purpose as the nonfiduciary agent of the Borrower, shall maintain at its address specified in <u>Section 12.02</u> or such other address as the Administrative Agent shall designate in writing to the Lenders, a copy of this Agreement, each signature page hereto, each Assignment and Acceptance delivered to and accepted by it, and a register (the "<u>Register</u>") for the recordation of the names, addresses and wiring instructions of the Lenders and the aggregate outstanding principal amount of the Advances Outstanding maintained by each Lender under this Agreement (and any stated interest thereon). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Collateral Manager, the Agents, the Collateral Administrator, the Document Custodian, the Securities Intermediary and the Lenders shall treat each Person whose name is recorded in the Register as a Lender and the owner of the amounts owing to it under the Facility Documents as reflected in the Register for all purposes of the Facility Documents. The Register shall be available for inspection by the Borrower, the Collateral Manager, the Collateral Agent or any Lender at any reasonable time and from time to time upon reasonable prior notice. An Advance (and a Note, if any, evidencing the same) may be assigned or sold in whole or in part only by registration of such assignment or sale on the Register (and each Note with respect to the Advances, if any, shall expressly so provide) and compliance with this <u>Section 12.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary set forth herein or in any other Facility Document and each Lender hereunder, and each Participant, must at all times be an "accredited investor" as defined in paragraphs (1), (2), (3), and (7) of Rule 501(a) under the Securities Act (an "<u>Accredited Investor</u>") and a "qualified purchaser" as defined in the Investment Company Act (a "<u>Qualified Purchaser</u>"). Each Lender severally represents to the Borrower, (i) on the date that it becomes a party to this Agreement (whether by being a signatory hereto or by entering into an Assignment and Acceptance) and (ii) on each date on which it makes an Advance hereunder, that it is an Accredited Investor and a Qualified Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this <u>Section 12.06</u>, any Lender may at any time pledge or grant a security interest in all or any portion of its rights (including rights to payment of principal and interest) under this Agreement to secure obligations of such Lender, including any pledge or security interest granted to a Federal Reserve Bank, without notice to or consent of the Borrower or the Administrative Agent; <u>provided</u> that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder or substitute any such pledgee or grantee for such Lender as a party hereto.

Section 12.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT (EXCEPT, AS TO ANY OTHER FACILITY DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

Section 12.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability of Provisions</u>

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Any provision of this Agreement or any other Facility Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

Section 12.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>

Each Secured Party agrees to keep confidential all information provided to it by the Borrower, the Collateral Manager or the Equityholder with respect to the Borrower, its Affiliates, the Collateral, the Related Documents, the Obligors, the Collateral Manager, the Equityholder or any other information furnished to such Secured Party under or in connection with this Agreement (collectively, the "<u>Borrower Information</u>"); <u>provided</u> that nothing herein shall prevent any Secured Party from disclosing any Borrower Information (a) as reasonably required to comply with the provisions of this Agreement and the other Facility Documents (i) to any Secured Party or any Affiliate of a Secured Party or (ii) any of their respective Affiliates, employees, officers, directors, auditors, agents, attorneys, accountants and other professional advisors (collectively, the "<u>Secured Party Representatives</u>"), it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Borrower Information and instructed to keep such Borrower Information confidential, (b) subject to an agreement to comply with the provisions of this Section and to use the Borrower Information only in connection with this Agreement and the other Facility Documents and not for any other purpose, to any actual or bona fide prospective permitted assignees and Participants (other than any such Person for whom the consent of the Borrower is required to assign and which consent has not yet been received) in any of the Secured Parties' interests under or in connection with this Agreement (including in connection with any pledge or grant of a security interest permitted pursuant to <u>Section 12.06(f)</u>) or any actual or prospective party (or its Secured Party Representatives) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments hereunder, (c) to any Governmental Authority with jurisdiction over any Secured Party or its Affiliates or any Secured Party Representative, (d) in response to any order of any court or other Governmental Authority or as may otherwise be required to be disclosed pursuant to any Applicable Law, (e) that is a matter of general public knowledge or that has heretofore been made available to the public by any Person other than any Secured Party or any Secured Party Representative in violation of this Agreement, (f) in connection with the performance of the terms of this Agreement and the exercise of any remedy hereunder or under any other Facility Document or any action or proceeding relating to this Agreement or any other Facility Document or the enforcement of rights hereunder or thereunder, (g) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Secured Party Representatives (including any self-regulatory authority, such as the National Association of Insurance Commissioners) (provided that, in the case of clause (d) or (g) such Secured Party will, to the extent permitted and reasonably practicable, endeavor to promptly notify the Borrower and the Collateral Manager in advance of such pending disclosure), (h) on a confidential basis to (i) any rating agency in connection with rating the Borrower or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the

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issuance and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder or (i) with the consent of the Borrower and the Collateral Manager.

Section 12.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger</u>

This Agreement and the other Facility Documents executed by the Administrative Agent or the Lenders (or any other Secured Party, as applicable) taken as a whole incorporate the entire agreement between the parties hereto and thereto concerning the subject matter hereof and thereof and this Agreement and such other Facility Documents supersede any prior agreements among the parties relating to the subject matter thereof.

Section 12.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>

All representations and warranties made hereunder, in the other Facility Documents and in any certificate delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery of this Agreement and the making of the Advances hereunder. The agreements in <u>Sections</u> <u>2.09</u>, <u>2.11</u>, <u>2.23</u>, <u>12.03</u>, <u>12.04</u>, <u>12.09</u>, <u>12.16</u>, <u>12.17</u>, <u>13.09(d)</u>, <u>14.06(b)</u> and this <u>Section 12.11</u> shall survive the termination of this Agreement in whole or in part, the Payment in Full of the principal of and interest on the Advances, any foreclosure under, or modification, release or discharge of, any or all of the Related Documents and the resignation or replacement of any Agent; <u>provided</u> that the agreements in <u>Section 12.09</u> shall survive for a period of one year following the termination of this Agreement.

Section 12.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Submission to Jurisdiction; Waivers; Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower, the Collateral Manager and the Equityholder each hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of any U.S. Federal or New York State court sitting in New York, New York in any action or proceeding arising out of or relating to any Facility Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. The Document Custodian, Collateral Agent, Securities Intermediary, the Collateral Administrator, the Administrative Agent and the Lenders each hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of any U.S. Federal or New York State court sitting in New York, New York in any action or proceeding arising out of or relating to any Facility Document or for recognition or enforcement of any judgment. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Facility Document shall affect any right that the Administrative Agent or any other Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Facility Document against the Borrower, the Collateral Manager or the Equityholder or its respective properties in the courts of any jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto hereby irrevocably and unconditionally consents that any such action or proceeding may be brought in any court described in <u>Section 12.12(a)</u> and waives to the fullest extent permitted by Applicable Law any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto other than the Collateral Agent, the Collateral Administrator, the Securities Intermediary and the Document Custodian agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address set forth in <u>Section 12.02</u> or at such other address as may be permitted hereunder. Each party hereto hereby also agrees that nothing in this Agreement shall affect the right of any party hereto to serve process in any other manner permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto waives, to the maximum extent not prohibited by Law, any right it may have to claim or recover in any legal action or proceeding against any Secured Party arising out of or relating to this Agreement or any other Facility Document any special, exemplary, punitive or consequential damages.

Section 12.13&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT WAIVERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR FOR ANY COUNTERCLAIM HEREIN OR THEREIN OR RELATING HERETO OR THERETO, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE COLLATERAL MANAGER, THE BORROWER, THE EQUITYHOLDER, THE AGENTS, THE COLLATERAL ADMINISTRATOR, THE DOCUMENT CUSTODIAN, THE SECURITIES INTERMEDIARY OR ANY OTHER AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER FACILITY DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER FACILITY DOCUMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES ANY RIGHT TO CLAIM OR RECOVER IN ANY LITIGATION WHATSOEVER INVOLVING ANY INDEMNIFIED PARTY, ANY SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND OR NATURE WHATSOEVER OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES, WHETHER SUCH WAIVED DAMAGES ARE BASED ON STATUTE, CONTRACT, TORT, COMMON LAW OR ANY OTHER LEGAL THEORY, WHETHER THE LIKELIHOOD OF SUCH DAMAGES WAS KNOWN AND

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REGARDLESS OF THE FORM OF THE CLAIM OF ACTION; <u>PROVIDED</u> THAT THE FOREGOING SHALL NOT LIMIT THE INDEMNIFICATION OBLIGATIONS OF THE BORROWER OR THE COLLATERAL MANAGER PURSUANT TO THE FACILITY DOCUMENTS. NO PARTY OR INDEMNIFIED PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY UNINTENDED RECIPIENTS OF ANY INFORMATION OR OTHER MATERIALS DISTRIBUTED BY IT THROUGH TELECOMMUNICATIONS, ELECTRONIC OR OTHER INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH ANY FACILITY DOCUMENT OR THE TRANSACTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;EACH PARTY CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY OR AN INDEMNIFIED PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY OR AN INDEMNIFIED PARTY WOULD NOT SEEK TO ENFORCE ANY OF THE WAIVERS IN THIS <u>SECTION 12.13</u> IN THE EVENT OF LITIGATION OR OTHER CIRCUMSTANCES. THE SCOPE OF SUCH WAIVERS IS INTENDED TO BE ALL—ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE FACILITY DOCUMENTS, REGARDLESS OF THEIR LEGAL THEORY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;EACH PARTY ACKNOWLEDGES THAT THE WAIVERS IN THIS <u>SECTION 12.13</u> ARE A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT SUCH PARTY HAS ALREADY RELIED ON SUCH WAIVERS IN ENTERING INTO THE FACILITY DOCUMENTS, AND THAT SUCH PARTY WILL CONTINUE TO RELY ON SUCH WAIVERS IN THEIR RELATED FUTURE DEALINGS UNDER THE FACILITY DOCUMENTS. EACH PARTY FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED SUCH WAIVERS WITH ITS LEGAL COUNSEL AND THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW, IT KNOWINGLY AND VOLUNTARILY WAIVES ITS RIGHT TO A JURY TRIAL AND OTHER RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;THE WAIVERS IN THIS <u>SECTION 12.13</u> ARE IRREVOCABLE, MEANING THAT THEY MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND SHALL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO ANY OF THE FACILITY DOCUMENTS. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;THE PROVISIONS OF THIS <u>SECTION 12.13</u> SHALL SURVIVE TERMINATION OF THE FACILITY DOCUMENTS AND THE INDEFEASIBLE PAYMENT IN FULL OF THE OBLIGATIONS.

Section 12.14&nbsp;&nbsp;&nbsp;&nbsp;<u>PATRIOT Act Notice</u>

Each Agent, the Collateral Administrator, the Document Custodian, the Securities Intermediary and each Lender hereby notifies the Borrower, the Collateral Manager and each

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other Agent and Lender that, pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify, update and record information that identifies the Borrower, the Collateral Manager and each other Agent and Lender, which information includes the name and address of the Borrower and other information that will allow such Agent, the Collateral Administrator, the Document Custodian, the Securities Intermediary or such Lender to identify the Borrower, the Collateral Manager and each other Agent and Lender in accordance with the PATRIOT Act. The Borrower, the Collateral Manager and each other Agent and Lender shall provide, to the extent commercially reasonable, such information and take such actions as are reasonably requested by any Lender, the Collateral Administrator, the Document Custodian, the Securities Intermediary or any Agent in order to assist such Lender, the Collateral Administrator, the Document Custodian, the Securities Intermediary or such Agent, as applicable, in maintaining compliance with the PATRIOT Act.

Section 12.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Holidays</u>

In the event that the date of prepayment of Advances or the Final Maturity Date shall not be a Business Day, then notwithstanding any other provision of this Agreement or any other Facility Document, payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any such date of prepayment or Final Maturity Date, as the case may be, and interest shall accrue on such payment for the period from and after any such nominal date to but excluding such next succeeding Business Day.

Section 12.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Petition</u>

Each Secured Party hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting against, the Borrower any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under United States federal or state bankruptcy, insolvency or similar Laws until at least one year and one day, or, if longer, the applicable preference period then in effect plus one day, after the Payment in Full of all outstanding Obligations and the termination of all Commitments; <u>provided</u> that nothing in this <u>Section 12.16</u> shall preclude, or be deemed to prevent, any Secured Party (a) from taking any action prior to the expiration of the aforementioned one year and one day period, or, if longer, the applicable preference period then in effect, in (i) any case or proceeding voluntarily filed or commenced by the Borrower or (ii) any involuntary insolvency proceeding filed or commenced against the Borrower by a Person other than any such Secured Party, or (b) from commencing against the Borrower or any properties of the Borrower any legal action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy, insolvency or similar Laws.

Section 12.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Setoff</u>

To the extent permitted by Applicable Law, each of the Borrower, the Collateral Manager and the Equityholder hereby waives any right of setoff it may have or to which it may

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be entitled under this Agreement or any Applicable Law from time to time against the Administrative Agent, any Lender or its respective assets.

Section 12.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Recourse; Non-Petition; and Corporate Obligations</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto (other than the Equityholder) hereby acknowledges and agrees that if the net proceeds of realization of any security constituted by the relevant Facility Document is less than the aggregate amount payable by the Equityholder in respect of any obligations owed by the Equityholder under this Agreement or any other Facility Document (such negative amount being referred to herein as a "<u>Shortfall</u>"), the amount payable by the Equityholder shall be reduced to such amount of the net proceeds as shall be applied in accordance with the relevant Facility Document, and such parties shall not (directly or indirectly) be entitled to take any further steps against the Equityholder to recover such Shortfall, which shall be deemed to be automatically extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto (other than the Equityholder) hereby acknowledge and agree that they (or any other party acting on their behalf) shall not be hereby entitled at any time to institute against the Equityholder, or join in any institution against the Equityholder of, any bankruptcy, reorganization, arrangement, insolvency, examinership or liquidation proceedings, or other analogous proceedings under any applicable bankruptcy or similar law in connection with any obligations owed by the Equityholder under this Agreement or any other Facility Document, save for lodging a claim in the liquidation of the Equityholder which is initiated by another party or taking proceedings to obtain a declaration or judgment as to the obligations of the Equityholder in relation thereto. For the avoidance of doubt, nothing in this <u>Section 12.18</u> shall prevent the Administrative Agent or the Collateral Agent from enforcing any security constituted by the relevant Facility Documents in accordance with their terms, provided that in connection with any such enforcement neither the Administrative Agent, the Collateral Agent nor any receiver appointed thereunder shall take any steps or proceedings to procure the winding up, examinership or liquidation of the Equityholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties hereto (other than the Equityholder) hereby acknowledges and agrees, subject to <u>Section 12.18(e)</u> below, that no recourse under any obligation, covenant, or agreement of the Equityholder contained in this Agreement or any other Facility Document may be sought by it against any shareholder, officer, agent, employee or director of the Equityholder, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being expressly agreed and understood that the Facility Documents are corporate obligations of the Equityholder only. Each of the parties hereto hereby acknowledges and agrees that no personal liability shall attach to or be incurred by the shareholders, officers, agents, employees or directors of the Equityholder, or any of them, under or by reason of any of the obligations, covenants or agreements of the Equityholder contained in this Agreement or any other Facility Document, or implied therefrom, and any and all personal liability of every such shareholder, officer, agent, employee or director for breaches by the Equityholder of any such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent, employee or director is hereby deemed expressly waived by the parties hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Nothing set forth in <u>Section 12.18(a)</u> through <u>(c)</u> above shall prevent the application of any enactment or rule of law which would require the application of, or permit recourse to, the assets of the Equityholder in discharge of some or all of the liabilities of the Equityholder on the grounds of fraud, intentional misconduct or as otherwise provided for in any other Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 12.18</u> shall survive the expiration or termination of this Agreement or any other Facility Document.

Section 12.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in any Facility Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Facility Document, to the extent unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the effects of any Bail-In Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;a reduction in full or in part or cancellation of any such liability (including without limitation a reduction in any accrued or unpaid interest in respect of such liability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Facility Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.

Section 12.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Recognition of the U.S. Special Resolution Regimes</u>

To the extent that the Facility Documents provide support, through a guarantee or otherwise, for hedging agreements or any other agreement or instrument that is a QFC (such support, "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>") the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance

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Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Facility Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Lender that is party to a Supported QFC (each a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in the property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, default rights under the Facility Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such default rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Facility Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

**ARTICLE XIII<br>DOCUMENT CUSTODIAN**

Section 13.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Document Custodian</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment and Acceptance</u>. The Borrower and the Administrative Agent each hereby appoints the Document Custodian as document custodian of any Loan Files delivered to it for all Collateral Loans owned by the Borrower at any time during the term of this Agreement, on the terms and conditions set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this Agreement), and the Document Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement with respect to it, subject to and in accordance with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Instructions</u>. The Borrower agrees that it shall from time to time provide, or cause to be provided, to the Document Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Document Custodian as may reasonably be necessary to enable the Document Custodian to perform its duties hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Document Custodian</u>. The Document Custodian shall take and retain custody of the Loan Files delivered by the Borrower hereunder in accordance with the terms and conditions of this Agreement, all for the benefit of the Collateral Agent and the other Secured Parties, in order to perfect under the UCC the Collateral Agent's security interest therein for the benefit of the Secured Parties. In taking and retaining custody of the Loan Files, the Document Custodian shall be deemed to be acting as the agent of Collateral Agent for the benefit of the Secured Parties; <u>provided</u> that the Document Custodian makes (a) no warranty or representation and shall have no responsibility for the enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral Loans and (b) no representation as to the existence, perfection or priority of any lien on the Collateral Loans or the Required Loan Documents. It is expressly agreed and acknowledged that the Document Custodian is not guaranteeing performance of or assuming any liability for the obligations of the other parties hereto or any parties to the Collateral Loans.

Section 13.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of Document Custodian</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Segregation</u>. All Loan Files held by the Document Custodian for the account of the Borrower hereunder shall be (a) subject to the lien of the Collateral Agent on behalf of the Secured Parties, (b) physically segregated from other loans and non-cash property in the possession of the Document Custodian and (c) identified by the Document Custodian as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Register</u>. The Document Custodian shall maintain a register (in book-entry form or in such other form as it shall deem necessary or desirable) of the Collateral Loans for which it holds Loan Files under this Agreement containing such information as the Borrower and the Document Custodian may reasonably agree; <u>provided</u> that, with respect to such Collateral Loans, all Loan Files shall be held in safekeeping by the Document Custodian, individually segregated from the securities and investments of any other Person and marked so as to clearly identify such Loan Files as the property of the Borrower as set forth in this Agreement.

Section 13.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Collateral Loans to Document Custodian</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager (on behalf of the Borrower) shall deliver, or cause to be delivered (which may be via email, except for the original Underlying Note, if any) promptly (and in any event within five (5) Business Days of receipt) to the Document Custodian all of the Loan Files for each Collateral Loan owned by the Borrower at any time during the term of this Agreement at the address identified herein; <u>provided</u>, <u>however</u>, that all documents (other than the original Underlying Notes) shall be transmitted in electronic format and the Document Custodian shall only be required to retain the original Underlying Note, if any. The Document Custodian shall not be responsible for any Collateral Loan or related Loan File until actually received by it. In connection with each delivery of a Loan File to the Document Custodian, the Borrower shall be deemed to represent and warrant that the Loan Files delivered to the Document Custodian are complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, delivery of the Collateral Loans acquired by the Borrower which constitute Noteless Loans or which are otherwise not

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evidenced by a "security" or "instrument" as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, shall be made by delivery to the Document Custodian of a copy of the loan register with respect to such Noteless Loan evidencing registration of such Collateral Loan on the books and records of the applicable Obligor or bank agent to the name of the Borrower (or its nominee) or a copy (which may be an email copy) of an assignment agreement in favor of the Borrower as assignee signed by the related Obligor or administrative agent. Any duty on the part of the Document Custodian with respect to the custody of such Collateral Loans shall be limited to the exercise of reasonable care by the Document Custodian in the physical custody of the related Loan Files delivered to it, and the Document Custodian shall be deemed to have exercised reasonable care if it acts in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the absence of gross negligence, bad faith, fraud or willful misconduct of the Document Custodian, the Document Custodian may assume the genuineness of any document in a Loan File it may receive and the genuineness and due authority of any signatures appearing thereon, and shall be entitled to assume that each document it may receive is what it purports to be on its face. If an original "security" or "instrument" as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become available with respect to any Collateral Loan to be held by the Document Custodian under this Agreement, it shall be the sole responsibility of the Borrower to make or cause delivery thereof to the Document Custodian, and the Document Custodian shall not be under any obligation at any time to determine whether any such original "security" or "instrument" has been or is required to be issued or made available in respect of any Collateral Loan or to compel or cause delivery thereof to the Document Custodian.

Section 13.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Documents/Control By Agents</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall release and ship for delivery, or direct its agents or sub-custodians to release and ship for delivery, as the case may be, Loan Files of the Borrower held by the Document Custodian, its agents or its sub-custodians from time to time upon receipt of a Request for Release and Receipt (substantially in the form of <u>Exhibit G</u> and specifying, among other things, the Collateral Loans and Loan Files to be released and delivery instructions and other information as may be necessary to enable the Document Custodian to release and ship such Loan Files), which may be standing instructions (in a form acceptable to the Document Custodian) in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon receipt by the Document Custodian from the Administrative Agent or the Collateral Agent (acting at the direction of the Administrative Agent), of written notice of the occurrence of an Event of Default that is continuing and indicating the Administrative Agent's intent to prohibit the Document Custodian from accepting instructions from or on behalf of the Borrower (each such notice, a "<u>Block Notice</u>"), the Document Custodian shall no longer accept or act upon any Request for Release and Receipt, Proper Instructions or other instructions from the Borrower (or the Collateral Manager on its behalf) hereunder with respect to the Collateral Loans or the Loan Files. From and after its receipt of a Block Notice, the Document Custodian shall only comply with Requests for Release and Receipt and Proper Instructions from

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the Collateral Agent (acting at the direction of the Administrative Agent) or Administrative Agent.

Section 13.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Records</u>

The Document Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to the Collateral Loans or other property of the Borrower held for the benefit of the Collateral Agent and the other Secured Parties under this Agreement. All such records shall be the property of the Borrower and, upon reasonable advance notice, shall at all times during the regular business hours of the Document Custodian be open for inspection by duly authorized officers, employees or agents of the Borrower, the Collateral Agent and the Administrative Agent.

Section 13.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Reporting</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If requested by the Borrower, the Collateral Agent or the Administrative Agent, the Document Custodian shall render an itemized report of the Loan Files held pursuant to this Agreement as of the end of each month and such other matters as the parties may agree from time to time in form and substance reasonably satisfactory to the Borrower, the Collateral Agent and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall have no duty or obligation to undertake any market valuation of the Collateral Loans under any circumstance.

Section 13.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain General Terms</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Duty to Examine Related Documents</u>. Nothing herein shall obligate the Document Custodian to review or examine the terms of any underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note or any other document contained in the Loan Files evidencing or governing any Collateral Loan to determine the validity, sufficiency, marketability or enforceability of any Collateral Loan (and shall have no responsibility for the genuineness or completeness thereof) or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resolution of Discrepancies</u>. In the event of any discrepancy between the information set forth in any report provided by the Document Custodian to the Borrower and any information contained in the books or records of the Borrower, the Borrower (or the Collateral Manager, on behalf of the Borrower) shall promptly notify the Document Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Improper Instructions</u>. Notwithstanding anything herein to the contrary, the Document Custodian shall not be obligated to take any action (or forebear from taking any action), which it reasonably determines to be contrary to the terms of this Agreement or Applicable Law. In no instance shall the Document Custodian be obligated to provide services on any day that is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Proper Instructions</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Administrative Agent, the Collateral Manager and the Borrower will give a notice to the Document Custodian, in a form acceptable to the Document Custodian, specifying the names and specimen signatures of Persons authorized to give Proper Instructions (collectively, "<u>Authorized Persons</u>" and each, an "<u>Authorized Person</u>") which notice shall be signed by an Authorized Person set forth on <u>Schedule 5</u> or otherwise previously certified to the Document Custodian. The Document Custodian shall be entitled to rely upon the identity and authority of such Persons until it receives written notice from an Authorized Person of the Borrower, the Administrative Agent or the Collateral Manager, as applicable, to the contrary. The initial Authorized Persons are set forth on <u>Schedule 5</u> (as such <u>Schedule 5</u> may be modified from time to time by written notice from the Borrower, the Administrative Agent and the Collateral Manager as applicable, to the Document Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall have no responsibility or liability to the Borrower (or any other Person) and shall be indemnified and held harmless by the Borrower in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions received by the Document Custodian. The Document Custodian shall not have an obligation to act in accordance with purported instructions to the extent that they conflict with Applicable Law or regulations. The Document Custodian shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of Authority</u>. The Document Custodian shall be protected in acting upon any instruction, notice, request, consent, certificate instrument or paper reasonably believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the Borrower, the Collateral Manager or Administrative Agent, as applicable, by an Authorized Person thereof. The Document Custodian may receive and accept a certificate signed by any Authorized Person as conclusive evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the authority of any Person to act in accordance with such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any determination or of any action by such Person as described in such certificate;

and such certificate may be considered as in full force and effect until receipt by the Document Custodian of written notice to the contrary from an Authorized Person of the Borrower, the Collateral Manager or Administrative Agent, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Receipt of Communications</u>. Any communication received by the Document Custodian on a day which is not a Business Day or after 3:30 p.m. (or such other time as is agreed by the Borrower and the Document Custodian from time to time) on a Business Day will be deemed to have been received on the next Business Day; <u>provided</u> that in the case of communications so received after 3:30 p.m. on a Business Day the Document Custodian will use its commercially reasonable efforts to process such communications as soon as possible after receipt.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;In the event that (i) the Borrower, the Administrative Agent, the Collateral Manager, the Document Custodian or the Collateral Agent shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Loan File or a document included within a Loan File or (ii) a third party shall institute any court proceeding by which any Loan File or a document included within a Loan File shall be required to be delivered other than in accordance with the provisions of this Agreement, the party receiving such service shall promptly deliver or cause to be delivered to the other parties to this Agreement (to the extent not prohibited by Applicable Law) copies of all court papers, orders, documents and other materials concerning such proceedings. The Document Custodian shall, to the extent permitted by Law, continue to hold and maintain all the Loan Files that are the subject of such proceedings pending a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Document Custodian shall dispose of such Loan File or a document included within such Loan File as directed by the Administrative Agent, which shall give a direction consistent with such determination. Expenses of the Document Custodian incurred as a result of such proceedings shall be borne by the Borrower.

Section 13.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Reimbursement of Document Custodian</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. The Document Custodian shall be entitled to compensation for its services in accordance with the terms of the Collateral Administration and Agency Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. The Borrower agrees to pay or reimburse to the Document Custodian upon its request from time to time all reasonable and documented costs, disbursements, advances, and expenses (including reasonable fees and expenses of one firm of outside legal counsel, plus, if necessary, one additional local counsel in each applicable jurisdiction) incurred in connection with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Document Custodian of its duties and services under this Agreement (including costs and expenses of any action deemed necessary by the Document Custodian to collect any amounts owing to it under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Priority of Payments</u>. Amounts owing to the Document Custodian hereunder shall be payable in accordance with the Priority of Payments.

Section 13.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility of Document Custodian</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General Duties</u>. The Document Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Collateral Loans, except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the Document Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Instructions</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions) from the Borrower (or the Collateral Manager on the Borrower's behalf), the Administrative Agent or the Collateral Agent, as applicable, as it reasonably deems necessary, and shall be entitled to require, upon notice to the Borrower, the Administrative Agent or the Collateral Agent, as applicable, that Proper Instructions to it be in writing. In the absence of gross negligence, fraud, bad faith or willful misconduct of the Document Custodian, the Document Custodian shall have no liability for any action (or forbearance from action) pursuant to this Agreement or any other Facility Document or taken pursuant to any Proper Instruction of the Borrower, the Collateral Manager, the Administrative Agent or the Collateral Agent, as applicable, except in the case of the Document Custodian's own gross negligence, fraud, bad faith or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Document Custodian is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and otherwise in accordance with any applicable term of this Agreement; and whenever any report or other information is required to be produced or distributed by the Document Custodian it shall be in form, content and medium reasonably acceptable to it and the Borrower, and otherwise in accordance with any applicable term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In case any reasonable question arises as to its duties hereunder, the Document Custodian may, so long as no Event of Default has occurred and is continuing, request instructions from the Collateral Manager and may, after the occurrence and during the continuance of an Event of Default, request instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from the Collateral Manager or the Administrative Agent, as applicable. The Document Custodian shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>General Standards of Care</u>. Notwithstanding any terms herein contained to the contrary, the acceptance by the Document Custodian of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document furnished to it (including any of the foregoing provided to it by telecopier or electronic means), not only as to its due execution and validity, but also as to the truth and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or presented by the proper person (which in the case of any instruction from or on behalf of the Borrower shall be an Authorized Person); and the Document Custodian shall be

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entitled to presume the genuineness and due authority of any signature appearing thereon. The Document Custodian shall not be bound to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document; <u>provided</u> that if the form thereof is specifically prescribed by the terms of this Agreement, the Document Custodian shall examine the same to determine whether it substantially conforms on its face to such requirements hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Document Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or Law, or for anything which it may do or refrain from doing in connection herewith, unless such action constitutes gross negligence, fraud or willful misconduct on its part and in breach of the terms of this Agreement. Subject to the foregoing, the Document Custodian shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In no event shall the Document Custodian be liable for any indirect, special, punitive or consequential damages (including lost profits) whether or not it has been advised of the likelihood of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Document Custodian in good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed pursuant to <u>Section 13.08(b)</u> and <u>(c)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by a Responsible Officer of the Document Custodian or unless (and then only to the extent) received in writing by a Responsible Officer of the Document Custodian and specifically referencing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement shall require the Document Custodian to expend or risk its own funds, or to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Document Custodian to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Borrower or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The permissive right of the Document Custodian to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may act or exercise its duties or powers hereunder through agents or attorneys, and the Document Custodian shall not be liable or responsible for the negligence, misconduct, actions or omissions of any such agent or attorney selected by it with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall not be responsible or liable for delays or failures in performance resulting from acts beyond its control; <u>provided</u> that the Document Custodian takes commercially reasonable efforts to resume performance after the cessation of such acts. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;All indemnifications contained in this Agreement in favor of the Document Custodian shall survive the termination of this Agreement and the resignation or removal of the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;Each of the rights, protections, benefits, reliances, indemnities and immunities offered to the Collateral Agent in <u>Article XI</u> or the Collateral Administrator in <u>Article XV</u> shall be afforded to the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection with this Agreement or any other Facility Document or Related Document. The Document Custodian shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion, report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted by any Person under any Facility Document or Related Document. The Document Custodian shall not be responsible to any Person for any recitals, statements, information, representations or warranties regarding the Borrower or the Collateral or in any document, certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency of thereof or any such other document or the financial condition of any Person or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions related to any Person or the existence or possible existence of any Default or Event of Default. The Document Custodian shall not have any obligation whatsoever to any Person to assure that any collateral exists or is owned by any Person or is cared for, protected or insured or that any liens have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available with respect thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent's Lien</u>.

Each of the Borrower, the Collateral Agent and the Document Custodian hereby agrees that the Loan Files in respect of the Collateral Loans are being held by the Document Custodian hereunder to perfect the lien of the Collateral Agent, on behalf of the Secured Parties, in the Collateral Loans in accordance with this Agreement.

Section 13.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Removal; Appointment of Successor</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement (including clauses (b) and (c) below), no resignation or removal of the Document Custodian and no appointment of a successor Document Custodian pursuant to this <u>Article XIII</u> shall become effective until the acceptance of such appointment by the successor Document Custodian under <u>Section 13.11</u> and the assumption by such successor Document Custodian of the duties and obligations of the Document Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may, at any time, resign under this Agreement by giving not less than thirty (30) days advance written notice thereof to the Borrower, the Collateral Manager, the Collateral Agent and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Document Custodian may be removed at any time by the Administrative Agent (i) upon thirty (30) days' notice (with the prior written consent of the Collateral Manager) or (ii) at any time if (A) a Default or an Event of Default shall have occurred and be continuing or (B) the Document Custodian shall become incapable of acting or shall become the subject of an Insolvency Event. Notice of any such removal shall be sent by the Administrative Agent to the Document Custodian, the Borrower, the Lenders and the Collateral Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If the Document Custodian shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Document Custodian for any reason (other than resignation with no replacement within 30 days), the Borrower shall, promptly after becoming aware of such resignation, removal, incapacity or vacancy, appoint a successor custodian by written instrument, executed by a Responsible Officer of the Borrower, one copy of which shall be delivered to the retiring Document Custodian and one copy to the successor Document Custodian, together with a copy to the Administrative Agent and the Lenders; <u>provided</u> that such successor Document Custodian shall be appointed only upon the prior written consent of the Administrative Agent and, if no Event of Default or Collateral Manager Default has occurred and is continuing, the Collateral Manager (in each case which consent shall not be unreasonably withheld, conditioned or delayed). In the case of a resignation or removal of by the Document Custodian, if no successor Document Custodian shall have been appointed and an instrument of acceptance by a successor Document Custodian shall not have been delivered to the resigning or removed Document Custodian and the Administrative Agent within 30 days after the giving of such notice of resignation or removal, the Administrative Agent may appoint a successor Document Custodian or the resigning or removed Document Custodian may petition any court of competent jurisdiction at the expense of the Borrower to appoint a successor Document Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Upon termination of this Agreement or resignation of the Document Custodian, the Borrower shall pay to the Document Custodian such compensation, and shall likewise reimburse the Document Custodian for its reasonable and documented costs, expenses and disbursements, as may be due as of the date of such termination or resignation (or removal, as the case may be) all in accordance with the Priority of Payments. All indemnifications in favor of the Document Custodian under this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any resignation or removal of the Document Custodian, the Document Custodian shall provide to the Borrower a complete final report or data file transfer of any confidential information as of the date of such resignation or removal.

Section 13.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceptance and Appointment by Successor</u>

Each successor Document Custodian appointed hereunder shall execute, acknowledge and deliver to the Borrower, the Collateral Manager, the Administrative Agent, the Lenders and the retiring Document Custodian an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring Document Custodian shall become effective and such successor Document Custodian, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Document Custodian; but, on request of the Borrower, the Collateral Manager, the Administrative Agent or the successor Document Custodian, such retiring Document Custodian shall (i) execute and deliver an instrument transferring to such successor Document Custodian all the rights, powers and trusts of the retiring Document Custodian and (ii) execute and deliver such further documents and instruments and take such further action as may be reasonably requested in order to effect the transfer of the rights, powers, duties and obligations of the Document Custodian hereunder. Upon request of any such successor Document Custodian, the Borrower shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Document Custodian all such rights, powers and trusts.

Section 13.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger, Conversion, Consolidation or Succession to Business of Document Custodian</u>

Any organization or entity into which the Document Custodian may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Document Custodian shall be a party, or any organization or entity succeeding to all or substantially all of the document custody business of the Document Custodian, shall be the successor of the Document Custodian hereunder and any other Facility Document to which the Document Custodian is a party, without the execution or filing of any document or any further act on the part of any of the parties hereto.

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**ARTICLE XIV<br>COLLATERAL MANAGEMENT**

Section 14.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of the Collateral Manager</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Collateral Manager</u>. The servicing, administering and collection of the Collateral shall be conducted by the collateral manager in accordance with the Facility Documents (such Person, the "<u>Collateral Manager</u>"). Nuveen Churchill Private Capital Income Fund is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and responsibilities, of Collateral Manager pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Subcontracts</u>. The Collateral Manager may, with the prior written consent of the Administrative Agent (which consent shall not be required in the case of Affiliates of the Collateral Manager), subcontract with any other Person for servicing, administering or collecting the Collateral; <u>provided</u> that (i) the Collateral Manager shall select any such Person with reasonable care and shall be solely responsible for the fees and expenses payable to such Person, (ii) the Collateral Manager shall not be relieved of, and shall remain liable for, the performance of the duties and obligations of the Collateral Manager pursuant to the terms hereof without regard to any subcontracting arrangement and (iii) any such subcontract shall be subject to the provisions hereof.

Section 14.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of the Collateral Manager</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties</u>. The Collateral Manager shall take or cause to be taken all such actions as may be necessary or advisable to service, administer and collect on the Collateral from time to time, all in accordance with the Collateral Management Standard. Without limiting the foregoing, the duties of the Collateral Manager shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;directing the acquisition, sale or substitution of Collateral in accordance with <u>Article X</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;supervising the Collateral, including (A) communicating with Obligors or, if applicable, the administrative agents on the Collateral Loans; (B) subject to the provisos to this subclause (B), executing amendments or other modifications, providing consents and waivers, exercising voting rights, enforcing and collecting on the Collateral; <u>provided</u> that the Collateral Manager shall not consent to any amendment or other modification of any Collateral Loan or any Related Document for any Collateral Loan that would violate the provisions of <u>Section 5.02(q)</u>; and (C) otherwise managing the Collateral on behalf of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;preparing and submitting claims to Obligors, or if applicable, the administrative agents on the Collateral Loans, on each Collateral Loan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;maintaining appropriate books of account and servicing records with respect to the Collateral (including copies of the Related Documents) reasonably necessary or advisable for the services to be performed hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;promptly delivering to the Administrative Agent or the Collateral Agent, from time to time, such information and servicing records (including information relating to its performance under this Agreement) as the Administrative Agent or the Collateral Agent may from time to time reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;notifying the Administrative Agent of any material action, suit, proceeding, dispute, offset, deduction, defense or counterclaim (A) that is or is threatened to be asserted by an Obligor with respect to any Collateral Loan (or portion thereof) of which it has actual knowledge or has received notice; or (B) that could reasonably be expected to have a Material Adverse Effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;using commercially reasonable efforts to maintain the perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;instructing the Obligors or, if applicable, the administrative agents on the Collateral Loans to make payments directly into the Collection Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;complying with such other duties and responsibilities as required of the Collateral Manager by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;providing to the Borrower, each Lender, the Administrative Agent, the Collateral Administrator and the Collateral Agent the reports required to be delivered by the Collateral Manager under this Agreement.

It is acknowledged and agreed that the Borrower possesses only such rights with respect to the enforcement of rights and remedies with respect to the Collateral Loans and the underlying assets securing such Collateral Loans under the Related Documents as have been transferred to the Borrower with respect to the related Collateral Loan, and therefore, for all purposes under this Agreement, the Collateral Manager shall perform its administrative and management duties hereunder only to the extent that, as a lender under the Related Documents, the Borrower has the right to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, each Lender, the Collateral Agent and the other Secured Parties shall not have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of the obligations of the Collateral Manager hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager shall not be responsible or liable for delays or failures in performance resulting from acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.

Section 14.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of the Collateral Manager</u>

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The Borrower hereby authorizes the Collateral Manager to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of the Collateral Manager and not inconsistent with the pledge of the Collateral by the Borrower to the Collateral Agent, on behalf of the Secured Parties hereunder, to collect all amounts due under any and all Collateral, including endorsing its name on checks and other instruments representing Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral and to the extent permitted under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent as the Collateral Manager could have done if it owned such Collateral. In furtherance of the foregoing, the Borrower hereby irrevocably appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and at its expense, to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all documents which the Collateral Manager reasonably deems appropriate or necessary in connection with the performance of its duties provided for herein. The Borrower shall furnish the Collateral Manager (and any successors thereto) with any powers of attorney and other documents necessary or appropriate to enable the Collateral Manager to carry out its collateral management duties hereunder, and shall cooperate with the Collateral Manager to the fullest extent in order to ensure the collectability of the Collateral. In no event shall the Collateral Manager be entitled to make the Collateral Agent, the Administrative Agent, any Lender or any other Secured Party a party to any litigation without such party's express prior written consent, or to make the Borrower a party to any litigation (other than any foreclosure or similar collection procedure) without the Administrative Agent's consent. Following the occurrence and during the continuance of an Event of Default (unless otherwise waived by the Lenders in accordance with <u>Section 12.01</u>), the Administrative Agent (acting in its sole discretion or at the direction of the Required Lenders) may provide notice to the Collateral Manager (with a copy to the Collateral Agent) that the Secured Parties are exercising their control rights with respect to the Collateral in accordance with <u>Section 6.02(b)</u>. Notwithstanding the foregoing, the Collateral Manager shall act solely on behalf of the Borrower as an independent contractor for the sole purpose of providing the services described herein.

Section 14.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Separateness Provisions of the Borrower</u>

The Collateral Manager shall not knowingly or with gross negligence interfere with or frustrate the Borrower's compliance with the provisions of <u>Section 5.05</u> of this Agreement.

Section 14.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation</u>

As compensation for its administrative and management activities hereunder, the Collateral Manager or its designee shall be entitled to receive the Collateral Management Fee pursuant to the Priority of Payments, and the Collateral Manager hereby directs the Collateral Management Fee be paid to the Equityholder and such payment to the Equityholder shall satisfy the obligation to pay the Collateral Management Fee pursuant to the Priority of Payments.

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The Collateral Manager may, in its sole discretion, elect to irrevocably waive payment of any or all of any Collateral Management Fee otherwise due on any Payment Date by notice to the Borrower, the Collateral Administrator and the Collateral Agent no later than the Determination Date immediately prior to such Payment Date. Any such Collateral Management Fee, once waived, shall not thereafter become due and payable and any claim of the Collateral Manager therein shall be extinguished.

If and to the extent that there are insufficient funds to pay any Collateral Management Fee in full on any Payment Date or if any Collateral Management Fee has accrued but is not yet due and payable, the amount due or accrued and unpaid will be deferred and will be payable on such later Payment Date on which funds are available in accordance with the Priority of Payments.

Section 14.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses; Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager shall be responsible for its expenses incurred by it in the performance of its obligations under this Agreement to the extent not otherwise reimbursed by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Manager agrees to indemnify and hold harmless each Indemnified Party from and against any and all Liabilities that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with any acts or omissions of the Collateral Manager in connection with (a) any breach by the Collateral Manager of any Facility Document (including a breach of any representation or warranty made by the Collateral Manager under any Facility Document) or (b) any gross negligence or willful misconduct of the Collateral Manager; in each case, except to the extent any such Liability (x) is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnified Party, any of its Affiliates or the respective officers, directors, employees, agents, managers of, and any Person controlling any of, the foregoing, (y) results from a claim solely between or among Lenders and not arising out of any act or omission on the part of the Collateral Manager or (z) results from the performance of the Collateral Loans. In the case of an investigation, litigation or proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Collateral Manager, any of the Collateral Manager's equityholders or creditors, an Indemnified Party or any other Person, whether or not an Indemnified Party is otherwise a party hereto. The Collateral Manager shall not, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is a party (or, in the case of a threatened proceeding, could reasonably have been expected to be a party if such proceeding had been brought) and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) does not include a statement as to or admission of, fault, culpability or a failure to act by or on behalf of any such Indemnified Party, and (ii) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. In no event shall the Collateral Manager be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but

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not limited to lost profits) even if the Collateral Manager has been advised of the likelihood of such damages and regardless of the form of such action; <u>provided</u> that the foregoing shall not limit the indemnification obligations of the Collateral Manager pursuant to this <u>Section 14.06(b)</u> to the extent such special, punitive, indirect or consequential loss or damages are included in any third party claim in connection with which the Indemnified Party is entitled to indemnification hereunder. This <u>Section 14.06(b)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. Each Indemnified Party hereby agrees that it will only make a claim under this <u>Section 14.06</u> against the Collateral Manager following (1) realization in full of the Collateral, and (2) application of the proceeds thereof in accordance with the Priority of Payments.

Section 14.07&nbsp;&nbsp;&nbsp;&nbsp;<u>The Collateral Manager Not to Resign; Assignment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Other than in the case of an assignment to an Affiliate that would not cause a Change of Control under clause (b) of the definition thereof, the Collateral Manager shall not resign from the obligations and duties hereby imposed on it unless such resignation is necessary for the Collateral Manager to comply with Applicable Law. For the avoidance of doubt, any such resignation will constitute a Collateral Manager Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Other than in the case of an assignment to an Affiliate that would not cause a Change of Control under clause (b) of the definition thereof, the Collateral Manager may not assign its rights or obligations hereunder or any interest herein without the prior written consent of the Administrative Agent.

Section 14.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Successor Collateral Manager</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence and during the continuance of a Collateral Manager Default, notwithstanding anything herein to the contrary, but subject to <u>Section 6.05</u>, the Administrative Agent (as directed by the Required Lenders), with notice to the Borrower, the Equityholder, the Collateral Agent and the Lenders, may terminate all of the rights and obligations of the Collateral Manager as "Collateral Manager" under this Agreement and appoint a successor Collateral Manager (the "<u>Successor Collateral Manager</u>"), which, for the avoidance of doubt may be the Administrative Agent or any Lender, and such Successor Collateral Manager shall accept its appointment by a written assumption in a form acceptable to the Administrative Agent in its sole discretion. Until a successor Collateral Manager is appointed as set forth above, the Collateral Manager shall (i) unless otherwise notified by the Administrative Agent, continue to act in such capacity in accordance with <u>Section 14.02</u> and (ii) as requested by the Administrative Agent in its sole discretion (A) terminate some or all of its activities as Collateral Manager hereunder by the Administrative Agent in its sole discretion as necessary or desirable, (B) provide such information as may be requested by the Administrative Agent to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof and (C) take all other actions requested by the Administrative Agent, in each case to facilitate the transition of the performance of such activities to the Administrative Agent or any agent thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon its appointment, the Successor Collateral Manager shall be the successor in all respects to the Collateral Manager with respect to collateral management functions under this Agreement and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Collateral Manager by the terms and provisions hereof, and all references in this Agreement to the Collateral Manager shall be deemed to refer to the Successor Collateral Manager; <u>provided</u> that the Successor Collateral Manager shall have (i) no liability with respect to any action performed by the terminated Collateral Manager prior to the date that the Successor Collateral Manager becomes the successor to the Collateral Manager or any claim of a third party based on any alleged action or inaction of the terminated Collateral Manager, (ii) no obligation to pay any Taxes required to be paid by the Collateral Manager; <u>provided</u> that the Successor Collateral Manager shall pay any income Taxes for which it is liable, (iii) no obligation to pay any of the fees and expenses of any other party to the transactions contemplated hereby, and (iv) no liability or obligation with respect to any Collateral Manager indemnification obligations of any prior Collateral Manager, including the original Collateral Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained in this Agreement to the contrary, a Successor Collateral Manager is authorized to accept and rely on all of the accounting, records (including computer records) and work of the prior Collateral Manager relating to the Collateral Loans (collectively, the "<u>Predecessor Collateral Manager Work Product</u>") without any audit or other examination thereof, and such Successor Collateral Manager shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior Collateral Manager. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively, "<u>Errors</u>") exist in any Predecessor Collateral Manager Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the Successor Collateral Manager making or continuing any Errors (collectively, "<u>Continued Errors</u>"), such Successor Collateral Manager shall have no duty, responsibility, obligation or liability for such Continued Errors; <u>provided</u> that such Successor Collateral Manager agrees to use its best efforts to prevent further Continued Errors. In the event that the Successor Collateral Manager becomes aware of Errors or Continued Errors, it shall, with the prior consent of the Administrative Agent, use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continued Errors and to prevent future Continued Errors.

**ARTICLE XV<br>THE COLLATERAL ADMINISTRATOR**

Section 15.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Collateral Administrator</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Collateral Administrator</u>. Until a successor Collateral Administrator is appointed in accordance with this <u>Article XV</u>, U.S. Bank Trust Company, National Association is hereby appointed as, and hereby accepts such appointment and agrees to perform the duties and obligations of the Collateral Administrator pursuant to the terms hereof and of the other Facility Documents to which the Collateral Administrator is a party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successor Collateral Administrator</u>. Upon the Collateral Administrator's receipt of written notice from the Administrative Agent of the designation of a successor Collateral Administrator pursuant to the provisions of <u>Section 15.05</u>, the Collateral Administrator agrees that it will terminate its activities as Collateral Administrator hereunder. Notwithstanding such termination, the Collateral Administrator shall be entitled to receive all accrued and unpaid Collateral Administration and Agency Fees and Administrative Expenses due and owing to it at the time of such termination.

Section 15.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Duties and Powers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator shall assist the Borrower and the Collateral Manager by maintaining a database on certain characteristics of the Collateral on an ongoing basis and providing to the Borrower and the Collateral Manager (and, where applicable, the Borrower's independent public accountants) certain reports, schedules, calculations all as more particularly described in this <u>Section 15.02</u> below (in each case, such reports, schedules and calculations shall be prepared in such form and content, and in such greater detail, as may be mutually agreed upon by the parties hereto from time to time and as may be required by the Agreement) based upon information and data received from the Borrower, the Collateral Manager and/or any related bank agent, obligor or similar party with respect to the Collateral Loan, as required to be prepared and delivered (or which are necessary to be prepared and delivered in order that certain other reports, schedules and calculations can be prepared and delivered) under <u>Article VIII</u> of this Agreement. The Collateral Administrator's duties and authority to act as Collateral Administrator hereunder are limited to the duties and authority specifically provided for in this Agreement and no implied duties, obligations or responsibilities shall be read into this Agreement against, or on the part of, the Collateral Administrator. The Collateral Administrator shall not be deemed to assume the obligations of the Borrower or the Collateral Manager hereunder or any other Facility Document, and nothing herein contained shall be deemed to release, terminate, discharge, limit, reduce, diminish, modify, amend or otherwise alter in any respect the duties, obligations or Liabilities of the Borrower or the Collateral Manager under or pursuant to this Agreement or any other Facility Document. Without limiting the foregoing, the Collateral Administrator shall perform the following functions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;create a collateral database of certain characteristics (to the extent required for the performance of its obligations hereunder, and otherwise as reasonably agreed to between the Collateral Administrator and the Collateral Manager) of the Collateral Loans and Eligible Investments credited from time to time to the Covered Accounts (the "<u>Collateral Database</u>") within 15 days of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;permit access to the information in the Collateral Database by the Collateral Manager and the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;update the Collateral Database promptly for ratings changes and for Collateral Loans, Equity Securities and Eligible Investments acquired or sold or otherwise disposed of and for any amendments or changes to Collateral Loan amounts or interest rates and, if direct online viewing access to the foregoing is unavailable, report

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any updates as of the close of business on the preceding Business Day to the Collateral Database to the Administrative Agent no later than 5:00 p.m. on each Business Day, in each case based upon, and to the extent of, information furnished to the Collateral Administrator by or on behalf of the Borrower or the Collateral Manager as may be reasonably required by the Collateral Administrator, or by the agents for the obligors from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;track the receipt and daily allocation of cash to the Collection Account and any withdrawals therefrom (including the applicable Interest Rates provided to the Collateral Administrator by the Administrative Agent) and, if direct online viewing access to the foregoing is unavailable, commencing five (5) Business Days after the Closing Date, report the balances of the Collection Account to the Administrative Agent no later than 5:00 p.m. on each Business Day as of the close of business on the preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;commencing five (5) Business Days after the Closing Date, deliver the Administrative Agent, on each Business Day, a trade blotter, cash flow and position report with respect to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;draft and make available to the parties required under this Agreement each of the Monthly Reports and Payment Date Reports which are required to be provided pursuant to <u>Section 8.08(a)</u> of this Agreement by the time specified in this Agreement and on the basis of the information contained in the Collateral Database or as provided to the Collateral Administrator by the Borrower, the Collateral Manager or the Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;provide the Collateral Manager with such other information as may be reasonably requested in writing by the Collateral Manager and as is within the possession of the Collateral Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement shall be construed to relieve the Collateral Administrator from liability for its own grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct or fraud, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;this subsection shall not be construed to limit the effect of subsection (a) of this <u>Section 15.02</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral Administrator shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Collateral Administrator, unless it shall be proven that the Collateral Administrator was grossly negligent in ascertaining the pertinent facts or engaged in fraud or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;no provision of this Agreement shall require the Collateral Administrator to expend or risk its own funds or otherwise incur any financial or other liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder, if it shall have reasonable grounds for believing that

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repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary services under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;in no event shall the Collateral Administrator be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits) even if the Collateral Administrator has been advised of the likelihood of such damages and regardless of the form of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the Collateral Manager shall cooperate with the Collateral Administrator in connection with the matters described herein, including calculations and information relating to the Monthly Reports and Payment Date Reports or as otherwise reasonably requested hereunder. Nothing herein shall obligate the Collateral Administrator to determine independently the correct characterization or categorization of any item of Collateral under this Agreement (it being understood that any such characterization or categorization shall be based exclusively upon the determination and notification received by the Collateral Administrator from the Collateral Manager). The Collateral Manager shall review and approve the contents of the aforesaid reports. To the extent any of the information in such reports, instructions or certificates conflicts with information, data or calculations in the records of the Collateral Manager, the Collateral Manager shall notify the Collateral Administrator of such discrepancy and use commercially reasonable efforts to assist the Collateral Administrator in reconciling such discrepancy. The Collateral Administrator shall cooperate with the Collateral Manager in connection with the Collateral Manager's review of the contents of the aforesaid reports, instruction and certificates and will use commercially reasonable efforts to provide such items to the Collateral Manager within a reasonably sufficient time (as agreed between the Collateral Manager and the Collateral Administrator) prior to any applicable due date to enable such review. The Collateral Manager further agrees to send such reports, instructions, statements and certificates to the Borrower for execution. The Collateral Administrator shall have no obligation to determine the Borrowing Bases. Nothing herein shall obligate the Collateral Administrator to review or examine any Underlying Loan Agreement or other contract evidencing, governing or guaranteeing or securing any Collateral Loan in order to verify, confirm, audit or otherwise determine any characteristic thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator shall have no obligation to determine the Asset Value or the price of any Collateral in connection with any actions or duties under this Agreement. Nothing herein shall prevent the Collateral Administrator or any of its Affiliates from engaging in other businesses or from rendering services of any kind to any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator shall in no event have any liability for the actions or omissions of the Borrower, the Collateral Manager, the Administrative Agent, the Document Custodian or any other Person, and shall have no liability for any inaccuracy or error in any duty performed by it that results from or is caused by inaccurate, untimely or incomplete information or data received by it from the Borrower, the Collateral Manager, the Document Custodian or another Person except to the extent that such inaccuracies or errors are caused by the Collateral Administrator's own bad faith, willful misconduct, gross negligence or fraud. The

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Collateral Administrator shall not be liable for failing to perform or any delay in performing its specified duties hereunder which results from or is caused by a failure or delay on the part of the Borrower, the Collateral Manager, the Administrative Agent, the Document Custodian or any other Person in furnishing necessary, timely and accurate information to the Collateral Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;It is expressly acknowledged by the Borrower and the Collateral Manager that application and performance by the Collateral Administrator of its various duties hereunder (including recalculations to be performed in respect of the matters contemplated hereby) shall be based upon, and in reliance upon, data and information provided to it by the Collateral Manager (and/or the Borrower) with respect to the Collateral, and the Collateral Administrator shall have no responsibility for the accuracy of any such information or data provided to it by such Persons. Nothing herein shall impose or imply any duty or obligation on the part of the Collateral Administrator to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any obligor under the Collateral is in default or in compliance with the underlying documents governing or securing such securities, from time to time, the role of the Collateral Administrator hereunder being solely to perform certain mathematical computations and data comparisons and to provide certain reports and other deliveries, as provided herein. For purposes of monitoring changes in ratings, the Collateral Administrator shall be entitled to use and rely (in good faith) exclusively upon one or more reputable electronic financial information reporting services, and shall have no liability for any inaccuracies in the information reported by, or other errors or omissions of, any such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall obligate the Collateral Administrator to determine independently any characteristic of a Collateral Loan, or to evaluate or verify the Collateral Manager's characterization of any Collateral Loan, including whether any item of Collateral is a Broadly Syndicated Loan, Caa/CCC Collateral Loan, Certificated Security, Clearing Corporation Security, Collateral Loan, Consent Loan, Covenant Lite Loan, Current Pay Loan, Deemed Second Lien Loan, Defaulted Loan, Delayed Drawdown Collateral Loan, Eligible Collateral Loan, Eligible Investment, Equityholder Collateral Loan, Equity Security, First Lien Last Out Loan, First Lien Loan, Fixed Rate Obligation, Floor Obligation, Ineligible Collateral Loan, Margin Stock, Noteless Loan, Participation Interest, PIK Loan, Related Security, Revolving Collateral Loan, Structured Finance Obligation, Uncertificated Security, Underlying Note, Unrestricted Cash or Warranty Collateral Loan, any such determination being based exclusively upon notification the Collateral Administrator receives from the Collateral Manager or from (or in its capacity as) the Collateral Agent (based upon notices received by the Collateral Agent from the obligor, trustee or agent bank under an underlying governing document, or similar source) and nothing herein shall obligate the Collateral Administrator to review or examine any underlying instrument or contract evidencing, governing or guaranteeing or securing any Collateral Loan in order to verify, confirm, audit or otherwise determine any characteristic thereof.

Section 15.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Rights of Collateral Administrator</u>

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Notwithstanding any terms herein contained to the contrary, the acceptance by the Collateral Administrator of its appointment hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this Agreement (whether or not so stated therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper, electronic communication or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If, in performing its duties under this Agreement, the Collateral Administrator is required to decide between alternative courses of action, the Collateral Administrator may request written instructions from (x) so long as no Event of Default has occurred and is continuing, the Collateral Manager acting on behalf of the Borrower or (y) after the occurrence and during the continuance of an Event of Default, the Administrative Agent, as to the appropriate course of action desired by it. If the Collateral Administrator does not receive such instructions within two (2) Business Days after it has requested them, the Collateral Administrator may, but shall be under no duty to, take or refrain from taking any such courses of action; <u>provided</u> that the Collateral Administrator shall, as soon as practicable thereafter, notify the Collateral Manager of which course of action, if any, it has decided to take. The Collateral Administrator shall act in accordance with instructions received after such two-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Neither the Collateral Administrator nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or for any act done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or Law, or for anything which it may do or refrain from doing in connection herewith, unless such action constitutes gross negligence, fraud or willful misconduct on its part and in breach of the terms of this Agreement. The Collateral Administrator shall not be liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack of direction or instruction required hereby for such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as to any of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Collateral Administrator in good faith in accordance with the opinion and directions of such counsel, the reasonable cost of such services shall be reimbursed pursuant to <u>Section 15.04</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by a Responsible Officer of the

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Collateral Administrator or unless (and then only to the extent) received in writing by the Collateral Administrator and specifically referencing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement shall require the Collateral Administrator to expend or risk its own funds, or to take any action (or forbear from action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished with acceptable indemnification. Nothing herein shall obligate the Collateral Administrator to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Borrower or on its own behalf or otherwise, with respect to any matter arising hereunder, or relating to this Agreement or the services contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The permissive right of the Collateral Administrator to take any action hereunder shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator may act or exercise its duties or powers hereunder through agents or attorneys, and the Collateral Administrator shall not be liable or responsible for the actions or omissions of any such agent or attorney selected by it with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator shall not be responsible or liable for delays or failures in performance resulting from acts beyond its control; <u>provided</u> that the Collateral Administrator takes commercially reasonable efforts to resume performance after the cessation of such acts. Such acts shall include acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations imposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;All indemnifications contained in this Agreement in favor of the Collateral Administrator shall survive the termination of this Agreement and the resignation or removal of the Collateral Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Each of the rights, protections, benefits, reliances, indemnities and immunities offered to the Collateral Agent in <u>Article XI</u> or the Document Custodian in <u>Article XIII</u> shall be afforded to the Collateral Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator shall not be responsible for the accuracy or content of any certificate, statement, direction or opinion furnished to it in connection with this Agreement or any other Facility Document or Related Document. The Collateral Administrator shall not be bound to make any investigation into the facts stated in any resolution, certificate, statement, instrument, opinion, report, consent, order, approval, bond or other document or have any responsibility for filing or recording any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted by any Person under any Facility Document or Related Document. The Collateral Administrator shall not be responsible to any Person for any recitals, statements, information, representations or warranties regarding the Borrower or the Collateral or in any document, certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or

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sufficiency of thereof or any such other document or the financial condition of any Person or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions related to any Person or the existence or possible existence of any Default or Event of Default. The Collateral Administrator shall not have any obligation whatsoever to any Person to assure that any Collateral exists or is owned by any Person or is cared for, protected or insured or that any liens have been properly or sufficiently or lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise or to continue exercising at all or in any manner or under any duty of care, disclosure or fidelity any of the rights, authorities and powers granted or available with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator shall not be deemed to have notice of any amendment or modification of a Collateral Loan unless the Collateral Administrator receives written notice thereof (which notice may be via email, it being understood that email notification notifying the Collateral Administrator that such amendment or modification has been posted to the data room to which the Collateral Administrator has been granted access shall constitute notice for this purpose).

Section 15.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Reimbursement of Collateral Administrator</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay, and the Collateral Administrator shall be entitled to receive, as compensation for the Collateral Administrator's performance of the duties called for herein, the amounts set forth in the Collateral Administration and Agency Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay or reimburse to the Collateral Administrator upon its request from time to time all reasonable and documented costs, disbursements, advances, and expenses (but limited, in the case of legal fees and expenses, to the reasonable fees and expenses of one firm of outside legal counsel, plus, if necessary, one additional local counsel in each applicable jurisdiction) incurred in connection with the preparation or execution of this Agreement, or in connection with the transactions contemplated hereby or the administration of this Agreement or performance by the Collateral Administrator of its duties and services under this Agreement (including costs and expenses of any action deemed necessary by the Collateral Administrator to collect any amounts owing to it under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All payments hereunder, including, but not limited to indemnities, shall be paid in accordance with <u>Section 9.01</u>.

Section 15.05&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Removal; Appointment of Successor</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement (including clauses (b) and (c) below), no resignation or removal of the Collateral Administrator and no appointment of a successor Collateral Administrator pursuant to this <u>Article XV</u> shall become effective until the acceptance of such appointment by the successor Collateral Administrator under <u>Section 15.06</u> and the assumption by such successor Collateral Administrator of the duties and obligations of the Collateral Administrator hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator may resign at any time by giving written notice thereof to the Borrower, the Administrative Agent, the Collateral Manager and the Lenders not less than 30 days prior to such resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator may be removed at any time by the Administrative Agent (i) upon thirty (30) days' notice (with the prior written consent of the Collateral Manager) or (ii) at any time if (A) an Event of Default shall have occurred and be continuing, or (B) the Collateral Administrator shall become incapable of acting or shall become the subject of an Insolvency Event. Notice of any such removal shall be sent by the Administrative Agent to the Collateral Administrator, the Borrower, the Lenders and the Collateral Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Administrator may be removed at any time by the Collateral Manager upon thirty (30) days' notice (with the prior written consent of the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If the Collateral Administrator shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Collateral Administrator for any reason (other than resignation), the Borrower shall, promptly after becoming aware of such resignation, removal, incapacity or vacancy, appoint a successor collateral administrator by written instrument, executed by a Responsible Officer of the Borrower, one copy of which shall be delivered to the retiring Collateral Administrator and one copy to the successor Collateral Administrator, together with a copy to the Administrative Agent and the Lenders; <u>provided</u> that such successor Collateral Administrator shall be appointed only upon the prior written consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed) and, so long as no Collateral Manager Default shall have occurred and be continuing, the Collateral Manager (in each case which consent shall not be unreasonably withheld, conditioned or delayed). In the case of a resignation by the Collateral Administrator, if no successor Collateral Administrator shall have been appointed and an instrument of acceptance by a successor Collateral Administrator shall not have been delivered to the resigning or removed Collateral Administrator and the Administrative Agent within 30 days after the giving of such notice of resignation or removal, the Administrative Agent may appoint a successor Collateral Administrator or the resigning or removed Collateral Administrator may petition any court of competent jurisdiction at the expense of the Borrower to appoint a successor Collateral Administrator.

Section 15.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceptance and Appointment by Successor</u>

Each successor Collateral Administrator appointed hereunder shall execute, acknowledge and deliver to the Borrower, the Collateral Manager, the Administrative Agent, the Lenders and the retiring Collateral Administrator an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring Collateral Administrator shall become effective and such successor Collateral Administrator, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of the retiring Collateral Administrator; but, on request of the Borrower, the Collateral Manager, the Administrative Agent or the successor Collateral Administrator, such retiring Collateral Administrator shall (i) execute and deliver an instrument transferring to such

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successor Collateral Administrator all the rights, powers and trusts of the retiring Collateral Administrator and (ii) execute and deliver such further documents and instruments and take such further action as may be reasonably requested in order to effect the transfer of the rights, powers, duties and obligations of the Collateral Administrator hereunder. Upon request of any such successor Collateral Administrator, the Borrower shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Collateral Administrator all such rights, powers and trusts.

Section 15.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger, Conversion, Consolidation or Succession to Business of Collateral Administrator</u>

Any organization or entity into which the Collateral Administrator may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Collateral Administrator shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Collateral Administrator, shall be the successor of the Collateral Administrator hereunder, without the execution or filing of any document or any further act on the part of any of the parties hereto.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

Executed and delivered as a deed:

NCPCIF SPV V, LLC, as Borrower

By: Nuveen Churchill Private Capital Income Fund, as Designated Manager

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Shaul Vichness</u><br> Name: Shaul Vichness<br>Title: Chief Operating Officer and Chief Financial Officer

[Signature Page to Credit and Security Agreement]

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NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, as Collateral Manager

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Shaul Vichness</u> <br> Name: Shaul Vichness<br>Title: Chief Operating Officer and Chief Financial Officer

[Signature Page to Credit and Security Agreement]

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NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, as the Equityholder

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Shaul Vichness</u><br> Name: Shaul Vichness<br>Title: Chief Operating Officer and Chief Financial Officer

[Signature Page to Credit and Security Agreement]

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CITIBANK, N.A., as Administrative Agent and as a Lender

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ V. Nocerino</u> <br> Name: V. Nocerino <br>Title: Vice President

[Signature Page to Credit and Security Agreement]

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U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Collateral Agent and as Collateral Administrator

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Scott DeRoss</u><br> Name: Scott DeRoss<br>Title: Senior Vice President

[Signature Page to Credit and Security Agreement]

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U.S. BANK NATIONAL ASSOCIATION, as Document Custodian

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Kenneth Brandt</u> <br> Name: Kenneth Brandt<br>Title: Vice President

[Signature Page to Credit and Security Agreement]

## Exhibit 10.5

**Exhibit 10.5**

**LOAN SALE AND CONTRIBUTION AGREEMENT**

by and between

**NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND**,****<br> as the Seller

and

**NCPCIF SPV V, LLC,**<br> as the Buyer

Dated as of May 11, 2026

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**TABLE OF CONTENTS**

**Page**

[Section 1.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Definitions.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[1](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 1.02](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Other Terms.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[4](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 1.03](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Computation of Time Periods.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[4](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 1.04](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Interpretation.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[4](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 1.05](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[References.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[5](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 1.06](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Calculations.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[5](#i3504e573b8b8480583913b661f6fd6f2_7)

[ARTICLE II TRANSFER OF LOAN ASSETS](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[5](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 2.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Sale, Transfer, Assignment and Contribution.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[5](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 2.02](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Purchase Price.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[7](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 2.03](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Payment of Purchase Price.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[7](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 2.04](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Release of Excluded Amounts.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[8](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 2.05](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[\[Reserved\].](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[8](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 2.06](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Participations.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[8](#i3504e573b8b8480583913b661f6fd6f2_7)

[ARTICLE III CONDITIONS PRECEDENT](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[9](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 3.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Conditions Precedent to Closing.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[9](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 3.02](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Conditions Precedent to all Acquisitions.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[10](#i3504e573b8b8480583913b661f6fd6f2_7)

[ARTICLE IV REPRESENTATIONS AND WARRANTIES](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[11](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 4.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Representations and Warranties Regarding the Seller.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[11](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 4.02](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Representations and Warranties of the Seller Relating to the Agreement and the Collateral.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[15](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 4.03](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Representations and Warranties Regarding the Buyer.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[15](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 4.04](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Ordinary Course of Business.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[17](#i3504e573b8b8480583913b661f6fd6f2_7)

[ARTICLE V COVENANTS](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[17](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 5.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Affirmative Covenants of the Seller.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[17](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 5.02](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Negative Covenants of the Seller.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[19](#i3504e573b8b8480583913b661f6fd6f2_7)

[ARTICLE VI WARRANTY COLLATERAL LOANS](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[19](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 6.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Warranty Collateral Loans.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[19](#i3504e573b8b8480583913b661f6fd6f2_7)

[ARTICLE VII INDEMNIFICATION BY THE SELLER](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[20](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 7.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Indemnification.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[20](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 7.02](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Liabilities to Obligors.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[21](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 7.03](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Operation of Indemnities.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[21](#i3504e573b8b8480583913b661f6fd6f2_7)

[ARTICLE VIII TERM AND TERMINATION](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[21](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 8.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Termination.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[21](#i3504e573b8b8480583913b661f6fd6f2_7)

<br> -i- <br>

------

**TABLE OF CONTENTS**

(continued)

**Page**

[ARTICLE IX MISCELLANEOUS](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[21](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.01](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Amendments and Waivers.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[21](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.02](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Notices, Etc.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[21](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.03](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Binding Effect; Benefit of Agreement.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[22](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.04](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE SERVICE OF PROCESS.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[22](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.05](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[WAIVER OF JURY TRIAL.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[22](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.06](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Certain Taxes](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[22](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.07](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Non-Petition.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[23](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.08](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Recourse Against Certain Parties.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[23](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.09](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Acquisitions.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[24](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.10](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Execution in Counterparts; Severability; Integration.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[25](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.11](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Headings, Exhibits and Schedules.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[26](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.12](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[Assignment.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[26](#i3504e573b8b8480583913b661f6fd6f2_7)

[Section 9.13](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[No Waiver; Cumulative Remedies.](#i3504e573b8b8480583913b661f6fd6f2_7)[&nbsp;&nbsp;&nbsp;&nbsp;](#i3504e573b8b8480583913b661f6fd6f2_7)[26](#i3504e573b8b8480583913b661f6fd6f2_7)

Schedule I&nbsp;&nbsp;&nbsp;&nbsp;Collateral Loans

Schedule II&nbsp;&nbsp;&nbsp;&nbsp;Participation Interests

<br> -ii- <br>

------

**<u>LOAN SALE AND CONTRIBUTION AGREEMENT</u>**

**THIS LOAN SALE AND CONTRIBUTION AGREEMENT,** dated as of May 11, 2026 (as amended, modified, supplemented or restated from time to time, this "<u>Agreement</u>"), is between NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, a Delaware statutory trust (together with its successors and assigns, the "<u>Seller</u>"), and NCPCIF SPV V, LLC, a Delaware limited liability company (together with its successors and assigns, the "<u>Buyer</u>").

**WHEREAS,** in the regular course of its business, the Seller originates and/or otherwise acquires Collateral Loans;

**WHEREAS,** on and after the Closing Date, the Buyer desires to acquire from the Seller, and the Seller desires to sell and/or contribute to the Buyer certain Collateral Loans hereunder;

**WHEREAS**, it is a condition to the Buyer's acquisition of the Collateral Loans from the Seller that the Seller make certain representations, warranties and covenants regarding the Transferred Assets for the benefit of the Buyer; and

**WHEREAS**, the Seller agrees to transfer to the Buyer on and after the Closing Date all of its right, title and interest in the Collateral, other than Excluded Amounts.

**NOW, THEREFORE,** for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I<br>DEFINITIONS**

**Section 1.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>.**

Capitalized terms used but not defined in this Agreement shall have the meanings attributed to such terms in the Credit Agreement, unless the context otherwise requires. In addition, as used herein, the following defined terms shall have the following meanings:

"<u>Agreement</u>" shall have the meaning provided in the first paragraph of this Agreement.

"<u>Acquire</u>" or "<u>Acquisition</u>" means a purchase, receipt, acceptance or other acquisition by the Buyer of Collateral from or as directed or referred by the Seller pursuant to <u>Section 2.01(a)</u>.

"<u>Buyer</u>" shall have the meaning provided in the first paragraph of this Agreement.

"<u>Collateral</u>" means the property identified in clauses (i)-(iv) below and all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights, copyright licenses, equipment, fixtures, general intangibles, instruments, commercial tort claims, deposit accounts, inventory, investment property, letter-of-credit rights, accessions, proceeds and other

&nbsp;&nbsp;&nbsp;&nbsp;

------

property consisting of, arising out of, or related to any of the following (in each case excluding the Excluded Amounts):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral Loans listed on the Loan List and all monies due, to become due or paid in respect of such Collateral Loans on and after the related Purchase Date, including but not limited to all Collections and other recoveries thereon, in each case as they arise after the related Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;all Related Contracts with respect to the Collateral Loans referred to in <u>clause (i)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all collateral security granted under any Related Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;all income and proceeds of the foregoing.

"<u>Credit Agreement</u>" means the Credit and Security Agreement, dated as of the date hereof, by and among the Buyer, as Borrower, the Seller, as collateral manager and equityholder, the Lenders from time to time party thereto, Citibank, N.A., as Administrative Agent, and U.S. Bank Trust Company, National Association, as Collateral Agent and Collateral Administrator, and U.S. Bank National Association, as document custodian (in such capacity, the "<u>Custodian</u>"), as the same may be amended, supplemented, restated or modified from time to time.

"<u>Excluded Amounts</u>" means (a) any amount received by, on or with respect to any Collateral Loan in the Collateral, which amount is attributable to the payment of any tax, fee or other charge imposed by any Governmental Authority on such Collateral Loan, (b) any amount representing escrows relating to taxes, insurance and other amounts in connection with any Collateral Loan which is held in an escrow account for the benefit of the related Obligor and the secured party (other than the Seller in its capacity as lender with respect to such Collateral Loan) pursuant to escrow arrangements, (c) any Retained Fee retained by the Seller in connection with the origination of any Collateral Loan and (d) any Equity Security related to any Collateral Loan that the Seller determines will not be transferred by the Seller in connection with the sale or contribution of any related Collateral Loan hereunder.

"<u>Governmental Authority</u>" has the meaning assigned to such term in the Credit Agreement.

"<u>Governmental Authorizations</u>" means all franchises, permits, licenses, approvals, consents, orders and other authorizations of all Governmental Authorities.

"<u>Governmental Filings</u>" means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests and penalties associated with such fillings with all Governmental Authorities.

"<u>Indemnified Party</u>" shall have the meaning provided in <u>Section 6.01</u>.

"<u>Loan List</u>" means the list of Collateral Loans provided by the Seller to the Buyer on each Purchase Date and incorporated as Schedule I to this Agreement by reference, as such list

&nbsp;&nbsp;&nbsp;&nbsp;-2-

------

may be amended, supplemented or modified from time to time in accordance with this Agreement.

"<u>Material Adverse Effect</u>" means, in respect of any Person, any event that has, or could reasonably be expected to have, a material adverse effect on (a) the business, assets, financial condition or operations of such Person, (b) the ability of such Person to perform its obligations under the Facility Documents or (c) the rights, interests, remedies or benefits (taken as a whole) available to the Lenders or the Agents under the Facility Documents, each as determined in good faith and on a commercially reasonable basis by the Lenders.

"<u>Participation</u>" has the meaning set forth in <u>Section 2.06(a)</u>.

"<u>Payment in Full</u>" means payment in full of all Obligations (other than any unasserted contingent obligations), including without limitation all principal, interest, Commitment Fees, Administrative Expenses and fees, if any, payable under the Credit Agreement or any fee letter entered into in connection with the Facility Documents.

"<u>Payment in Full Date</u>" means the date on which a Payment in Full occurs and the Commitments are terminated.

"<u>Purchase Date</u>" means, as applicable, the Closing Date or any day thereafter on which any Collateral Loan is acquired by the Buyer pursuant to the terms of this Agreement.

"<u>Purchase Price</u>" shall have the meaning provided in <u>Section 2.02</u>.

"<u>Related Contracts</u>" means all loan agreements, credit agreements, indentures, notes, security agreements, leases, financing statements, guaranties, and other contracts, agreements, instruments and other papers evidencing, securing, guaranteeing or otherwise relating to any Collateral Loan or Eligible Investment or other investment with respect to any Collateral or proceeds thereof (including the related underlying instruments), together with all of the Seller's right, title and interest in, to and under all property or assets securing or otherwise relating to any Collateral Loan or other loan or security of the Seller, or Eligible Investment or other investment with respect to any Collateral or proceeds thereof or any Related Contract.

"<u>Retained Fee</u>" means any reasonable origination, structuring or similar closing fee charged by the Person originating a loan on behalf of its lenders for services it has performed in connection with such origination, which is not customarily made available to the lenders as part of their return with respect to such loan, and provided such Person is entitled to retain the same in accordance with applicable law.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provisions shall be deemed to be a reference to any successor statutory or regulatory provision.

"<u>Seller</u>" shall have the meaning provided in the first paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;-3-

------

"<u>Transferred Assets</u>" shall have the meaning provided in <u>Section 2.01(b)</u>.

"<u>Warranty Collateral Loans</u>" has the meaning set forth in Section 6.01.

**Section 1.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Terms</u>**.

All accounting terms used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles in the United States. The symbol "$" shall mean the lawful currency of the United States of America. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9.

**Section 1.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Computation of Time Periods</u>.**

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including," the words "to" and "until" each mean "to but excluding".

**Section 1.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>.**

In this Agreement, unless a contrary intention appears:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the singular number includes the plural number and *vice versa*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by the Facility Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;references to "including" means "including, without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;reference to day or days without further qualification means calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise stated, reference to any time means New York, New York time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;references to "writing" include printing, typing, lithography, electronic or other means of reproducing words in a visible form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;reference to any agreement (including any Facility Document), document or instrument means such agreement, document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Facility Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;reference to any applicable law means such applicable law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to

&nbsp;&nbsp;&nbsp;&nbsp;-4-

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time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any applicable law means that provision of such applicable law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision.

**Section 1.05&nbsp;&nbsp;&nbsp;&nbsp;<u>References</u>.**

All section references (including references to the preamble), unless otherwise indicated, shall be to Sections (and the preamble) in this Agreement.

**Section 1.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Calculations</u>.**

Except as otherwise provided herein, all interest rate and basis point calculations hereunder will be made on the basis of a 360-day year and the actual days elapsed in the relevant period and will be carried out to at least three decimal places.

**ARTICLE II<br>TRANSFER OF LOAN ASSETS**

**Section 2.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale, Transfer, Assignment and Contribution</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions set forth in this Agreement, on each Purchase Date, with respect to the items of Collateral conveyed on such Purchase Date by the Seller to the Buyer hereunder, the Seller hereby sells, transfers, assigns, contributes, sets over and otherwise conveys to the Buyer, and the Buyer hereby Acquires and takes from the Seller all right, title and interest (whether now owned or hereafter acquired or arising and wherever located) of the Seller (including all obligations of the Seller as lender to fund any Revolving Collateral Loan or Delayed Drawdown Collateral Loan conveyed by the Seller to the Buyer hereunder which obligations the Buyer hereby assumes) in such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;From and after each Purchase Date, the Collateral listed on the relevant Loan List shall be deemed to be Collateral hereunder (such Collateral, the "<u>Transferred Assets</u>"). For the avoidance of doubt, "Transferred Assets" shall include any Participations of Collateral Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;On any Purchase Date with respect to the Collateral to be acquired by the Buyer on that date, the Seller shall be deemed to, and hereby does, certify to the Buyer and to the Collateral Agent on behalf of the Secured Parties, as of such Purchase Date, that each of the representations and warranties in <u>Section 4.02</u> is true and correct as of such Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as specifically provided in this Agreement, the sale, contribution, purchase and acceptance of Collateral under this Agreement shall be without recourse to the Seller; it being understood that the Seller shall be liable to the Buyer for all representations and warranties, covenants and indemnities made by the Seller pursuant to the terms of this

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Agreement, all of which obligations are limited so as not to constitute recourse to the Seller for the credit risk of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Seller and the Buyer agrees that the representations, warranties and covenants of the Seller set forth herein will run to and be for the benefit of the Buyer and its assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In connection with each Acquisition of Collateral as contemplated by this Agreement, the Buyer hereby directs the Seller to, and the Seller agrees that it will, deliver in accordance with the Credit Agreement, or cause to be delivered in accordance with the Credit Agreement (on behalf of the Buyer, in its role as the Borrower thereunder), to the Custodian, as agent and custodian for the Collateral Agent, each Collateral Loan being transferred to the Buyer pursuant to this Agreement and in accordance with the applicable provisions of the Credit Agreement. Each item of Collateral shall be delivered to the Custodian in accordance with Section 13.03 of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall take such action requested by the Buyer or the Administrative Agent, from time to time hereafter, that may be necessary or appropriate to ensure that the Buyer has an enforceable ownership interest and its assigns under the Credit Agreement have an enforceable and perfected security interest in the Collateral Acquired by the Buyer as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Acquisition by the Buyer of the Collateral as contemplated by this Agreement, the Seller further agrees that it will, at its own expense, indicate clearly and unambiguously in its computer files and its financial statements, on or prior to each Acquisition, that such Collateral has been Acquired by the Buyer in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Seller further agrees to deliver to the Buyer (with a copy to the Administrative Agent) on or before each Purchase Date a computer file containing a true, complete and correct Loan List (which shall contain the related, outstanding principal balance, loan number and Obligor name for each Collateral Loan as of the related Purchase Date). Such file or list shall be marked as <u>Schedule I</u> to this Agreement, shall be delivered to the Buyer as confidential and proprietary, and is hereby incorporated into and made a part of this Agreement as such <u>Schedule I</u> may be supplemented and amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;It is the intention of the parties hereto that the conveyance of all right, title and interest in and to the Collateral to the Buyer by the Seller on each Purchase Date, as provided in this <u>Section 2.01</u> shall constitute an absolute sale, conveyance, contribution and transfer conveying good title, free and clear of any Lien (other than Permitted Liens) and that the Collateral shall not be part of the Seller's bankruptcy estate in the event of any bankruptcy or insolvency proceedings with respect to the Seller. Furthermore, it is not intended that such conveyance be deemed a pledge of the Collateral Loans and the other Collateral to the Buyer to secure a debt or other obligation of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;If, notwithstanding the intention of the parties set forth in <u>Section 2.01(j)</u>, the conveyances provided for in this <u>Section 2.01</u> by the Seller are determined to be a transfer for

&nbsp;&nbsp;&nbsp;&nbsp;-6-

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security, then this Agreement shall also be deemed to be, and hereby is, a "security agreement" within the meaning of Article 9 of the UCC. With respect to the Collateral transferred on any Purchase Date hereunder, (A) the Seller hereby grants to the Buyer a duly perfected, first priority "security interest" within the meaning of Article 9 of the UCC in all of its right, title and interest in and to such Collateral, now existing and hereafter created, to secure the prompt and complete payment of a loan deemed to have been made in an amount equal to the aggregate Purchase Price of such Collateral, (B) the Buyer, as secured party or assignee secured party, as applicable, shall have, in addition to the rights and remedies which it may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC and other applicable law with respect thereto, which rights and remedies shall be cumulative, and (C) the Seller authorizes the Buyer, the Administrative Agent and the Collateral Agent on behalf of the Secured Parties to file UCC financing statements and amendments, as necessary, naming the Seller as "debtor," the Buyer as "assignor secured party" and the Collateral Agent as "assignee secured party," in each case, describing such Collateral, in each jurisdiction that the Buyer or the Administrative Agent deems necessary in order to protect the security interests in the Collateral granted under this <u>Section 2.01(k)</u>.

**Section 2.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Price</u>.**

The purchase price for each item of Collateral sold on any Purchase Date by the Seller to the Buyer under and for purposes of this Agreement shall be a dollar amount equal to the fair market value thereof as determined from time to time by the Seller and the Buyer and each such transaction shall be on terms no less favorable to the Buyer than it would obtain in a comparable arm's length transaction with a Person that is not an Affiliate and shall be in compliance with the applicable terms of the Credit Agreement (in each case, the "<u>Purchase Price</u>").

**Section 2.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Purchase Price</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Price for any Collateral acquired by the Buyer from the Seller pursuant to this Agreement shall be paid on the applicable Purchase Date (i) in immediately available funds in cash and/or (ii) to the extent not paid in cash, by acceptance of a capital contribution by the Seller to the Buyer, and an increase to the capital account of the Seller in the Buyer, in an amount equal to the unpaid portion of the Purchase Price. To the extent the fair market value of any Collateral purchased by Buyer pursuant to this Agreement exceeds the amount of cash paid or other consideration exchanged therefore, such excess shall be deemed to be a capital contribution from the Seller to the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Price for any Collateral Purchased by the Buyer to be settled directly with a third party on any Purchase Date shall be paid in immediately available funds, which may comprise, if the Buyer does not have sufficient funds in cash to pay the full amount of the Purchase Price (after taking into account any Loan the Buyer expects to receive pursuant to the Credit Agreement), amounts contributed by the Seller to the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon the payment of the Purchase Price for any Acquisition, title to the Collateral included in such Acquisition shall vest in the Buyer as provided herein, whether or not the conditions precedent to such Acquisition and the other covenants and agreements contained

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herein were in fact satisfied; *provided* that the Buyer shall not be deemed to have waived any claim it may have under this Agreement for the failure by the Seller in fact to satisfy any such condition precedent, covenant or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Seller and the Buyer acknowledge and agree that, solely for administrative convenience, any transfer document or assignment agreement (or, in the case of any underlying promissory note, any chain of endorsement) required to be executed and delivered in connection with the transfer of a Collateral Loan in accordance with the terms of any Related Contracts may reflect that (i) any third party or Affiliate from whom the Seller may purchase such Collateral Loans) is assigning such Collateral Loan directly to the Buyer or (ii) the Buyer is acquiring such Collateral Loan at the closing of such Collateral Loan, instead of reflecting the transfer first to the Seller prior to the transfer to the Buyer. Nothing in such assignment agreements shall be deemed to impair the transfers of the Collateral Loans by the Seller to the Buyer in accordance with the terms of this Agreement. Any such Collateral Loan so transferred or assigned for administrative convenience directly to the Buyer shall be deemed sold and transferred by the related seller to the Seller and, pursuant to this Agreement, shall be sold and transferred directly or indirectly, as applicable, by the Seller to the Buyer. For the avoidance of doubt, all of the applicable provisions of this Agreement, including without limitation conditions precedent to all purchases, the representations and warranties of the Seller, the covenants of the Seller and the indemnity of the Seller, contained in <u>Article IV</u>, <u>Article V</u> and <u>Article VI</u> hereof, respectively, shall apply to the Seller with equal force with respect to any such sales and assignments documented as direct transfers by the third party sellers or Affiliates of the Seller to the Buyer for administrative convenience under this Agreement (whether in connection with any sale or assignment by any related third party seller to the Buyer or by an Affiliate of the Seller to the Buyer) as if such sale and assignment was directly or indirectly, as applicable, from the Seller to the Buyer as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Collateral Loans may be purchased or acquired from time to time by the Buyer from the Seller or any of its Affiliates hereunder only if (i) the terms and conditions thereof are no less favorable to the Buyer than the terms it would obtain in a comparable, timely purchase or acquisition with a non-Affiliate and (ii) the transactions are effected in accordance with all applicable laws.

**Section 2.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Excluded Amounts</u>.**

The parties acknowledge and agree that the Buyer has no interest in the Excluded Amounts. Promptly upon the receipt by or release to the Buyer of any Excluded Amounts, the Buyer hereby irrevocably agrees to deliver and release to (or as directed by) the Seller such Excluded Amounts, which release shall be automatic and shall require no further act by the Buyer; *provided* that the Buyer shall execute and deliver such instruments of release and assignment or other documents, or otherwise confirm the foregoing release of such Excluded Amounts, as may be reasonably requested by the Seller in writing.

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**Section 2.05&nbsp;&nbsp;&nbsp;&nbsp;<u>[Reserved]</u>**.

**Section 2.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Participations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Collateral Loans identified on <u>Schedule II</u> hereto as being sold by the Seller, pending the receipt of any required consents to, and the effectiveness of, the assignment of each such Collateral Loan from the Seller to the Buyer in accordance with the applicable underlying instrument, the Seller hereby sells to the Buyer an undivided 100% participation in such Collateral Loan and the related Transferred Assets (each, a "<u>Participation</u>"). In respect of any Participation acquired by the Seller, the Seller hereby sells, transfers, assigns, contributes, sets over and otherwise conveys to the Buyer, and the Buyer hereby Acquires and takes from the Seller all right, title and interest (whether now owned or hereafter acquired or arising and wherever located) of the Seller in such Participations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Participations will not include any rights that are not permitted to be participated pursuant to the terms of the underlying instruments. Such sale of the Participations shall constitute an absolute sale of each such Participation. Each of the Participations has the following characteristics: (i) the Participation represents an undivided participating interest in 100% of the underlying Collateral Loan and its proceeds (including Collections); and (ii) the Participation represents a pass through of all of the payments made on the Collateral Loan (including the Collections) and will last for the same length of time as such Collateral Loan. For the avoidance of doubt, each Participation will terminate automatically upon the settlement of the assignment of the underlying Collateral Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Party shall use commercially reasonable efforts to, as soon as reasonably practicable after the Purchase Date therefor, cause the Buyer to become a lender under the underlying instrument with respect to the Seller's interest in the applicable Collateral Loan and take such action as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of the underlying instrument and consistent with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall direct the underlying administrative agent for each Collateral Loan to send all Collections in respect of each Collateral Loan to the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Pending settlement of the assignment of a Collateral Loan in accordance with the applicable underlying instruments, (i) the Seller shall comply with any written instructions provided to the Seller by or on behalf of the Buyer with respect to voting rights to be exercised by holders of the applicable Collateral Loan, other than with respect to any voting rights that are not permitted to be participated pursuant to the terms of the applicable underlying instrument (and such restrictions, requirements or prohibitions are hereby incorporated by reference as if set forth herein) and (ii) subject to the availability of funds available therefor, and the priority of payments under, the Credit Agreement, the Buyer shall reimburse to the Seller for its reasonable and documented out-of-pocket expenses and costs incurred in connection with all Collateral Loans subject to Participations, including for its reasonable and documented out-of-pocket expenses and costs necessary to enforce any terms of such Collateral Loans.

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**ARTICLE III<br>CONDITIONS PRECEDENT**

**Section 3.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent to Closing</u>.**

The closing hereunder of this Agreement is subject to the conditions precedent that (i) each of the conditions precedent to the execution, delivery and effectiveness of each other Facility Document (other than a condition precedent in any such other Facility Document relating to the effectiveness of this Agreement) shall have been fulfilled and (ii) on or prior to the Closing Date, the Seller shall have delivered to the Buyer each of the items specified below in form and substance satisfactory to the Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Counterparts of this Agreement executed on behalf of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The Seller shall have delivered to the Buyer proper UCC-1 financing statements in form suitable for filing on the Closing Date as required by <u>Section 2.01(k)</u> describing the applicable Collateral and meeting the requirements of the laws of each jurisdiction in which it is necessary or reasonably desirable, or in which the Seller is required by applicable law, and in such manner as is necessary or reasonably desirable, to perfect the back-up security interest granted under <u>Section 2.01(k)</u>.

**Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent to all Acquisitions</u>.**

The obligations of the Buyer to Acquire the Collateral from the Seller on any Purchase Date after the Closing Date shall be subject to the satisfaction of the following conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all representations and warranties of the Seller contained in Sections 4.01 and 4.02 shall be true and correct in all material respects on and as of such date as though made on and as of such date and shall be deemed to have been made on and as of such date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Seller shall have delivered to the Buyer a duly completed Loan List that is true, accurate and complete in all respects as of the related Purchase Date, which list shall be as of such date incorporated into and made a part of this Agreement and an assignment in the form required under the applicable Related Contracts (it being understood that the underlying loan agent may not countersign such assignment prior to the settlement of the transfer of the applicable Collateral Loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;on and as of such Purchase Date, the Seller shall have performed all of the obligations, covenants and agreements required to be performed by it on or prior to such date pursuant to the provisions of this Agreement, including ensuring that all financing statements or other similar instruments or documents necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect Buyer's ownership interest in the Collateral Loans have been duly filed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;no event has occurred and is continuing, or would result from such purchase, that constitutes an Event of Default (unless such purchase would cure such Event of Default) and the Buyer makes such purchase in accordance with the applicable provisions hereof and of the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;no applicable law shall prohibit or enjoin, and no order, judgment or decree of any federal, state or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of any such purchase by the Buyer in accordance with the provisions hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;all corporate and legal proceedings and all instruments in connection with the transactions contemplated by this Agreement shall be reasonably satisfactory in form and substance to the Buyer and its assignees, and the Buyer shall have received from the Seller copies of all documents (including, without limitation, records of corporate proceedings, approvals and opinions) relevant to the transactions herein contemplated as the Buyer may reasonably have requested.

**ARTICLE IV<br>REPRESENTATIONS AND WARRANTIES**

**Section 4.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties Regarding the Seller</u>.**

As of the Closing Date and as of each Purchase Date, the Seller represents and warrants to the Buyer for the benefit of the Buyer and each of its successors and assigns that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Organization</u>. The Seller is statutory trust duly formed and validly existing under the laws of the State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Qualification and Good Standing.</u> The Seller is in good standing in the State of Delaware. The Seller is duly qualified to do business and, to the extent applicable, is in good standing and has obtained all material governmental licenses and approvals as required in the State of Delaware and each other jurisdiction in which the failure to be so qualified, maintain good standing or obtain such license or approval, is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Authorization; Execution and Delivery; Legal, Value and Binding; Enforceability; Valid Sale</u>. The execution and delivery by the Seller of, and the performance of its obligations under this Agreement and the other Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated hereby and thereby are within its powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, subject, as to enforcement, (A) to the effect of

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bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors' rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Seller and (B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity). This Agreement shall effect a valid sale, transfer, contribution and assignment of or grant of a security interest in the Collateral Loans from the Seller to the Buyer, enforceable against the Seller and creditors of and purchasers from the Seller, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors' rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Seller and (B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Contravention</u>. None of the execution and delivery by the Seller of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or performance and compliance by it with the terms, conditions and provisions hereof or thereof, will (i) contravene in any material respect the terms of any Constituent Documents of the Seller, or any amendment thereof, (ii) (A) contravene in any material respect any applicable law, (B) conflict in any material respect, with or result in any breach of, any of the terms and provisions of, or constitute a default under, any indenture, loan, agreement, mortgage, deed of trust or other contractual restriction binding on or affecting it or any of its assets or (C) contravene in any material respect any order, writ, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, or constitute a default under, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), in each case which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Authorizations; Governmental Filings</u>. The Seller has obtained, maintained and kept in full force and effect all Governmental Authorizations which are necessary for it to properly carry out its business, and has made all Governmental Filings necessary for the execution and delivery by it of the Facility Documents to which it is a party and the performance by the Seller of its obligations under this Agreement and the other Facility Documents to which it is a party, and no Governmental Authorization or Governmental Filing which has not been obtained or made is required to be obtained or made by it in connection with the execution and delivery by it of any Facility Document to which it is a party or the performance of its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Applicable Law.</u> The Seller has duly observed and complied with all applicable laws, including the Securities Act and the Investment Company Act, relating to the conduct of its business and its assets except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency</u>. The Seller, at the time of and after giving effect to each conveyance of Collateral Loans hereunder and the transactions contemplated hereunder and under the Credit Agreement and the other Facility Documents, is solvent on and as of the date thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>. The Seller has filed or caused to be filed all tax returns which, to its knowledge, are required to be filed and has paid all taxes shown to be due and payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any applicable Governmental Authority (other than any amount of tax due, the validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with generally accepted accounting principles have been provided on the books of the Seller); no tax Lien has been filed and, to the Seller's knowledge, no claim is being asserted, with respect to any such tax, fee or other charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Business; No Changes</u>. The Seller's location (within the meaning of Article 9 of the UCC) is the State of Delaware. The Seller has not changed its name, whether by amendment of its certificate of formation, by reorganization or otherwise, and has not changed its location within the four months preceding the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Company Status</u>. The Seller is not required to be registered as an "investment company" within the meaning of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale or Contribution Treatment</u>. The Seller has treated the transfer of Collateral Loans to the Buyer hereunder for all purposes as a sale and/or contribution and purchase and/or acceptance on all of its relevant books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;As described in <u>Section 2.01(l)</u> hereof, it is the intention of the parties hereto that the conveyance of the Collateral by the Seller to the Buyer be, and be construed as, an absolute sale and/or contribution without recourse. If, however, notwithstanding the intention of the parties, such conveyance is determined for any reason not to be an absolute sale and/or contribution, this Agreement creates a valid and continuing security interest (as defined in the applicable UCC) granted by the Seller in favor of the Buyer in all right, title and interest of the Seller in, to and under the Collateral Loans transferred by the Seller thereto, which security interest shall be a first priority perfected security interest prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Seller upon execution and delivery of this Agreement, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors' rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Seller and (B) to general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral Loans, along with the Related Contracts, constitute "general intangibles," "instruments," "accounts," "investment property" or "chattel paper," within the meaning of the applicable UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Seller owns and has, and upon the sale, transfer and/or contribution thereof by the Seller to the Buyer, the Buyer will have good and marketable

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title to such Collateral Loans free and clear of any Lien (other than Permitted Liens), claim or encumbrance of any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Seller has received all consents and approvals required by the terms of the Collateral Loans to the sale and/or contribution of the Collateral Loans hereunder to the Buyer (except (A) to the extent that the requirement for such consent is rendered ineffective under Section 9-406 of the UCC and (B) for any customary procedural requirements and agents' and/or Obligors' consents expected to be obtained in due course in connection with the transfer of the Collateral Loans to the Buyer (except, in the case of clause (B), for any such agents' consents where the Seller or any of its Affiliates is the agent which the Seller has or will obtain));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Seller has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted by the Seller to the Buyer under this Agreement in the Collateral Loans and the other Collateral (to the extent perfection can be achieved by filing a financing statement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;other than the sale and/or contribution by the Seller to the Buyer hereunder, and the back-up security interest granted by the Seller to the Buyer, as assigned by the Buyer to the Collateral Agent for the benefit of the Secured Parties, pursuant to this Agreement, the Seller has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral Loans which security interests, if any, with respect to such Collateral Loans will be released on or prior to the applicable Purchase Date. The Seller has not authorized the filing of and is not aware of any financing statements naming the Seller as debtor that include a description of collateral covering the Collateral Loans other than any financing statement (A) relating to the security interest granted to the Buyer under this Agreement or (B) that has been terminated or for which a release or partial release has been or will be timely filed. The Seller is not aware of the filing of any judgment or tax Lien filings against the Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;except with respect to any Collateral Loan for which there is no promissory note, all original executed copies of each promissory note that constitutes or evidences the Collateral Loans sold by the Seller hereunder have been delivered by the Seller at the direction of the Buyer as required under the Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;none of the promissory notes, if any, that constitute or evidence any Collateral Loans sold by the Seller hereunder has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Valid Transfer and Security Interest</u>. This Agreement constitutes a valid transfer from the Seller to the Buyer of all right, title and interest of the Seller in, to and under all of the Collateral, free and clear of any Lien of any Person claiming through or under the Seller or its Affiliates, except for Permitted Liens. The Seller owns and has good and marketable title to the Transferred Assets conveyed on the applicable Purchase Date. Neither the Seller nor any Person

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claiming through or under Seller shall have any claim to or interest in the Collection Account and if this Agreement constitutes the grant of a security interest in such property, except for the interest of the Seller in such property as a debtor for purposes of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Value Given</u>. The cash payments, if any, received by the Seller, and the increase in the Seller's equity interest in the Buyer as a result of any capital contribution by the Seller to the Buyer in respect of the purchase price of the Collateral Loans sold hereunder constitute reasonably equivalent value in consideration for the transfer to the Buyer of such Collateral Loans under this Agreement, such transfer was not made for or on account of an antecedent debt owed by the Seller to the Buyer, and such transfer was not and is not voidable or subject to avoidance under any applicable bankruptcy laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Bulk Transfer Laws</u>. The transfer, assignment and conveyance of the Collateral Loans by the Seller pursuant to this Agreement are not subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Origination and Collection Practices</u>. The origination and collection practices used by the Seller and any of its Affiliates with respect to each Collateral Loan prior to the applicable Purchase Date have been consistent with the Collateral Management Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lack of Intent to Hinder, Delay or Defraud</u>. Neither the Seller nor any of its Affiliates has sold, or will sell, any interest in any Collateral Loans with any intent to hinder, delay or defraud any of their respective creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Proceedings</u>. There is no action, suit or proceeding pending against or, to the actual knowledge of a Responsible Officer of the Seller after due inquiry, threatened against or adversely affecting (i) the Seller or (ii) the transactions contemplated by this Agreement, before any court, arbitrator or any governmental body, agency or official, in each case, which has had or would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Accuracy of Information</u>. All written factual information heretofore furnished by the Seller for purposes of or in connection with this Agreement or the other Facility Documents to which the Seller is a party, or any transaction contemplated hereby or thereby is, and all such written factual information hereafter furnished by the Seller to any party to the Facility Documents will be, accurate in all material respects, on or as of the date such information is stated or certified; *provided* that the Seller shall not be responsible for, nor have any liability with respect to, any factual information furnished to it by any third party not affiliated with it, except to the extent that an Authorized Officer of the Seller has actual knowledge that such factual information is inaccurate in any material respect.

The representations and warranties set forth in this <u>Section 4.01</u> shall survive the sale, transfer and assignment of the Collateral Loans to the Buyer. Upon discovery by a Responsible Officer of any of the Seller or the Buyer of a breach of any of the foregoing representations and warranties, the party discovering such breach shall give prompt written notice thereof to the other upon obtaining knowledge of such breach.

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**Section 4.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties of the Seller Relating to the Agreement and the Collateral.</u>**

The Seller hereby represents and warrants to the Buyer as of the Closing Date and as of each Purchase Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility of Collateral</u>. (i) As of each Purchase Date, the Loan List is an accurate and complete listing of all Collateral and the information contained therein with respect to the identity of such Collateral and the amounts owing thereunder is true and correct as of the Purchase Date and (ii) as of its Purchase Date, each such Collateral Loan sold or contributed by the Seller hereunder satisfies or satisfied, as applicable, the definition of Eligible Collateral Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Fraud</u>. Each Collateral Loan sold or contributed by the Seller hereunder was originated without any fraud or material misrepresentation by the Seller or, to the best of the Seller's knowledge, on the part of the Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Ordinary Course of Business</u>. Any sale or contribution of Collateral Loans pursuant to this Agreement is in the ordinary course of business and financial affairs of the Seller. Each remittance of Collections by the Seller to the Buyer, as the ultimate transferee under this Agreement, will have been made in the ordinary course of business or financial affairs of the Seller and the Buyer.

**Section 4.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties Regarding the Buyer</u>.**

By its execution of this Agreement, the Buyer represents and warrants to the Seller that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Organization</u>. The Buyer is limited liability company duly formed and validly existing under the laws of the State of Delaware, with full power and authority to own and operate its assets and properties, conduct the business in which it is now engaged and to execute and deliver and perform its obligations under this Agreement and the other Facility Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Qualification and Good Standing</u>. The Buyer is in good standing under the laws of the State of Delaware. The Buyer is duly qualified to do business and, to the extent applicable, is in good standing and has obtained or will obtain all material governmental licenses and approval in the State of Delaware and in each other jurisdiction in which the nature of its business, assets and properties, including the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and its Constituent Documents, requires such qualification, except where the failure to be so qualified, maintain good standing or obtain such license or approval would not be reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Due Authorization; Execution and Delivery; Legal, Valid and Binding; Enforceability</u>. The execution and delivery by the Buyer of, and the performance of its obligations under this Agreement, the other Facility Documents to which it is a party and the other instruments, certificates and agreements contemplated hereby or thereby are within its

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powers and have been duly authorized by all requisite action by it and have been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or general principles of equity, regardless of whether considered in a proceeding in equity or at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Contravention</u>. None of the execution and delivery by the Buyer of this Agreement or the other Facility Documents to which it is a party, the consummation of the transactions herein or therein contemplated, or performance and compliance by it with the terms, conditions and provisions hereof or thereof, will (i) contravene in any material respect or result in any breach of, any of the terms and provisions of, and will not constitute a default under, its Constituent Documents, (ii) conflict with or contravene (A) any applicable law, (B) any indenture, agreement or other contractual restriction binding on or affecting it or any of its assets, including any Related Contract or (C) any order, writ, judgment, award, injunction or decree binding on or affecting it or any of its assets or properties or (iii) result in a breach or violation of, or constitute a default under, or permit the acceleration of any obligation or liability in, or but for any requirement of the giving of notice or the passage of time (or both) would constitute such a conflict with, breach or violation of, or default under, or permit any such acceleration in, any contractual obligation or any agreement or document to which it is a party or by which it or any of its assets are bound (or to which any such obligation, agreement or document relates), in each case which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Authorizations; Private Authorizations; Governmental Filings</u>. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to authorize, or is required in connection with the execution, delivery and performance of any Facility Document to which the Buyer is a party or the consummation of any of the transactions contemplated thereby other than those that have already been duly made or obtained and remain in full force and effect or those recordings and filings in connection with the Liens granted to the Collateral Agent under the Facility Documents, except for any order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption, that, if not obtained, would not, either individually or in the aggregate reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Business; No Changes</u>. The Buyer's location (within the meaning of Article 9 of the UCC) is the State of Delaware. The Buyer has not changed its name, whether by amendment of its certificate of formation, by reorganization or otherwise, and has not changed its location, within the four months preceding the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale Treatment</u>. Other than for accounting and tax purposes, the Buyer has treated the transfer of Collateral Loans hereunder for all purposes as a sale and purchase on all of its relevant books and records and other applicable documents.

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**Section 4.04&nbsp;&nbsp;&nbsp;&nbsp;<u>Ordinary Course of Business</u>.**

Each of the Seller and the Buyer represents and warrants to the other as to itself that in the event the conveyances of the Collateral provided for in <u>Section 2.01(a)</u> of this Agreement are determined by a court of competent jurisdiction to be a transfer for security purposes, each remittance of payments, if any, by the Seller under this Agreement will have been (i) in payment of an obligation incurred by the Seller in the ordinary course of business or financial affairs of the Seller and the Buyer and (ii) made in the ordinary course of business or financial affairs of the Seller and the Buyer.

**ARTICLE V<br>COVENANTS**

**Section 5.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Affirmative Covenants of the Seller</u>.**

From the date hereof until the Payment in Full Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws</u>. The Seller will (i) duly observe and comply in all material respects with all Applicable Laws relative to the conduct of its business or to its assets, (ii) preserve and keep in full force and effect its legal existence, (iii) preserve and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so would not reasonably be expected to result in a Material Adverse Effect, (iv) comply with the terms and conditions of this Agreement and each other Facility Document to which it is a party, its Constituent Documents and each Related Document to which it is a party and (v) obtain, maintain and keep in full force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary or appropriate to properly carry out (A) its business and (B) the transactions contemplated to be performed by it under the Facility Documents to which it is a party, its Constituent Documents and the Related Documents to which it is a party, except, in the case of clause (v), where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Preservation of Existence</u>. The Seller will preserve and maintain its statutory trust existence, rights, franchises and privileges in the jurisdiction of its formation, and qualify and remain qualified in good standing as a statutory trust in each jurisdiction where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification has had, or could reasonably be expected to have, a Material Adverse Effect on the business operations, assets or financial condition of the Seller or on the validity or enforceability of this Agreement or the provisions of any other Facility Document applicable to the Seller, or the performance by the Seller of its duties hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance and Compliance with Collateral</u>. The Seller will, at its expense, timely and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under all agreements related to such Collateral.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Protection of Interest in Collateral</u>. With respect to the Collateral Acquired by the Buyer from the Seller, the Seller will (i) sell or contribute such Collateral pursuant to and in accordance with the terms of this Agreement, (ii) (at the Seller's expense) take all action necessary to perfect, protect and more fully evidence the Buyer's or its assignee's ownership of or security interest in such Collateral free and clear of any Lien other than the Lien created hereunder and Permitted Liens, including, without limitation, (a) filing and maintaining (at the Seller's expense), effective financing statements naming the Seller, as debtor, the Buyer, as secured party, and the Collateral Agent, for the benefit of the Secured Parties, as assignee, in all necessary or appropriate filing offices, and filing continuation statements, amendments or assignments with respect thereto in such filing offices, and (b) executing or causing to be executed such other instruments or notices as may be necessary or appropriate, and (iii) take all additional action that the Buyer, the Collateral Agent or the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of the parties to this Agreement in the Collateral and of the Collateral Agent, for the benefit of the Secured Parties, under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Collections</u>. The Seller will cause all payments relating to all Collateral to be remitted directly to the Collection Account. In the event any payments relating to any Collateral are remitted directly to the Seller or any Affiliate of the Seller, the Seller will remit (or will cause all such payments to be remitted) directly to the Collection Account within two (2) Business Days following receipt thereof, and, at all times prior to such remittance, the Seller will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of the Buyer (and its assignees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Separate Identity</u>. The Seller shall take or refrain from taking, as applicable, each of the activities specified or assumed in the true sale and non-consolidation opinions of Winston & Strawn LLP delivered on the Closing Date, upon which the conclusions expressed therein are based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation with Requests for Information or Documents</u>. The Seller will cooperate fully with all reasonable requests of the Buyer regarding the provision of any information or documents in the possession of or reasonably obtainable by the Seller without undue burden or expense which are necessary or desirable, including the provision of such information or documents in electronic or machine–readable format, to allow each of the Buyer and its assignees (including, without limitation, the Collateral Agent) to carry out their responsibilities under the Facility Documents.

**Section 5.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Negative Covenants of the Seller</u>.**

From the date hereof until the Payment in Full Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Interests</u>. Except for the transfers hereunder, the Seller will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien other than Permitted Liens on any Collateral Loan that constitutes part of the Collateral, whether now existing or hereafter transferred hereunder, or any interest therein. The Seller will promptly notify the Buyer of the existence of any Lien on any Collateral Loan and the Seller

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shall defend the right, title and interest of the Buyer and its assignees in, to and under the Collateral Loans, against all claims of third parties, *provided* that nothing in this <u>Section 5.02(a)</u> shall prevent or be deemed to prohibit the Liens created under the Credit Agreement; *provided* further that, the existence of any Lien imposed by law on the property of an Obligor (as described in clause (e) of the definition of "Permitted Liens" in the Credit Agreement) of which the Seller has no knowledge shall not cause a breach of this <u>Section 5.02(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change of Name or Location of Loan Files</u>. The Seller shall not change its name, change its location (within the meaning of Article 9 of the UCC), move the location of its principal place of business and chief executive office, or change the jurisdiction of its formation, unless the Seller gives 30 days' prior written notice thereof to the Buyer, the Collateral Agent and the Administrative Agent and takes all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security interest of the Buyer and the Collateral Agent, for the benefit of the Secured Parties, in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment and Accounting of Acquisitions</u>. The Seller will not account for or treat (whether in financial statements or otherwise) the transactions contemplated hereby in any manner other than as a sale and/or contribution of the Collateral by the Seller to the Buyer; *provided* that, notwithstanding anything to the contrary herein, for U.S. federal income tax purposes, the Seller and the Buyer shall treat such transactions as a direct transfer of Collateral from the Seller to the Buyer, an entity disregarded as separate from the Seller for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Payment Instructions to Obligor</u>. The Seller shall not make any change in its instructions to Obligors regarding payments to be made to the Collection Account, unless the Administrative Agent shall have given its prior written consent to such change.

**ARTICLE VI<br>WARRANTY COLLATERAL LOANS**

**Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;Warranty Collateral Loans.**

Notwithstanding anything in this Agreement or the Credit Agreement to the contrary, in the event of a breach of Section 4.01(k), a breach of Section 4.01(r), or a breach of any representation contained in Section 4.02, in each case with respect to any Transferred Asset, which breach occurs or was continuing on the Purchase Date (each such Transferred Asset, a "Warranty Collateral Loan"), no later than 30 days after the earlier of (i) knowledge of such breach on the part of the Seller and (ii) receipt by the Seller of written notice thereof given by the Administrative Agent (with a copy to each Lender), the Seller shall either (I) repurchase such Warranty Collateral Loan from the Buyer at a price equal to (x) the Asset Value of such Warranty Collateral Loan to which such breach relates on the applicable Purchase Date multiplied by the principal balance of such Warranty Collateral Loan (exclusive of any deferred or capitalized interest on any Permitted PIK Loan), or (y) during the Reinvestment Period, if no Event of Default has occurred and is continuing, such lesser amount as is necessary to cause the aggregate Advances Outstanding as of such day to not exceed the Borrowing Base (Aggregate)

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as of such day (for the avoidance of doubt, excluding such Warranty Collateral Loan), in each case, together with interest accrued on such Collateral Loans; or (II) with the prior written consent of the Administrative Agent in accordance with the Credit Agreement, deliver one or more replacement Collateral Loans to be included as Substitute Loans in exchange for such Warranty Collateral Loan as set forth in Section 10.07 of the Credit Agreement; provided, that no such repayment or substitution shall be required to be made with respect to any Warranty Collateral Loan if, on or before the expiration of such 30 day period, the representations and warranties set forth above with respect to such Warranty Collateral Loan shall be made true and correct with respect to such Warranty Collateral Loan as if such Warranty Collateral Loan had been conveyed to the Buyer on such day (and such Transferred Asset shall cease to be a Warranty Collateral Loan).

**ARTICLE VII<br>INDEMNIFICATION BY THE SELLER**

**Section 7.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>.**

The Seller agrees to indemnify, defend and hold harmless the Buyer and its officers, directors, employees, personnel and agents (any one of which is an "<u>Indemnified Party</u>") from and against any and all claims, losses, penalties, fines, forfeitures, judgments (*provided* that any indemnification for damages is limited to actual damages, not consequential, special or punitive damages), reasonable legal fees and related costs and any other reasonable costs, fees and expenses that such Person may sustain as a result of the Seller's fraud, breach of any representation or warranty of the Seller hereunder or the failure of the Seller to perform its duties in compliance in all material respects with the terms of this Agreement, except to the extent arising from gross negligence, willful misconduct or fraud by the Person claiming indemnification, *provided* that the Seller shall not be liable for any consequential (including loss of profit), indirect, special or punitive damages hereunder. Any Person seeking indemnification hereunder shall promptly notify the Seller if such Person receives a complaint, claim, compulsory process or other notice of any loss, claim, damage or liability giving rise to a claim of indemnification hereunder but failure to provide such notice shall not relieve the Seller of its indemnification obligations hereunder unless and to the extent the Seller is deprived of material substantive or procedural rights or defenses as a result thereof. The Seller shall assume (with the consent of the Indemnified Party, such consent not to be unreasonably withheld) the defense and any settlement of any such claim and pay all expenses in connection therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered against the Indemnified Party in respect of such claim. The parties agree that the provisions of this <u>Section 7.01</u> shall not be interpreted to provide recourse to the Seller against loss by reason of the bankruptcy, insolvency or lack of creditworthiness of an Obligor with respect to a Collateral Loan. The Seller shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse for uncollectible or uncollected Collateral Loans.

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**Section 7.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Liabilities to Obligors</u>.**

Except with respect to the funding commitment assumed by the Buyer with respect to any Delayed Drawdown Collateral Loan or Revolving Collateral Loan, no obligation or liability to any Obligor under any of the Collateral Loans is intended to be assumed by the Buyer, the Administrative Agent or any of the other the Secured Parties under or as a result of this Agreement and the transactions contemplated hereby.

**Section 7.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Operation of Indemnities</u>.**

If the Seller has made any indemnity payments to an Indemnified Party pursuant to this <u>Article VI</u> and such Indemnified Party thereafter collects any such amounts from others, such Indemnified Party will repay such amounts collected to the Seller.

**ARTICLE VIII<br>TERM AND TERMINATION**

**Section 8.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.**

This Agreement shall commence as of the date of execution and delivery hereof and shall continue in full force and effect until the earlier of (i) the Payment in Full Date and (ii) with the prior written consent of the Administrative Agent, the date specified by either party upon 30 days' prior written notice to the other party as the termination date; *provided* that the termination of this Agreement pursuant to this <u>Section 8.01</u> shall not discharge any Person from obligations incurred prior to any such termination of this Agreement.

**ARTICLE IX<br>MISCELLANEOUS**

**Section 9.01&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments and Waivers</u>.**

Except as provided in this <u>Section 9.01</u>, no amendment, waiver or other modification of any provision of this Agreement shall be effective unless signed by the Buyer and the Seller, consented to in writing by the Administrative Agent, other than an amendment to this Agreement to incorporate by reference and/or amend a Loan List from time to time in accordance with this Agreement.

**Section 9.02&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices, Etc</u>.**

All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing and mailed, e-mailed, transmitted or delivered, to the Seller, at its address set forth below and as to Buyer, the Collateral Agent or the Administrative Agent, at its address set forth in the Credit Agreement or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of (a) notice by mail, five (5) days after being deposited in the United States mail, first class postage prepaid and (b) notice by e-mail, when electronic confirmation or verbal communication of receipt is obtained.

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**Section 9.03&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect; Benefit of Agreement</u>.**

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. The Seller agrees that each of the Administrative Agent and the Collateral Agent, as agent for the Secured Parties under the Credit Agreement, shall be a third party beneficiary hereof. Any permitted assigns of the Buyer shall be third party beneficiaries of this Agreement.

**Section 9.04&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO VENUE SERVICE OF PROCESS</u>.**

THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER (WHETHER IN CONTRACT, TORT OR OTHERWISE) TO THE FOREGOING SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

Each of the Buyer and the Seller agrees that service of process may be effected by mailing a copy thereof by registered or certified mail, postage prepaid, to the Buyer or the Seller, as applicable, at its address specified in <u>Section 8.02</u> to this Agreement or at such other address(es) as the Administrative Agent and the Collateral Agent shall have been notified in accordance with the Credit Agreement. Nothing in this <u>Section 9.04</u> shall affect the right of the Administrative Agent and the Collateral Agent to serve legal process in any other manner permitted by law.

**Section 9.05&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF JURY TRIAL</u>.**

TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

**Section 9.06&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Taxes</u>.** The Seller shall pay on demand any and all stamp, sales, excise and other taxes and fees payable or determined to be payable to any applicable

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Governmental Authority in connection with the execution, delivery, filing and recording of this Agreement and the other documents to be delivered hereunder.

**Section 9.07&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Petition</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Seller hereby agrees not to institute against, or join, cooperate with or encourage any other Person in instituting against the Buyer any bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under federal or state bankruptcy or similar laws until at least one year and one day, or if longer, the applicable preference period then in effect plus one day, after the Payment in Full of the Loans and the termination of all Commitments, provided that nothing in this <u>Section 9.07</u> shall preclude, or be deemed to stop, the Seller (i) from taking any action prior to the expiration of the aforementioned one year and one day period, or if longer the applicable preference period then in effect plus one day, in (a) any case or proceeding voluntarily filed or commenced by the Buyer or (b) any involuntary insolvency proceeding filed or commenced against the Buyer by a Person other than the Seller or its Affiliates, or (ii) from commencing against the Buyer or any properties of the Buyer any legal action which is not a bankruptcy, reorganization, receivership, arrangement, insolvency, moratorium or liquidation proceeding or other proceeding under federal or state bankruptcy or similar laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 9.07</u> shall survive the termination of this Agreement.

**Section 9.08&nbsp;&nbsp;&nbsp;&nbsp;<u>Recourse Against Certain Parties</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of the Seller as contained in this Agreement, any other Facility Document or any other agreement, instrument or document entered into by it pursuant to or in connection with this Agreement or any other Facility Document shall be had against any stockholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Seller by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise it being expressly agreed and understood that the agreements of the Seller contained in this Agreement, any other Facility Document and all of the other agreements, instruments and documents entered into by it pursuant to or in connection with this Agreement or any other Facility Document are, in each case, solely the statutory trust obligations of the Seller, and that no personal liability whatsoever shall attach to or be incurred by any stockholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Seller, or any of them, under or by reason of any of the obligations, covenants or agreements of the Seller contained in this Agreement, any other Facility Document or in any other such instruments, documents or agreements, or which are implied therefrom, and that any and all personal liability of each stockholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Seller, or any of them, for breaches by the Seller of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a

&nbsp;&nbsp;&nbsp;&nbsp;-24-

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condition of and in consideration for the execution of this Agreement. The provisions of this <u>Section 9.08(a)</u> shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement, the obligations of the Buyer under this Agreement and any other Facility Document are limited recourse obligations of the Buyer payable solely from the Collateral and, following realization of the Collateral, and application of the proceeds thereof in accordance with the Priority of Payments and all obligations of and any claims by the Seller against the Buyer hereunder or in connection herewith after any such realization and application shall be extinguished and shall not thereafter revive. No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of the Buyer as contained in this Agreement, any other Facility Document or any other agreement, instrument or document entered into by it pursuant to or in connection with this Agreement or any other Facility Document shall be had against any shareholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Buyer by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise it being expressly agreed and understood that the agreements of the Buyer contained in this Agreement, any other Facility Document and all of the other agreements, instruments and documents entered into by it pursuant to or in connection with this Agreement and any other Facility Document are, in each case, solely the corporate obligations of the Buyer, and that no personal liability whatsoever shall attach to or be incurred by any shareholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Buyer or any of them, under or by reason of any of the obligations, covenants or agreements of the Buyer contained in this Agreement, any other Facility Document or in any other such instruments, documents or agreements, or which are implied therefrom, and that any and all personal liability of each stockholder, incorporator, partner, member, manager, authorized representative, officer, employee, personnel or director of the Buyer, or any of them, for breaches by the Buyer of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. The provisions of this <u>Section 9.08(b)</u> shall survive the termination of this Agreement.

**Section 9.09&nbsp;&nbsp;&nbsp;&nbsp;<u>Protection of Right, Title and Interest in the Collateral; Further Action Evidencing Acquisitions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Seller shall cause all financing statements and continuation statements and any other necessary documents perfecting the Buyer's security interest in the Collateral to be promptly recorded, registered and filed, and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the perfection and priority of the security interest of the Buyer in all property comprising the Collateral. The Seller shall deliver to the Buyer, the Collateral Agent and the Administrative Agent the file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recording, registration or filing. The Seller shall cooperate fully with the Buyer in connection with the obligations set forth above and

&nbsp;&nbsp;&nbsp;&nbsp;-25-

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will execute any and all documents reasonably required to fulfill the intent of this <u>Section 9.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents, and take all actions, that the Buyer, the Administrative Agent or the Collateral Agent, on behalf of the Secured Parties, may reasonably request in order to perfect, protect or more fully evidence the Acquisitions hereunder and the security and/or interest granted in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If the Seller fails to perform any of its obligations hereunder, the Buyer or the Administrative Agent may (but shall not be required to) perform, or cause performance of, such obligation; and the Buyer's, the Collateral Agent's or the Administrative Agent's costs and expenses incurred in connection therewith shall be payable by the Seller. The Seller irrevocably authorizes the Buyer, the Collateral Agent or the Administrative Agent at any time (so long as it has failed to perform its obligations hereunder) at the Buyer's, the Collateral Agent's or the Administrative Agent's sole discretion and appoints the Collateral Agent and the Administrative Agent as its attorney–in–fact to act on behalf of the Seller (i) to execute on behalf of the Seller and to file financing statements on behalf of the Seller, as debtor, necessary or desirable in the Buyer's, the Collateral Agent's and the Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the security interest of the Buyer (and its assignees) in the Collateral and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral as a financing statement in such offices as the Buyer, the Collateral Agent or the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the security interests of the Buyer (and its assignees) in the Collateral. This appointment is coupled with an interest and is irrevocable.

**Section 9.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution in Counterparts; Severability; Integration</u>.**

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts (including by facsimile), each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement, together with the Credit Agreement and the other Facility Documents, to the extent that a party is a signatory thereto, and any agreements or letters (including fee letters) executed in connection herewith contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written understandings. Delivery of an executed counterpart signature page of this Agreement by email (PDF), electronic signature or facsimile (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe Sign, DocuSign, or any other similar platform identified by the parties and reasonably available at no undue burden or expense to the

&nbsp;&nbsp;&nbsp;&nbsp;-26-

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other parties) shall be effective as delivery of a manually executed counterpart of this Agreement. Any electronic signature shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar federal or state law, rule or regulation, as the same may be in effect from time to time, and the parties hereby waive any objection to the contrary. Any document accepted, executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a signatory hereto. The parties shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

**Section 9.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings, Exhibits and Schedules</u>.**

The headings herein are for purposes of references only and shall not otherwise affect the meaning or interpretation of any provision hereof. The exhibits and schedules attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes.

**Section 9.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>.**

Notwithstanding anything to the contrary contained herein, this Agreement may not be assigned by the Buyer or the Seller except as permitted by this <u>Section 9.12</u> or by the Credit Agreement. Simultaneously with the execution and delivery of this Agreement, the Buyer shall assign all of its right, title and interest herein to the Collateral Agent for the benefit of the Secured Parties, to which assignment the Seller hereby expressly consents. Upon assignment, the Seller agrees to perform its obligations hereunder for the benefit of the Collateral Agent for the benefit of the Secured Parties and the Collateral Agent, in such capacity, shall be a third party beneficiary hereof. The Collateral Agent on behalf of the Secured Parties after an Event of Default under and in accordance with the Credit Agreement may enforce the provisions of this Agreement, exercise the rights of the Buyer and enforce the obligations of the Seller hereunder without joinder of the Buyer.

**Section 9.13&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Cumulative Remedies</u>.**

No failure to exercise and no delay in exercising, on the part of the Buyer or the Seller, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privileges provided by law. Any waiver of this Agreement shall be effective only in the specific instance and for the specific purpose for which given.

**[Remainder of Page Intentionally Left Blank.]**

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**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed by their respective officers as of the day and year first above written.

NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND, as the Seller

By: <u>/s/ Shaul Vichness</u><br> Name: Shaul Vichness<br> Title: Chief Operating Officer and Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;

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NCPCIF SPV V, LLC, <br>as the Buyer

By: Nuveen Churchill Private Capital Income Fund, as Designated Manager

By: <u>/s/ Shaul Vichness</u><br> Name: Shaul Vichness<br> Title: Chief Operating Officer and Chief Financial Officer

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**<u>Schedule I</u>**

**<u>Loan List</u>**

[To be attached]

------

**<u>Schedule II</u>**

**<u>Participation Interests</u>**

[To be attached]

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Kenneth Kencel, Chief Executive Officer of Nuveen Churchill Private Capital Income Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nuveen Churchill Private Capital Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 11, 2026 | By: | /s/ Kenneth Kencel |
|  |  |  | Name: Kenneth Kencel |
|  |  |  | Title: President and Chief Executive Officer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (principal executive officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Shai Vichness, Chief Financial Officer of Nuveen Churchill Private Capital Income Fund, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nuveen Churchill Private Capital Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 11, 2026 | By: | /s/ Shai Vichness |
|  |  |  | Name: Shai Vichness |
|  |  |  | Title: Chief Financial Officer and Treasurer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(principal financial officer)* |

---

## Ex-32

**Exhibit 32**

**CERTIFICATION PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with the quarterly report of Nuveen Churchill Private Capital Income Fund on Form 10-Q for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned officers of Nuveen Churchill Private Capital Income Fund does hereby certify, to the best of such officer's knowledge and belief, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Nuveen Churchill Private Capital Income Fund.

---

| | |
|:---|:---|
| Date: | May 11, 2026 |
| | /s/ Kenneth Kencel |
| | Name: Kenneth Kencel |
| | Title: President and Chief Executive Officer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (principal executive officer) |

---

---

| | |
|:---|:---|
| Date: | May 11, 2026 |
| | /s/ Shai Vichness |
| | Name: Shai Vichness |
| | Title: Chief Financial Officer and Treasurer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (principal financial officer) |

---

<br>