# EDGAR Filing Document

**Accession Number:** 0002033382
**File Stem:** 0001193125-26-033707
**Filing Date:** 2026-2
**Character Count:** 1191712
**Document Hash:** 37eacd902a69b421a4de280062512685
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-033707.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001193125-26-033707

**CONFORMED SUBMISSION TYPE**: 10-12G

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Silver Point Private Credit Fund
- **CENTRAL INDEX KEY:** 0002033382

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56819
- **FILM NUMBER:** 26588118

**BUSINESS ADDRESS:**
- **STREET 1:** TWO GREENWICH PLAZA, 1ST FLOOR
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-542-4200

**MAIL ADDRESS:**
- **STREET 1:** TWO GREENWICH PLAZA, 1ST FLOOR
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on February 2, 2026** 

**File No.** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 10** 

**GENERAL FORM FOR REGISTRATION OF SECURITIES** 

**Pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934** 

## Silver Point Private Credit Fund
**(Exact name of registrant as specified in its charter)** 

---

| | |
|:---|:---|
| **Maryland** | **99-6611702** |
| **(State or other jurisdiction of<br>incorporation or registration)** | **(I.R.S. Employer<br>Identification No.)** |
| **Two Greenwich Plaza, Suite 1<br>Greenwich, Connecticut**<br> **(Address of principal executive offices)** | **06830**<br> **(Zip Code)** |

---

**Registrant's telephone number, including area code:** 

**(203) 542-4200** 

***with copies to:***

**Rajib Chanda** 

**Steven Grigoriou** 

**Simpson Thacher & Bartlett LLP** 

**900 G. Street, N.W.** 

**Washington, DC 20001** 

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

**None** 

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

**Common shares of beneficial interest, par value $0.001 per share** 

**(Title of class)** 

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

---

| | | | |
|:---|:---|:---|:---|
| 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 7(a)(2)(B) of the Securities Act. ☐

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  [Explanatory Note](#rom79460_1) | [Explanatory Note](#rom79460_1) | 1 |
|  [Forward-Looking Statements](#rom79460_2) | [Forward-Looking Statements](#rom79460_2) | 3 |
| Item 1. | [Business](#rom79460_3) | 4 |
| Item 1A. | [Risk Factors](#rom79460_4) | 37 |
| Item 2. | [Financial Information](#rom79460_5) | 80 |
| Item 3. | [Properties](#rom79460_6) | 94 |
| Item 4. | [Security Ownership of Certain Beneficial Owners and Management](#rom79460_7) | 94 |
| Item 5. | [Trustees and Executive Officers](#rom79460_8) | 95 |
| Item 6. | [Executive Compensation](#rom79460_9) | 101 |
| Item 7. | [Certain Relationships and Related Transactions, and Trustee Independence](#rom79460_10) | 102 |
| Item 8. | [Legal Proceedings](#rom79460_11) | 105 |
| Item 9. | [Market Price of, and Dividends on, the Registrant's Common Equity and Related Shareholder Matters](#rom79460_12) | 105 |
| Item 10. | [Recent Sales of Unregistered Securities](#rom79460_13) | 105 |
| Item 11. | [Description of Registrant's Securities to be Registered](#rom79460_14) | 106 |
| Item 12. | [Indemnification of Trustees and Officers](#rom79460_15) | 112 |
| Item 13. | [Financial Statements and Supplementary Data](#rom79460_16) | 113 |
| Item 14. | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#rom79460_17) | 114 |
| Item 15. | [Financial Statements and Exhibits](#rom79460_18) | 114 |

---

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**EXPLANATORY NOTE** 

Silver Point Private Credit Fund is filing this registration statement on Form 10 (the "Registration Statement"), under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on a voluntary basis in connection with its election to be regulated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and in order to provide current public information to the investment community. Once this Registration Statement is effective, the Fund will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require the Fund, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and the Fund will be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. Upon the effective date of this Registration Statement, we will also be subject to the proxy rules in Section 14 of the Exchange Act, and we and our Trustees, officers and principal shareholders will be subject to the reporting requirements of Sections 13 and 16 of the Exchange Act. The Securities and Exchange Commission (the "SEC") maintains an internet website (http://www.sec.gov) that contains the reports mentioned in this section.

In this Registration Statement, unless otherwise specified, the terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," and the "Fund," refer to Silver Point Private Credit Fund, a
Maryland statutory trust, and its consolidated subsidiaries and predecessor entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Board of Trustees" refers to the Board of Trustees of the Fund and, each member thereof, a
"Trustee";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Adviser" refers to Silver Point Private Credit Fund Management, LLC, a Delaware limited liability
company and wholly owned subsidiary of Silver Point Capital, L.P. ("Silver Point");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Administrator" refers to Silver Point Private Credit Fund Management, LLC, a Delaware limited
liability company and wholly owned subsidiary of Silver Point;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "common shares" refers to the Fund's common shares of beneficial interest, par value $0.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Governing Documents" refers to the Fund's Declaration of Trust, dated September 18, 2024
and the Fund's Bylaws, dated September 18, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Shareholders" refers to the holders of beneficial interest of the Fund's common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Private Fund Phase" refers to the Fund and its consolidated subsidiaries and predecessor entities
prior to the Fund's election to be regulated as a BDC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BDC Election Date" refers to the date that the Fund files an election to be treated as a BDC under
the Investment Company Act.

The Fund is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012. As a result, the Fund is eligible to take advantage of certain reduced disclosure and other requirements that are otherwise applicable to public companies including, but not limited to, not being subject to the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002. See "Item 1. Business—Regulation—Compliance with the JOBS Act."

**Investing in our common shares may be considered speculative and involves a high degree of risk, including the following:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **An investment in our common shares is not suitable for you if you might need access to the money you invest in the foreseeable future.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **You should not expect to be able to sell your common shares regardless of how we perform.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Since you are unable to sell your common shares, you will be unable to reduce your exposure on any market downturn.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **We will invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk" securities, have predominantly speculative characteristics with respect to the issuer's capacity to pay interest or repay principal. They may also be difficult to value and illiquid.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund's shares will not be listed on an exchange, and it is not anticipated that a secondary market will develop.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund intends to invest primarily in privately-held companies for which very little public information exists. Such companies are also generally more vulnerable to economic downturns and may experience substantial variations in operating results.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The privately-held companies in which the Fund will invest will be difficult to value and are illiquid.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund intends to elect to be regulated as a BDC under the Investment Company Act, which imposes numerous restrictions on the activities of the Fund, including restrictions on leverage and on the nature of its investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Investing in our common shares may be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment. *See* "Item 1A. Risk Factors" to read about the risks you should consider before buying our common shares.** 

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**FORWARD-LOOKING STATEMENTS** 

Some of the statements in this Registration Statement may constitute forward-looking statements because they relate to future events or our future financial conditions. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve" and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. **The use of forecasts in this Registration Statement is prohibited. Any representations to the contrary or any predictions, written or oral, as to the amount or certainty of any present or future cash benefit or tax consequence which may flow from an investment in our common shares is not permitted.** The forward-looking statements contained in this Registration Statement involve risks and uncertainties, including, but not limited to, statements as to:

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

&nbsp;&nbsp;&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;&nbsp;&nbsp;• changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk associated with possible disruptions in our operations or the economy generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of global health epidemics, including, but not limited to, the recent COVID-19 pandemic, on our and our portfolio companies' business and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of investments that we expect to make;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with our Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its effect on the industries in which we invest,
including as a result of inflation;

&nbsp;&nbsp;&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;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments, including the consequences of interest rate
increases;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify and maintain our qualification as a BDC and as a regulated investment company
("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of changes in laws or regulations affecting our operations or to tax legislation and our tax position.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and the Fund assumes no duty to and do not undertake to update forward-looking statements. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act of 1933 (the "Securities Act") or Section 21E of the Exchange Act. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

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Statistical and market data used in this Registration Statement has been obtained from governmental and independent industry sources and publications. The Fund has not independently verified the data obtained from these sources. Forward-looking information obtained from these sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements contained in this Registration Statement, for which the safe harbor provided in Section 27A of the Securities Act and Section 21E of the Exchange Act is not available.

**Item 1. *Business*.** 

**The Fund** 

We are organized as a Maryland statutory trust named Silver Point Private Credit Fund. We are a newly-organized, non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC under the Investment Company Act. In addition, we expect to elect to be treated as a RIC under Subchapter M of the Code, and we expect to qualify as a RIC annually thereafter. As a BDC and a RIC, we must comply with certain regulatory requirements. See "—Regulation" and "—Certain U.S. Federal Income Tax Considerations."

Prior to electing to be regulated as a BDC on February 2, 2026, we operated as a private fund in reliance on an exception from the definition of "investment company" under Section 3(c)(7) of the Investment Company Act. The initial shareholders of the private fund approved, among other things, the Fund's Declaration of Trust (the "Declaration of Trust"), the Fund's election to be regulated as a BDC under the Investment Company Act, the amended and restated investment advisory agreement (the "Advisory Agreement"), the administration agreement (the "Administration Agreement"), the persons elected to the Board of Trustees and an asset coverage ratio of 150%.

We are a specialty lending company focused on investing primarily in senior secured loans to private U.S. middle market companies. Our investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in middle market lending opportunities. Under normal circumstances, the Fund will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies).

We define "middle market companies" to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") between $50 million and $200 million annually and/or enterprise value between $150 million and $2 billion at the time of investment. As of September 30, 2025, the portfolio median EBITDA for our portfolio companies was $140.5 million. We may also, from time to time, invest in larger or smaller companies. In seeking to achieve our investment objective, we may also invest across a broad range of industries. We will invest primarily in first-lien debt, but may also invest in second lien debt, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

In addition to investments in U.S. middle market companies, we may invest a portion of our capital in opportunistic investments, including, but not limited to, equity and debt securities (secured or unsecured) and loans. The proportion of these types of investments will change over time given our views on, among other things, the economic and credit environment in which we are operating.

Silver Point Private Credit Fund Management, LLC, a Delaware limited liability company, serves as our investment adviser and administrator. Subject to the supervision of our Board of Trustees, our Adviser manages our day-to-day operations and provides us with investment advisory and management services. Our Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to us and to our portfolio companies as required. We believe our

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Adviser will be able to leverage Silver Point's existing relationships across advisors, intermediaries, investment banks, financial sponsors, broker-dealers, lawyers, and investors to source attractive investment opportunities.

We seek to accomplish our investment objective through leveraging Silver Point's investment platform and significant credit investing expertise, which enables us to source and identify less competitive and/or mispriced market opportunities. We target secured, floating rate loans with stable income that are structured with significant downside protection, which we believe includes strong covenant packages and comprehensive collateral packages. We prioritize investments in first lien debt, which we believe offers more attractive risk-adjusted return characteristics.

We focus on U.S. middle market opportunities that have barriers to entry because they entail in-depth due diligence, valuation and collateral analyses; involve complexity; and require speed and certainty of execution and similar features that limit the participation of traditional financing sources. These opportunities are often less competitive and allow us to require more favorable structural and economic terms than available in broader public markets.

Our Adviser believes the middle market lending environment is attractive throughout the credit cycle as a result of the following (i) growing demand for non-traditional lenders, (ii) trajectory of the middle market environment, (iii) dynamics of middle market lending conditions and (iv) the niches of the specialty lending market, which we believe our Adviser has the credit expertise and sourcing relationships to capitalize on. The reduced competition and barriers to entry within these deals may allow us to originate and purchase loans at premium economics and with better creditor protections than those available in the broader market.

If we are successful in achieving our investment objective, we believe that we will be able to provide our Shareholders with consistent dividend distributions and attractive risk-adjusted total returns, although there can be no assurances in this regard. Since the commencement of our operations on October 24, 2024 through September 30, 2025, we have invested over $198.5 million in 33 portfolio companies, excluding any subsequent exits or repayments. As of September 30, 2025, the fair value of our portfolio was invested approximately 96.8% in first lien secured debt and 3.2% in second lien debt.

We are an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). For so long as we remain an emerging growth company under the JOBS Act, we will be subject to reduced public company reporting requirements.

We were formed as a Maryland statutory trust on June 5, 2024. On October 24, 2024, we commenced our investment activities as a private investment fund.

Subscriptions to purchase common shares may be made on an ongoing basis pursuant to accepted Subscription Agreements effective as of the first calendar day of a month (based on the NAV per share as determined as of the last day of the preceding month) and to be accepted, a subscription request including the full subscription amount and payment must be received in good order at least five business days prior to the first day of the month (unless waived by the Adviser).

Notice of each share transaction will be furnished to Shareholders (or their financial representatives) as soon as practicable but not later than seven business days after the Fund's NAV per share is determined and credited to the Shareholder's account, together with information relevant for personal and tax records. While a Shareholder will not know the NAV per share applicable on the effective date of the share purchase, the Fund's NAV per share applicable to a purchase of shares will be available generally within 20 business days after the effective date of the share purchase; at that time, the number of shares based on that NAV per share and each Shareholder's purchase will be determined and shares are credited to the Shareholder's account as of the effective date of the share purchase.

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**Investment Adviser** 

Our Adviser will utilize Silver Point's investment team, including its founders, Edward A. Mulé and Robert J. O'Shea, which has significant experience in direct loan origination and investing in and managing loan portfolios across multiple credit cycles. Silver Point's direct lending platform was formed in 2002, seeking to replicate the success the founders had in building and managing Goldman Sachs' credit and special situations investing businesses together in the mid-to-late 1990s and in creating Goldman Sachs' direct lending business in 1996 to focus on middle market loans. Mr. O'Shea was hired by Goldman Sachs in 1990 to establish its global bank loan trading business, which he built from the ground up. He also led all of Goldman Sachs' high yield bond and bank loan underwriting, trading, sales, capital markets, and research businesses. Mr. Mulé joined Goldman Sachs in 1984, initially as an investment banker in the Mergers and Acquisitions group. He was then selected to work in the Office of the Chairman, where he spent nearly four years focusing on firm strategy and implementation before joining Goldman Sachs fixed income division in 1995, where he co-headed (along with Mr. O'Shea) the Special Situations Group, Goldman Sach's special situations and distressed investing business.

While co-managing Goldman Sachs' global special situations businesses in the mid-to-late 1990s, Mr. Mulé and Mr. O'Shea identified and capitalized on what they believed to be a distinct opportunity in middle market direct lending. Mr. Mulé and Mr. O'Shea found that having the ability to conduct independent credit analysis, understand and underwrite complex situations, offer customized and creative solutions and provide borrowers speed and certainty of execution enabled them to source and underwrite what they believed to be attractive loans. In their experience, the necessity of these particular skills created barriers to entry for other lenders and thereby reduced competition, which offered the opportunity to negotiate more favorable downside protection, and/or enhanced economic terms than available in the broader markets.

Upon departing from Goldman, Mr. Mulé and Mr. O'Shea partnered to establish Silver Point in 2002 to replicate the credit businesses that they had built and managed while at Goldman.

Since its inception, Silver Point designed and built its business model for its credit investing platform, including its direct lending platform, to have the deep resources, expertise and capital to invest in global credit markets. In the direct lending business, we believe our Adviser will be able to leverage Silver Point's broad and longstanding sourcing relationships, rigorous underwriting process, structuring expertise, and portfolio monitoring and asset management capabilities to originate and manage attractive middle market loans throughout credit cycles on terms that are better than those available in the broader market.

As of December 31, 2025, Silver Point managed approximately $44 billion of invested and committed capital across its funds. As of December 31, 2025, Silver Point had over 391 employees, of which 120 are investment professionals who may have responsibilities to the Fund and to other investment vehicles. Silver Point has a highly experienced infrastructure team of over 271 professionals in legal and compliance, operations, accounting and finance, investor relations and human resources.

Our Adviser will be registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"). The principal executive office of our Adviser is located at Two Greenwich Plaza, Suite 1, Greenwich, Connecticut 06830. Subject to the supervision of our Board of Trustees, our Adviser manages our day-to-day operations and provides us with investment advisory and management services. Our Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to us and to our portfolio companies as required.

**Investment Strategy** 

Consistent with Silver Point's investment focus since inception of the strategy, we seek to achieve stable income generation with attractive risk-adjusted returns by investing primarily in U.S. middle market lending opportunities, and specialty asset based financings.

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Our strategy is much the same as Mr. Mulé's and Mr. O'Shea's in the mid-to-late 1990s. We are generally opportunistic in our investment approach in the middle market direct lending space and specifically seek to source less competitive investment opportunities. We leverage our differentiated and longstanding sourcing relationships across advisors, intermediaries, investment banks, financial sponsors, broker-dealers, lawyers and investors, and seek to capitalize on our reputation as an experienced and sophisticated investor within the credit markets. These opportunities typically exist for the Fund because of our Adviser's ability to (i) conduct independent in-depth due diligence, valuation, and collateral analyses and understand complexity, (ii) offer creative and/or lender solutions that are responsive to a borrower's unique needs; and (iii) provide speed and certainty of execution, all of which can limit the number of lenders able to underwrite the loan. We believe the barriers to entry and therefore reduced competition in this segment of the middle market direct lending space allows us to originate loans with downside protection at better economic terms, and we seek to deliver better risk-adjusted returns than generally available in the broader market.

We typically seek to originate senior secured, performing, floating rate loans. We invest opportunistically across industries and target borrowers that typically have some or all of the following characteristics: consistent income and stable cash flow generation; a business of strategic importance or with a dependent customer base; attractive loan-to-values; strong collateral value; and expected ability to successfully manage capital in a downturn. As fundamental credit investors, with experience in successfully managing portfolios through declining market environments, we generally approach structuring our loans with a focus on understanding the risk of loss, analyzing these risks through comprehensive due diligence, assessing the potential severity of loss of principal, and mitigating risk where possible through customized structure and documentation, through which we seek to implement creditor protections that we believe are necessary, but often overlooked by our competitors.

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but we do not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to our business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.

We intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the Investment Company Act. The Investment Company Act generally requires that BDCs meet an asset coverage ratio of at least 200%, which means that the ratio of the BDC's gross assets (less all liabilities and indebtedness not represented by senior securities) to outstanding senior securities must be at least 200% (i.e., the BDC may borrow $1 for every $1 in investor equity). However, Section 61(a)(2) of the Investment Company Act permits a BDC's shareholders to approve a lower asset coverage requirement of 150% (i.e., the BDC may borrow $2 for every $1 in investor equity), and the Fund's initial shareholders have approved this reduced asset coverage requirement. As a result, we will be required to have an asset coverage ratio of at least 150%.

The Fund will utilize leverage and may incur such leverage to the full extent permissible under the Investment Company Act and in the Fund's sole discretion, including during periods when the Fund is experiencing unusual market volatility or other unexpected conditions. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by us.

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**Investment Portfolio** 

Our investment portfolio is primarily composed of middle market companies that may utilize our investment to support their businesses in a variety of ways, including enhancing organic growth, pursuing acquisitions, recapitalizing their businesses, and expanding product offerings.

As of September 30, 2025, we had investments in 33 portfolio companies with an aggregate fair value of $191.0 million. The corresponding average portfolio company investment size at fair value was approximately $5.8 million. As of September 30, 2025, the largest single investment based on fair value represented 7.7% of our total investment portfolio. We generally target investments in first lien debt, which we believe offers attractive risk-adjusted return characteristics. As of September 30, 2025, based on fair value, our portfolio consisted of 96.8% first lien debt investments and 3.2% second lien debt investments. As of September 30, 2025, based on fair value, approximately 83.5% of our investments were in U.S. companies.

The gross yield on our performing debt portfolio as of September 30, 2025, was 10.8% with a remaining weighted average term of 5.0 years. As of September 30, 2025, approximately 96.7% of our performing debt investments based on fair value were floating rate investments, which had an average spread over the Secured Overnight Financing Rate ("SOFR") of 575 basis points, and 3.3% of our performing debt investments were fixed rate investments, which had an average interest rate of 3.5% (without considering the impact of the interest swaps). From time to time, the Fund seeks to mitigate interest rate risk associated with fixed rate investments by entering into interest rate swaps (refer to Item 2. Financial Information—"Management's Discussion and Analysis of Financial Condition and Results of Operations—Derivatives and Hedging" for further details). As of September 30, 2025, the Fund held no interest rate swaps or non-accrual loans.

For the nine months ended September 30, 2025, we funded $126.1 million in 22 new portfolio companies and $7.1 million in existing portfolio companies. For this period, we received $8.3 million of aggregate repayments, paydowns and sales.

Since commencement of our investment operations on October 24, 2024 through September 30, 2025, we have fully exited investments in 1 portfolio company. Please see "Item 2. Financial Information—Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Expenses" for more information regarding Fund expenses. The Fund expects to use leverage and, to the extent that returns on investments are greater than the interest the Fund pays on leverage, returns to Shareholders will be increased. As of the date hereof, in excess of 70% of the Fund's assets were "qualifying assets" under Section 55(a) of the Investment Company Act.

**Market Opportunity** 

We seek to accomplish our investment objective through leveraging the Silver Point investment platform and Silver Point's significant expertise investing in credit markets, which we believe enable us to source and identify less competitive and/or mispriced market opportunities, regardless of market conditions. We believe the middle market lending environment, and in particular our focus area within middle market lending, is attractive throughout the credit cycle as a result of a combination of the following:

*Size of the Middle Market Environment and Resulting Demand for Capital*. The middle market is a critical portion of the U.S. economy and serves an outsized role in terms of GDP and revenues. According to the National Center for The Middle Market Year-End 2024 Middle Market Indicator, there are nearly 200,000 businesses in the U.S. middle market which, represent one-third of private sector GDP and employment. Moreover, average year-over-year revenue growth in the middle market remained strong at 12.4%, with 84% of companies reporting top line growth in the first half of 2025. The Middle Market Indicator defines U.S. middle market companies as those with annual revenue between $10 million and $1 billion, significantly overlapping with our definition of U.S. middle market companies. The contribution from middle market companies to the

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economy has grown over time, and as the sector continues to expand, we believe there will be a similarly outsized need for capital. As U.S. commercial and regional banks remain cautious against a backdrop of regulatory and structural shifts, we believe this has led to an increasingly attractive opportunity set for direct lenders to provide capital to middle market companies in search of predictable financing solutions.

*Specialty Lending Market*. We believe that middle market lending opportunities yield higher returns with better creditor protections when compared to broadly syndicated loan opportunities and that a unique opportunity exists for specialty lenders with differentiated sourcing channels and underwriting expertise to structure deals with more favorable terms than the broader market. We believe there persists a void in the market for deals where the borrower is in an industry or position that requires the lender to (i) conduct independent in-depth enterprise and collateral analysis and /or understand complexity, (ii) offer creative customized solutions and/or (iii) provide capital with speed and certainty of execution. We believe the reduced competition and barriers to entry within these deals allow us to originate loans at a risk-adjusted return premium to the broader market and to secure relatively stronger covenant packages, which provides our loans with significant downside protection.

*Specialty Lending Expertise*. Successfully lending within the middle market space requires a specialized skill set, particularly in assessing credit quality and risk, assessing business valuations, structuring and documentation, and asset management. Lenders in the middle market space have the ability to enhance value through intricate knowledge of capital structures and business dynamics, and through thoughtful structuring of financial covenants. Furthermore, lenders who engage in robust asset monitoring and management can successfully enhance returns throughout the business and credit cycle. We believe Silver Point is well-positioned to extract value from middle market opportunities given its platform, deep credit expertise, and experience managing portfolios of loans across cycles.

*Attractive Opportunities to Invest in Senior Secured and Floating Rate Loans*. We believe that opportunities to invest in senior secured loans are attractive because of the floating rate structure of most senior secured debt issuances and the defensive characteristics of these types of investments in a rising rate environment. We believe that floating rate debt investments can offer a superior return profile relative to fixed-rate investments, since floating rate structures are generally less susceptible to declines in value in a rising rate environment. In addition, senior secured debt possesses attractive defensive characteristics given its priority in payment relative to junior debt holders and equity holders.

*Ability to invest throughout cycles including during periods of economic uncertainty*. We believe that direct lending is an asset class that can offer attractive risk adjusted returns throughout cycles, as there is consistently a stream of borrowers that prioritize private credit for their capital needs. We have also found that during times of increased volatility this often result in a weakened capital base for new loan supply, and an increase in lending opportunities that require private capital to be accretive solution providers. Given our capabilities and expertise in the direct lending market having invested throughout cycles, including the Global Financial Crisis, we believe we have built an all-cycle business model where we are well positioned to take advantage of the opportunity set in any market environment.

**Competitive Advantages** 

As a subsidiary of Silver Point, a multi-billion dollar global credit investment firm founded in 2002, our Adviser shares the same management team and is engaged in lines of business that provide it advantages to origination, credit underwriting and risk assessment of markets and relative value. Accordingly, we believe our Adviser's advantages over other middle market lenders are effectively those of Silver Point, including:

***Experienced Investment Team****.* Silver Point's founders each have over 30 years of experience in financial markets, and have worked together since the mid-1990s building and managing businesses and investing capital in the global credit markets, including originating loans to middle market companies. In addition to the founders, Michael Gatto, a Partner at the Firm and Head of the Private Side (which is composed of the dedicated direct

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lending origination and investment teams, as well as the asset management team) has over 28 years of industry experience, and Anthony DiNello, the Head of Direct Lending, overseeing the direct lending team on a day-to-day basis, has over 22 years of industry experience. Additionally, the members of the senior leadership team that are dedicated to the Fund have, on average, nearly 27 years of industry experience, predominately in middle market lending roles.

***Differentiated Origination Strategy***. The investment team originates opportunities from a variety of differentiated sources, and typically seeks to focus on less competitive investments. Silver Point's sourcing network has grown out of the relationships that it has built over 20+ years across a global credit investment platform, including advisors, intermediaries, investment banks, financial sponsors, broker-dealers, lawyers, and investors. These sourcing relationships are honed through Silver Point's dedicated origination team, its broad investment platform and a dedicated trading desk that informs the market on Silver Point's capabilities as a value-added financing source. Silver Point has established deep relationships with a broad range of financial intermediaries as a lender with differentiated abilities to understand complex financing needs and customize solutions. Additionally, we believe our sourcing capabilities are further differentiated by our dedicated capital markets team which empowers us with market leading intelligence and established syndications capability. Silver Point's ability to provide creative, customized solutions increases the scope of potential lending opportunities and positions us to work directly and flexibly with borrowers.

***Strong Credit Analytics***. Given Silver Point's long track record of investing in the global credit markets, with a particular focus on areas of the market with high barriers to entry which require strong credit expertise, we believe the Silver Point team possesses deeper credit analysis and underwriting skills than many direct lending peers. We believe Silver Point's ability to analyze companies and capital structures and its experience investing across industries and cycles allow us to conduct independent fundamental analyses on companies and company valuations.

***Benefit of Sitting Within a Large, Sophisticated Credit Platform***. We believe we benefit from sitting within a sophisticated, multi-billion dollar credit platform. The investment team originates opportunities from a variety of differentiated sources, and typically seeks to focus on financings where we believe we have an edge. We will leverage (i) Silver Point's industry-focused investment analysts for sector expertise, and (ii) Silver Point's dedicated trading desk, which has well established relationships with Wall Street. We benefit from Silver Point's active credit trading business, which consistently has a view of where relative risk across the entire capital structure is pricing in public markets, to appropriately price our directly originated loans and opportunistically purchase mispriced performing loans in the secondary market. Additionally, while Silver Point's core middle market origination strategy is focused on corporate cash flow lending, the platform includes a dedicated team with an expertise on sourcing specialty asset based financings, which are loans collateralized by hard assets, typically real estate. Silver Point also has a team whose role is to study and inform Silver Point's top-down views of markets, including having a view of where we are in a business and credit cycle. The work done by this team, and Silver Point more broadly, creates insight into important cyclical patterns or macro developments and potential risks to the lending portfolio.

***Business Valuation***. Silver Point's deep investment team, which includes sector-focused analysts, possesses significant insight across industries, encompassing both company-specific and top-down views on the sector. We believe Silver Point's extensive credit underwriting experience through multiple credit cycles provides unique capabilities in understanding and valuing companies, allowing it to identify attractive risk/reward opportunities, reach judgments quickly compared to traditional lending sources, and deliver attractive financing solutions.

***Structuring Skills***. Enhanced by its restructuring and asset management background, Silver Point approaches its due diligence process for lending opportunities with a primary emphasis on understanding the drivers of potential risk of loss, assessing the likelihood of occurrence and resulting risk and severity of principal loss, and determining whether it can mitigate these risks through additional diligence and/or structuring. As such, Silver Point emphasizes strong credit facility structuring and documentation through protections such as strong

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financial and negative covenant packages, complete and customized events of default, scheduled amortization, and comprehensive collateral packages. Silver Point will often act as the sole or lead lender, and seeks to take an active role in asset management when necessary. We believe our Adviser's experience and dedicated capital increases our ability to provide creative, customized, "one-stop" solutions, which broadens the scope of potential lending opportunities and positions us to work directly and flexibly with borrowers.

***Portfolio Monitoring and Asset Management Skills****.* The Silver Point team has a successful track record of managing originated loans and credit investments throughout multiple credit cycles. We believe strong asset monitoring and management capabilities are a core component to successfully investing through business and credit cycles. The team constantly reviews and evaluates investment fundamentals and performance, current and expected catalysts, covenants, cash flows, and other relevant events. To the extent a loan in the portfolio underperforms, Silver Point's strong up-front structuring and documentation coupled with its extensive asset management expertise enhances its ability to successfully manage the loan.

***Access to our Adviser's Deep Restructuring and Workout Expertise***. The team also benefits from access to Silver Point's extensive experience in leading company reorganizations and workout situations. We believe this expertise provides the team with an edge when structuring a loan; we believe it gives Silver Point an advantage in understanding the potential risk of loss, assessing the likelihood of occurrence, and determining structural ways to mitigate against those potential risks. We believe that through thoughtfully established covenants and structure, Silver Point is better able to see early warning signs in our loans, allowing it to proactively address issues that may arise. In instances where a company may encounter financial trouble, the team has access to Silver Point's dedicated workout team, which we believe is a point of differentiation for Silver Point. We believe that this background in restructurings and workouts allows Silver Point to better understand how to protect the downside upfront, mitigate risk of loss, and maximize investment returns.

**Investment Criteria** 

Silver Point seeks to identify attractive risk-adjusted lending opportunities with stable income generation. It seeks to be opportunistic in identifying companies that align with our mandate, but generally targets companies that it believes have some or all of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies that it believes operate in stable or more predictable industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies it believes have strong competitive market positions, either as broad market leaders or leaders of the
immediately relevant market such companies operate in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies it believes have a high likelihood of long-term sustainability, and those that provide critical
products or services to customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies it believes have stable free cash flow profile, allowing for consistent reduction in leverage and
ability to repay debt over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies it believes have strong management and an alignment of interest between management, ownership and its
lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Companies it believes allow for the preservation of value in downside scenarios, which may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a likelihood that there are strategic buyers for the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• multiple business lines and/or uncorrelated sources of value allowing for multiple ways for a secured lender to
recover value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant hard or monetizable assets that can cover the secured loan or reduce the severity of loss in a
downside scenario.

Silver Point also seeks to make investments in companies where it is able to influence the terms of such investments through the creation of customized documentation at underwriting, and also where it is a sole or

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large lender thereby giving us a meaningful control position in the event of future underperformance and necessity for a restructuring or workout. We believe that Silver Point's investment professionals have differentiated experience with complex credit documentation and restructurings/workouts. We therefore value lending opportunities where Silver Point will have the necessary control to leverage its expertise to create better downside protection through documentation and structuring, consistent with our overall goal of preserving capital.

**Investment Process** 

Silver Point's investment process is robust. Its organization is populated with experienced, senior professionals in each of the following functional areas of the investment process: deal sourcing and origination, due diligence and analysis, structuring and documentation, portfolio monitoring, asset management and investment committee review.

***Sourcing and Originations.*** Silver Point has a broad sourcing network, as well as a dedicated sourcing team, consisting of (i) dedicated originators calling on advisors, intermediaries, investment banks, financial sponsors, broker-dealers, lawyers and investors; (ii) investment analysts covering sectors and companies, seeking to identify unique lending opportunities; (iii) a dedicated trading desk in regular dialogue with broker-dealers on primary market opportunities for deals where Silver Point can act as an anchor order and thereby influence and improve deal terms, and opportunistically purchase mispriced performing loans; and (iv) an asset management team working closely with the advisory community. Silver Point leverages all of these networks with the goal of receiving an exclusive invitation to conduct diligence on potential deals and/or to identify less competitive situations where our capital and our involvement are valued by the counterparty.

***Due Diligence and Analysis.*** Rigorous analysis and diligence are performed on all high-potential investment ideas, including a review of the strength, quality, stability and cyclicality of the business and industry, financial performance, capital structures, risks, collateral value, catalysts, indicative terms, key structural protections, severity of potential loss in a downside, and ultimately risk-adjusted returns. Silver Point typically leverages private information from prospective borrowers to conduct due diligence, allowing it to perform more granular due diligence than is possible when relying solely on public information. Silver Point complements private level diligence with a review of relevant available public information on the company, and its competitors and/or relevant industry. Depending on the specific circumstances surrounding the company or investment opportunity, Silver Point's work may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multiple in-person meetings with management to review the company, the
market(s) it operates in, its competitive positioning within such markets, key business or market risks and other company-specific factors, and to assess management's abilities to operate the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An independent review of these same issues, often with the assistance of independent market experts, including
current and former executives, to corroborate, validate and challenge the critical issues and conclusions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of historical and projected financial information, including main drivers of revenue, expenses and free
cash flow, and assessment of fixed versus variable costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of all potential collateral, which may include third-party appraisals or valuations if determined to be
appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct discussions with key customers, suppliers and other constituents critical to the company's success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of significant contracts that have the potential to impact revenue or profitability, with a specific
focus on potential risks surrounding such contracts in a potential future downside scenario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An assessment of exogenous factors that could impact the company, including challenges to existing laws or
regulations that may be of critical importance to the company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A review of loan documentation, and in instances of shared collateral, inter-creditor or collateral management
agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Background checks on key management and principal ownership.

***Structuring and Documentation.*** We believe that Silver Point's credit and restructuring background gives it an advantage as it seeks to create documentation to protect against downside risks. Silver Point's investment team is disciplined in structuring investments, seeking to protect capital across credit cycles. Credit and collateral agreements are prepared with a focus on the key risks that are identified through due diligence, along with Silver Point's analysis of how these risks can be mitigated through the documentation process. These strategies may include (i) bespoke or customized financial covenants or events of default specifically designed to address a leading indicator of future performance volatility, (ii) scheduled amortization payments and mandatory prepayment provisions designed to ensure the loan is appropriately de-levering, and / or (iii) comprehensive collateral packages with a focus on ensuring proper lien perfection for us as a prospective secured creditor and insulating key sources of value from other potential future creditors. Silver Point believes having appropriate loan documentation is important in protecting creditor interests and preserving a lender's equity cushion. Consequently, the structuring and documentation process is considered a key part of Silver Point's underwriting and ultimate investment decision, rather than a perfunctory step in the process of closing a loan.

***Portfolio Monitoring.*** Silver Point stresses the importance of portfolio monitoring, with a focus on tracking a borrower's monthly and quarterly financial and operating reporting obligations. These responsibilities include reviewing and reporting to management of our Adviser on the financial and operating performance of portfolio companies, in addition to frequent communication with management teams. Silver Point's investment analysts track competitors, suppliers, and key customers as well as peer activity in the capital markets, valuation multiples for relevant transactions and pricing for relevant financings. The goal of Silver Point's portfolio monitoring is to track actual performance relative to our original underwriting thesis on an ongoing basis and to maintain a real-time view of the credit so that we can act decisively if an amendment or modification is required.

***Asset Management.*** Silver Point focuses on asset management as a means to protect capital. We believe the combination of intelligent underwriting decisions, properly structured loans and early and active management of a loan in the event of potential or actual covenant breach allows us to minimize risk of loss and protect capital. Silver Point re-underwrites our risk with every loan amendment, with the investment team assessing (i) whether we would originate the loan again at the current exposure and risk levels at that point in time, and if so, (ii) where the current risks should be priced today. Silver Point's answers to these questions will influence our willingness to extend further credit or de-risk our exposure to the economic terms we require as a part of a potential amendment. Additionally, we believe Silver Point's due diligence process and its ability to maintain an independent view on credit risk and value is critical to informing capital preservation decisions.

***Investment Committee.*** Silver Point has an experienced and established committee-driven investment process, with a focus on maximizing value and reducing risk. Silver Point's investment process includes both a bottom-up credit evaluation of individual positions and a top-down view on markets and macro risk. Mr. Mulé, our portfolio manager, has primary investment authority, with the Investment Committee providing input. In addition to Mr. Mulé, the Investment Committee includes Michael Gatto, a partner of our Adviser, Anthony DiNello, a Managing Director of our Adviser and Chief Executive Officer and President of the Fund and Silver Point Specialty Lending Fund ("SPSL"), Taylor Montague, a Managing Director of our Adviser, and Matthew Sheahan, a Managing Director of our Adviser. When appropriate, a senior industry-focused investment analyst also participates in the Investment Committee.

Members of our Adviser's Investment Committee will generally meet both prior to the undertaking of due diligence on a prospective investment, as well as following the completion of due diligence. Investment committee meetings are conducted in a discussion format, on the basis of a comprehensive investment memorandum prepared by the execution deal team. These memoranda will review, among other things, the merits of the investment opportunity, the primary areas of diligence conducted or to be conducted, the key risks

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and potential outcomes to the proposed investments in downside scenarios, multiple financial projection cases constructed by the execution deal team, our independent perspective of the borrower, and a comprehensive review of key document provisions and structural considerations and/or enhancements. The Investment Committee engages in discussion and debate on all prospective investments, as well as assessing relative value and risk-adjusted return compared to the existing portfolio and other opportunities in the market. Investment decisions require approval of the Investment Committee.

The Investment Committee also is involved in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determining position sizing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitoring portfolio level diversity, including position, industry and asset type concentrations and
diversification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodic investment monitoring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any increase in commitment to an existing portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing existing positions for potential disposition if appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approving material amendments to credit documents.

Additionally, the Investment Committee benefits from Silver Point's separate Markets Committee, which maintains a real-time top-down view on markets and macroeconomic risks, which are applied across all of Silver Point's investment strategies. The Markets Committee helps the Investment Committee form a view on the stage of the current business and credit cycles and the outlook for credit risk assets. This top-down, macro view helps inform the underwriting decisions of specific industries and companies, and how Silver Point expects they will perform given the current business and credit cycles, and also helps us appropriately price the risks we are underwriting.

**Use of Leverage** 

We may be a party to debt financing arrangements that allow us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as "leverage" and could increase or decrease returns to our Shareholders. The use of leverage involves significant risks. As a BDC, pursuant to the Investment Company Act, our total borrowings are limited so that we cannot incur additional borrowings if, immediately after such borrowing, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 200%. This means that we can borrow up to $1 for every $1 of investor equity. However, Section 61(a)(2) of the Investment Company Act permits a BDC's shareholders to approve a lower asset coverage requirement of 150% (i.e., the BDC may borrow $2 for every $1 in investor equity), and the Fund's initial shareholders have approved this reduced asset coverage requirement. As a result, we will be required to have an asset coverage ratio of at least 150%. The amount of leverage that we employ will depend on our Adviser's and our Board of Trustees' assessment of market conditions and other factors at the time of any proposed borrowing.

**Potential Conflicts of Interest** 

We may have conflicts of interest arising out of the investment advisory activities and other operations of Silver Point. Silver Point, and certain of its principals, investment professionals, employees and investment committee members currently do, and in the future expect to, serve as investment advisers, officers, trustees or principals of entities or private funds that operate in the same or a related line of business as us and/or of private funds managed by our Adviser or its affiliates. Accordingly, these individuals expect to have obligations to investors in those entities or private funds, the fulfillment of which might not be in our best interests or the best interests of our Shareholders. In addition, we note that existing affiliated investment vehicles managed by our

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Adviser or its affiliates have, and those formed in the future expect to have, substantially similar and/or overlapping investment objectives with our own and, accordingly, our Adviser and/or its affiliates expect to face conflicts in allocating investment opportunities between us and such other entities. In certain circumstances, negotiated co-investments by us and Silver Point, certain of its affiliates and certain funds managed and controlled by our Adviser may be made pursuant to an exemptive order from the SEC permitting us to do so. Although Silver Point will endeavor to allocate investment opportunities in a fair and equitable manner over time, it is possible that we will not be given the opportunity to participate in investments made by other clients managed by our Adviser. Our affiliates have received an exemptive order from the SEC that allows us greater flexibility to negotiate the terms of co-investments if our Board of Trustees determines that it would be advantageous for us to co-invest with other affiliated funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See "Item 1A. Risk Factors—Silver Point, its principals, investment professionals and employees and the members of its investment committee have certain conflicts of interest because they manage other investment vehicles and accounts to which they have obligations and duties that may not be in our best interests."

**Competition** 

Our primary competitors provide financing to middle market companies and include other business development companies, commercial and investment banks, commercial financing companies, collateralized loan obligations, private funds, including hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than we will have and offer a wider array of financial services. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships.

In addition, certain of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC. Our investment strategy depends in part on our ability to source investment opportunities in which the participation of traditional financing sources is limited. We believe that the relationships of the senior members of our Adviser enable us to learn about, and compete effectively for, financing opportunities with attractive middle market companies in the industries in which we seek to invest.

**Summary of Risk Factors** 

The risk factors described below are a summary of the principal risk factors associated with an investment in us. These are not the only risks we face. You should carefully consider these risk factors, together with the risk factors set forth in Item 1A of this Registration Statement and the other reports and documents filed by us with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks associated with general economic and market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively
impacts our business, financial condition and earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a relatively new company and have limited operating
history.<sup></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital markets may experience periods of disruption and instability. Such market conditions may materially and
adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operation as a BDC will impose numerous constraints on us and significantly reduce our operating flexibility.
In addition, if we fail to maintain our status as a BDC, we might be regulated as a registered investment company, which would subject us to additional regulatory restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not replicate the past performance of the Fund, or the historical performance of Silver Point or of other
funds or BDCs managed by Silver Point.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent upon management personnel of our Adviser for our future success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Silver Point, its principals, investment professionals and employees and the members of its investment committee
have certain conflicts of interest because they manage other investment vehicles and accounts to which they have obligations and duties that may not be in our best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may use leverage, which may magnify the potential for gain or loss and may increase the risk of investing in
us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to regulatory restrictions that restrict our ability to raise capital, the Fund's debt
arrangements may contain various covenants which, if not complied with, could accelerate repayment, thereby materially and adversely affecting our liquidity, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We operate in a highly competitive market for investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser will be paid a management fee even if the value of your investment declines and our Adviser's
incentive fees may create incentives for the portfolio management team to make certain kinds of investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Beneficial owners of our equity securities may be subject to certain regulatory requirements based on their
ownership percentages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to comply with Section 404 of the Sarbanes-Oxley Act, we may not be able to accurately report our
financial results or prevent fraud which may adversely affect us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board of Trustees may change our investment objective, operating policies and strategies without prior notice
or Shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in legal, tax and regulatory regimes could negatively impact our business, financial condition and
earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to corporate-level income tax if we are unable to maintain our status as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Adviser can resign on 60 days' notice. We may not be able to find a suitable replacement within that
time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to enter into transactions with our affiliates is restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our
operations, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to risks associated with artificial intelligence and machine learning technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Terrorist attacks, acts of war, or natural disasters may impact the businesses in which we invest, and harm our
business, operating results, and financial conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments are speculative and involve significant risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our
investments in such companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in middle market companies involves a number of significant risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in sub-investment grade (also known as "junk"
securities) and non-rated securities are speculative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain loan investments may be subject to the risks inherent in the ownership of real property to the extent
that real property may be underlying collateral for such investments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our due diligence investigation may not reveal or highlight all relevant facts that may be necessary or helpful
in evaluating an investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio securities may not have a readily available market price and, in such a case, we will value these
securities at fair value as determined in good faith under procedures adopted for the Fund, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lack of liquidity in our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securitization of our assets subjects us to various risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our failure to make follow-on investments in our portfolio companies
could impair the value of our portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant risks that could affect financial institutions to which we are exposed may affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By originating loans to companies that are experiencing significant financial or business difficulties, we may be
exposed to distressed lending risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic recessions or downturns could impair our portfolio companies and harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies may be highly leveraged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in our common shares involves a significant degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our common shares will not be insured or guaranteed by any person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affiliates of Silver Point may have significant influence over us, including having a significant number of
voting securities for matters that require the approval of Shareholders, which could limit your ability to influence the outcome of matters submitted to Shareholders for a vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our common shares are not registered under the securities laws of any jurisdiction and therefore are subject to
restrictions on transfer under the Securities Act and any similar U.S. state or non-U.S. laws, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No market exists for the common shares of the Fund, and it is possible that none develops.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may in the future determine to issue preferred shares, which could adversely affect the market value of our
common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to pay you distributions on our common shares, and our distributions to you may not grow over
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in tax laws could affect our business or an investment in our common shares.

**Advisory Agreement** 

The Fund is party to an investment advisory agreement (the "Advisory Agreement"), pursuant to which the Fund pays the Adviser a fee for investment management services consisting of a management fee and an incentive fee, which costs are ultimately borne by our Shareholders.

Subject to the overall supervision of our Board of Trustees and in accordance with the Investment Company Act, our Adviser will manage our day-to-day operations and provide investment advisory services to us. Under the terms of the Advisory Agreement, our Adviser will be responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing our assets in accordance with our investment objective, policies and restrictions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the composition of our portfolio, the nature and timing of the changes to our portfolio and the
manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, sourcing, researching evaluate and negotiating the terms of investments in, and dispositions of,
portfolio securities and other instruments on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• closing and monitoring our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the securities and other assets that we will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing such other investment advisory, research and related services as we may, from time to time, reasonably
require for the investment of funds, including providing operating and managerial assistance to us and our portfolio companies, as required.

The Adviser's services under the Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to us are not impaired.

Pursuant to the Advisory Agreement, we will agree to pay our Adviser a fee for its investment advisory and management services consisting of two components, a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee"). The cost of both the Management Fee and the Incentive Fee will ultimately be borne by our Shareholders.

*Management Fee* 

The Management Fee is payable monthly in arrears at an annual rate of 1.25% (0.3125% per quarter) of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month. Management Fees for any partial month or quarter will be appropriately prorated.

Prior to the BDC Election Date, the Fund was subject to an origination fee payable to the Adviser calculated at 1% of the aggregate dollar amount of investments committed and entered into by the Fund (the "Origination Fee"). The Adviser subsequently agreed to irrevocably waive the Origination Fee from the Fund's commencement of operations.

*Fee Waiver* 

The Adviser has agreed to waive the Management Fee for (i) the period prior to the BDC Election, and (ii) the six-month period following the initial closing following the BDC Election (the "Initial Fee Waiver"). The Initial Fee Waiver is not subject to recoupment by the Adviser.

*Incentive Fee* 

The Incentive Fee consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on our income ("Incentive Fee on Pre-Incentive Fee Net Investment Income"), and a portion is based on our capital gains ("Capital Gains Fee").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i) Incentive Fee on Pre-Incentive Fee Net Investment Income*. For purposes of calculating the Incentive Fee, "Pre-Incentive Fee Net Investment Income" means dividends (including reinvested dividends), interest and fee income accrued by the Fund during the calendar quarter, minus the Fund's accrued operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with

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a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund may not have received in cash. Pre-Incentive Fee Net Investment Income also includes net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges and other expenses paid by the Fund to the derivative or swap counterparty). Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital appreciation or depreciation. To determine whether the Pre-Incentive Fee Net Investment Income exceeds the hurdle rate, the Pre-Incentive Fee Net Investment Income is expressed as a percentage rate of return on the Fund's net assets (total assets less indebtedness).

Incentive Fee on Pre-Incentive Fee Net Investment Income, if any, will be calculated and paid quarterly in arrears based on a percentage of the amount by which Pre-Incentive Fee Net Investment Income in respect of the current calendar quarter exceeds the Hurdle Rate Amount (as defined below). The "Hurdle Rate Amount" will be determined on a quarterly basis, and will be calculated by multiplying 1.25% (5.00% annualized) by the value of the Fund's net assets (total assets less indebtedness) at the beginning of the applicable calendar quarter.

Incentive Fee on Pre-Incentive Fee Net Investment Income for each calendar quarter will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No amount in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the Fund's Pre-Incentive Fee Net Investment Income, if
any, that exceeds the Hurdle Rate Amount but is less than or equal to an amount (the "Catch-Up Amount") determined on a quarterly basis by multiplying 1.4286% (5.7143% annualized) and the value of
the Fund's net assets (total assets less indebtedness) at the beginning of the applicable calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For any calendar quarter in which the Fund's Pre-Incentive Fee
Net Investment Income exceeds the Catch-Up Amount, 12.5% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-Up Amount.

These calculations shall be appropriately adjusted for any share issuances or repurchases during the quarter.

If the Fund commences winding up in connection with the expiration of the Fund's term, the Incentive Fee on Pre-Incentive Fee Net Investment Income will be payable until the final termination of the Fund following the complete Realization of the Fund's investments and the termination date will be treated as though it were a quarter-end for purposes of calculating and paying the final Incentive Fee on Pre-Incentive Fee Net Investment Income.

*Incentive Fee on Capital Gains*. The Incentive Fee on Capital Gains ("Capital Gains Fee") will be determined and payable in arrears as of the end of each fiscal year, and will equal 12.5% of the Fund's Cumulative Capital Gains (as defined below), if any, from the BDC Election Date through the end of each fiscal year, less the amount of any previously paid Capital Gains Fee for prior periods. For this purpose, "Cumulative Capital Gains" means, on any relevant date, cumulative realized capital gains, less the sum of (a) cumulative realized capital losses and (b) cumulative unrealized capital depreciation on investments, in each case as of such date.

We will accrue, but not pay, a portion of the Capital Gains Fee with respect to net unrealized appreciation. Under GAAP, we are required to accrue any Capital Gains Fee that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Capital Gains Fee, we consider the cumulative aggregate unrealized capital appreciation in the calculation, because Capital Gains Fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in

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calculating the fee actually payable under the Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 12.5% of such amount, minus the aggregate amount of actual Capital Gains Fee paid in all prior periods. If such amount is negative, then there is no accrual for such period or there is reversal of previous period accrual. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For purposes of computing the Capital Gains Fee, the calculation methodology will look through derivative financial instruments or swaps as if the Fund owned the reference assets directly. Therefore, on a look-through basis, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation of the Capital Gains Fee.

*Indemnification* 

Pursuant to the Advisory Agreement, we have agreed to the fullest extent permitted by law to provide indemnification and the right to the advancement of expenses to each person who was or is made a party or is threatened to be made a party to or is involved (including as a witness) in any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, because such person is or was a member, trustee, officer, partner, member, shareholder, controlling person, employee, agent, consultant, representative or any other person or entity affiliated with our Adviser with respect to all claims, damages, liabilities, costs and expenses resulting from acts of our Adviser in the performance of the person's duties under the Advisory Agreement. Our obligation to provide indemnification and advancement of expenses is subject to the requirements of the Investment Company Act and Investment Company Act Release No. 11330, which, among other things, preclude indemnification for any liability (whether or not there is an adjudication of liability or the matter has been settled) arising by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties, and require reasonable and fair means for determining whether indemnification will be made. Despite these limitations, the rights to indemnification and advancement of expenses may lead our Adviser and its members, managers, officers, employees, agents, controlling persons and other persons and entities affiliated with our Adviser to act in a riskier manner than they would when acting for their own account.

*Board Approval of the Advisory Agreement* 

Our Board of Trustees approved the Advisory Agreement on January 29, 2026. In connection with approving the Advisory Agreement, the Board of Trustees focused on information it had received relating to, among other things: (a) the capabilities of the Adviser; (b) the nature, quality and extent of the advisory and other services provided to us by the Adviser; (c) comparative data with respect to advisory fees paid by other BDCs with similar investment objectives; (d) our investment performance compared to the performance of other BDCs with similar investment objectives; (e) the potential for economies of scale to be realized as our assets grow; and (f) other benefits that may accrue to the Adviser and its affiliates as a result of their relationship with us following the potential completion of this offering. Based on the information reviewed and the discussion thereof, the Board, including the Trustees who are not "interested persons" of our Adviser, Silver Point or their respective affiliates as defined in Section 2(a)(19) of the Investment Company Act ("Independent Trustees"), determined that the compensation payable to the Adviser is reasonable in relation to the services provided by the Adviser and unanimously approved the Advisory Agreement.

*Duration and Termination* 

The Advisory Agreement will remain in full force and effect for two years initially, and will continue for periods of one year thereafter, but only so long as such continuance is specifically approved at least annually by (a) the vote of a majority of our Independent Trustees and (b) by a vote of a majority of our Board of Trustees or of a majority of our outstanding voting securities. The Advisory Agreement may, on 60 days' written notice to

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the other party, be terminated in its entirety at any time without the payment of any penalty, by our Board of Trustees, by vote of a majority of our outstanding voting share, as defined in the Investment Company Act, or by our Adviser. The Advisory Agreement shall automatically terminate in the event of its assignment as defined in the Investment Company Act.

**Administrative Services** 

Pursuant to the Administration Agreement, our Adviser is responsible for providing various accounting and administrative services to us. These services include providing office space, equipment and office services, maintaining financial records, preparing reports to Shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

Our Adviser is entitled to receive reimbursement equal to an amount that reimburses our Adviser for its costs and expenses and the Fund's allocable portion of overhead incurred by our Adviser in performing its administrative obligations under the Administration Agreement, including the Fund's allocable portion of the compensation paid to or compensatory distributions received by the Fund's officers (including its Chief Financial Officer, Chief Compliance Officer and General Counsel) and respective staff who provide services to the Fund, operations staff who provide services to the Fund, and any internal audit staff, to the extent internal audit performs a role in the Fund's Sarbanes-Oxley Act internal control assessment.

The terms of any administration agreement that we may enter with any subsequent administrator may differ materially from the terms of the administrative services provisions in our Administration Agreement as in effect prior to such retention, including, without limitation, providing for a fee structure that results in us, directly or indirectly, bearing higher fees for similar services and other terms that are potentially less advantageous to us. Our Shareholders will not be entitled to receive prior notice of the engagement of an alternate administrator or of the terms of any agreement that is entered into with such administrator.

**Sub-Administration Agreement** 

On July 29, 2024, our Adviser entered into a Master Servicing Agreement (the "Sub-Administration Agreement") with U.S. Bancorp Fund Services, LLC (the "Sub-Administrator") for certain administrative and professional services for which our Adviser is primarily responsible under the Advisory Agreement.

Our Adviser is not obligated to retain the Sub-Administrator as a sub-administrator. The Sub-Administration Agreement may be terminated by either party without penalty upon 180 days' written notice to the other party.

**Transfer Agent** 

U.S. Bancorp Fund Services, LLC also serves as our transfer agent.

**Custodian** 

U.S. Bank National Association (the "Custodian") provides custodian services to the Fund pursuant to a custodian services agreement. For the services provided to the Fund by the Custodian, the Custodian is entitled to fees as agreed upon from time to time. The address of the Custodian is 8 Greenway Plaza, Suite 1100, Houston, Texas.

**Regulation** 

The Fund intends to file an election to be regulated as a BDC under the Investment Company Act. The Investment Company Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates (including any investment advisers or co-advisers), principal underwriters and affiliates of those

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affiliates or underwriters and requires that a majority of the Trustees be persons other than "interested persons," as that term is defined in the Investment Company Act. In addition, the Investment Company Act provides that the Fund may not change the nature of the Fund's business so as to cease to be, or to withdraw the Fund's election as, a BDC unless approved by a majority of the Fund's outstanding voting securities, which is defined in the Investment Company Act as the lesser of (i) 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of such company are present or represented by proxy or (ii) of more than 50% of the outstanding voting securities of such company.

The Fund may invest up to 100% of its assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, the Fund may, for the purpose of public resale, be deemed an "underwriter" as that term is defined in the Securities Act.

The Fund may acquire securities issued by other investment companies in accordance with the limits of the Investment Company Act and the rules and regulations promulgated thereunder. The Fund generally may acquire up to 3% of the voting shares of any investment company, may invest in up to 5% of the value of its total assets in the securities of one investment company and may invest up to 10% of the value of its total assets in the securities of more than one investment company. Subject to certain exemptive rules, including Rule 12d1-4, the Fund may, subject to certain conditions, invest in other investment companies in excess of such thresholds. With regard to that portion of the Fund's portfolio invested in securities issued by investment companies, it should be noted that such investments might indirectly subject Shareholders to additional expenses as they will indirectly be responsible for the costs and expenses of such companies. None of the Fund's investment policies are fundamental and any may be changed without Shareholder approval.

*Qualifying Assets* 

Under the Investment Company Act, a BDC may not acquire any asset other than assets of the type listed in section 55(a) of the Investment Company Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. The principal categories of qualifying assets relevant to the Fund's proposed business are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased in transactions not involving any public offering from the issuer of such securities, which
issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such
rules as may be prescribed by the SEC. An eligible portfolio company is defined in the Investment Company Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not an investment company (other than a small business investment company wholly owned by the BDC) or a
company that would be an investment company but for certain exclusions under the Investment Company Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has a market capitalization of less than $250.0 million or does not have any class of securities listed on a
national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is controlled by a BDC or a group of companies including a BDC, the BDC actually exercises a controlling
influence over the management or policies of the eligible portfolio company, and, as a result thereof, the BDC has an affiliated person who is a trustee of the eligible portfolio company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a small and solvent company having total assets of not more than $4 million and capital and surplus of
not less than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of any eligible portfolio company which the Fund controls.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an
affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came
due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities of an eligible portfolio company purchased from any person in a private transaction if there is no
ready market for such securities and the Fund already owns 60% of the outstanding equity of the eligible portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities received in exchange for or distributed on or with respect to securities described above, or pursuant
to the exercise of options, warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less
from the time of investment.

*Temporary Investments* 

As a BDC, pending investment in other types of "qualifying assets," as described above, our investments may consist of cash, cash items, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, so that 70% of our assets are qualifying assets. Typically, we will invest in U.S. Treasury bills or in repurchase agreements, provided that such agreements are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed-upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed-upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. Our Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions.

*Managerial Assistance to Portfolio Companies* 

As a BDC, other than CLOs, we must limit our investments in any types of entities that rely on the exceptions set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act (including, but not limited to, hedge funds and private equity funds) to no more than 15% of our net assets. As of the date hereof, in excess of 70% of the Fund's assets were "qualifying assets" under Section 55(a) of the Investment Company Act. As of December 31, 2025, the fair value of the Fund's total assets was comprised of approximately 77.7% of "qualifying assets".

A BDC must be organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above under "Qualifying Assets." However, in order to count portfolio securities as qualifying assets for the purpose of the 70% test, the BDC must also either control the issuer of the securities or offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance (as long as the BDC does not make available significant managerial assistance solely in this fashion). Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its trustees, officers or employees, offers to provide, and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company.

*Brokerage Allocations and other Practices* 

Any use of brokers will be subject to policies established by our Board of Trustees. Our Adviser will be primarily responsible for the execution of the publicly traded securities portion of our portfolio transactions and the allocation of brokerage commissions.

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All orders for the purchase or sale of portfolio securities will be placed by our Adviser. Our Adviser will also be responsible for the placement of transaction orders for other accounts for which it acts as investment advisor. In selecting broker-dealers, our Adviser will, subject to applicable legal limitations, consider various relevant factors, including, but not limited to, all or any of the following: overall cost of the transaction; the size and type of the transaction; the nature of the market for the financial instrument; execution capability, speed and efficiency; market intelligence regarding the transaction; the extent to which the broker-dealer makes a market in the financial instrument involved or has access to such markets; the broker-dealer's financial stability; the broker-dealer's reputation for diligence, fairness and integrity; quality of service rendered by the broker-dealer in other transactions for our Adviser; confidentiality considerations; the quality and usefulness of research services and investment ideas presented by the broker-dealer; the broker-dealer's willingness to correct errors; the broker-dealer's ability to accommodate any special execution or order handling requirements in connection with any particular transaction; and other factors deemed appropriate by our Adviser. Commissions for non-U.S. investments traded on non-U.S. exchanges generally will be higher than for U.S. investments and may not be subject to negotiation. Our Adviser need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread.

Accordingly, if our Adviser concludes that the commissions charged by a broker or the spreads applied by a dealer are reasonable in relation to the overall quality of services rendered by such broker or dealer (including, without limitation, the value of the brokerage and research products or services provided by such broker or dealer), we may pay commissions to or be subject to spreads applied by such broker-dealer in an amount greater than the amount another broker-dealer might charge or apply. At times, our Adviser may select a broker to execute a transaction and request that the executing broker "step-out" of a portion of the transaction (and, thus, a portion of the commission) to another broker (a "Step-Out Transaction") in such circumstances where our Adviser makes a good faith determination that the Step-Out Transaction is reasonable in relation to the value of the services provided (including research services) viewed in terms of either that particular transaction or our Adviser's overall responsibilities with respect to all of its accounts.

Our Adviser reviews, on at least a quarterly basis, its order execution practices, the quality of brokerage services (including research) and the costs associated with such services. In no case will our Adviser make binding commitments as to the level of brokerage commissions it will allocate to a broker-dealer, nor will it commit to pay cash if any informal targets are not met. A broker is not excluded from receiving business because it has not been identified as providing brokerage or research products or services.

Our Adviser may open "average price" accounts with brokers. In an "average price" account, purchase and sale orders placed during a trading day on our behalf, the Silver Point Accounts or affiliates of our Adviser are combined, and securities bought and sold pursuant to such orders are allocated among such accounts on an average price basis.

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Our transactions may generate brokerage commissions and other compensation, which we, not our Adviser, will be obligated to pay. Our Adviser has complete discretion in deciding what brokers and dealers we will use and in negotiating the rates of compensation we will pay. In addition to using brokers as agents and paying commissions, we may buy or sell securities directly from or to dealers acting as principals at prices that include markups or markdowns, and may buy securities from underwriters or dealers in public offerings at prices that include compensation to the underwriters and dealers.

From time to time, our Adviser may execute over-the-counter trades on an agency basis rather than on a principal basis. In these situations, the broker used by our Adviser may acquire or dispose of a security through a market-maker (a practice known as "interpositioning"). The transaction may thus be subject to both a commission and a markup or markdown. Our Adviser believes that the use of a broker in such instances is consistent with its duty of obtaining best execution for us. The use of a broker can provide anonymity in connection with a transaction. In addition, a broker may, in certain cases, have greater expertise or greater capability in connection with both accessing the market and executing a transaction.

*Indebtedness and Senior Securities* 

Under Section 61(a) of the Investment Company Act, the Fund is generally not permitted to issue senior securities unless after giving effect thereto the Fund met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the Fund, of at least 150%.

*Codes of Ethics* 

We and our Adviser have adopted a code of ethics pursuant to Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act. This code of ethics establishes, among other things, procedures for personal investments and restricts certain personal securities transactions, including transactions in securities that are held by us. Personnel subject to the code may invest in securities for their personal investment accounts, so long as such investments are made in accordance with the code's requirements.

*Proxy Voting Policies and Procedures* 

The Fund has delegated proxy voting responsibility to the Adviser. A summary of the Proxy Voting Policies and Procedures of the Adviser is set forth below. The guidelines are reviewed periodically by the Adviser and the Fund's Independent Trustees, and, accordingly, are subject to change.

The Adviser is registered under the Advisers Act and has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, it recognizes that it must vote securities held by its clients in a timely manner free of conflicts of interest. These policies and procedures for voting proxies for investment advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The Adviser votes proxies relating to the Fund's portfolio securities in the best interest of Shareholders. The Adviser reviews on a case-by-case basis each proposal submitted for a proxy vote to determine its impact on the Fund's investments. Although it generally votes against proposals that may have a negative impact on the Fund's investments, it may vote for such a proposal if there are compelling long-term reasons to do so.

You may obtain information about how the Fund voted proxies by making a written request for proxy voting information to the Fund, Two Greenwich Plaza, Suite 1, Greenwich, Connecticut 06830, Attention: Investor Relations.

*Other* 

The Fund may also be prohibited under the Investment Company Act from knowingly participating in certain transactions with the Fund's affiliates without the prior approval of the Board of Trustees who are not interested persons and, in some cases, prior approval by the SEC.

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The Fund is subject to periodic examination by the SEC for compliance with the Investment Company Act.

The Fund is required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the Fund against larceny and embezzlement. Furthermore, as a BDC, the Fund is prohibited from protecting any trustee or officer, investment adviser or underwriter against any liability to the Fund or Shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

The Fund and our Adviser are required to adopt and implement written policies and procedures reasonably designed to prevent violation of relevant federal securities laws, review these policies and procedures annually for their adequacy and the effectiveness of their implementation, and designate a chief compliance officer to be responsible for administering these policies and procedures.

*Compliance with the Sarbanes-Oxley Act* 

The Sarbanes-Oxley Act of 2002 imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. While certain of these requirements are not applicable to the Fund (see "—Compliance with the JOBS Act"), many of these requirements affect the Fund. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to Rule 13a-14 of the 1934 Act, the Fund's Chief Executive
Officer and Chief Financial Officer must certify the accuracy of the financial statements contained in the Fund's periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to Item 307 of Regulation S-K, the Fund's periodic reports
must disclose the Fund's conclusions about the effectiveness of disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to Rule 13a-15 of the 1934 Act, Fund management must prepare a
report regarding its assessment of internal control over financial reporting (with the exception of the Fund's first annual filing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pursuant to Item 308 of Regulation S-K and Rule 13a-15 of the 1934 Act, the Fund's periodic reports must disclose whether there were significant changes in internal controls or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires the Fund to review its current policies and procedures to determine whether the Fund complies with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The Fund will continue to monitor compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that the Fund is in compliance therewith.

*Compliance with the JOBS Act* 

The Fund currently is and expects to remain an "emerging growth company," as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), until the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The last day of the Fund's fiscal year in which the fifth anniversary of an initial public offering of
common shares occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The end of the fiscal year in which the Fund's total annual gross revenues first exceed
$1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date on which the Fund has, during the prior three-year period, issued more than $1.0 billion in non-convertible debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The last day of a fiscal year in which the Fund (1) has an aggregate worldwide market value of common shares
held by non-affiliates of $700 million or more, computed at the end of each fiscal year as of the last business day of the Fund's most recently completed second fiscal quarter and (2) has been
an Exchange Act reporting company for at least one year (and filed at least one annual report under the Exchange Act).

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Under the JOBS Act and the Dodd-Frank Act, the Fund is exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act, which would require that the Fund's independent registered public accounting firm provide an attestation report on the effectiveness of internal control over financial reporting, until such time as the Fund ceases to be an emerging growth company and becomes an accelerated filer as defined in Rule 12b-2 under the Exchange Act. This may increase the risk that material weaknesses or other deficiencies in the Fund's internal control over financial reporting go undetected. See "Item 1A. Risk Factors—Risks Relating to Our Business and Structure—Efforts to comply with Section 404 of the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with Section 404 of the Sarbanes-Oxley Act may adversely affect us and the market price of our common shares."

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. The Fund has made an election to take advantage of this exemption from new or revised accounting standards. The Fund therefore is not subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

*Reporting Obligations* 

Subsequent to the effectiveness of this Registration Statement, the Fund will be required to file annual reports, quarterly reports and current reports with the SEC. This information will be available at the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549 and on the SEC's website at www.sec.gov. Information on the operation of the SEC's public reference room may be obtained by calling the SEC at (202) 551-8090 or (800) SEC-0330.

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**CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS** 

This summary discusses certain U.S. federal income tax considerations relating to an investment in the Fund for the period from and following the BDC Election Date. This summary is based on the provisions of the Code, on the regulations promulgated thereunder and on published administrative rulings and judicial decisions, all of which are subject to change at any time, possibly with retroactive effect. This discussion is necessarily general and may not apply to all categories of investors, some of which, including, but not limited to banks, thrifts, insurance companies, dealers, traders that elect to mark their securities to market and other investors that do not own their Interests as capital assets, may be subject to special rules. Tax-exempt organizations and non-U.S. investors are discussed separately below. The actual tax consequences of the purchase and ownership of any common shares will vary depending upon the investor's circumstances. This discussion does not constitute tax advice and is not intended to substitute for tax planning.

For purposes of this discussion, a "U.S. Person" is an individual who is a citizen or resident of the United States, as determined for U.S. federal income tax purposes, a corporation or an entity treated as a corporation for such purposes that is created or organized in or under the laws of the United States or any political subdivision thereof, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if (1) it is subject to the primary supervision of a court within the United States and one or more U.S. Persons have the authority to control all substantial decisions of the trust, or (2) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. Person. A "U.S. Shareholder" is a Shareholder that is a United States Person. A "Non-U.S. Shareholder" is a Shareholder (other than a partnership) that is not a U.S. Person. A "U.S. Tax-Exempt Shareholder" is a U.S. Shareholder that is exempt from U.S. federal income tax under Section 501(a) or Section 115 of the Code.

If a partnership holds any common shares, the tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. If the prospective investor is a partner of a partnership investing in the Fund, the prospective investor should consult its own tax advisors.

**EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISORS WITH RESPECT TO THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN INCOME TAX CONSEQUENCES OF THE PURCHASE AND OWNERSHIP OF COMMON SHARES FROM AND FOLLOWING THE BDC ELECTION DATE.** 

**<u>Taxation of the Private BDC as a Regulated Investment Company</u>** 

The Fund intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code. The Fund's status as a RIC will enable it to deduct qualifying distributions to Shareholders, so that the Fund will be subject to corporate-level U.S. federal income taxation only in respect of income and gains that the Fund retains and does not distribute.

To maintain the Fund's status as a RIC, the Fund must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain an election under the Investment Company Act to be treated as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of our gross income from dividends, interest, gains from the sale or
other disposition of our common shares or securities and other specified categories of investment income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain diversified holdings so that, subject to certain exceptions and cure periods, at the end of each quarter
of the Fund's taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the value of the Fund's total gross assets is represented by cash and cash items, U.S.
government securities, the securities of other RICs and "other securities," provided that such "other securities" shall not include any amount of any one issuer, if the Fund's holdings of such issuer are greater in
value than 5% of our total assets or greater than 10% of the outstanding voting securities of such issuer, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no more than 25% of the value of the Fund's assets may be invested in securities of any one issuer
(excluding U.S. government securities and securities of other RICs), the securities of any two or more issuers that are controlled by the Fund and are engaged in the same or similar or related trades or businesses (excluding securities of other
RICs), or the securities of one or more "qualified publicly traded partnerships."

The Fund may earn various fees which will not be treated as qualifying income for purposes of the 90% gross income test. The Fund may also earn other types of income that will not be treated as qualifying income for purposes of the 90% gross income test.

To maintain the Fund's status as a RIC, the Fund must distribute (or be treated as distributing) in each taxable year dividends for tax purposes of an amount equal to at least 90% of the Fund's investment company taxable income (which includes, among other items, dividends, interest, the excess of any net short-term capital gains over net long-term capital losses, as well as other taxable income, excluding any net capital gains reduced by deductible expenses) and 90% of the Fund's net tax-exempt income for that taxable year. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income tax on its investment company taxable income and net capital gains that the Fund distributes to shareholders. In addition, to avoid the imposition of a nondeductible 4% U.S. federal excise tax, the Fund must distribute (or be treated as distributing) in each calendar year an amount at least equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98% of the Fund's net ordinary income, excluding certain ordinary gains and losses, recognized during a
calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 98.2% of the Fund's capital gain net income, adjusted for certain ordinary gains and losses, recognized for
the twelve-month period ending on October 31 of such calendar year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of any income or gains recognized, but not distributed, in preceding years.

While the Fund intends to distribute income and capital gains to minimize exposure to the 4% excise tax, the Fund may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, the Fund will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

The Fund generally expects to distribute substantially all of its net investment income on at least a quarterly basis and net capital gains at least annually, but will reinvest dividends on behalf of those shareholders that do not elect to receive their dividends in cash. One or more of the considerations described below, however, could result in the deferral of dividend distributions until the end of the fiscal year:

The Fund may make investments that are subject to tax rules that require it to include amounts in our income before the Fund receives cash corresponding to that income or that defer or limit our ability to claim the benefit of deductions or losses. For example, if we hold securities issued with original issue discount, that original issue discount may be accrued in income before we receive any corresponding cash payments. Similarly, the terms of the debt instruments that we hold may be modified under certain circumstances. These modifications may be considered "significant modifications" for U.S. federal income tax purposes that give rise to deemed debt-for-debt exchange upon which we may recognize taxable income or gain without a corresponding receipt of cash.

In cases where the Fund's taxable income exceeds its available cash flow, the Fund will need to fund distributions with the proceeds of sale of securities or with borrowed money, and may raise funds for this purpose opportunistically over the course of the year.

In certain circumstances (e.g., where we are required to recognize income before or without receiving cash representing such income), we may have difficulty making distributions in the amounts necessary to satisfy the

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requirements for maintaining RIC status and for avoiding U.S. federal income and excise taxes. Accordingly, we may have to sell investments at times we would not otherwise consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thereby be subject to corporate-level U.S. federal income tax.

If in any particular taxable year, we do not qualify as a RIC, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and distributions, if made, will be taxable to our shareholders as ordinary dividends to the extent of our current or accumulated earnings and profits. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's tax basis, and any remaining distributions would be treated as capital gain. If we fail to qualify as a RIC for a period greater than two consecutive taxable years, to qualify as a RIC in a subsequent year we may be subject to regular corporate tax on any net built-in gains with respect to certain of our assets (that is, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had sold the property at fair market value at the end of the taxable year) that we elect to recognize on requalification or when recognized over the next five years.

In the event we invest in foreign securities, we may be subject to withholding and other foreign taxes with respect to those securities. We do not expect to satisfy the conditions necessary to pass through to our shareholders their share of the foreign taxes paid by us.

**Taxation of U.S. Shareholders** 

Distributions from our investment company taxable income (consisting generally of net ordinary income, net short-term capital gain, and net gains from certain foreign currency transactions) generally will be taxable to U.S. Shareholders as ordinary income to the extent made out of our current or accumulated earnings and profits. To the extent that such distributions paid by us to non-corporate U.S. shareholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("qualified dividend income") may be eligible for a reduced U.S. federal income tax rate. In this regard, it is anticipated that our distributions generally will not be attributable to dividends received by us and, therefore, generally will not qualify for the reduced rates that may be applicable to qualified dividend income. Distributions generally will not be eligible for the dividends received deduction allowed to corporate shareholders. Distributions derived from our net capital gains (which generally is the excess of our net long-term capital gain over net short-term capital loss) which we report as capital gain dividends will be taxable to U.S. Shareholders as long-term capital gain regardless of how long particular U.S. Shareholders have held their shares. Distributions in excess of our current and accumulated earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such U.S. Shareholder's common shares and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Shareholder.

Any dividends declared by us in October, November, or December of any calendar year, payable to shareholders of record on a specified date in such a month, which are actually paid during January of the following calendar year, will be treated as if paid by us and received by such shareholders during the quarter ended December 31 of the previous calendar year. In addition, we may elect to relate any undistributed investment company taxable income or net capital gains eligible for distribution as a dividend back to our immediately prior taxable year if we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declare such dividend prior to the earlier of the 15th day of the ninth month following the close of that taxable
year, or any applicable extended due date of our U.S. federal corporate income tax return for such prior taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute such amount in the 12-month period following the close of such
prior taxable year and not later than the date of the first dividend of the same type is paid after such declaration; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make an election in our U.S. federal corporate income tax return for the taxable year in which such undistributed
investment company taxable income or net capital gains were recognized.

Any such election will not alter the general rule that a U.S. Shareholder will be treated as receiving a dividend in the taxable year in which the dividend is distributed, subject to the October, November, or December dividend declaration rule discussed immediately above.

We intend to adopt a dividend reinvestment plan that will allow shareholders to elect to receive dividends in the form of additional shares instead of in cash. If a U.S. Shareholder reinvests dividends in additional shares, such U.S. Shareholder will be treated as if it had received a distribution in the amount of cash that it would have received if it had not made the election. Any such additional shares will have a tax basis equal to the amount of the distribution.

Although we intend to distribute any net long-term capital gains at least annually, we may in the future decide to retain some or all of our net long-term capital gains but designate the retained amount as a "deemed distribution." In that case, among other consequences, we will pay tax on the retained amount, each U.S. Shareholder will be required to include his, her or its share of the deemed distribution in income as if it had been distributed to the U.S. Shareholder, and the U.S. Shareholder will be entitled to claim a credit equal to his, her or its allocable share of the tax paid on the deemed distribution by us. The amount of the deemed distribution net of such tax will be added to the U.S. Shareholder's tax basis for their common shares. Since we expect to pay tax on any retained capital gains at our regular corporate tax rate, and since that rate is less than the maximum rate currently payable by individuals on long-term capital gains, the amount of tax that individual shareholders will be treated as having paid and for which they will receive a credit will be less than the tax they owe on the retained net capital gains. A shareholder that is not subject to federal income tax or otherwise required to file a federal income tax return would be required to file a federal income tax return on the appropriate form to claim a refund for the taxes we paid. To utilize the deemed distribution approach, we must provide written notice to our shareholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a "deemed distribution."

If an investor purchases common shares shortly before the record date of a distribution, the price of the common shares will include the value of the distribution and the investor will be subject to tax on the distribution even though economically it may represent a return of his, her or its investment.

If a U.S. Shareholder sells or otherwise disposes of common shares (except pursuant to a repurchase by the Fund as described below), the U.S. Shareholder will recognize gain or loss equal to the difference between its adjusted tax basis in the common shares sold or otherwise disposed of and the amount received. Any such gain or loss will be treated as a capital gain or loss and will be long-term capital gain or loss if the common shares have been held for more than one year. Any loss recognized on a sale or exchange of shares that were held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any capital gain distributions previously received (or deemed to be received) thereon. In addition, all or a portion of any loss recognized upon a disposition of common shares may be disallowed if other common shares are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

A repurchase of our common shares will be treated as a distribution in exchange for the repurchased common shares and taxed in the same manner as any other taxable sale or other disposition of our common shares discussed above, provided that the repurchase satisfies one of the tests enabling the repurchase to be treated as a sale or exchange. A repurchase will generally be treated as a sale or exchange if it (i) results in a complete termination of the holder's interest in our common shares, (ii) results in a substantially disproportionate redemption with respect to the holder, or (iii) is not essentially equivalent to a dividend with respect to the holder. In determining whether any of these tests has been met, common shares actually owned, as well as common shares considered to be owned by the holder by reason of certain constructive ownership rules set forth in Section 318 of the Code, generally must be taken into account. The sale of common shares pursuant to a

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repurchase generally will result in a "substantially disproportionate" redemption with respect to a holder if the percentage of our then outstanding voting shares owned by the holder immediately after the sale is less than 80% of the percentage of our voting shares owned by the holder determined immediately before the sale. The sale of common shares pursuant to a repurchase generally will be treated as not "essentially equivalent to a dividend" with respect to a holder if the reduction in the holder's proportionate interest in our common shares as a result of our repurchase constitutes a "meaningful reduction" of such holder's interest.

A repurchase that does not qualify as an exchange under such tests will constitute a dividend equivalent repurchase that is treated as a taxable distribution and taxed in the same manner as regular distributions, as described above under "—Taxation of U.S. Shareholders." In addition, although guidance is sparse, the IRS could take the position that a holder who does not participate in any repurchase treated as a dividend should be treated as receiving a constructive distribution of our common shares taxable as a dividend in the amount of their increased percentage ownership of our common shares as a result of the repurchase, even though the holder did not actually receive cash or other property as a result of the repurchase.

Certain distributions reported by us as Section 163(j) interest dividends may be treated as interest income by U.S. Shareholders for purposes of the tax rules applicable to interest expense limitations under the Code. Such treatment by U.S. Shareholders is generally subject to holding period requirements and other potential limitations. The amount that we are eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of our business interest income over our (i) business interest expense and (ii) other deductions properly allocable to our business interest income.

We will send to each of our U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per share and per distribution basis, the amounts of such distributions includible in such U.S. Shareholder's taxable income for such year as ordinary dividends and capital gain dividends. In addition, the federal tax status of each year's distributions generally will be reported to the IRS. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

Under applicable U.S. Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to our common shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Shareholder in any single taxable year (or a greater loss over a combination of years), the U.S. Shareholder must file with the IRS a disclosure statement on Form 8886. Direct U.S. Shareholders of portfolio securities are in many cases exempted from this reporting requirement, but under current guidance, U.S. Shareholders of a RIC are not exempted. Future guidance may extend the current exception from this reporting requirement to U.S. Shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. Shareholders should consult their own tax advisers to determine the applicability of these U.S. Treasury regulations in light of their individual circumstances.

We will be required in certain cases to backup withhold and remit to the U.S. Treasury a portion of qualified dividend income, ordinary income dividends and capital gain dividends, and the proceeds of redemption of shares, paid to any shareholder (a) who has provided either an incorrect tax identification number or no number at all, (b) whom the IRS subjects to backup withholding for failure to report the receipt of interest or dividend income properly or (c) who has failed to certify to us that it is not subject to backup withholding or that it is an "exempt recipient." Backup withholding is not an additional tax and any amounts withheld may be refunded or credited against a Shareholder's federal income tax liability, provided the appropriate information is timely furnished to the IRS.

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***Potential Limitation with Respect to Certain U.S. Shareholders on Deductions for Certain Fees and Expenses***

Although we expect to be treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code), no assurances can be given that we will be so treated in any given taxable year. If we are not treated as such for any calendar year, then, for purposes of computing the taxable income of U.S. Shareholders that are individuals, trusts or estates, (i) our earnings will be computed without taking into account such U.S. Shareholders' allocable shares of the Management Fees and Incentive Fees paid to our investment adviser and certain of our other expenses, (ii) each such U.S. Shareholder will be treated as having received or accrued a dividend from us in the amount of such U.S. Shareholder's allocable share of these fees and expenses for the calendar year, (iii) each such U.S. Shareholder will be treated as having paid or incurred such U.S. Shareholder's allocable share of these fees and expenses for the calendar year and (iv) each such U.S. Shareholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. Shareholder. In addition, we would be required to report the relevant income and expenses, including the Management Fee, on Form 1099-DIV. Under current law, miscellaneous itemized deductions generally are not deductible by individuals, trusts or estates.

**Taxation of U.S. Tax-Exempt Shareholders** 

A U.S. Shareholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income, or UBTI. The direct conduct by a U.S. Tax-Exempt Shareholder of the activities that we propose to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its shareholders for purposes of determining their treatment under current law. Therefore, a U.S. Tax-Exempt Shareholder generally will not be subject to U.S. taxation solely as a result of such shareholder's ownership of our common shares and receipt of dividends that we pay. In addition, under current law, if we incur indebtedness, such indebtedness will not be attributed to portfolio investors in our common shares. Therefore, a U.S. Tax-Exempt Shareholder will not be treated as earning income from "debt-financed property" and dividends we pay will not be treated as "unrelated debt-financed income" solely as a result of indebtedness that we incur. A U.S. Tax-Exempt Shareholder may recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits or equity interests in taxable mortgage pools. We do not expect to make investments that will cause us to earn excess inclusion income.

**Taxation of Non-U.S. Shareholders** 

Whether an investment in the common shares is appropriate for a Non-U.S. Shareholder will depend upon that person's particular circumstances. An investment in the common shares by a Non-U.S. Shareholder may have adverse tax consequences as compared to a direct investment in the assets in which we will invest. Non-U.S. Shareholders should consult their tax advisors before investing in our common shares.

Distributions of our investment company taxable income that we pay to a Non-U.S. Shareholder will be subject to U.S. withholding tax at a 30% rate to the extent of our current or accumulated earnings and profits unless (i) such dividends qualify for the pass-through rules described below, and such shareholder could have received the underlying income free of tax; (ii) such shareholder qualifies for, and complies with the procedures for claiming, an exemption or reduced rate under an applicable income tax treaty; or (iii) such shareholder qualifies, and complies with the procedures for claiming, an exemption by reason of its status as a foreign government-related entity.

Non-U.S. Shareholders generally are not subject to U.S. federal income tax on capital gains realized on the sale of our shares or on actual or deemed distributions of our net capital gains. If we distribute our net capital

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gains in the form of deemed rather than actual distributions, a Non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. To obtain the refund, the Non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return, even if the Non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

Certain dividend distributions by RICs derived from our "qualified net interest income" (generally, our U.S. source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which we are at a least a 10% shareholder, reduced by expenses that are allocable to such income) or paid in connection with our "qualified short-term capital gains" (generally, the excess of our net short-term capital gain over our net long-term capital loss for such taxable year) qualify for an exemption from U.S. withholding tax. As a result, dividends that we report as "interest-related dividends" or "short-term capital gain dividends" generally will be exempt from U.S. withholding tax. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend. To the extent dividends are paid that do not qualify for this exemption (e.g., dividends related to foreign-source income or other income not treated as qualified net interest income or qualified short-term capital gains), some Non-U.S. Shareholders may qualify for a reduced rate of U.S. withholding tax under an applicable tax treaty or for an exemption from U.S. withholding tax by reason of their status as a foreign sovereign or under special treaty provisions for certain foreign pension funds. Prospective investors should consult their own advisers regarding their eligibility for a reduced rate or exemption as described above.

To qualify for an exemption or reduced rate of U.S. withholding tax (under a treaty, by reason of an exemption for sovereign investors, or under the rules applicable to interest-related dividends or short-term capital gain dividends), a Non-U.S. Shareholder must comply with the U.S. tax certification requirements described below. A Non-U.S. Shareholder must deliver to the applicable withholding agent and maintain in effect a valid IRS Form W-8BEN-E or other applicable tax certification establishing its entitlement to the exemption or reduced rate, or otherwise establishing an exemption from backup withholding.

A repurchase of our common shares that is not treated as a sale or exchange will be taxed in the same manner as regular distributions under the rules described above. See "*—Taxation of U.S. Shareholders*" for a discussion of when a redemption will be treated as a sale or exchange and related matters.

We intend to adopt a dividend reinvestment plan that will allow shareholders to elect to receive dividends in the form of additional common shares instead of in cash. If a Non-U.S. Shareholder reinvests dividends in additional common shares, such Non-U.S. Shareholder will be treated as if it had received a distribution in the amount of cash that it would have received if it had not made the election. If the distribution is a distribution of our investment company taxable income and is not designated by us as a short-term capital gain dividend or interest-related dividend, if applicable, the amount distributed (to the extent of our current or accumulated earnings and profits) will be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) and only the net after-tax amount will be reinvested in our common shares. The Non-U.S. Shareholder will have an adjusted tax basis in the additional common shares purchased through the dividend reinvestment plan equal to the amount of the reinvested distribution. The additional common shares will have a new holding period commencing on the day following the day on which the common shares are credited to the Non-U.S. Shareholder's account.

A RIC is a corporation for U.S. federal income tax purposes. Under current law, a Non-U.S. Shareholder will not be considered to be engaged in the conduct of a business in the United States solely by reason of its ownership in a RIC. Certain special rules apply to a Non-U.S. Shareholder that is an entity qualifying for tax exemption under Section 892 of the Code. Such a Non-U.S. Shareholder will generally not be treated as engaged in "commercial activity" merely by virtue of its ownership of our common shares and will generally be exempt from withholding tax on dividends received on common shares. Certain special rules apply to such Non-U.S.

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Shareholders if we qualify as a U.S. real property holding corporation. We do not expect these special rules to apply but there cannot be any assurance thereof.

Non-U.S. Shareholders should consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the common shares.

***Additional Reporting and Withholding Obligations***

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), all entities in a broadly defined class of foreign financial institutions ("FFIs") must comply with a complicated and expansive reporting regime or be subject to a 30% U.S. withholding tax on certain U.S. payments and non-U.S. entities which are not FFIs must either certify that they have no substantial U.S. beneficial ownership or report certain information with respect to their substantial U.S. beneficial ownership or be subject to a 30% U.S. withholding tax on certain U.S. payments. FATCA also contains complex provisions requiring participating FFIs to withhold on certain "foreign passthru payments" made to nonparticipating FFIs and to holders that fail to provide the required information. The definition of a "foreign passthru payment" is still reserved under the current regulations, however the term generally refers to payments that are from non-U.S. sources but that are "attributable to" certain U.S. payments described above. Withholding will apply on these payments that are made on or after the date that is two years after the date on which the final regulations that define "foreign passthru payments" are published. In general, non-U.S. investment funds, such as a non-U.S. partnership, are considered FFIs. The reporting requirements imposed under FATCA require FFIs to enter into agreements with the IRS to obtain and disclose information about certain investors to the IRS. The Fund intends that any non-U.S. partnership that constitutes an FFI would comply, to the extent reasonably practicable, with the reporting requirements to avoid the imposition of the withholding tax, but if such FFI does not do so (because, for example, applicable investors fail to provide the required information), certain payments made to any such FFI may be subject to a withholding tax, which could reduce the cash available to investors. Further, these reporting requirements may apply to underlying entities in which the Fund may invest, and the Board may not have control over whether such entities comply with the reporting regime. Such withheld amounts that are allocable to a Shareholder may, in accordance with the Declaration of Trust, be deemed to have been distributed to such Shareholder to the extent the taxes reduce the amount otherwise distributable to such Shareholder. Prospective investors in the Fund should consult their own tax advisors regarding all aspects of FATCA as it affects their particular circumstances, including whether it may be relevant to their ownership of interests in the Fund.

***Investors are urged to consult their own tax advisors to determine the impact of U.S. federal, state and local and non-U.S. tax laws on ownership of the common shares in light of their individual circumstances, including any reporting requirements.***

*<u>State, Local and Non-U.S. Tax Consequences</u>*. The Shareholders, as well as the Fund itself, may be subject to various state, local and non-U.S. taxes and tax return filing obligations. Prospective investors are urged to consult their tax advisors with respect to the state, local and non-U.S. tax consequences of acquiring, holding and disposing of common shares.

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**CERTAIN PROVISIONS IN THE DECLARATION OF TRUST AND BYLAWS** 

The Declaration of Trust and the Bylaws include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of the Board. This could have the effect of depriving Shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over the Fund. Such attempts could have the effect of increasing the expenses of the Fund and disrupting the normal operation of the Fund. The Board of Trustees is divided into three classes. At each annual meeting of Shareholders the term of only one class of Trustees expires and only the Trustees in that one class stand for re-election. Trustees standing for election at an annual meeting of Shareholders are elected to serve until the third annual meeting of Shareholders following their election and when their successors are duly elected and qualify. This provision could delay for up to two years the replacement of a majority of the Board. A Trustee may be removed from office only for cause, and only by the action of (i) a majority of the Trustees or a vote of the holders of at least 75% of the shares then entitled to vote for the election of the respective Trustee. Subject to the Investment Company Act, the Board of Trustees has the exclusive authority to fill any vacancy on the Board of Trustees by a majority vote of the Trustees.

Pursuant to the Declaration of Trust, the Board of Trustees has the exclusive authority to amend or repeal the Bylaws of the Fund. Further, the Declaration of Trust provides the Board of Trustees with the authority to amend the Declaration of Trust, without any actions by the Shareholders, except for certain amendments that are either expressly prohibited or for which the consent of the Shareholders is expressly required (as further described below). The Declaration of Trust shall not be amended to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Fund, or that would adversely alter or impair the indemnification or advancement rights afforded to Trustees under the Declaration of Trust.

No amendments to the Declaration of Trust that would change the rights with respect to any shares of the Fund by reducing the amount payable upon a liquidation of the trust, or diminishing or eliminating any voting rights pertaining thereto, without the approval of at least 80% of the Board of Trustees, 80% of the Continuing Trustees, and the majority of the outstanding voting securities (as such term is defined in the Investment Company Act) of the Trust.

The following extraordinary actions and amendments to the Declaration of Trust require the approval of 80% of outstanding Shares entitled to vote on the matter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any amendment to the Declaration of Trust to make the Fund's common shares "redeemable
securities" and any other proposal to convert the Fund from a "closed-end company" to an "open-end company" (as defined in the Investment
Company Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the liquidation or dissolution of the Fund and any amendment to the Declaration of Trust to effect such
liquidation or dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any merger, consolidation, conversion, share exchange or sale or exchange of all or substantially all of the
assets of the Fund.

Notwithstanding the foregoing, if a majority of the initial trustees named in the Declaration of Trust and those trustees nominated for election or appointed to fill a vacancy that has been approved by a majority of the sitting trustees (the "Continuing Trustees") approves any such proposal, transaction or amendment, then the approval of only a "majority of the outstanding voting securities" (as defined in the Investment Company Act) entitled to vote on such proposal, transaction or amendment is required, subject to certain exceptions.

The Fund's Bylaws generally require that advance notice be given to the Fund in the event a Shareholder desires to nominate a person for election to the Board of Trustees or propose to transact any other business at an annual meeting of Shareholders. Notice of any such nomination or business must be delivered to or received at the principal executive offices of the Fund not less than 120 calendar days nor more than 150 calendar days prior

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to the anniversary date of the proxy statement for the prior year's annual meeting (subject to certain exceptions). Any notice by a Shareholder must be accompanied by certain information as provided in the Bylaws. Reference should be made to the Bylaws on file with the SEC for the full text of these provisions.

The voting requirements, for the matters discussed in foregoing paragraphs, is higher than that imposed by state or federal law (except to the extent applying a voting standard pursuant to the Investment Company Act), but has been determined by our Board of Trustees to be in the best interest of our Shareholders.

Unless the Fund consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, (a) any disputes concerning the Trust or its business or the construction, performance or breach of any agreement to which the Trust is a party and any question as to whether a particular dispute is subject to arbitration, (b) any action asserting a claim of breach of duty by a trustee, officer or other employee of the Trust to the Trust, its trustees or shareholders, (c) any action asserting a claim arising pursuant to the Maryland Statutory Trust Act (as further defined herein), our Declaration of Trust or our Bylaws, or (d) any other action governed by the internal affairs doctrine under Maryland law (each, a "Controversy," and collectively, "Controversies") shall be submitted to mediation and arbitration in accordance with the procedures set forth in the applicable Shareholder's Subscription Agreement, which shall be the exclusive remedy for such Controversies. To the extent a court of competent jurisdiction determines that such Controversy may not be made subject to such exclusive remedy, then the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for any Controversy.

**Item 1A. Risk Factors.** 

Investing in our common shares involves a number of significant risks. In addition to the other information contained in this Registration Statement, you should consider carefully the following information before making an investment in our common shares. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, the net asset value of our common shares could decline, and you may lose all or part of your investment. Nonetheless, this section describes the special risks of investing in a business development company, including the risks associated with investing in a portfolio of small to midsize companies.

**Risks Related to Current Market Conditions** 

***We are subject to risks associated with general economic and market conditions.***

The success of the activities of the Fund will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers, currency exchange controls and national and international political circumstances (such as changes in foreign investment policies). These factors may affect the level and volatility of securities prices and the liquidity of the investments. Volatility or illiquidity could impair the Fund's profitability or result in losses.

Various social and political tensions around the world may contribute to increased market volatility, may have long-term effects on the worldwide financial markets and may cause further economic uncertainties worldwide. Market disruptions and the dramatic increase in the capital allocated to alternative investment strategies during recent years have led to increased governmental as well as self-regulatory scrutiny of the private investment fund industry in general. Certain legislation proposing greater regulation of the industry periodically is considered by various jurisdictions. It is impossible to predict what, if any, changes in the regulations applicable to the Fund and/or our Adviser, the markets in which they trade and invest, or the counterparties with which they do business, may be instituted in the future. Any such regulation could have a material adverse impact on the profit potential of the Fund.

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The current contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government's inability at times to agree on a long-term budget and deficit reduction plan, may in the future result in government shutdowns or defaults on U.S. debt securities, which could have a material adverse effect on the Fund's investments and operations. In addition, the Fund's ability to raise additional capital in the future through the sale of securities could be materially affected by a government shutdown. Additional and/or prolonged U.S. government shutdowns may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

***We are subject to risks related to inflation.***

Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund's investments may not keep pace with inflation, which may result in losses to Shareholders. As inflation increases, the inflation-adjusted value of our shares and dividends therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Fund would likely increase, which would tend to further reduce returns to Shareholders. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our Shareholders. This risk is greater for fixed-income instruments with longer maturities.

***Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impacts our business, financial condition and earnings.***

General economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, supply chain disruptions, labor shortages, energy and other resource shortages, changes in laws, trade barriers, currency exchange controls and national and international political circumstances, may have long-term negative effects on the U.S. and worldwide financial markets and economy. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Fund, including by making valuation of some of the Fund's investments uncertain and/or result in sudden and significant valuation increases or declines in the Fund's holdings. If there is a significant decline in the value of the Fund's portfolio, this may impact the asset coverage levels for the Fund's outstanding leverage.

Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economy, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, high interest rates and/or a return to unfavorable economic conditions could impair the Fund's ability to achieve its investment objective.

The occurrence of events similar to those in recent years, such as localized wars, instability, new and ongoing pandemics, epidemics or outbreaks of infectious diseases in certain parts of the world, and catastrophic events such as fires, floods, earthquakes, tornadoes and hurricanes, terrorist attacks in the U.S. and around the world, social and political discord, debt crises, sovereign debt downgrades, increasingly strained relations

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between the U.S. and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the European Union or the European Monetary Union, continued changes in the balance of political power among and within the branches of the U.S. government, a default on U.S. debt and government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide.

The current political climate has in recent years intensified concerns about a potential trade war between China and the U.S., as each country has imposed tariffs on the other country's products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China's export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against other safe haven currencies, such as the Japanese Yen and the Euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations.

In addition, risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government have led in the past, and may lead in the future, to short-term or prolonged policy impasses, including, among other things, related to the U.S. federal debt ceiling or a failure to approve funding to operate the government, which could result in a default on U.S. debt. A default on U.S. debt or a failure to approve a budget could have negative consequences for interest rates, the ability of our portfolio companies to finance their operations and our business. As a result, ratings agencies may lower or threaten to lower the long-term sovereign credit rating on the United States. On August 1, 2023, Fitch Ratings lowered its long-term rating on U.S. sovereign debt to "AA+" from "AAA," citing governance concerns, among other things. Any similar developments in the future could cause interest rates and borrowing costs to rise, which may negatively impact our business, financial condition and results of operations. Similar policy impasses within the U.S. government could, and have, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on our business, financial condition and results of operations.

The impact of the events described above on our portfolio companies could impact their ability to make payments on their loans on a timely basis and may impact their ability to continue meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require us to undertake amendment actions with respect to our investments or to restructure our investments, which may include the need for us to make additional investments in our portfolio companies (including debt or equity investments) beyond any existing commitments, exchange debt for equity, or change the payment terms of our investments to permit a portfolio company to pay a portion of its interest through payment-in-kind, which would defer the cash collection of such interest and add it to the principal balance, which would generally be due upon repayment of the outstanding principal.

***Tariffs may adversely affect us or our portfolio companies.***

The current United States administration has threatened or imposed tariffs on certain imports from a number of countries, including China. Tariffs and international trade arrangements may continue to change, potentially without warning and to an extent that is difficult to predict. Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain or our portfolio companies or reduce demand for their products, which could affect the results of their operations. We

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cannot predict whether, or to what extent, any tariff or other trade protections may affect us or our portfolio companies.

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.***

Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing our loans. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors.

Efforts by the Federal Reserve and other central banks globally to combat inflation and restore price stability, as well as other global events, may raise the prospect or severity of a recession. Wars have added, and other international tensions or escalations of conflict may add, instability to the uncertainty driving socioeconomic forces, which may continue to have an impact on global trade and result in inflation or economic instability. Present conditions and the state of the U.S. and global economies make it difficult to predict whether and/or to what extent a recession will occur in the near future.

**Risks Relating to Our Business and Structure** 

***We are a relatively new company and have limited operating history.***

We have conducted limited business activities prior to the completion of this offering. As a result, we have limited financial information on which an investor can evaluate an investment in our company or our prior performance. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of an investor's investment could decline substantially or an investor's investment could become worthless. It may take multiple years to invest substantially all of the capital commitments received by us from this offering due to the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies. To the extent required to comply with diversification requirements during the startup period, we will use funds to invest in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less, which we expect will earn yields substantially lower than the interest, dividend or other income that we anticipate receiving in respect of suitable portfolio investments. We may not be able to pay any significant dividends during this period, and any such dividends may be substantially lower than the dividends we expect to pay when our portfolio is fully invested.

We will pay a management fee to the Adviser. If the management fee and our other expenses exceed the return on the temporary investments, our equity capital will be eroded.

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The Fund has limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. Moreover, past performance of the Fund, Silver Point, and other funds or BDCs managed by Silver Point, is no assurance of future returns. We are subject to the business risks and uncertainties associated with recently formed businesses, including the risk that we will not achieve our investment objective and the value of a shareholder's investment could decline substantially or become worthless. While we believe that the past professional experiences of the Adviser's investment team, including experience with launching and running a business development company, as well as investment and financial experience of the Adviser's senior management, will increase the likelihood that the Adviser will be able to manage the Fund successfully, there can be no assurance that this will be the case.

***Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations.***

From time to time, capital markets may experience periods of disruption and instability, which may be evidenced by a lack of liquidity in debt capital markets, write-offs in the financial services sector, re-pricing of credit risk and failure of certain major financial institutions.

Equity capital may be difficult to raise because, subject to some limited exceptions, as a BDC, we will generally not be able to issue additional shares of common stock at a price less than net asset value without first obtaining approval for such issuance from our shareholders and our independent trustees. In addition, our ability to incur indebtedness (including by issuing preferred stock) will be limited by applicable regulations such that our asset coverage ratio, as calculated in accordance with the Investment Company Act, must equal at least 150% immediately after each time we incur indebtedness. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than our current leverage due to factors such as higher inflation that is still cooling and that may increase again. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations.

Market conditions may in the future make it difficult to extend the maturity of or refinance our existing indebtedness and any failure to do so could have a material adverse effect on our business. Further, if we are unable to raise or refinance debt, then our Shareholders may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies.

The illiquidity of our investments may make it difficult for us to sell such investments if required. As a result, we may realize significantly less than the value at which we have recorded our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). In addition, significant changes in the capital markets, including disruption and volatility, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition and results of operations.

Given the extreme volatility and dislocation that the capital markets have historically experienced, many BDCs have faced, and may in the future face, a challenging environment in which to raise capital. We may in the future have difficulty accessing debt and equity capital, and a severe disruption in the global financial markets or deterioration in credit and financing conditions could have a material adverse effect on our business, financial condition and results of operations. In addition, significant changes in the capital markets, including the extreme volatility and disruption, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition or results of operations.

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Our Adviser cannot predict the effects of these or similar events in the future on the United States economy and securities markets or on our investments. Our Adviser monitors developments and seeks to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that it will be successful in doing so; and our Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments, including regulatory developments in the current or future market environment.

We are required to record certain of our assets at fair value, as determined in good faith by our Adviser, as the Fund's valuation designee, in accordance with our valuation policy. As a result, volatility in the capital markets may have a material adverse effect on our investment valuations and our net asset value, even if we plan to hold investments to maturity.

***Our operation as a BDC will impose numerous constraints on us and significantly reduce our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a registered investment company, which would subject us to additional regulatory restrictions.***

The Investment Company Act imposes numerous constraints on the operations of BDCs. For example, BDCs generally are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. Furthermore, any failure to comply with the requirements imposed on BDCs by the Investment Company Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants.

We may be precluded from investing in what our Adviser believes are attractive investments if such investments are not qualifying assets for purposes of the Investment Company Act. If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position).

In addition, if we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the Investment Company Act, which would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause an event of default under any outstanding indebtedness we might have, which could have a material adverse effect on our business, financial condition or results of operations.

***We may not replicate the past performance of the Fund, or the historical performance of Silver Point or of other funds or BDCs managed by Silver Point.***

We cannot provide any assurance that we will replicate the prior performance of the Fund, especially given that prior to the BDC Election Date, the Fund had no limit on leverage and did not have to comply with the limitations on leverage applicable to BDCs under the Investment Company Act. Additionally, we cannot provide any assurance that we will replicate the historical performance of other funds or BDCs that our investment team advised in the past. Our investment strategy may differ materially from the strategies employed by prior Silver Point investment entities, including other Silver Point credit funds. Additionally, economic conditions may differ materially from the conditions under which those investment entities were invested. Past activities of investment entities associated with Silver Point provide no assurance of future success. In considering the performance information contained in this Registration Statement, prospective investors should bear in mind that past or targeted performance is not a guarantee, projection or prediction that we will achieve comparable results, and is not necessarily indicative of future results. There can be no assurance that targeted or estimated returns will be achieved, that the returns generated by us will equal or exceed those of other investment activities of Silver Point, including the historical performance of other BDCs managed by Silver Point, or that we will be able to

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implement our investment strategy or achieve our investment objective. As a general matter, the performance of any other Silver Point investment funds, or Silver Point as a firm, is not necessarily indicative of our performance. Accordingly, our investment returns could be substantially lower than the returns achieved by other Silver Point managed funds or by other clients of our Adviser or its affiliates.

***We are dependent upon management personnel of our Adviser for our future success.***

Our success depends in substantial part on the skill and expertise of the officers and employees of Silver Point and the sourcing relationships maintained by Silver Point for loans and other assets that are targeted by us. There can be no assurance that the employees or officers of Silver Point will continue to be employed by or provide services to our Adviser or that such relationships will continue to be maintained. The loss of key personnel or such relationships could have a material adverse effect on us. Shareholders should be aware that the officers and employees of Silver Point have significant other responsibilities and activities.

***Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms.***

We are substantially dependent on our relationships, which we use to help identify and gain access to investment opportunities. If we fail to maintain our relationships with key firms, or if we fail to establish strong referral relationships with other firms or other sources of investment opportunities, we will not be able to grow our portfolio of investments and achieve our investment objective. In addition, persons with whom we have relationships are not obligated to inform us of investment opportunities, and therefore such relationships may not lead to the origination of investments. Any loss or diminishment of such relationships could effectively reduce our ability to identify attractive portfolio companies that meet our investment criteria, either for direct investments or for investments through private secondary market transactions or other secondary transactions.

***Silver Point, its principals, investment professionals and employees and the members of its investment committee have certain conflicts of interest because they manage other investment vehicles and accounts to which they have obligations and duties that may not be in our best interests.***

Silver Point, and certain of its principals, investment professionals, employees and investment committee members currently do, and in the future may, serve as investment advisers, officers, Trustees or principals of entities or private funds that operate in the same or a related line of business as us and/or of private funds managed by our Adviser or its affiliates. Accordingly, these individuals may have obligations to investors in those entities or private funds, the fulfillment of which might not be in our best interests or the best interests of our Shareholders. In addition, we note that existing affiliated investment vehicles managed by our Adviser or its affiliates have, and those formed in the future may have, substantially similar and/or overlapping investment objectives with our own and, accordingly, our Adviser and/or its affiliates may face conflicts in allocating investment opportunities between us and such other entities. Although our Adviser and its affiliates will endeavor to allocate investment opportunities in a fair and equitable manner over time and consistent with applicable allocation procedures, it is possible that, in the future, we may not be given the opportunity to participate in investments made by other clients or entities managed by our Adviser or its affiliates. In any such case, if our Adviser forms other affiliates in the future, we may co-invest on a concurrent basis with such other affiliates, subject to compliance with applicable regulations and regulatory guidance, as well as applicable allocation procedures. In certain circumstances, negotiated co-investments may be made pursuant to an exemptive order that our affiliates previously received from the SEC permitting us to do so. See "—Risks Relating to Our Business and Structure—Our ability to enter into transactions with our affiliates is restricted" and "Potential Conflicts of Interest."

***Our financial condition and results of operations depend on our ability to manage future growth effectively.***

Our ability to achieve our investment objective depends on Silver Point's ability to identify, invest in and monitor companies that meet our investment criteria.

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Accomplishing this result on a cost-effective basis is largely a function of the structuring of our investment process and the ability of Silver Point to provide competent, attentive and efficient services to us. Our executive officers and the members of Silver Point's investment committee have substantial responsibilities in connection with their roles at our Adviser and with other clients of our Adviser, as well as responsibilities under the Advisory Agreement. We may also be called upon to provide significant managerial assistance to certain of our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order to grow, Silver Point may need to hire, train, supervise, manage and retain new employees. However, we cannot assure you that they will be able to do so effectively. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations.

***Our ability to grow depends on our ability to raise additional capital.***

We expect to need to periodically access the capital markets to raise cash to fund new investments. If we do not have adequate capital available for investment, our performance could be adversely affected. We expect to use debt financing and issue additional securities to fund our growth, if any. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets could limit our ability to grow our business and fully execute our business strategy and could decrease our earnings, if any.

In addition, pursuant to the Investment Company Act, our total borrowings are limited and we are allowed to borrow amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred shares, if any, is at or above 150% immediately after such borrowing. This means that we can borrow up to $2 for every $1 of investor equity. If this ratio declines below 150%, we may not be able to incur additional debt and may need to sell a portion of our investments to repay some debt when it is disadvantageous to do so, and we may not be able to make distributions. The amount of leverage that we will employ will depend on our Adviser's and our Board of Trustees' assessments of market conditions and other factors at the time of any proposed borrowing or issuance of senior securities. We cannot assure you that we will be able to obtain lines of credit in the future or issue senior securities at all or on terms acceptable to us.

Moreover, increased leverage could increase the risks associated with investing in the Fund's common shares. For example, if the value of the Fund's assets decreases, leverage will cause the Fund's net asset value to decline more sharply than it otherwise would have without leverage or with lower leverage. Similarly, any decrease in the Fund's revenue would cause its net income to decline more sharply than it would have if the Fund had not borrowed or had borrowed less. Such a decline could also negatively affect our ability to make dividend payments on our common shares or preferred shares, if any. In addition, common Shareholders will bear the burden of any increase in the Fund's expenses as a result of its use of leverage, including interest expenses and any increase in the Management Fee payable to the Adviser.

***Regulations governing our operation as a BDC will affect our ability to, and the way in which we, raise additional capital.***

The Investment Company Act imposes numerous constraints on the operations of BDCs. For example, BDCs are required to invest at least 70% of their total assets in qualifying assets, as defined under the Investment Company Act. Qualifying assets include investments in securities of qualifying U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. The failure to comply with these provisions in a timely manner could prevent us from qualifying as a BDC, which could be material.

These constraints may hinder our Adviser's ability to take advantage of attractive investment opportunities and to achieve our investment objective.

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Regulations governing our operation as a BDC will affect our ability to raise additional capital, and the ways in which we can do so. Raising additional capital may expose us to risks, including the typical risks associated with leverage, and may result in dilution to our current Shareholders. The Investment Company Act will limit our ability to issue senior securities as described above under "*Our ability to grow depends on our ability to raise additional capital*." If the value of our assets declines, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when this may be disadvantageous to us and, as a result, our Shareholders.

We are generally not able to issue and sell our common shares at a price per share below NAV per share. We may, however, sell our common shares, or warrants, options or rights to acquire our common shares at a price below the then-current NAV per common shares with the consent of a majority of our Shareholders. If our common shares trade at a discount to NAV, this restriction could adversely affect our ability to raise capital.

***We may use leverage, which may magnify the potential for gain or loss and may increase the risk of investing in us.***

As part of our business strategy, we may directly or indirectly leverage our investments through borrowings and may utilize leverage embedded in derivative instruments. This will result in us controlling more assets than we have capital from our Shareholders. Direct leverage increases our returns if we earn a greater return on investments purchased with borrowed funds than our cost of borrowing such funds. However, the use of leverage exposes us to additional levels of risk, including (i) net asset value declining more sharply than it otherwise would have had we not borrowed to make the investments, (ii) margin calls or interim margin requirements which may force premature liquidations of investment positions, (iii) losses on investments where the investment fails to earn a return that equals or exceeds our cost of borrowing such funds and (iv) general interest rate fluctuations, which may adversely impact the rate of return on invested capital. If our assets and liabilities are not appropriately matched, adverse changes in interest rates could reduce or eliminate the incremental income created through the use of leverage. In the event of a sudden, precipitous drop in the value of our assets, we may not be able to liquidate assets quickly enough to repay our borrowings, further magnifying our losses, and may not be able to make distributions. Our ability to service any debt that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. The financing costs of direct leverage will reduce cash available for distribution to our Shareholders.

We may, in accordance with regulatory guidance or SEC approval, be able to indirectly obtain leverage in excess of the Investment Company Act's asset coverage requirements through off-balance sheet arrangements, including non-controlling investments in a joint venture or similar investment vehicle which itself has direct exposure to leverage or other off-balance sheet financings. If approved by the SEC, leverage incurred by the joint venture or investment vehicle generally would not be included in the calculation of debt for the purposes of the asset coverage test described above. In addition, if we, indirectly through a subsidiary, are licensed as an SBIC, the limitations on leverage applicable to BDCs under the Investment Company Act may be exceeded. We have not applied to the SBA for approval and have not applied for exemptive relief from the SEC to exclude leverage incurred by any such SBIC from the leverage limits under the Investment Company Act.

Any credit facility into which we may enter may impose financial and operating covenants that restrict business activities, remedies on default and similar matters. In connection with borrowings, our lenders may also require us to pledge assets. Credit facilities into which we enter may be subject to periodic renewal by lenders and there can be no guarantee that lenders will continue to extend credit to us.

Lastly, we may be unable to obtain our desired leverage, which would, in turn, affect your return on investment.

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***We may borrow money through credit facilities or other borrowing arrangements, which may magnify the potential for gain or loss and may increase the risk of investing in us.***

We and/or one or more subsidiaries may enter into credit facilities or other borrowing arrangements pursuant to which some or all of our portfolio assets may be charged, pledged or assigned as collateral security for (a) amounts borrowed by us or a subsidiary and/or (b) guarantees by us of any such financing vehicle's obligations. Such credit facilities or guarantees may be secured by an assignment and/or pledge of our portfolio investments and assets. In relation to the above, we may (a) authorize any lender or other creditors or holders of our other obligations or guarantees, including any agent or trustee acting on their behalf, as agent and on our behalf, or in such other capacity as we may specify to (i) exercise from time to time the rights assigned to it under the applicable borrowing arrangements (the "Assigned Rights"), (ii) exercise any right or remedy of ours under the Subscription Agreements in respect of any Assigned Rights and (iii) enforce our shareholders' obligations under their respective Subscription Agreements and/or our Declaration of Trust, and (b) take any other action we reasonably determine to be necessary for the purpose of providing such Assigned Rights. Our shareholders may be limited in their ability to use their common shares as collateral for other indebtedness or in their ability to Transfer such units.

In addition, shareholders may be required to execute and deliver such documents and to take such actions as may be necessary or desirable, as determined by us in our sole discretion, to obtain, maintain and comply with the terms of any such credit facility. The Subscription Agreements may provide a lender with the right to receive detailed due diligence and credit related information regarding our shareholders.

Subscriptions, including those used to pay interest and principal on subscription lines, asset-backed facilities and our other indebtedness, may be "batched" together into larger, less frequent closings, with our interim capital needs being satisfied by our borrowing money from such credit facilities. In particular, our capital needs during the fundraising period may be met through drawdowns from such credit facilities rather than subscriptions. The interest expense and other costs of any such borrowings will be our expenses and, accordingly, decrease our net returns.

The use of a subscription-based credit facility may present conflicts of interest because the use of such a facility may result in a higher reported internal rate of return on the investment than if the facility had not been utilized and instead the applicable shareholders' capital had been contributed at the inception of the investment. The costs and expenses of any such borrowings will be borne by us, which would be expected to diminish net cash on cash returns. Subject to any limitations in our Declaration of Trust, the use of a subscription-based credit facility by us is within the Adviser's discretion.

***A substantial portion of our assets are subject to security interests under our borrowings and if we default on our obligations, we may suffer adverse consequences, including the lenders foreclosing on our assets.***

A substantial portion of our assets are pledged under the secured revolving credit facility entered into in July 2025 (the "Revolving Credit Facility"), including, without limitation, the respective loans, bonds or participation interests owned by us (each, a "Collateral Obligation") and any property or other assets designated and pledged or mortgaged as collateral to secure the repayment of any such Collateral Obligation. Assets pledged under the Revolving Credit Facility also include unfunded exposure accounts, principal collection accounts and interest collection accounts and any funds held in any such accounts (collectively, the "Accounts" and each, an "Account") and all investments of amounts in the Accounts. If we default on our obligations under the Revolving Credit Facility and fail to cure such default in a timely manner, the lenders may institute proceedings for the collection of all obligations, which may include foreclosing upon and selling the collateral at a public or private sale and enforcing any judgment obtained or any other remedy or legal or equitable right under applicable law or any of the loan documents. In such event, we may be forced to sell certain of our investments in order to repay our obligations in order to avoid foreclosure. Moreover, if the lenders exercise their right to sell the foreclosed assets, such sales may be completed at distressed sale prices, diminishing or potentially eliminating the amount of cash available to us after all creditors have been repaid.

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***Any inability to renew, extend, replace or refinance the Fund's debt arrangements prior to their respective maturities could have a material adverse effect on our liquidity, results of operations, financial position and our ability to maintain distributions to our Shareholders.***

As of September 30, 2025, we had $200 million of revolving credit under the Revolving Credit Facility and we had approximately $94.0 million outstanding in loans, and $106.0 million undrawn. We also had approximately $15.4 million in outstanding borrowings under sell / buy-back agreements with Macquarie Bank. We may finance the purchase of certain investments through sell / buy-back agreements, which are similar to repurchase agreements where the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the investment back on a specified date in the future with the same counterparty. Currently, we do not know whether we will renew, extend, replace or be able to refinance these debt arrangements upon their respective maturities. If we are unable to renew or refinance our debt arrangements prior to maturity or find a new source of borrowing on acceptable terms, we will be required to pay down the amounts outstanding at maturity through one or more of the following: (1) borrowing additional funds under our then current credit facility, (2) issuance of additional securities or (3) possible liquidation of some or all of our investments and other assets, any of which could have a material adverse effect on our liquidity, results of operations, financial position and our ability to maintain distributions to our Shareholders.

***In addition to regulatory restrictions that restrict our ability to raise capital, the Fund's debt arrangements contain various covenants which, if not complied with, could accelerate repayment, thereby materially and adversely affecting our liquidity, financial condition and results of operations.***

Any future credit facility may contain customary affirmative and negative covenants, subject to certain agreed upon exceptions. Any future credit facility may contain affirmative covenants related to: the creation and perfection of security interest; notices of defaults and events of default; the production of certain information, document, records or reports upon request from a facility agent, a collateral agent or any lender; the conduct of the Fund's business; maintenance of books of accounts and records; maintenance of bank accounts and other depository accounts; financial statements; compliance with organizational formalities to maintain the Fund's separate existence from any other persons or affiliates; maintenance of adequate capital in light of the Fund's transactions and liabilities; delivering updated collateral schedules; and maintenance of a minimum level of equity.

Negative covenants include customary covenants such as: limitations on changes to the Fund's name, jurisdiction, identity or corporate structure, limitations on selling, pledging, assigning or transferring or creating, granting, incurring or assuming any lien on the collateral; limitations on guaranteeing other persons; limitations on amendments to the Fund's constituent documents; certain limitations on transactions with affiliates; limitations on the acquisition of any obligation or securities of the Fund's members or any other affiliate; certain limitations on the incurrence of debt (which may permit investments permitted under any future credit facility); limitations on extraordinary events, such as dissolution, liquidation, consolidation, merger, sale or transfer of all or substantially all of its assets other than as permitted under any future credit facility; limitations on the ownership of assets and property other than the collateral as permitted under any future credit facility; limitations on the declaring or making of any payments or distributions on or in respect of any equity interests; and other limitations on the Fund and any servicer, as applicable.

Various covenants may place limitations on our investments, including with respect to diversification of such investments. Such limitations may cause us to be unable to make certain potentially attractive investments or to be forced to sell others, potentially impairing our profitability. Continued compliance with any such covenants depends on numerous factors, some of which may be beyond our control. Failure to comply with covenants may result in a default under any future credit facility, which if not cured or waived, could result in an acceleration of repayments under any future credit facility.

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***We may default under our future credit facilities.***

In the event we default under a credit facility or other borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be prices disadvantageous to us in order to meet our outstanding payment obligations and/or support working capital requirements under such credit facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

***Provisions in a credit facility may limit our investment discretion.***

A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

In addition, any security interests and/or negative covenants required by a credit facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our liquidity and cash flow and impair our ability to grow our business.

***We operate in a highly competitive market for investment opportunities.***

Other public and private entities, including commercial banks, commercial financing companies, BDCs, insurance companies and other private investment funds compete with us to make the types of investments that we plan to make. We may also compete for investments with alternative investment vehicles such as hedge funds, whose investment in this area has increased. As a result of these new entrants, competition for investment opportunities has intensified in recent years and may continue to intensify in the future. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources

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than we will have and offer a wider array of financial services. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships. We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. If we do match competitors' pricing, terms and structure, however, we may experience decreased net interest income and increased risk of credit loss. Furthermore, certain of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC. Our investment strategy depends in part on our ability to source investment opportunities in which the participation of traditional financing sources is limited. As a result, we cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations.

We do not seek to compete primarily based on the interest rates we offer and our Adviser believes that some of our competitors may make loans with interest rates that are comparable to or lower than the rates we offer. Rather, we compete with our competitors based on our reputation in the market, our existing investment platform, our experience and focus on middle market companies, our disciplined investment philosophy, our extensive industry focus and relationships and our flexible transaction structuring. For a more detailed discussion of these competitive advantages, see "Investment Objective and Strategy—Competitive Advantages."

***Our Adviser will be paid a Management Fee even if the value of your investment declines and our Adviser's incentive fees may create incentives for the portfolio management team to make certain kinds of investments.***

Even in the event the value of an investor's investment declines, the Management Fee and, in certain circumstances, the Incentive Fee will still be payable to the Adviser. The Management Fee is calculated as a percentage of the value of our net assets at a specific time, and may give our Adviser an incentive to use leverage to make additional investments.

The Incentive Fee consist of two parts, one based on our income and the other based on our capital gains. The part based on income is calculated as a percentage of pre-incentive compensation net investment income. Since pre-incentive compensation net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation, it is possible that we may pay our Adviser the part based on income in a quarter where we incur a loss. For example, if we receive pre-incentive compensation net investment income in excess of the minimum hurdle rate, we will pay the applicable income part of the Incentive Fee even if we have incurred a loss in the applicable period due to realized and unrealized capital losses. In addition, because the minimum hurdle rate is calculated based on our net assets, decreases in net assets due to realized or unrealized capital losses in any given quarter may increase the likelihood that the hurdle rate is reached in that period and, as a result, that the income part of the Incentive Fee is paid.

The capital gains part of the Incentive Fee is calculated annually based upon our realized capital gains, computed net of realized capital losses and unrealized capital depreciation on a cumulative basis. As a result, we may owe our Adviser the capital gains part of the Incentive Fee during one year as a result of realized capital gains on certain investments, and then later incur significant realized capital losses and unrealized capital depreciation on the remaining investments in our portfolio during subsequent years.

In addition, the Incentive Fee payable by us to our Adviser may create an incentive for our Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such a compensation arrangement and also to incur leverage. Our Adviser receives the Incentive Fee based, in part, upon capital gains realized on our investments. As a result, our Adviser may have an incentive to invest more in companies whose securities are likely to yield capital gains, as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns.

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The Incentive Fee payable by us to our Adviser also may create an incentive for our Adviser to invest on our behalf in instruments that have a deferred interest feature. Under these investments, we accrue the interest over the life of the investment but do not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of the Incentive Fee, however, includes accrued interest. Thus, a portion of this incentive fee is based on income that we have not yet received in cash.

***Beneficial owners of our equity securities may be subject to certain regulatory requirements based on their ownership percentages.***

A beneficial owner, either directly or indirectly, of more than 25% of our voting securities is presumed to control us under the Investment Company Act. Certain events beyond an investor's control may result in an increase in the percentage of such investor's beneficial ownership of our shares, including the repurchase by us of shares from other Shareholders. Control of us would also arise under the Investment Company Act if a person has the power to exercise a controlling influence over our management or policies, unless that power is solely the result of an official position with us. In the event you are or become a person that controls us, you and certain of your affiliated persons will be subject to, among other things, prohibitions or restrictions on engaging in certain transactions with us and certain of our affiliated persons. A beneficial owner of a large number of our equity securities will also become subject to public reporting obligations.

***As a regulated BDC we will be subject to regulatory risks.***

Prior to our election to be regulated as a BDC, we did not operate as a BDC regulated under the Investment Company Act. As a BDC, we are subject to the regulatory requirements of the SEC, in addition to the specific regulatory requirements applicable to BDCs under the Investment Company Act. Although our Adviser generally intends to manage our portfolio as if we were regulated as a BDC upon commencement of investment operations, we will not be subject to the full range of regulations applicable to a BDC and may incur substantial additional costs, and expend significant time or other resources operating under this regulatory framework.

***We may incur significant costs as a result of registering our common shares under the Exchange Act.***

Once our common shares become registered under the Exchange Act, we will incur significant additional costs. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed herein. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight will be required. We will be implementing additional procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to companies whose securities are registered under the Exchange Act. These activities may divert management's attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We expect to incur significant additional annual expenses related to these steps and, among other things, trustees' and officers' liability insurance, trustee fees, reporting requirements of the SEC, additional fees payable to our Sub-Administrator, increased auditing and legal fees and similar expenses.

The systems and resources necessary to comply with Exchange Act reporting requirements will increase further if we cease to be an "emerging growth company" under the JOBS Act. As long as we remain an emerging growth company, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other companies whose securities are registered under the Exchange Act.

***If we fail to comply with Section 404 of the Sarbanes-Oxley Act, we may not be able to accurately report our financial results or prevent fraud which may adversely affect us.***

Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to

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implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the date we are no longer an emerging growth company under the JOBS Act.

***Efforts to comply with Section 404 of the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with Section 404 of the Sarbanes-Oxley Act may adversely affect us.***

During the Private Fund Phase, we were not required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404 of that statute ("Section 404"), and we were not required to comply with certain of those requirements until we have been subject to the reporting requirements of the Exchange Act for a specified period of time. We will be required to evaluate and disclose changes in our internal control over financial reporting on a quarterly and annual basis. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet.

Developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance and our ability to make distributions. Because we do not currently have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls. As a registered entity, we will be required to complete our initial assessment in a timely manner. If we are not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC or violations of applicable share exchange listing rules, and result in a breach of the covenants under the agreements governing any of our financing arrangements. There could also be a negative reaction due to a loss of investor confidence in us and the reliability of our financial statements. This could materially adversely affect us. Furthermore, our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the date we are no longer an emerging growth company under the JOBS Act.

***Our Board of Trustees may change our investment objective, operating policies and strategies without prior notice or shareholder approval.***

Our Board of Trustees has the authority to modify or waive certain of our operating policies and strategies without prior notice (except as required by the Investment Company Act) and without Shareholder approval as neither our investment objective nor our operating policies and/or strategies are deemed "fundamental". However, absent Shareholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and value of our common shares. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions.

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***Changes in legal, tax and regulatory regimes could negatively impact our business, financial condition and earnings.***

Changes enacted by the federal government could significantly impact the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade and foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can be, and have been effectuated through executive orders. It is not possible to predict which, if any, actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The Fund may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Fund and its ability to achieve its investment objective.

***Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us.***

There has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There remains uncertainty about the future relationship between the U.S. and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

***Our Adviser can resign on 60 days' notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.***

Our Adviser has the right, under the Advisory Agreement, to resign at any time upon 60 days' written notice, regardless of whether we have found a replacement. If our Adviser resigns, we may not be able to find a new external investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected, and the net asset value of our common shares may decline.

Any new investment advisory agreement would be subject to approval by our Shareholders. Even if we are able to enter into comparable management or administrative arrangements, the integration of a new adviser or administrator and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition and results of operations. In addition, if our Adviser resigns or is terminated, we would lose the benefits of our relationship with Silver Point, including Silver Point's broad and longstanding sourcing relationships, rigorous underwriting process, structuring expertise, and portfolio monitoring and asset management capabilities to originate and manage attractive middle market loans throughout credit cycles on terms that are better than those available to the broader market.

***Our Adviser's responsibilities and its liability to us are limited under the Advisory Agreement, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.***

Our Adviser has not assumed any responsibility to us other than to render the services described in the Advisory Agreement, and it will not be responsible for any action of our Board of Trustees in declining to follow our Adviser's advice or recommendations. Pursuant to the Advisory Agreement, our Adviser, its affiliates, and

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their respective trustees, partners, officers, members, shareholders, controlling persons, employees, agents, consultants and representatives will not be liable to us for their acts under the Advisory Agreement, absent conduct that meets the standard set forth in Section 10 of the Advisory Agreement. These protections may lead our Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. See "Item 1A. Risk Factors—Risks Relating to Our Investments—Our Adviser will be paid a management fee even if the value of your investment declines and our Adviser's incentive fees may create incentives for them to make certain kinds of investments."

***Our ability to enter into transactions with our affiliates is restricted.***

As a BDC, we will be prohibited under the Investment Company Act from knowingly participating in certain transactions with our affiliates without, among other things, the prior approval of a majority of our Independent Trustees who have no financial interest in the transaction, or in some cases, the prior approval of the SEC. For example, any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is deemed our affiliate for purposes of the Investment Company Act and, if this is the only reason such person is our affiliate, we are generally prohibited from buying any asset from or selling any asset (other than our capital shares) to such affiliate, absent the prior approval of a majority of our Independent Trustees. The Investment Company Act also prohibits "joint" transactions with an affiliate, which could include joint investments in the same portfolio company, without approval of our Independent Trustees or in some cases the prior approval of the SEC. Moreover, except in certain limited circumstances, we are prohibited from buying any asset from or selling any asset to a holder of more than 25% of our voting securities, absent prior approval of the SEC. The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances then existing.

Our affiliates have received an exemptive order from the SEC that permits us to, among other things, co-invest with certain other affiliated funds, including certain funds managed by Silver Point. This order is subject to certain terms and conditions. Accordingly, we cannot assure you that we will be permitted to co-invest with other accounts or other entities managed by the Silver Point investment team, other than in the limited circumstances currently permitted by applicable SEC staff guidance and interpretations or in the absence of a joint transaction. Our affiliates have applied for an amended exemptive order from the SEC that, if granted (the "Amended Relief"), would provide greater flexibility for the Fund to co-invest alongside other Silver Point affiliates and negotiate the terms of co-investments. There is no assurance that the Amended Relief will be granted by the SEC.

***Material non-public information may restrict our ability to make some investments.***

By reason of their responsibilities in connection with their other activities, Silver Point and its investment professionals may acquire confidential or material non-public information or be otherwise restricted from initiating transactions in certain securities. Silver Point will not be free to act upon any such information. Due to these restrictions, we may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold.

***The Fund's anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of common shares the opportunity to realize a premium over the value of common shares.***

The Fund's Declaration of Trust and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status or to change the composition of the Board of Trustees. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of common shares the opportunity to realize a premium over the value of common shares.

***Certain investors are limited in their ability to make significant investments in us.***

Investment companies registered under the Investment Company Act are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock (measured at the time of the

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acquisition), unless these funds comply with certain requirements under the Investment Company Act that would restrict the amount that they are able to invest in our securities. Private funds that are excluded from the definition of "investment company" either pursuant to Section 3(c)(1) or 3(c)(7) of the Investment Company Act are also subject to these restrictions. As a result, certain investors may be precluded from acquiring additional shares at a time that they might desire to do so.

***We may experience fluctuations in our quarterly results.***

We could experience fluctuations in our quarterly operating results due to a number of factors, including interest rates payable on debt investments we make, default rates on such investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in certain markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***There is a risk that Shareholders may not receive distributions or that our distributions may decrease over time.***

We may not achieve investment results that will allow us to make a specified or stable level of cash distributions and our distributions may decrease over time. In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions.

***We are exposed to risks associated with changes in interest rates.***

Our debt investments may be based on floating rates, such as SOFR, EURIBOR, Sterling Overnight Index Average ("SONIA"), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the net asset value of our common shares and our rate of return on invested capital.

A reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net interest income. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high yield bonds, and also could increase our interest expense, thereby decreasing our net income. Also, an increase in interest rates available to investors could make investment in our common shares less attractive if we are not able to increase our dividend rate.

Because we intend to borrow money, and may issue preferred shares to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay distributions on preferred shares and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates, our cost of funds would increase except to the extent we have issued fixed rate debt or preferred shares, which could reduce our net investment income.

A rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase in the amount of the Incentive Fee payable to our Adviser. To the extent that the floating interest rates applicable to our debt investments are subject to a negotiated cap or floor, we may be unable to capitalize upon favorable market fluctuations of interest rates.

***Commodity Futures Trading Commission rulemaking may have a negative impact on us and our Adviser.***

The Fund may engage in "commodity interest" transactions (generally, transactions in futures, certain options, certain currency transactions and certain types of swaps) only for bona fide hedging, yield enhancement

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and risk management purposes, in each case in accordance with the rules and regulations of the CFTC. With respect to the Fund, the Adviser relies on an exclusion from the definition of "commodity pool operator" pursuant to CFTC Rule 4.5 which imposes certain commodity interest trading restrictions on the Fund. These trading restrictions permit the Fund to engage in commodity interest transactions that include (i) "bona fide hedging" transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Fund's assets committed to margin and option premiums and (ii) non-bona fide hedging transactions, provided that the Fund does not enter into such non-bona fide hedging transactions if, immediately thereafter, (a) the sum of the amount of initial margin and premiums required to establish the Fund's commodity interest positions would exceed 5% of the Fund's liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, and (b) the aggregate net notional value of the Fund's commodity interest positions would exceed 100% of the Fund's liquidation value, after taking into account unrealized profits and unrealized losses on any such positions. In addition to meeting one of the foregoing trading limitations, interests in the Fund may not be marketed as or in a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. If the Adviser were required to register as a commodity pool operator with respect to the Fund, compliance with additional registration and regulatory requirements would increase the Fund expenses. Other potentially adverse regulatory initiatives could also develop.

***New market structure requirements applicable to derivatives could significantly increase the costs of utilizing OTC derivatives.***

The Dodd-Frank Act enacted, and the CFTC and the SEC have issued or proposed rules to implement, both broad new regulatory requirements and broad new structural requirements applicable to OTC derivative markets and, to a lesser extent, listed commodity futures (and futures options) markets. Similar changes are in the process of being adopted in the European Union, Japan, and other major financial markets.

These changes include, but are not limited to: requirements that many categories of the most liquid OTC derivatives (currently limited to specified interest rate swaps and index credit default swaps) be executed on qualifying, regulated exchanges and be submitted for clearing; real-time public and regulatory reporting of specified information regarding OTC derivative transactions; and enhanced documentation requirements and recordkeeping requirements. Margin requirements for uncleared OTC derivatives and position limits are also expected to be adopted by the CFTC and other regulators in the future.

While these changes are intended to mitigate systemic risk and to enhance transparency and execution quality in the OTC derivative markets, the impact of these changes is not known at this time. For instance, cleared OTC derivatives are subject to margin requirements established by regulated clearinghouses, including daily exchanges of cash variation (or mark-to-market) margin and an upfront posting of cash or securities initial margin to cover the clearinghouse's potential future exposure to the default of a party to a particular OTC derivative transaction. Furthermore, "financial end users," such as us, that enter into OTC derivatives that are not cleared will, pending finalization of the applicable regulations, generally be required to provide margin to collateralize their obligations under such derivatives. Under current proposed rules, the level of margin that would be required to be collected in connection with uncleared OTC derivatives is in many cases substantially greater than the level currently required by market participants or clearinghouses.

These changes could significantly increase the costs to us of utilizing OTC derivatives, reduce the level of exposure that we are able to obtain (whether for risk management or investment purposes) through OTC derivatives, and reduce the amounts available to us to make non-derivative investments. These changes could also impair liquidity in certain OTC derivatives and adversely affect the quality of execution pricing that we are able to obtain, all of which could adversely impact our investment returns. Furthermore, the margin requirements for cleared and uncleared OTC derivatives may require that our Adviser, in order to maintain its exclusion from the definition of CPO under CFTC Rule 4.5, limit our ability to enter into hedging transactions or to obtain synthetic investment exposures, in either case adversely affecting our ability to mitigate risk.

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***Proposed position aggregation requirements may restrict the swap positions that our Adviser may enter into.***

The Dodd-Frank Act significantly expanded the scope of the CFTC's authority and obligation to require reporting of, and adopt limits on, the size of positions that market participants may own or control in commodity futures and futures options contracts and swaps. The Dodd-Frank Act also narrowed existing exemptions from such position limits for a broad range of risk management transactions.

In accordance with the requirements of the Dodd-Frank Act, the CFTC has established speculative position limits on additional listed futures and options on futures and economically equivalent OTC derivatives. Such limits generally apply in the aggregate across contracts based on the same underlying commodity. The CFTC may, in the future, adopt additional position limits on swaps including those that are economically equivalent to United States listed futures and options on futures contracts, on non-physical commodities, such as rates, currencies, equities and credit default swaps. The CFTC has adopted rules which narrow past precedents and guidance that permit market participants to disaggregate for position limit purposes, positions that are independently controlled. While certain persons, contracts or transactions or classes thereof are exempt from the speculative position limit requirements, such broadened position aggregation requirements may further restrict the swap positions that our Adviser may enter into on our behalf.

Individually and collectively, these and any future changes could increase our costs of maintaining positions in commodity futures and options on futures contracts and swaps and reduce the level of exposure we are able to obtain (whether for risk management or investment purposes) through commodity futures and futures option contracts and swaps. These changes could also impair liquidity in certain swaps and adversely affect the quality of execution pricing that we are able to obtain, all of which could adversely impact our investment returns.

***We are dependent on information systems, and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.***

Our business is dependent on our and third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events arising from local or larger scale political or social matters, including terrorist acts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks.

These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common shares and our ability to pay distributions to our Shareholders.

***Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.***

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. Cyber attacks are

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becoming increasingly common and more sophisticated, and may be perpetrated by computer hackers, cyber-terrorists or others engaged in corporate espionage. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. In addition, cybersecurity risks may also impact issuers of securities in which the Fund invests, which may cause the Fund's investment in such issuers to lose value. There have been a number of recent cases of companies reporting the unauthorized disclosure of client or customer information, as well as cyberattacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations and hostile foreign governments.

As part of our business, we store and transmit large amounts of electronic information, including information relating to our transactions. Similarly, our service providers may process, store and transmit such information. The Fund has systems in place to protect such information and prevent data loss and security breaches. However, such measures cannot provide absolute security. The techniques used to obtain unauthorized access to data, disable or degrade service, or sabotage systems change frequently and may be difficult to detect. Hardware or software acquired from third parties may contain defects in design or manufacture or other problems that could compromise information security. Network connected services provided by third parties to the Fund may be susceptible to compromise, leading to a breach of the Fund's network. The systems or facilities may be susceptible to employee error or malfeasance, government surveillance, or other security threats. On-line services provided by the Fund may also be susceptible to compromise. Breach of the information systems may cause information relating to our transactions and other confidential information to be lost or improperly accessed, used or disclosed.

The Fund's service providers are subject to the same electronic information security threats as the Adviser. If a service provider fails to adopt or adhere to adequate data security policies, or in the event of a breach of its networks, information relating to our transactions and other confidential information may be lost or improperly accessed, used or disclosed. Furthermore, the Fund cannot control the cybersecurity policies, plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund or its Shareholders. There can be no assurance that the Fund or its service providers will not suffer losses relating to cyber attacks or other information security breaches in the future.

The loss or improper access, use or disclosure of the Fund's proprietary information may cause the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing events could have a material adverse effect on our results of operations, financial conditions and business.

***We are subject to risks associated with artificial intelligence and machine learning technology.***

Recent technological advances in artificial intelligence and machine learning technology pose risks to the Fund and our portfolio investments. The Fund and our portfolio investments could be exposed to the risks of artificial intelligence and machine learning technology if third-party service providers or any counterparties, whether or not known to us, also use artificial intelligence and machine learning technology in their business activities. We and our portfolio companies may not be in a position to control the use of artificial intelligence and machine learning technology in third-party products or services.

Use of artificial intelligence and machine learning technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming part accessible by other third-party artificial intelligence and machine learning technology applications and users.

Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate

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all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error-potentially materially so-and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence and machine learning technology. To the extent that we or our portfolio investments are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on the Fund or our investments.

Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments*.***

***Terrorist attacks, acts of war, or natural disasters may impact the businesses in which we invest, and harm our business, operating results, and financial conditions.***

Terrorist acts, acts of war, or natural disasters have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, military or security operations, or natural disasters could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results, and financial condition. Losses from terrorist attacks and natural disasters are generally uninsurable.

***Uncertainty regarding the implementation of the EU and UK's Trade and Cooperation Agreement could negatively impact our business, financial condition and earnings.***

The EU and United Kingdom's Trade and Cooperation Agreement (the "TCA") was implemented starting on May 1, 2021 and set out the economic and legal framework for trade between the United Kingdom and the EU after the United Kingdom's withdrawal from the EU. As the TCA is still a fairly new legal framework, the continuing implementation of the TCA may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory standards between the EU and the United Kingdom diverge. The terms of the future relationship may cause continued uncertainty in the global financial markets and may adversely affect our business, financial condition and earnings.

***We are subject to risks related to our management of ESG activities.***

Our business faces increasing public scrutiny related to ESG activities, which are increasingly considered to contribute to the long-term sustainability of a company's performance. A variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. In addition, investment in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Our brand and reputation may be negatively impacted if we fail to act responsibly in a number of areas, such as considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand and our relationships, which could adversely affect our business and results of operations.

**Risks Relating to Our Investments** 

***Our investments are speculative and involve significant risk.***

All investments risk the loss of capital. Our investment program involves, without limitation, risks associated with investments in speculative assets and the use of speculative investment strategies and techniques, interest rates, volatility, credit deterioration or default risks, currency risks, systems risks and other risks inherent

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in our activities. Our investments may be materially affected by conditions in the financial markets and overall economic conditions occurring globally and in particular markets where we may invest. Although we intend to enter into hedging and other arrangements to mitigate certain of such risks (including, for example, currency exposure), hedging and other such arrangements are not expected to play a significant role in our overall investment strategy.

Our methods of minimizing such risks may not accurately predict future risk exposures. Risk management techniques are based in part on the observation of historical market behavior, which may not predict market divergences that are larger than historical indicators. Also, information used to manage risks may not be accurate, complete or current, and such information may be misinterpreted. Although we intend to utilize appropriate risk management strategies, such strategies cannot fully insulate us from the risks inherent in its planned activities. Moreover, in certain situations we may be unable to, or may choose not to, implement risk management strategies because of the costs involved or other relevant factors.

We intend to invest in loans, bonds and similar debt obligations. The value of debt obligations can fluctuate in response to actual and perceived changes in creditworthiness, non-U.S. exchange rates, political stability or soundness of economic policies. Debt obligations are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). These obligations are subject to other risks, including, without limitation: (i) declines in the value of collateral securing the obligations, if any; (ii) declines in the enterprise value of the obligor; (iii) failure of restrictive covenants, if any, to adequately protect the interests of the creditor; (iv) the failure of the bankruptcy process (or other determination of creditors' rights) to produce the outcome anticipated by the investor; (v) the possible invalidation of an investment transaction as a preference or fraudulent conveyance under relevant creditors' rights laws; (vi) so-called lender-liability claims by the issuer of the obligations; and (vii) environmental or other liabilities that may arise with respect to collateral securing the obligations.

We intend to invest a substantial portion of our assets in senior secured loans and secondary purchases of debt issued by small and middle market companies, and to a lesser extent, preferred shares and equity investments.

*Senior Secured Loans*. When we make a "unitranche" or senior secured term loan investment in a portfolio company, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing the loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, the lien could be subordinated to claims of other creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or at all, or that we will be able to collect on the loan should we be forced to enforce its remedies.

*Unsecured Debt, including Mezzanine Debt*. To the extent we invest in mezzanine or other junior debt, we may incur additional risks. Junior debt investments, including mezzanine debt investments, generally will be subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of an insolvency. This may result in greater risk and loss of principal.

*Equity Investments*. When we invest in senior secured loans or mezzanine loans, we may acquire equity securities, including warrants, as well. In addition, we may invest directly in the equity securities of portfolio companies. The goal is ultimately to dispose of such equity interests and realize gains upon the disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in

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value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses.

*Preferred Securities*. To the extent we invest in preferred securities, we may incur particular risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred shares and preferred securities generally include provisions that permit the issuer, at its discretion,
to defer distributions for a stated period without any adverse consequences to the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we own a preferred security that is deferring its distributions or paying interest in-kind, we may be required to report income for U.S. federal income tax purposes before we receive such distributions and we may be required to pay incentive compensation on non-cash accruals that ultimately may not be realized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities are subordinated to bonds and other debt instruments in a company's capital structure
in terms of priority to corporate income and liquidation payments, and therefore are subject to greater credit risk than more senior debt instruments, and preferred shares are similarly subordinated to preferred securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally, preferred shares and preferred security holders have no voting rights with respect to the issuing
company unless preferred distributions or dividends have been in arrears for a specified number of periods, at which time the holders may elect a number of trustees to the issuer's board, but only until all the arrearages have been paid.

***Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.***

Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities, that rank equally with, or senior to, our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights as junior lenders are adversely affected.

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***Investing in middle market companies involves a number of significant risks.***

We intend to invest primarily in middle market companies which involves a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such issuers may have limited financial resources and may be unable to meet their obligations under their debt
securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they typically have shorter operating histories, narrower product lines and smaller market shares than larger
businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the
death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they generally have less predictable operating results, may from time to time be parties to litigation, may be
engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Adviser and our executive officers or Trustees may, in the ordinary course of business, be named as
defendants in litigation arising from our investments in the portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they generally have less publicly available information about their businesses, operations and financial
condition and, if we are unable to uncover all material information about these companies, we may not make a fully informed investment decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• they may have difficulty accessing the capital markets to meet future capital needs, which may limit their
ability to grow or to repay their outstanding indebtedness upon maturity.

***Our investments in sub-investment grade (also known as "junk" securities) and non-rated securities are speculative.***

The instruments in which we invest typically are not rated by any rating agency, but our Adviser believes that if such instruments were rated, they would be below investment grade (rated lower than "Baa3" by Moody's Investors Service and lower than "BBB-" by Fitch Ratings or Standard & Poor's Rating Services). These securities, which are often referred to as "junk bonds" or "high yield bonds," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be difficult to value and illiquid. We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by any nationally recognized statistical rating organization.

We anticipate that a substantial portion of our portfolio will consist of investments that have been given either a below investment grade rating from Moody's Investors Service, Inc. and Standard & Poor's Corporation or have not been rated by any ratings agency. Securities in the lower-rated categories and comparable non-rated securities are subject to greater risk of loss of principal and interest than higher-rated and comparable non-rated securities, and are generally considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings or comparable non-rated securities in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with lower-rated and comparable non-rated securities, the yields and prices of such securities may be more volatile than those for higher-rated and comparable non-rated securities. The market for lower-rated and comparable non-rated securities is thinner, often less liquid, and less active than that for higher-rated or comparable securities, which can adversely affect the prices at which these securities can be sold and may even make it impractical to sell such securities.

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***We may invest in U.S. government issued or guaranteed securities that involve special risks.***

Obligations issued or guaranteed by the U.S. government, its agencies, authorities and instrumentalities and backed by the full faith and credit of the U.S. guarantee only that principal and interest will be timely paid to holders of the securities. These entities do not guarantee that the value of such obligations will increase, and, in fact, the market values of such obligations may fluctuate. In addition, not all U.S. government securities are backed by the full faith and credit of the United States; some are the obligation solely of the entity through which they are issued. There is no guarantee that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.

In 2011, S&P lowered its long term sovereign credit rating on the U.S. to "AA+" from "AAA." The downgrade by S&P increased volatility in both shares and bond markets, resulting in higher interest rates and higher Treasury yields, and increased the costs of all kinds of debt. On August 1, 2023, Fitch Ratings lowered its long-term rating on U.S. sovereign debt to "AA+" from "AAA," citing governance concerns, among other things. Repeat occurrences of similar events could have significant adverse effects on the U.S. economy generally and could result in significant adverse impacts on issuers of securities held by the Fund itself. Our Adviser cannot predict the effects of similar events in the future on the U.S. economy and securities markets or on the Fund's portfolio. Our Adviser monitors developments and seeks to manage the Fund's portfolio in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so and our Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments.

***Investing in real estate related investments involves a number of significant risks.***

Our real estate investments are expected to be comprised primarily of debt instruments secured by real estate-related assets. Deterioration of real estate fundamentals generally, and in North America in particular, could negatively impact our performance by making it more difficult for borrowers, or borrower entities, to satisfy their debt payment obligations, increasing the default risk applicable to these borrower entities. Changes in general economic conditions may affect the value of underlying real estate collateral relating to our investments and may include economic and/or market fluctuations, casualty or condemnation losses, decreases in property values, changes in the appeal of properties to tenants, changes in supply and demand, fluctuations in real estate fundamentals, the financial resources of borrower entities, various uninsured or uninsurable risks, natural disasters, changes in real property tax rates and/or tax credits, changes in operating expenses, changes in interest rates, changes in inflation rates, changes in the availability of debt financing and/or mortgage funds which may render the sale or refinancing of properties difficult or impracticable.

***Certain loan investments may be subject to the risks inherent in the ownership of real property to the extent that real property may be underlying collateral for such investments.***

Certain loan investments may be subject to the risks inherent in the ownership of real property to the extent that real property may be underlying collateral for such investments. While we will typically value such assets based on their real estate liquidation value alone for underwriting purposes, a property's tenant(s), a property's attributes and the quality of the neighborhood each may adversely impact the ability of the borrower to repay the loan and the value of the property. Factors that can affect the value of loans that are targeted for investment by us include, without limitation, (i) the diversity and quality of a property's tenants, including whether the owner relies on a single or dominant tenant and the creditworthiness of any such tenant; (ii) the terms, including duration, of a property's leases with tenants; (iii) an economic decline in the business that occupies a property; (iv) a decline in a particular business segment, which thereby reduces demand for a particular type of space; (v) the physical attributes of a property (both individually and in comparison to competing properties), including, but not limited to, a property's age, its physical condition, design and appearance, its location and access to transportation, and its ability to offer amenities (*e.g.*, sophisticated systems and/or wiring requirements); (vi) a property's technological attributes and adaptability to changes in a tenant's technological needs; (vii) the

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desirability of the neighborhood as a location; (viii) continued expenses for maintenance, refurbishment and modernization of existing facilities, even prior to their useful life; (ix) a decline in the managerial capacity or prowess of a business operator; (x) the strength of the local economy, including the cost of labor, quality of life and the tax environment; (xi) an adverse impact on the neighborhood's population, including employment growth (thereby creating demand for office space), each influence the ability of the borrower to repay the loan and the underlying value of the business occupying the property and (xii) acts of God and other factors beyond our control.

***Our Adviser and our sourcing channels may not present us with a sufficient volume of investments.***

The identification of investments suitable for us is difficult and involves significant uncertainty. There can be no guarantee that our Adviser will identify such investment opportunities. Even if such investments are identified there can be no assurance that they will not decline in value considerably while held by us including, without limitation, as a result of weakness in the credit or other markets (including the commercial real estate market), or other circumstances.

Our Adviser expects to source a substantial volume of our investment opportunities through Silver Point's investment professionals, internal sourcing platform and external relationships. To the extent these sourcing channels do not present us with a sufficient volume of investment opportunities, or the opportunities presented are not suitable for investment, our results of operations, financial conditions and business may be adversely affected.

***Our due diligence investigation may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating an investment opportunity.***

Although we will make every effort to conduct appropriate due diligence prior to making an investment, the due diligence process will be subject to inherent limitations. Due diligence may be required to be undertaken on an expedited basis in order to take advantage of available investment opportunities and may require us to rely on limited resources that are available, including information provided by the target of the investment and third-party consultants, legal advisers, accountants and investment banks. As a result, it is uncertain whether the due diligence investigation will reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity, and it is likely that there will be cases in which important information was not available or obtained.

***Our portfolio securities may not have a readily available market price and, in such a case, we will value these securities at fair value as determined in good faith under procedures adopted for the Fund, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment.***

The majority of our investments are expected to be in debt instruments that do not have readily ascertainable market prices. The fair value of such debt investments, and other portfolio securities that are not publicly traded or whose market prices are not readily available will be determined in good faith by our Adviser, as the Fund's valuation designee, under procedures approved by our Board of Trustees. Our Adviser is expected to utilize the services of independent third-party valuation firms in determining the fair value of any securities. Investment professionals from our Adviser may be asked to prepare portfolio company valuations using sources and/or proprietary models depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of our Adviser in our valuation process could result in a conflict of interest, because our Adviser is receiving a performance-based incentive fee.

Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, it could make it more difficult for investors to value accurately our investments and could lead to undervaluation or overvaluation of our common shares. In

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addition, the valuation of these types of securities may not reflect what we may actually realize for the sale of the investment and may result in substantial write-downs and earnings volatility.

Our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of its assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in our NAV.

***The lack of liquidity in our investments may adversely affect our business.***

We expect that a substantial portion of our portfolio will consist of investments in private companies and companies with attributes that may be perceived as more risky or speculative by loan counterparties. These attributes include, but are not limited to: (i) borrowers with an imminent need for capital; (ii) borrowers with complex capital structures; (iii) borrowers undergoing corporate reorganizations or restructurings; (iv) borrowers in out-of-favor or misunderstood industries; and/or (v) borrowers pledging non-traditional assets as security. Our ability to make a fully informed investment decision may be constrained, as there is little public information available about private companies, which also may not have third-party debt ratings or audited financial statements. Insufficient access to information about market comparables may also constrain the quality of the investment decision process. We will be dependent on our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. If we are unable to obtain sufficient material information about the companies in which we invest, we may not make a fully informed investment decision and we may suffer losses.

The illiquidity of our investments in loans to private companies may make it difficult for us to sell such investments if the need arises. Therefore, if we are required to or desire to liquidate all or a portion of our portfolio quickly, we could realize significantly less than the value at which we have recorded our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a business entity to the extent that we hold a significant portion of a business entity's equity or if we or our Adviser have or could be deemed to have material non-public information regarding that business entity.

***Our portfolio may be focused in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies default on their obligations under any of their debt instruments or if there is a downturn in a particular industry.***

Our portfolio may be focused in a limited number of portfolio companies and industries. We do not have fixed guidelines for diversification, and while we are not targeting any specific industries, from time to time our investments may be focused on a relatively few industries. As a result, the aggregate returns that we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect its aggregate returns. Market conditions, including increased competition, may also cause our portfolio to be comprised of assets that differ significantly from our expectations.

***We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.***

The loans and other investments we make will generally be non-controlling investments, meaning we will not be in a position to control the management, operation and strategic decision-making of the companies in which we invest. To the extent that we do not hold a controlling equity interest in a portfolio company, we are subject to the risk that such portfolio company may make business decisions with which we disagree, and the shareholders and management of such portfolio company may take risks or otherwise act in ways that are adverse

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to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments.

In addition, we may not be in a position to control any portfolio company by investing in its debt securities. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors.

***Securitization of our assets subjects us to various risks.***

We have securitized assets to generate cash for funding new investments. We refer to the term "securitize" to describe a form of leverage under which a company such as us (sometimes referred to as an "originator" or "sponsor") transfers income producing assets to a single-purpose, bankruptcy-remote subsidiary (also referred to as a "special purpose entity" or "SPE"), which is established solely for the purpose of holding such assets and entering into a structured finance transaction. The SPE then issues notes secured by such assets. The special purpose entity issues the notes in the capital markets either publicly or privately to a variety of investors, including banks, non-bank financial institutions and other investors. There may be a single class of notes or multiple classes of notes, the most senior of which carries less credit risk and the most junior of which may carry substantially the same credit risk as the equity of the SPE.

An important aspect of most debt securitization transactions is that the sale and/or contribution of assets into the SPE be considered a true sale and/or contribution for accounting purposes and that a reviewing court would not consolidate the SPE with the operations of the originator in the event of the originator's bankruptcy based on equitable principles. Viewed as a whole, a debt securitization seeks to lower risk to the note purchasers by isolating the assets collateralizing the securitization in an SPE that is not subject to the credit and bankruptcy risks of the originator. As a result of this perceived reduction of risk, debt securitization transactions frequently achieve lower overall leverage costs for originators as compared to traditional secured lending transactions.

In accordance with the above description, to securitize loans, we have created and, may in future, create one or more wholly-owned subsidiaries and contribute a pool of our assets to such subsidiaries. The SPE is funded with, among other things, whole loans or interests from other pools and such loans may or may not be rated. The SPE then sells its notes to purchasers who are willing to accept a lower interest rate and the absence of any recourse against us to invest in a pool of income producing assets to which none of our creditors would have access. We retain all of the equity in the SPE. An inability to successfully securitize portions of our portfolio or otherwise leverage our portfolio through secured and unsecured borrowings could limit our ability to grow our business and fully execute our business strategy, and could decrease our earnings. However, the successful securitization of portions of our portfolio exposes us to a risk of loss for the equity we retain in the SPE and might expose us to greater risk on our remaining portfolio because the assets we retain may tend to be those that are riskier and more likely to generate losses. A successful securitization may also impose financial and operating covenants that restrict our business activities and may include limitations that could hinder our ability to finance additional loans and investments. The Investment Company Act may also impose restrictions on the structure of any securitizations.

Interests we hold in the SPE are subordinated to the other interests issued by the SPE. As such, we only receive cash distributions on such interests if the SPE has made all cash interest and other required payments on all other interests it has issued. In addition, our subordinated interests are unsecured and rank behind all of the secured creditors, known or unknown, of the SPE, including the holders of the senior interests it has issued. Consequently, to the extent that the value of the SPE's portfolio of assets has been reduced as a result of conditions in the credit markets, or as a result of defaults, the value of the subordinated interests we retain would be reduced. Securitization imposes on us the same risks as borrowing except that our risk in a securitization is limited to the amount of subordinated interests we retain, whereas in a borrowing or debt issuance by us directly we would be at risk for the entire amount of the borrowing or debt issuance.

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We may also engage in transactions utilizing SPEs and securitization techniques where the assets sold or contributed to the SPE remain on our balance sheet for accounting purposes. If, for example, we sell the assets to the SPE with recourse or provide a guarantee or other credit support to the SPE, its assets will remain on our balance sheet. Consolidation would also generally result if we, in consultation with the SEC, determine that consolidation would result in a more accurate reflection of our assets, liabilities and results of operations. In these structures, the risks will be essentially the same as in other securitization transactions but the assets will remain our assets for purposes of the limitations described above on investing in assets that are not qualifying assets and the leverage incurred by the SPE will be treated as borrowings incurred by us for purposes of our limitation on the issuance of senior securities.

We will attribute the borrowing of any SPE that we wholly-own or primarily control that primarily engages in investment activities in securities or other assets to our own borrowings for purposes of the leverage limits under the Investment Company Act, though we will not be a primary control person of any joint venture we may enter into if each joint venture party has equal control of the joint venture.

Our Adviser may have conflicts of interest with respect to potential securitizations in as much as securitizations that are not consolidated may reduce our assets for purposes of determining its investment advisory fee although in some circumstances our Adviser may be paid certain fees for managing the assets of the SPE so as to reduce or eliminate any potential bias against securitizations.

***The application of the risk retention rules under Section 941 of the Dodd-Frank Act to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for us.***

Section 941 of the Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") added a provision to the Exchange Act, requiring the seller, sponsor or securitizer of a securitization vehicle to retain no less than five percent of the credit risk in assets it sells into a securitization and prohibiting such securitizer from directly or indirectly hedging or otherwise transferring the retained credit risk. The responsible federal agencies adopted final rules implementing these restrictions on October 22, 2014. The risk retention rules became effective with respect to CLOs two years after publication in the Federal Register. Under the final rules, the asset manager of a CLO is considered the sponsor of a securitization vehicle and is required to retain five percent of the credit risk in the CLO, which may be retained horizontally in the equity tranche of the CLO or vertically as a five percent interest in each tranche of the securities issued by the CLO. Although the final rules contain an exemption from such requirements for the asset manager of a CLO if, among other things, the originator or lead arranger of all of the loans acquired by the CLO retain such risk at the asset level and, at origination of such asset, takes a loan tranche of at least 20% of the aggregate principal balance, it is possible that the originators and lead arrangers of loans in this market will not agree to assume this risk or provide such retention at origination of the asset in a manner that would provide meaningful relief from the risk retention requirements for CLO managers.

We believe that the U.S. risk retention requirements imposed for CLO managers under Section 941 of the Dodd-Frank Act has created some uncertainty in the market in regard to future CLO issuance. Given that certain CLO managers may require capital provider partners to satisfy this requirement, we believe that this may create additional risks for us in the future.

On February 9, 2018, a panel of the United States Court of Appeals for the District of Columbia Circuit ruled (the "D.C. Circuit Ruling") that the federal agencies exceeded their authority under the Dodd-Frank Act in adopting the final rules as applied to asset managers of open-market CLOs. On April 5, 2018, the United States District Court for the District of Columbia entered an order implementing the D.C. Circuit Ruling and thereby vacated the U.S. Risk Retention Rules insofar as they apply to CLO managers of "open market CLOs".

As a result of this decision, certain CLO managers of "open market CLOs" are no longer required to comply with the U.S. risk retention rules solely because of their roles as managers of "open market CLOs", and there

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may be no "sponsor" of such securitization transactions and no party may be required to acquire and retain an economic interest in the credit risk of the securitized assets of such transactions.

There can be no assurance or representation that any of the transactions, structures or arrangements currently under consideration by or currently used by CLO market participants will comply with the U.S. risk retention rules to the extent such rules are reinstated or otherwise become applicable to open market CLOs. Secondary market liquidity for securities comprising a CLO may be negatively impacted due to the effects of the U.S. risk retention rules on market expectations or uncertainty, the relative appeal of other investments not impacted by the U.S. risk retention rules and other factors.

***Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.***

Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments, in order to increase or maintain in whole or in part our equity ownership percentage, exercise warrants, options or convertible securities that were acquired in the original or subsequent financing or attempt to preserve or enhance the value of our investment.

We have discretion to make any follow-on investments, subject to the availability of capital resources. However, doing so could be placing even more capital at risk in existing portfolio companies. We may elect not to make follow-on investments, may be constrained in our ability to employ available funds, or otherwise may lack sufficient funds to make those investments.

The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements.

***Our portfolio companies may prepay loans, which may reduce stated yields in the future if the capital returned cannot be invested in transactions with equal or greater expected yields.***

Certain of the loans we make are prepayable at any time, with some prepayable at no premium to par. We cannot predict when such loans may be prepaid. Whether a loan is prepaid will depend both on the continued positive performance of the portfolio company and the existence of favorable financing market conditions that permit such company to replace existing financing with less expensive capital. As market conditions change frequently, it is unknown when, and if, this may be possible for each portfolio company. In the case of some of these loans, having the loan prepaid early may reduce the achievable yield for us in the future below the current yield disclosed for our portfolio if the capital returned cannot be invested in transactions with equal or greater expected yields.

***Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.***

We may purchase common and other equity securities. Although common shares have historically generated higher average total returns than fixed income securities over the long term, common shares also have experienced significantly more volatility in those returns. The equity securities we acquire may fail to appreciate and may decline in value or become worthless, and our ability to recover our investment will depend on our portfolio company's success. Investments in equity securities involve a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any equity investment we make in a portfolio company could be subject to further dilution as a result of the
issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) or senior securities in the event that the issuer is unable to meet its obligations or becomes
subject to a bankruptcy process;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that the portfolio company requires additional capital and is unable to obtain it, we may not
recover our investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a
return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company.

Even if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are special risks associated with investing in preferred securities, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for
a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and
therefore will be subject to greater credit risk than debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preferred securities may be substantially less liquid than many other securities, such as common shares or U.S.
government securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generally, preferred security holders have no voting rights with respect to the issuing company, subject to
limited exceptions.

Additionally, when we invest in first lien senior secured loans, second lien senior secured loans or mezzanine debt, we may acquire warrants or other equity securities as well. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the Investment Company Act and, to the extent we so invest, will bear our ratable share of any such company's expenses, including management and performance fees. We will also remain obligated to pay the Management Fee and Incentive Fee to our Adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our Shareholders will bear his or her share of the Management Fee and Incentive Fee due to our Adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers.

***There may be circumstances in which our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.***

If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. For example, we could become subject to a lender's liability claim, if, among other things, we actually render significant managerial assistance.

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***We may be required to obtain various state licenses in connection with our investments, including to originate commercial loans.***

We may be required to obtain various state licenses in order to, among other things, originate commercial loans, and may also be required to obtain similar licenses from other authorities, including outside the United States in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. There is no assurance that we will obtain all of the licenses that we need on a timely basis. Furthermore, we will be subject to various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that we will satisfy those requirements. The failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.

***Significant risks that could affect financial institutions to which we are exposed may affect our business.***

We may invest in financial instruments issued by financial institutions, such as investment and commercial banks, insurance companies, savings and loan associations, mortgage originators and other companies engaged in the financial services industry (collectively, "financial institutions"). In addition, financial institutions will act as counterparties in connection with our investment activities. We may also gain exposure to these entities through derivative transactions, including, without limitation, options, credit default swaps and credit linked notes, and through long and short strategies. In the course of conducting their business operations, financial institutions are exposed to a variety of risks that are inherent to the financial services industry, especially small and regional banks who may have significant losses associated with investments that make it difficult to fund demands to withdraw deposits and other liquidity needs. Significant risks that could affect the financial condition and results of operations of financial institutions include, but are not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads caused by global and local market and economic conditions; credit-related losses that can occur as a result of an individual, counterparty or issuer being unable or unwilling to honor its contractual obligations; the potential inability to repay short-term borrowings with new borrowings or assets that can be quickly converted into cash while meeting other obligations; operational failures or unfavorable external events; potential changes to the established rules and policies of various U.S. and non-U.S. legislative bodies and regulatory and exchange authorities, such as federal and state securities, bank regulators and industry participants; risks associated with litigation, investigations and/or proceedings by private claimants and governmental and self-regulatory agencies arising in connection with a financial institution's activities; and its continuing ability to compete effectively in the market. The impact of these risks on financial institutions to which we are exposed may have an adverse effect on our business.

The financial markets recently experienced volatility in connection with concerns that some banks, especially small and regional banks, may have significant investment-related losses that might make it difficult to fund demands to withdraw deposits and other liquidity needs. Our business and the businesses of our portfolio companies are dependent on bank relationships and we are proactively monitoring the financial health of these relationships. Continued strain on the banking system may adversely impact the business, financial condition and results of operations of us and our portfolio companies. In addition, we and our portfolio companies regularly maintain cash balances at third-party financial institutions in excess of the FDIC insurance limit. If a depository financial institution in which we or our portfolio companies holds cash and cash equivalents fails or if a depository institution is subject to other adverse conditions in the financial or credit markets, thereby impacting access to invested cash or cash equivalents, our financial performance could be adversely affected. Our Adviser will continue to assess the impact of these events on the Fund's portfolio companies and the Fund.

***Our investments in non-traded equity may involve a high degree of business and financial risk.***

We may make investments in non-traded equity. These investments may occur as a result of, among other things, direct equity investments and our purchase of debt instruments that convert to equity interests in the event of a reorganization of an entity's capital structure. Our investments in non-traded equity involve a high degree of business and financial risk. The entities in which we invest in may be financially distressed or have recently

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emerged from bankruptcy, they may require substantial additional capital to support expansion or to achieve or maintain a competitive position, they may produce substantial variations in operating results from period to period and they may operate at a loss. Such risks may adversely affect the performance of such investments and result in substantial losses. In addition, these entities may require governmental approvals or be subject to licensing procedures in order to operate in their markets. We could be adversely affected by delays in, or refusals to grant, such approvals or licenses.

***By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.***

As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

***We may invest in "covenant-lite" loans, which could have reduced creditor protections.***

We may invest in, or obtain exposure to, obligations that are "covenant-lite," which means such obligations lack, or possess fewer, financial covenants that protect lenders. Covenant-lite agreements feature incurrence covenants, as opposed to more restrictive maintenance covenants. Under a maintenance covenant, the borrower would need to meet regular, specific financial tests, while under an incurrence covenant, the borrower only would be required to comply with the financial tests at the time it takes certain actions (e.g., issuing additional debt, paying a dividend, making an acquisition). A covenant-lite obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Furthermore, in the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.

***We may be exposed to special risks associated with bankruptcy cases.***

Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, there can be no assurance that a bankruptcy court would not approve actions that may be contrary to our interests. Furthermore, there are instances where creditors can lose their ranking and priority if they are considered to have taken over management of a borrower.

Generally, the duration of a bankruptcy case can only be roughly estimated. The reorganization of a company can involve substantial legal, professional and administrative costs to a lender and the borrower; it is subject to unpredictable and lengthy delays; and during the process a company's competitive position may erode, key management may depart and a company may not be able to invest its capital adequately. In some cases, the debtor company may not be able to reorganize and may be required to liquidate assets. The debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization and may be adversely affected by an erosion of the issuer's fundamental value.

U.S. bankruptcy law permits the classification of "substantially similar" claims in determining the classification of claims in reorganization for purposes of voting on a plan of reorganization. Because the standard

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for classification is vague, there exists a significant risk that our influence with respect to a class of securities can be lost by the inflation of the number and amount of claims in, or other gerrymandering of, the class. In addition, certain administrative costs and claims that have priority by law over the claims of certain creditors (for example, claims for taxes) may be quite high.

Furthermore, there are instances where creditors and equity holders lose their ranking and priority as such when they take over management and functional operating control of a debtor. In those cases where we, by virtue of such action, are found to exercise "domination and control" of a debtor, we may lose our priority if the debtor can demonstrate that its business was adversely impacted or other creditors and equity holders were harmed by us.

Our representatives may serve on creditors' committees or other groups to ensure preservation or enhancement of our position as a creditor or equity holder. A member of any such committee or group may owe certain obligations generally to all parties similarly situated that the committee represents. If our representatives conclude that the obligations the representatives owe to other parties as a committee or group member conflict with the duties it owes to us, it will resign from that committee or group, and we will not realize the benefits, if any, of participating on the committee or group. In addition, if we are represented on a committee or group, we may be restricted or prohibited under applicable law from, disposing of or increasing our investments in such debtor company while we continue to be represented on such committee or group.

In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. For example, we could become subject to a lender's liability claim, if, among other things, the borrower requests significant managerial assistance from us and we provide such assistance as contemplated by the Investment Company Act.

***Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would reduce our NAV.***

As a BDC, we will be required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our Adviser, as the Fund's valuation designee, under procedures approved by our Board of Trustees. We may take into account the following types of factors, if relevant, in determining the fair value of our investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to similar publicly traded securities and other relevant factors. 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. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). As a result, volatility in the capital markets can also adversely affect our investment valuations. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. The effect of all of these factors on our portfolio can reduce our NAV by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer unrealized losses, which could have a material adverse impact on our business, financial condition and results of operations.

***Economic recessions or downturns could impair our portfolio companies and harm our operating results.***

Our portfolio companies are susceptible to economic downturns or recessions and may be unable to repay our loans during these periods. During these periods our non-performing assets may increase and the value of our portfolio may decrease if we are required to write down the values of our investments. Adverse economic

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conditions may also decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results.

A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, acceleration of the time when the loans are due and foreclosure on the portfolio company's assets representing collateral for its obligations. This could trigger cross defaults under other agreements and jeopardize our portfolio company's ability to meet its obligations under the debt that we hold and the value of any equity securities we own. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to file for bankruptcy protection, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to such portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors.

There is a risk that increased interest rates may cause the economy to enter a recession. Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• severe declines in the market price of our securities or net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability of the Fund to accurately or reliably value its portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability of the Fund to comply with certain asset coverage ratios that would prevent the Fund from paying
dividends to our shareholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability of the Fund to pay any dividends and distributions or service its debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines in the value of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased risk of default or bankruptcy by the companies in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased risk of companies in which we invest being unable to weather an extended cessation of normal economic
activity and thereby impairing their ability to continue functioning as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited availability of new investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our
existing leverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general threats to the Fund's ability to continue investment operations and to operate successfully as a
BDC.

***Our portfolio companies may be highly leveraged.***

Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. This leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

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***Our investments in non-U.S. companies may involve significant risks in addition to the risks inherent in U.S. investments.***

Our investment strategy, to the extent permissible under the Investment Company Act, may include potential investments in foreign companies and in companies whose principal assets, including real estate, are located in foreign countries. Investing in non-U.S. companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes (potentially at confiscatory levels), less liquid markets, less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Our investments that are denominated in a non-U.S. currency will be subject to the risk that the value of a particular currency will change in relation to the U.S. dollar. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We may employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us.

***We will be exposed to risks if we engage in hedging transactions.***

Subject to application of the Investment Company Act and applicable CFTC regulations, we may enter into hedging transactions, which may expose us to risks associated with such transactions. However, such hedging transactions are not expected to play a significant role in our overall investment strategy. Such hedging may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may include counter-party credit risk.

Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

The success of any hedging transactions we may enter into will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. See also "—*Risks Relating to Our Business and Structure*—*We are exposed to risks associated with changes in interest rates.*"

Other risks associated with such transactions include, among others, the possible default by the counterparty to the transaction and the illiquidity of the instrument acquired by us relating thereto. Although such transactions

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may reduce our exposure to, among other things, decreases in the value of investments, the costs and risks associated with these arrangements may reduce the returns that we would have otherwise achieved if we had not entered into these transactions. In addition, although such hedging transactions may hedge economic risks, they may not be effective hedges for tax purposes. For example, the tax character of the gain or loss on the hedging transaction may differ from the character of the gain or loss on the investment or the timing of the gain or loss for tax purposes may differ between the hedging transaction and the investment. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could affect the effectiveness of that strategy. For additional information on these regulatory changes, see "—Risks Relating to Our Business and Structure—New market structure requirements applicable to derivatives could significantly increase the costs of utilizing OTC derivatives."

With respect to any investments in synthetic instruments, we will have a contractual relationship only with the synthetic instrument counterparty, and no direct rights with respect to the underlying asset. We may not have any voting, information, or other rights of ownership with respect to the underlying asset. In addition, we will be subject to the credit risk of the synthetic instrument counterparty, and, in the event of the insolvency of such counterparty, we generally will be treated as a general creditor of such counterparty, and will not have any claim of title with respect to the underlying asset.

Finally, Rule 18f-4 under the Investment Company Act will constrain our ability to use swaps and other derivatives. The Fund intends to qualify as a "limited derivatives user" under the rule, which will require the Fund to limit its derivatives exposure to 10% of its net assets at any time, excluding certain currency and interest rate hedging transactions. If the Fund does not qualify as a limited derivatives user, the rule will impose certain requirements on the Fund, including forcing us to reduce our use of derivatives if the value-at-risk of our investment portfolio, including our swap or derivative positions, exceeds 200 percent of a "designated reference portfolio," which is a designated index that is unleveraged and reflects the market or asset classes in which we invest or our securities portfolio. If we could not identify a suitable reference portfolio, our value-at-risk would not be permitted to exceed 20% of our net assets. In addition, we would be required under the rule to establish a risk management program for our use of swaps or other derivative positions. Based on our anticipated use of derivatives primarily for interest rate hedging purposes, we expect to qualify as a limited derivatives user under the rule. However, we cannot assure investors that we will be treated as a limited derivatives user or that our approach to our use of derivatives will not change.

***There are special risks associated with derivative instruments we may enter into.***

We may enter into derivative transactions for hedging and other investment purposes. Derivative instruments come in many varieties, including futures and forward contracts, options (both written and purchased) total return swaps ("TRSs"), interest rate, swaps and swaptions. For example, in certain situations, we expect to enter into currency hedges with such instruments. The derivatives may be exchange-listed, centrally-cleared or traded OTC. In connection with trading in exchange-listed or centrally-cleared instruments, we are subject to the risk of failure of any of the clearinghouses or clearing members through which its positions are cleared. OTC derivative instruments may be subject to the risk that a counterparty will default on its payment obligations or that one party will not be able to meet its obligations to the other. Furthermore, in certain derivative transactions, we will be required to post collateral to secure our obligations to a counterparty or clearing member under the transaction. The counterparty or clearing member, however, may not be required to collateralize any of its obligations to us. Requirements to post collateral may expose us to the risk that we will not have sufficient unencumbered cash or securities to satisfy those collateral requirements and the risk that our counterparty or clearing member will fail to return excess collateral. Depending on the extent to which we are required to collateralize our derivatives positions, those positions may effectively add leverage to our portfolio by exposing us to changes in the value of the derivative's underlier in excess of the amount that we have invested in the derivative. Furthermore, an OTC derivative instrument may contain optional early termination provisions that require a cash settlement. It is possible that we will owe more to the counterparty or, alternatively, will be entitled to receive less from the counterparty than if we controlled the timing of such termination due to the existence of adverse market conditions at the time of such termination.

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With respect to leverage embedded in derivative instruments, we may be subject to major losses in the event that we are forced to liquidate positions at a disadvantageous time. Furthermore, the credit extended to us by dealers to maintain our leveraged positions can be terminated by the dealers largely in their discretion, forcing liquidation at potentially material losses.

Changes to the regulations applicable to derivatives could affect our ability to use these instruments and the costs of doing so. For additional information on these regulatory changes, see "—Risks Relating to Our Business and Structure—New market structure requirements applicable to derivatives could significantly increase the costs of utilizing OTC derivatives."

***Original Issue Discount and Payment-in-kind Interest may affect our Incentive Fees.***

Original issue discount ("OID") may arise if we hold securities issued at a discount (interest income will be accrued that will not be received in cash until maturity or sale). Also, certain loans may include contractual payment-in-kind ("PIK") interest (interest paid in the form of additional principal amount of the loan instead of in cash). The income part of the Incentive Fee will be calculated and paid on income that may include OID or PIK provisions. Additionally, the market prices of PIK instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash. The higher yields and interest rates of both OID and PIK securities reflect the payment deferral and increased credit risk associated with such securities, and OID and PIK investments may represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the borrower could still default when actual payment to us is supposed to occur at the maturity of the obligation. OID and PIK securities may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. PIK interest has the effect of generating investment income at a compounding rate and increasing the incentive fees payable on the same basis. In addition, the deferral of PIK interest may increase the loan to value at a compounding rate, assuming no change in the underlying value of the borrower. Depending on the amount of noncash income generated by OID and PIK, we may have difficulty making distributions. OID and PIK securities create the risk that incentive fees will be paid to our Adviser based on non-cash accruals that ultimately may not be realized, but our Adviser will be under no obligation to reimburse the Fund for these fees. However, to extent we write off any non-cash accruals, such accruals will be treated as a capital loss for purposes of the capital gains part of the Incentive Fee.

***We may at times invest in high-quality short-term investments, which will generate lower rates of return than those expected from the interest generated on first and second lien senior secured loans and mezzanine debt.***

We may at times invest in cash equivalents, U.S. government securities and other high-quality short-term investments. These securities generally earn yields substantially lower than the income that we anticipate receiving once we are fully invested in accordance with our investment objective. As a result, we may not, for a time, be able to achieve our investment objective and/or we may need to, for a time, decrease the amount of any dividend that we may pay to our Shareholders to a level that is substantially lower than the level that we expect to pay when the net proceeds of offerings are fully invested in accordance with our investment objective. If we do not realize yields in excess of our expenses, we may incur operating losses and the market price of our shares may decline.

**Risks Relating to Our Common Shares** 

***Investing in our common shares involves a significant degree of risk.***

The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be speculative and involve significant risk, and therefore an investment in our common shares may not be suitable for some investors.

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***Our common shares will not be insured or guaranteed by any person or entity.***

The Fund will have no substantial assets other than the Fund's investments. In the event of the dissolution of the Fund or otherwise, if the proceeds of the Fund's assets are insufficient to repay capital contributions made to the Fund by the Shareholders, no other assets will be available for the payment of any deficiency. Neither our Adviser nor its affiliates has any liability for the repayment of capital contributions made to the Fund by the Shareholders. Shareholders could experience a total loss of their investment in the Fund.

***Affiliates of Silver Point may have significant influence over us, including having a significant number of voting securities for matters that require the approval of Shareholders, which could limit your ability to influence the outcome of matters submitted to Shareholders for a vote.***

Affiliates of Silver Point may hold a significant amount of our common shares and have the ability to vote their shares in connection with any actions requiring Shareholder approval, including the election and removal of Trustees, certain amendments of our Declaration of Trust, and the approval of any merger or other extraordinary corporate action. These affiliates may have different motivations for their voting decisions than other Shareholders.

***A small number of Shareholders hold 74.4% of our common shares. They will be able to exert significant control over matters submitted to our Shareholders for approval.***

As of the date of this Registration Statement, a small number of Shareholders hold 74.4% of our common shares. If their holdings are not materially diluted by subsequent closings, they will be able to exert significant control over matters submitted to our Shareholders for approval. It is also possible that one or a relatively small number of investors that purchase common shares in this offering will hold a significant number of our outstanding common shares and be able to exert significant control over matters submitted to our Shareholders for approval. These Shareholders, if they acted together, could significantly influence matters requiring approval by our Shareholders, including the election of Trustees and the approval of certain business combination transactions. The interests of these Shareholders may not always coincide with our interests or the interests of other Shareholders.

***Our common shares are not registered for sale under the securities laws of any jurisdiction and therefore are subject to restrictions on transfer under the Securities Act and any similar U.S. state or non-U.S. laws, as applicable.***

The Fund is under no obligation to register the common shares under the Securities Act. Common shares may not be transferred, assigned, pledged or otherwise disposed of without the prior written consent of the Fund. Common shares may be transferred only to other qualified investors. The Fund may, in its discretion, choose not to permit a transfer of common shares to the extent that such transfer would create a risk that the assets of the Fund could be deemed to be "plan assets" within the meaning of the regulation promulgated by the United States Department of Labor at 29 C.F.R. Section 2510.3-101 (as modified by Section 3(42) of ERISA), which assets are subject to Title I of ERISA and/or Section 4975 of the Internal Revenue Code of 1986, as amended. Consequently, a Shareholder cannot expect to liquidate its investment readily and must bear the economic risk of its investment for an indefinite period of time.

***No market exists for the common shares of the Fund, and it is possible that none develops.***

Neither the Adviser, any placement agent nor any other person is under any obligation to make a market in the common shares of the Fund. Consequently, a purchaser must be prepared to hold the common shares for an indefinite period of time or until the termination date of the Fund. In addition, the common shares are subject to certain transfer restrictions and can only be transferred to certain transferees as described herein. Such restrictions on the transfer of the common shares may further limit the liquidity of the common shares.

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***We may in the future determine to issue preferred shares, which could adversely affect the market value of our common shares.***

The issuance of preferred shares with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred shares could adversely affect the market value of our common shares by making an investment in the common shares less attractive. In addition, the dividends on any preferred shares we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred shares must take preference over any distributions or other payments to our common Shareholders, and holders of preferred shares are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred shares that convert into common shares). If the dividend rate on the preferred shares were to exceed the net rate of return on our portfolio, the leverage would result in a lower rate of return to the holders of common shares than if we had not issued preferred shares. Any decline in the net asset value of our investments would be borne entirely by the holders of common shares. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of common shares than if we were not leveraged through the issuance of preferred shares. This greater net asset value decrease would also tend to cause a greater decline in the market value for the common shares. We might be in danger of failing to maintain the required asset coverage of the preferred shares or of losing our rating on the preferred shares or, in an extreme case, our current investment income might not be sufficient to meet the dividend requirements on the preferred shares, In order to counteract such an event, we might need to liquidate investments in order to fund a redemption of some or all of the preferred shares. In addition, under the Investment Company Act, participating preferred shares and preferred shares each constitute a "senior security" for purposes of the asset coverage test.

Although we do not currently intend to issue preferred shares, we may seek to do so in the future. If we issue preferred shares, the preferred shares would rank "senior" to common shares in our capital structure, holders of preferred shares would have separate voting rights on certain matters and might have other rights, preferences, or privileges more favorable than those of our Shareholders, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of our common shares or otherwise be in their best interest. Should we issue preferred shares, the cost of issuing and servicing such preferred shares will be borne solely by our Shareholders.

***We may not be able to pay you distributions on our common shares, and our distributions to you may not grow over time.***

We intend to pay quarterly distributions to our Shareholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we are unable to satisfy the asset coverage test applicable to us as a BDC, or if we violate certain covenants under our credit agreements and other debt financing agreements, our ability to pay distributions to our Shareholders could be limited. All distributions will be paid at the discretion of our Board of Trustees and will depend on our earnings, financial condition, compliance with applicable BDC regulations, compliance with covenants under our credit agreements and other debt financing agreements and such other factors as our Board of Trustees may deem relevant from time to time.

***Changes in tax laws could affect our business or an investment in our common shares.***

Developments in the tax laws of the United States or other jurisdictions, which may be applied retroactively, could have an adverse effect on the tax consequences to the Fund and holders of its common shares. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Recent or future legislation, U.S. Treasury regulations, administrative interpretations or court decisions, with or without retroactive application, could significantly and negatively affect the U.S. federal income tax consequences to the Fund and its investors. You are urged to consult with your tax advisor with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in the Fund.

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**<u>U.S. Federal Income Tax Risks</u>**

***Certain U.S. Federal Income Tax Risks Relating to Investing in a BDC***

**Failure to Qualify as a RIC or Satisfy RIC Distribution Requirement**. To obtain and maintain RIC tax treatment under Subchapter M of the Code, the Fund must, among other things, meet annual distribution, income source and asset diversification requirements. If it does not qualify for or maintain RIC tax treatment for any reason and thus becomes subject to corporate income tax, the resulting corporate taxes could substantially reduce its net assets, the amount of income available for distribution and the amount of its distributions.

**Private BDC Phantom Income**. For U.S. federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which it does not receive a corresponding payment in cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with payment in kind interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), the Fund must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. The Fund may also have to include in income other amounts that it has not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock, or it may engage in transactions, including debt modifications or exchanges, that require it to recognize income without the corresponding receipt of cash. The Fund anticipates that a portion of its income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, the Fund may elect to amortize market discount and include such amounts in its taxable income in the current year, instead of upon disposition, as an election not to do so would limit its ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in its investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to the shareholders in order to satisfy the annual distribution requirement, even though it will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. It may have to sell some of its investments at times and/or at prices it would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, it may not qualify for or maintain RIC tax treatment or, even if it maintains such treatment, may not be able to distribute all of its income and gain, and thus may become subject to corporate-level income tax.

**Publicly Offered Regulated Investment Company Status**. A "publicly offered regulated investment company" or "publicly offered RIC" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. Although we expect to be treated as "publicly offered," no assurances can be given that we will be publicly offered in any given taxable year. If the Fund is a RIC that is not a publicly offered RIC for any period, a non-corporate shareholder's allocable portion of certain expenses, including its management fees, will be treated as an additional distribution to the shareholder and will be treated as miscellaneous itemized deductions that are, under current law, not deductible by any such shareholder.

**Investments may be subject to Corporate-Level Income Tax**. The Fund may invest in certain debt and equity investments through taxable subsidiaries and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. The Fund may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

**Preferred Shares or Borrowings**. If the Fund utilizes leverage through the issuance of preferred shares or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, dividends on shares in certain circumstances. Limits on the Fund's payments of dividends on shares may prevent

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the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC or possibly subject the Fund to income or excise taxes on undistributed income. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.

**Uncertain Tax Treatment**. The Fund expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, to preserve its status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

**Legislative or Regulatory Tax Changes**. At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments.

**Withholding Tax**. A shareholder may be subject to U.S. federal dividend withholding tax on our distributions unless a withholding tax exemption applies. A shareholder may also be subject to U.S. federal withholding tax if it does not comply with applicable U.S. tax requirements to certify its status for U.S. tax purposes. Amounts that are withheld, to the extent in excess of the shareholder's U.S. federal income tax liability, can generally be recovered by filing a U.S. federal income tax return; however, the administrative burden and cost of filing such a U.S. federal income tax return may outweigh the benefit of recovering such amounts.

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**Item 2. Financial Information.** 

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

*The information in this section contains forward-looking statements that involve risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Please see "Item 1A. Risk Factors" and "Special Note Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the consolidated financial statements and related notes and other financial information appearing elsewhere in this Registration Statement.* 

**Overview** 

We were organized under the laws of the State of Maryland on June 5, 2024. Prior to electing to be regulated as a BDC on February 2, 2026, we operated as a private fund. We began operations on October 24, 2024. We intend to elect to be treated as a BDC under the Investment Company Act, and expect to elect to be treated as a RIC for federal income tax purposes as soon as reasonably practical. As such, we are required to comply with various regulatory requirements, such as the requirement to invest at least 70% of our assets in Qualifying Assets, source of income limitations, asset diversification requirements, and the requirement to distribute annually at least 90% of our investment company taxable income and tax-exempt interest.

We are a specialty lending company that is a closed-end management investment company. We reserve the right to operate as a non-diversified company within the meaning of the Investment Company Act. However, our portfolio currently meets, and may from time to time in the future meet, the diversification standards of a diversified company as defined in the Investment Company Act.

Our investment objective is to achieve attractive risk-adjusted returns primarily in middle market lending opportunities. It is anticipated that the majority of the Fund will be invested in senior secured debt, though the Fund may also make investments in other assets. We define "middle market companies" to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization ("EBITDA") between $50 million and $200 million annually and/or enterprise value between $150 million and $2 billion at the time of investment. We may also, from time to time, invest in larger or smaller companies. In seeking to achieve our investment objective, we may also invest across a broad range of industries. We will invest primarily in first-lien debt, but may also invest in second lien debt, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

If we are successful in achieving our investment objective, we believe that we will be able to provide our Shareholders with consistent dividend distributions and attractive risk-adjusted total returns, although there can be no assurances in this regard. Since we commenced investment operations on October 24, 2024, through September 30, 2025, we have invested over $198.5 million in 33 portfolio companies, excluding any subsequent exits or repayments. As of September 30, 2025, the fair value of our portfolio was invested approximately 96.8% in first lien secured debt and 3.2% in second lien debt.

The investment objectives, policies, guidelines and restrictions of the Fund during the Private Fund Phase are in all material respects equivalent to those of the Fund following the Private Fund Phase. The Fund was not subject to limitations, diversification requirements and other restrictions imposed by the Investment Company Act and the Internal Revenue Code, which, if applicable, may have adversely affected its performance results during the Private Fund Phase. Since the Fund was taxed as a partnership during the Private Fund Phase, before and after-tax returns were substantially the same.

For the period of October 24, 2024 (commencement of operations) to September 30, 2025, the total return of the Fund was 7.13%.

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**Key Components of Our Results of Operations** 

**Investments** 

We focus primarily on targeting direct lending opportunities to U.S. middle market companies throughout the business cycle. Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle market companies, the level of merger and acquisition activity for such companies, the prevailing economic and market environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we must not acquire any assets other than "qualifying assets" specified in the Investment Company 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." Pursuant to rules adopted by the SEC, "eligible portfolio companies" include certain U.S. companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million. See "Item 1. Business—Regulation."

Because our shares will not be limited to accredited investors with an initial investment of at least $25,000, other than CLOs, we must limit our investments in any types of entities that rely on the exceptions set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act (including, but not limited to, hedge funds and private equity funds) to no more than 15% of our net assets.

As of December 31, 2025, the fair value of the Fund's total assets was comprised of approximately 77.7% of "qualifying assets" under Section 55(a) of the Investment Company Act.

**Revenues** 

We generate revenue primarily in the form of interest income on the investments we hold and, to a lesser extent, capital gains on the sales of loans and debt and equity securities and dividend income on direct equity investments. In addition, we generate revenue in the form of commitment, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees and prepayment fees.

Interest and dividend income are recorded on an accrual basis. Loan origination fees, original issue discount and market discounts or premiums are capitalized, and we accrete or amortize such amounts to income. We record contractual prepayment premiums and the acceleration of unamortized premiums or discounts on loans and debt securities as income, which can cause investment income to vary quarter by quarter.

Interest on debt investments is generally payable monthly or quarterly. Some of our investments provide for deferred interest payments or payment-in-kind ("PIK") interest. The principal amount of debt investments and any accrued but unpaid interest generally becomes due at the maturity date. Generally a small but varied number of portfolio companies may make voluntary prepayments in any quarter, meaning that changes in the amount of prepayment fees received can vary significantly between periods and can vary without regard to underlying credit trends. Repayments of our debt investments can reduce interest income from period to period.

We recognize realized gains or losses on sales of investments based on the difference between the net proceeds from the disposition and the amortized cost basis of the investment at time of disposition, without regard to unrealized gains or losses previously recorded. We record changes in unrealized gain or loss on investments based on the current period changes in fair value of investments inclusive of the reversal of previously recorded unrealized gains or losses with respect to investments realized during the current period.

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**Expenses** 

Our primary operating expenses include the payment of fees to our Adviser under the Advisory Agreement and interest and financing costs incurred from our credit facilities. Additionally, we bear other costs and expenses of our operations, administration and transactions, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment advisory and management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses, including travel expenses, incurred by our Adviser, or members of our investment team, or payable to
third parties, in respect of prospective or consummated investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amounts payable to third parties relating to, or associated with, making or holding investments, including legal,
tax, consulting and other professional expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct costs and expenses of administration, including audit, accounting, consulting and legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liability insurance for Trustees and officers and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest payable on debt incurred to finance our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• calculation of our net asset value (including the costs and expenses of any independent valuation firms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Trustee fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain costs and expenses relating to distributions paid on our shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of any reports, proxy statements or other notices to our Shareholders, the SEC and other regulatory
authorities (including printing and mailing costs), the costs of any Shareholders' meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our fidelity bond.

We bear other costs and expenses of our operations and transactions in accordance with and as set forth in more detail in our Advisory Agreement. See "Item 1. Business—Advisory Agreement" and "—Administrative Services."

**Portfolio and Investment Activity** 

As of September 30, 2025, our investment portfolio consisted of secured debt with an aggregate fair value of $191.0 million and an aggregate amortized cost of $190.4 million. As of that date, our portfolio on a fair value basis was invested 100.0% in secured debt (96.8% in first lien debt and 3.2% in second lien debt).

The table below summarizes our investments as of September 30, 2025 and December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ($ in millions) | **Amortized<br>Cost** | **Fair<br>Value** | **Percentage<br>of Total<br>Fair Value** | **Amortized<br>Cost** | **Fair<br>Value** | **Percentage<br>of Total<br>Fair Value** |
|  First-lien debt | $184.2 | $184.9 | 96.8% | $65.1 | $65.2 | 100.0% |
|  Second-lien debt | 6.1 | 6.1 | 3.2% |  |  | 0.0% |
|  Equities |  |  | 0.0% |  |  | 0.0% |
|  Other investments |  |  | 0.0% |  |  | 0.0% |
|  **Total** | $**190.4** | $**191.0** | **100.0%** | $**65.1** | $**65.2** | **100.0%** |

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As of September 30, 2025, we had investments in 33 portfolio companies, with an aggregate fair value of $191.0 million. As of September 30, 2025, our portfolio has an average portfolio company investment size of $5.8 million based on fair value. For the three and nine months ended September 30, 2025 the average aggregate investment portfolio size based on fair value was $142.8 million and $106.7 million, respectively.

As of December 31, 2024, we had investments in 12 portfolio companies, with an aggregate fair value of $65.2 million. As of December 31, 2024, our portfolio has an average portfolio company investment size of $5.4 million based on fair value. For the period October 24, 2024 (commencement of operations) through December 31, 2024 the average aggerate investment portfolio size based on fair value was $28.3 million.

For the three and nine months ended September 30, 2025, we funded $86.8 million and $126.1 million, respectively, in 13 and 22 new portfolio companies, respectively, and $3.8 million and $7.1 million in existing portfolio companies. For this period, the weighted average term for investments in new portfolio companies was 4.6 and 4.9 years, respectively, and we received $2.0 million and $8.3 million, respectively, of aggregate repayments, paydowns and sales.

For the period October 24, 2024 (commencement of operations) through December 31, 2024, we funded $65.3 million in 12 new portfolio companies and $0 in existing portfolio companies. For this period, the weighted average term for new investments in new portfolio companies was 5.2 years, and we received $0.2 million of aggregate repayments, paydowns and sales.

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Our investment activity for three and nine months ended September 30, 2025 and the period October 24, 2024 (commencement of operations) through December 31, 2024 is presented below:

---

| | | | |
|:---|:---|:---|:---|
| ($ in millions) | **For the three<br>months ended<br>September 30, 2025** | **For the nine<br>months ended<br>September 30, 2025** | **For the period<br>October 24, 2024<br>(commencement of<br>operations)<br>through December 31,<br>2024** |
|  **Investment Fundings:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New purchases | $86.8 | $126.1 | $65.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Follow-ons | 3.8 | $7.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Fundings | $90.6 | $133.2 | $65.3 |
|  **Investments funded:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-lien debt | $87.5 | $127.1 | $65.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second-lien debt | 3.1 | 6.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other secured debt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $90.6 | $133.2 | $65.3 |
|  **Investments sold or repaid:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-lien debt | $2.0 | $8.3 | $0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second-lien debt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other secured debt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $2.0 | $8.3 | $0.2 |
|  Number of new investment commitments in new portfolio companies | 13 | 22 | 12 |
|  Average new investment fundings in new portfolio companies | $7.2 | $6.0 | $4.3 |
|  Weighted average term (years) for new investments in new portfolio companies | 4.6 | 4.9 | 5.2 |
|  Percentage of new floating rate investments at fair value | 96.3% | 94.9% | 100.0% |
|  Percentage of new fixed rate investments at fair value | 3.7% | 5.1% | 0.0% |
|  Weighted average yield of new investments at fair value | 11.1% | 10.9% | 10.9% |
|  Weighted average spread over SOFR of new floating rate investments at fair value | 5.8% | 5.6% | 5.9% |

---

The weighted average yields and interest rates of our debt investments at fair value, as of September 30, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  Weighted average total yield of performing debt investments | 10.8% | 10.9% |
|  Weighted average interest rate of performing debt investments | 9.9% | 10.4% |
|  Weighted average spread over SOFR of floating rate performing investments | 5.8% | 5.9% |

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**Portfolio Monitoring** 

Our Adviser monitors our portfolio companies on an ongoing basis. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assessment of success in adhering to the portfolio company's business plan and compliance with covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic
sponsor to discuss financial position, requirements and accomplishments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparisons to our other portfolio companies in the industry, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attendance at and participation in board meetings or presentations by portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of monthly and quarterly financial statements and financial projections of portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly portfolio review process to review performance and outlook relative to the original investment thesis
and expectations.

**Results of Operations** 

Results of Operations for the three and nine months ended September 30, 2025 and the period October 24, 2024 (commencement of operations) through December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| (in millions)\* | **For the three<br>months ended<br>September 30,<br>2025** | **For the nine<br>months ended<br>September 30,<br>2025** | **For the period<br>October 24, 2024<br>(commencement of<br>operations)<br>through December 31,<br>2024** |
|  Total investment income | $3.9 | $8.8 | $0.7 |
|  Less: Net expenses | 1.8 | 4.9 | 1.5 |
|  Net investment income | 2.1 | 3.9 | (0.8) |
|  Net realized gain (loss) | 0.0 | (0.0) |  |
|  Net change in unrealized gain (loss) | 0.4 | 0.5 | 0.1 |
|  **Net increase (decrease) in net assets and partners' capital resulting from operations** | $**2.5** | $**4.4** | $**(0.7)** |

---

---

| | |
|:---|:---|
| (\*) | Totals may not foot due to rounding.  |

---

***Investment Income***

Investment income for the three and nine months ended September 30, 2025 and the period October 24, 2024 (commencement of operations) through December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| (in millions)\* | **For the three<br>months ended<br>September 30,<br>2025** | **For the nine<br>months ended<br>September 30,<br>2025** | **For the period<br>October 24, 2024<br>(commencement of<br>operations)<br>through December 31,<br>2024** |
|  Interest income | $3.9 | $8.8 | $0.7 |
|  Dividend income |  |  |  |
|  PIK interest income | 0.0 | 0.0 |  |
|  Other income | 0.0 | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | $**3.9** | $**8.8** | $**0.7** |

---

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| | |
|:---|:---|
| (\*) | Totals may not foot due to rounding.  |

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For the three months ended September 30, 2025, total investment income was $3.9 million, driven by the continued deployment of capital. The size of our investment portfolio at fair value was $191.0 million on September 30, 2025 and the weighted average yield on the debt and income producing portfolio at fair value was 10.8%.

For the nine months ended September 30, 2025, total investment income was $8.8 million, driven by the continued deployment of capital. The size of our investment portfolio at fair value was $191.0 million on September 30, 2025 and the weighted average yield on the debt and income producing portfolio at fair value was 10.8%.

For the period from October 24, 2024 (commencement of operations) to December 31, 2024, total investment income was $0.7 million, driven by the initial deployment of capital. The size of our investment portfolio at fair value was $65.2 million on December 31, 2024 and the weighted average yield on the debt and income producing portfolio at fair value was 10.9%.

***Expenses***

Operating expenses for the three and nine months ended September 30, 2025 and the period October 24, 2024 (commencement of operations) through December 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| (in millions)\* | **For the three<br>months ended<br>September 30,<br>2025** | **For the nine<br>months ended<br>September 30,<br>2025** | **For the period<br>October 24, 2024<br>(commencement of<br>operations)<br>through December 31,<br>2024** |
|  Interest and financing expenses | $1.6 | $4.5 | $0.5 |
|  Origination fee |  |  | 0.7 |
|  Income incentive compensation |  |  |  |
|  Capital gains incentive compensation |  |  |  |
|  Professional fees | 0.5 | 0.7 | 0.2 |
|  Administration fees | 0.2 | 0.7 | 0.2 |
|  Trustee fees |  |  |  |
|  Offering costs write off |  |  |  |
|  Other general and administrative expenses | 0.0 | 0.1 | 0.0 |
|  Organization expenses |  |  | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | $**2.2** | $**6.0** | $**2.4** |
|  Expense support | (0.4) | (0.4) | (0.8) |
|  Origination fee waiver |  | (0.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | $**1.8** | $**4.9** | $**1.6** |

---

---

| | |
|:---|:---|
| (\*) | Totals may not foot due to rounding.  |

---

For the three months ended September 30, 2025, net expenses were $1.8 million, primarily attributable to interest and financing expenses. Interest and financing expenses were driven by $75.8 million of average borrowings at a total annualized cost of 8.16%. No management and incentive fees were incurred. Total expenses were partially offset by $0.4 million of expense support.

For the nine months ended September 30, 2025, net expenses were $4.9 million, primarily attributable to interest and financing expenses. Interest and financing expenses were driven by $73.0 million of average borrowings at a total annualized cost of 8.28%. No management and incentive fees were incurred. Total expenses were partially offset by $0.4 million of expense support and $0.7 million of origination fee waiver. The Adviser

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agreed to irrevocably waive origination fees from the Fund's commencement in 2025 and the Fund recorded the waiver on January 1, 2025.

For the period from October 24, 2024 (commencement of operations) to December 31, 2024 net expenses were $1.6 million, primarily attributable to interest and financing expenses and origination fees. Interest and financing expenses were driven by $22.8 million of average borrowings at a total annualized cost of 11.0%. Origination fees accrued at 1% of the aggregate amount of investments committed and entered into by the Fund during the period. No management and incentive fees were incurred. Total expenses were partially offset by $0.8 million of expense support.

***Net Realized Gain (Loss) and Net Change in Unrealized Appreciation (Depreciation)***

We fair value our portfolio investments monthly and any changes in fair value are recorded as unrealized appreciation or depreciation. Upon exit of an investment, we reverse the unrealized appreciation or depreciation and recognize realized gain or loss, if any.

For the three and nine months ended September 30, 2025 and the period October 24, 2024 (commencement of operations) through December 31, 2024, net gain (loss) is summarized below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended<br>September 30, 2025** | **For the three months ended<br>September 30, 2025** | **For the three months ended<br>September 30, 2025** | **For the nine months ended<br>September 30, 2025** | **For the nine months ended<br>September 30, 2025** | **For the nine months ended<br>September 30, 2025** | **For the period October 24, 2024<br>(commencement of operations)<br>through December 31, 2024** | **For the period October 24, 2024<br>(commencement of operations)<br>through December 31, 2024** | **For the period October 24, 2024<br>(commencement of operations)<br>through December 31, 2024** |
| (in millions)\* | **Gains /<br>Appreciation** | **Losses /<br>Depreciation** | **Net<br>Capital<br>Gains /<br>Losses** | **Gains /<br>Appreciation** | **Losses /<br>Depreciation** | **Net<br>Capital<br>Gains /<br>Losses** | **Gains /<br>Appreciation** | **Losses /<br>Depreciation** | **Net<br>Capital<br>Gains /<br>Losses** |
|  Realized | $0.0 | $(0.0) | $0.0 | $0.0 | $(0.1) | $(0.0) | $— | $— | $— |
|  Change in Unrealized | 0.8 | (0.4) | 0.4 | 1.4 | (0.9) | 0.5 | 0.1 | (0.0) | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Capital Gains / Losses** | $**0.9** | $**(0.4)** | $**0.4** | $**1.4** | $**(0.9)** | $**0.5** | $**0.1** | $**(0.0)** | $**0.1** |

---

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| | |
|:---|:---|
| (\*) | Totals may not foot due to rounding.  |

---

For the three months ended September 30, 2025, we recognized $0.8 million of gross unrealized gains on investments and $0.4 million of gross unrealized losses on investments, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $0.4 million.

For the nine months ended September 30, 2025, we recognized $1.4 million of gross unrealized gains on investments and $0.9 million of gross unrealized losses on investments, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $0.5 million.

For the period from October 24, 2024 (inception) to December 31, 2024, we recognized gross unrealized gains on investments of $0.11 million and $0.0 million of gross unrealized losses on investments, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $0.10 million.

***Derivatives and Hedging***

In the normal course of business, the Fund has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Fund's derivative activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Fund manages these risks on an aggregate basis as part of its risk management process.

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The Fund seeks to manage the currency risks associated with investments denominated in currencies other than U.S. dollars by using foreign currencies and entering into foreign currency forward contracts. In a foreign currency forward contract, the Fund agrees to recover or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. The foreign currency forward contracts are recorded at fair value. The Fund does not utilize hedge accounting and as such, realized and unrealized gains and losses on foreign currency forward contracts are included on the consolidated statements of operations.

Additionally, the Fund seeks to mitigate interest rate risk associated with fixed rate investments by entering into interest rate swaps. Interest rate swaps are recorded at fair value and are presented either as a derivative asset or a derivative liability on the Fund's consolidated statements of assets and liabilities, depending on the nature of the balance at period end. Changes in the fair value of the interest rate swaps are presented as part of change in unrealized appreciation (depreciation) on the consolidated statements of operations for interest rate swaps not designated as hedging instruments. Interest rate swap agreements are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the interest rate swaps does not take into account collateral posted which is recorded separately as due to or due from broker on the Fund's consolidated statements of assets and liabilities, depending on the nature of the balance at period end.

**Financial Condition, Liquidity and Capital Resources** 

Our liquidity and capital resources are derived primarily from advances from our credit facilities, cash flows from operations and through the Commitment Period, proceeds from subscriptions. The primary uses of our cash and cash equivalents are investments, costs of operations, debt service, repayment and other financing costs and distributions to investors.

We may from time to time enter into additional credit facilities, increase the size of existing facilities or issue debt and convertible debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. As of September 30, 2025 and December 31, 2024, our asset coverage ratio was 177% and 128%. We have carefully considered our unfunded portfolio commitments for the purpose of planning our capital resources and liquidity including our financial leverage. As of September 30, 2025 and December 31, 2024, our unfunded portfolio commitments were approximately $6.8 million and $3.2 million. Further, we maintain sufficient cash and borrowing capacity to cover any short term funding requirements.

Cash as of September 30, 2025 and December 31, 2024, taken together with cash available from our credit facilities, is expected to be sufficient for our investing activities and to conduct our operations in the near term. As of September 30, 2025 and December 31, 2024, we had approximately $106 million and $0 of availability on our third-party debt facilities, subject to asset coverage limitations.

As of September 30, 2025 and December 31, 2024, we had $12.8 million and $11.2 million in cash. During the nine months ended September 30, 2025, cash used in operating activities was $(119.8) million, primarily driven by purchases of investments of $(133.2) million offset by proceeds from investments of $8.3 million, other operating activity of $0.7 million and an increase in net assets resulting from operations of $4.4 million. Lastly, cash provided by financing activities was $121.3 million, primarily due to proceeds from borrowings of $56.3 million and capital contributions of $65.0 million.

*Debt* 

Debt obligations consisted of the following as of September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Facility** | **Total Principal<br>Amount<br>Committed** | **Principal<br>Amount<br>Outstanding** | **Interest Rate** | **Maturity<br>Date** | **Maturity<br>Term** |
|  Wells Fargo Credit Facility | $200000000 | $94000000 | SOFR+2.05% | 7/10/2030 | 4.8 years |

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As of September 30, 2025, we were in compliance with the terms of our debt arrangements. We intend to continue to utilize our credit facilities to fund investments and for other general operating purposes.

**Off-Balance Sheet Arrangements** 

***Portfolio Fund Commitments***

From time to time, we may enter into commitments to fund investments. We incorporate these commitments into our assessment of our liquidity position. Our senior secured revolving loan commitments are generally available on a borrower's demand and may remain outstanding until the maturity date of the applicable loan. Our senior secured term loan commitments generally require certain criteria to be met to be released, and, once drawn, generally have the same remaining term as the associated Revolving Credit Facility.

As of September 30, 2025 and December 31, 2024, we had the following commitments to fund investments in current portfolio companies:

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| | | |
|:---|:---|:---|
| ($ in millions) | **September 30,<br>2025** | **December 31,<br>2024** |
|  First Lien Secured Debt | $6.8 | $3.2 |
|  Second Lien Secured Debt |  |  |
|  Other Investments |  |  |
|  **Total Portfolio Fund Commitments** | $6.8 | $3.2 |

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***Derivatives as Financing Arrangements***

From time to time, we may enter into total return swap contracts ("TRS") for financing purposes. A TRS is a notionalized contract, in which one party agrees to make payments to another party based on the increase, if any, in the market value of the asset(s) underlying the TRS, and the other party agrees to make payments to the first party based on the decrease, if any, in the market value of such underlying assets plus periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to an underlying asset without owning or taking physical custody of the underlying asset. A TRS often offers lower financing costs than are offered through more traditional borrowing arrangements.

Under the terms of the TRS, we may be required to post additional collateral, on a dollar-for-dollar basis, in certain circumstances, including in the event of depreciation or appreciation in the value of the underlying loans. The limit on the additional collateral that we may be required to post pursuant to the TRS is equal to the difference between the full notional amount of the loans underlying the TRS and the amount of cash collateral already posted. As of the date hereof, we did not hold any investments financed via TRS, but may do so in the future.

***Buy/Sell-back Transactions and Reverse Repurchase Agreements***

From time to time, we may also enter into buy/sell-back transactions (a form of delayed delivery agreement). In a buy/sell-back transaction, we enter a trade to sell securities at one price and simultaneously enter a trade to buy the same securities at another price for settlement at a future date. Although the Fund generally intends to acquire or dispose of securities on a forward commitment, when-issued or delayed delivery basis, the Fund may sell these securities or its commitment before the settlement date if deemed advisable. As of September 30, 2025 and December 31, 2024 we had $15.4 million and $50.8 million in outstanding buy/sell-back financing, respectively.

We may also enter into reverse repurchase transactions ("Repo") in order to obtain financing on certain investments. In Repo agreements, one party sells assets to another party and agrees to repurchase the same assets at an agreed upon price and date. Under Repo transactions, one party agrees to make payments to another party

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based on the increase, if any, in the market value of the underlying asset(s), and the other party agrees to make payments to the first party based on the decrease, if any, in the market value of such underlying assets plus periodic payments based on a fixed or variable interest rate. A Repo often offers lower financing costs than are offered through more traditional borrowing arrangements and terms are customizable for each asset.

Under the terms of the Repo, we may be required to post additional collateral in certain circumstances, including in the event of depreciation or appreciation in the value of the underlying loans. The limit on the additional collateral that we may be required to post pursuant to the Repo is equal to the difference between the repurchase price and the amount of cash collateral already posted. As of September 30, 2025 and December 31, 2024 we had no outstanding Repo agreements.

***Other Commitments, Contingencies and Contractual Obligations***

*Contractual Obligations* 

As of September 30, 2025, our contractual payment obligations are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| ($ in millions) | **Total** | **Less<br>than<br>1 year** | **1-3 years** | **3-5 years** | **After<br>5 years** |
|  Wells Credit Facility | $94.0 | $— | $— | $94.0 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Contractual Obligations** | $**94.0** | $**—** | $**—** | $**94.0** | $**—** |

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*Contracts* 

We have entered into three contracts under which we have future commitments: the Advisory Agreement, the Administration Agreement and the Sub-Administration Agreement. See "Item 1. Business—Advisory Agreement; Administration Agreement" and "—Sub-Administration Agreement." Payments under the Advisory Agreement are equal to (1) a percentage of the value of our average gross assets (including assets purchased with borrowed amounts) and (2) a two-part incentive fee. Reimbursements under the Administration Agreement are equal to an amount that the Administrator incurs for costs and expenses and the Fund's allocable portion of overhead incurred by our Adviser in performing its obligations as Administrator under the Administration Agreement. Either party may terminate the Advisory Agreement or the Administration Agreement without penalty upon at least 60 days' written notice to the other.

*Financial Instruments* 

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

**Quantitative and Qualitative Disclosures About Market Risk** 

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio.

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. 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. See "Item 1A. Risk Factors—Risks Relating to Our Business and Structure—We are exposed to risks associated with changes in interest rates."

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As of September 30, 2025, approximately 96.7% of our performing debt investments at fair value in our portfolio bore interest at variable rates with interest rate floors and approximately 3.3% bore interest at fixed rates. From time to time, the Fund seeks to mitigate interest rate risk associated with fixed rate investments by entering into interest rate swaps (refer to "Item 2. Financial Information—Management's Discussion and Analysis of Financial Conditions and Results of Operations—Derivatives and Hedging" for further details). As of September 30, 2025, we held no interest rate swaps.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the Investment Company Act and the Volcker Rule. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates. During the periods covered by this Registration Statement, we did not engage in material interest rate hedging activities.

Based on our September 30, 2025 balance sheet values for floating rate portfolio investments and outstanding debt, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors and caps for variable rate instruments and excluding the impact of interest rate swaps, if any), assuming no changes in our investment and borrowing structure:

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| | | | |
|:---|:---|:---|:---|
| ($ in millions) | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Basis Point Change** | **Change in Interest<br>Income** | **Change in Interest<br>Expense** | **Change in Net<br>Investment Income** |
|  Up 300 basis points | $5.6 | $(2.8) | $2.8 |
|  Up 200 basis points | 3.7 | (1.9) | 1.8 |
|  Up 100 basis points | 1.8 | (0.9) | 0.9 |
|  Up 50 basis points | 0.9 | (0.5) | 0.4 |
|  Down 50 basis points | (0.9) | 0.5 | (0.4) |
|  Down 100 basis points | (1.7) | 0.9 | (0.8) |
|  Down 200 basis points | (3.4) | 1.9 | (1.5) |
|  Down 300 basis points | (4.8) | 2.8 | (2.0) |

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**Critical Accounting Policies** 

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. The preparation of the consolidated financial statements requires management 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 materially.

For a description of our critical accounting policies, see Note 2 "Summary of Significant Accounting Policies" to our consolidated financial statements included in this Registration Statement. We consider the most significant accounting policies to be those related to i) Valuation of Investments and Derivative Contracts and ii) Investment Transaction and Related Income and Expense.

***Valuation of Investments and Derivative Contracts***

Investments owned at fair value consist primarily of secured loans, bonds, real estate properties and equities. Derivative contracts consist of foreign currency forward contracts and interest rate swaps.

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Effective January 29, 2025, the Board designated our Adviser as the Fund's valuation designee pursuant to Rule 2a-5 under the Investment Company Act, which establishes requirements for determining fair value in good faith for purposes of the Investment Company Act. Accordingly, our Adviser has appointed its BDC Valuation Committee with the responsibility for fair value determinations pursuant to valuation procedures adopted for the Fund. The Board oversees the Adviser in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the Investment Company Act.

Investments and derivative contracts are valued in good faith by the Adviser, as the Fund's valuation designee, at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative "bid" quotation if held long and the representative "ask" quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources. Derivative contracts not listed on an exchange are generally valued through industry-standard valuation models using inputs obtained from pricing vendors and from the relevant derivative contract.

Investments for which independent pricing sources or recent transaction activity are either not readily available or are not deemed reliable ("Non-quoted Investments") are fair valued as determined in good faith by the Adviser, as the Fund's valuation designee. Non-Quoted Investments are valued in a multi-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The BDC valuation team within the Fund Accounting team of the Adviser ("Fund Accounting") provides
recent portfolio company financial statements and other reporting materials to independent valuation firm(s) ("IVF") approved by the BDC Valuation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The IVF evaluates this information along with relevant observable market data to conduct independent valuations
each quarter, and their valuation recommendations are documented and discussed with the BDC Valuation Committee, Fund Accounting and the relevant investment professionals, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The valuation recommendations for certain investments may be determined by the BDC Valuation Committee in good
faith in accordance with the valuation policy for the Fund without the employment of an IVF, based on immateriality or other considerations as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The BDC Valuation Committee discusses the valuations and approves the fair value of the investments in good
faith based on the input and advice provided by the IVF, the BDC valuation team and relevant investment professionals of the Adviser, as necessary.

The Fund conducts this valuation process on a monthly basis.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

We apply the authoritative guidance on fair value measurements and disclosures under ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820") which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. Consistent with ASC 820, we disclose the fair value of investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets

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or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser's perceived risk of that instrument.

See Note 2 to our consolidated financial statements included in this registration statement for more information on the fair value of our investments.

Our accounting policy on the fair value of our investments is critical because the determination of fair value involves subjective judgments and estimates. Under current auditing standards 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.

***Income Recognition***

Interest income is recognized on an accrual basis. Loan origination fees, OID and market discounts are capitalized and accreted into interest income over the contractual life of the loan. The amortized cost of investments represents the original cost adjusted for accretion of fees, if any. Upon the prepayment of a loan, prepayment premiums and any unamortized fees are recorded as interest income. For loans that contain PIK provisions, PIK interest is computed at the contractual rate specified in each loan agreement and is recorded as interest income on an accrual basis. On the specified capitalization date, PIK interest is added to the cost of the loan and principal balance due at maturity.

Debt investments are generally placed on non-accrual status when payments are past due and there is reasonable doubt that principal or interest will be collected. Generally, accrued interest is reversed against interest income when a debt investment is placed on non-accrual status. Interest payments received on debt investments on non-accrual status may be recognized as interest income or treated as a reduction of cost basis of the debt investment based on management's judgment on ultimate recovery.

Investment transactions are recorded on a trade date basis. Realized gains or losses are determined on a specific identification basis and are measured by the difference between the net proceeds received in a sale and the amortized cost basis of the investment at time of disposition. The net change in unrealized gains or losses

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primarily reflects the change in investment values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Our accounting policy on 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.

***Distributions***

We intend to pay quarterly dividends to our Shareholders out of assets legally available for distribution. All dividends will be paid at the discretion of our Board and will depend on our earnings, financial condition, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

***Federal Income Taxes***

We follow the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which require us to determine whether each of our tax positions is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.

We file tax returns as prescribed by the tax laws of the jurisdictions in which we operate and invest, if required. In the normal course of business, the Fund is subject to examination by U.S. federal, state, local and foreign jurisdictions, where applicable. The Fund may be subject to examination by such jurisdictions for all open tax years. Interest and penalties, if any, related to unrecognized tax positions, are recorded as income tax expense. For the period ended September 30, 2025, there were no interest and penalties and there was no impact to the consolidated financial statements related to accounting for uncertainty in income taxes.

**Exemptive Relief** 

Our affiliates have obtained an exemptive order from the SEC to permit greater flexibility to negotiate the terms of co-investments if our Board of Trustees determines that it would be advantageous for us to co-invest with other affiliated funds managed by our Adviser or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

**Item 3. Properties.** 

We do not own any real estate or other properties materially important to our operations. Our principal executive office is located at Two Greenwich Plaza, Suite 1, Greenwich, Connecticut 06830.

**Item 4. Security Ownership of Certain Beneficial Owners and Management.** 

As of February 1, 2026, there were 7,676,608 common shares outstanding. The following table sets forth information with respect to the expected beneficial ownership of our common shares as of the date of this Registration Statement, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known to us to be expected to beneficially own more than 5% of the outstanding shares of our common
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our Trustees and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our Trustees and executive officers as a group.

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Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. There are no common shares subject to options that are currently exercisable or exercisable within 60 days of the date of this Registration Statement.

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| | | | |
|:---|:---|:---|:---|
| **Name and address(1)** | **Type of ownership** | **Shares<br>owned** | **Percentage of common stock<br>currently outstanding** |
|  **Trustees and Named Executive Officers** |  |  |  |
|  Laurence M. Austin |  |  |  |
|  Steven E. Brown |  |  |  |
|  Kristen Clark |  |  |  |
|  Anthony DiNello |  |  |  |
|  Jesse Dorigo |  |  |  |
|  James Kasmarcik |  |  |  |
|  **Other** |  |  |  |
|  Partners Capital Phoenix Fund II Ltd—Diversified Income Fund<sup>(2)</sup> | Record/Beneficial | 3794609 | 49.4% |
|  Mellifera L.P<sup>(3)</sup> | Record/Beneficial | 1502815 | 19.6% |
|  Canal and River Trust<sup>(4</sup><sup>)</sup> | Record/Beneficial | 413274 | 5.4% |

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(1) The address for all of the Fund's officers and trustees is c/o Silver Point Private Credit Fund, Two
Greenwich Plaza, Suite 1, Greenwich, Connecticut 06830.

(2) The address of Partners Capital Phoenix Fund II Ltd—Diversified Income Fund is *89 Nexus Way, Camana Bay, Cayman Islands, KY1-9009.* Such shares are held through an entity for which Partners Capital Phoenix Fund II Ltd—Diversified Income Fund has pass through voting power and dispositive power.

(3) The address of Mellifera L.P. is *Maples Corporate Services Limited, Ugland House, Grand Cayman, KY1-1104.* Such shares are held through an entity for which Mellifera L.P. has pass through voting power and dispositive power.

(4) The address of Canal and River Trust is National Waterways Museum, Ellesmere Port South Pier Road, Cheshire,
United Kingdom, CH65 4FW. Such shares are held through an entity for which Canal and River Trust has pass through voting power and dispositive power.

**Item 5. Trustees and Executive Officers.** 

Overall responsibility for our oversight rests with our Board of Trustees. We have engaged our Adviser to manage us on a day-to-day basis. Our Board of Trustees is responsible for overseeing our Adviser and other service providers in our operations in accordance with the provisions of the Investment Company Act, applicable provisions of state and other laws and our charter. Our Board of Trustees is currently composed of five members, three of whom are not "interested persons" of our Fund or our Adviser as defined in the Investment Company Act. Our Board of Trustees meets in-person at regularly scheduled quarterly meetings each year. In addition, our Board of Trustees may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, our Board of Trustees has established an Audit Committee, a Governance, Nominating and Compensation Committee, and a Co-Investment Committee and may establish ad hoc committees or working groups from time to time, to assist our Board of Trustees in fulfilling its oversight responsibilities.

**Board of Trustees** 

Our Board of Trustees is divided into three classes, Class I, Class II and Class III. The initial members of the three classes have initial terms ending at the annual meetings held in the first, second and third years after our shares are listed for trading on a stock exchange and thereafter will hold office for additional three year terms assuming they are re-elected. Because our shares are not listed for trading, each current Trustee will hold office indefinitely until we call an annual meeting of shareholders and his or her successor is duly elected and qualified or until the Trustee resigns or otherwise leaves office.

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**Trustees** 

Certain information regarding the Board of Trustees is set forth in the table below. Trustees who are not interested persons (as defined in Section 2(a)(19) of the Investment Company Act) of the Fund are referred to herein as "Independent Trustees."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br>Business Address<sup>(1)</sup><br>and Year of Birth** | **Position(s)<br>Held with<br>the Fund** | **Term of Office and<br>Length of Time<br>Served** | **Principal<br>Occupations<br>During the Past<br>Five Years** | **Number of<br>Portfolios in<br>Fund<br>Complex<sup>(2)</sup><br>Overseen<br>by Trustee** | **Other Directorships<br>held by Trustee<br>During the Past<br>Five Years** |
|  **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** | **INDEPENDENT TRUSTEES:** |
| Laurence M. Austin<br> Year of Birth: 1957 | Trustee | Trustee since January 29, 2026<br>Term of Office—Class I | Current: Chairman and Portfolio Manager, Endeavour Capital Advisors (1994-Present) | 2 | Trustee, Silver Point Specialty Lending Fund (since 2021); Former: Mexico Tower Partners, Holdco (2014-2019) (tele-communications infrastructure). |
| Steven E. Brown<br> Year of Birth: 1962 | Trustee | Trustee since January 29, 2026<br>Term of Office—Class III | Current: Vice President, Treasury and Risk Management (2017-Present), Director, Risk Management (2013-2017), Mansfield Energy Corp. (energy and energy services) | 2 | Trustee, Silver Point Specialty Lending Fund (since 2021) |
|  **INTERESTED TRUSTEES<sup>(3)</sup>:** | **INTERESTED TRUSTEES<sup>(3)</sup>:** | **INTERESTED TRUSTEES<sup>(3)</sup>:** | **INTERESTED TRUSTEES<sup>(3)</sup>:** | **INTERESTED TRUSTEES<sup>(3)</sup>:** | **INTERESTED TRUSTEES<sup>(3)</sup>:** |
| Kristen Clark<sup>(4)</sup><br> Year of Birth: 1972 | Trustee | Trustee since September 18, 2024<br>Term of Office—Class II | Current: Senior Controller, Silver Point | 2 | Trustee, Silver Point Specialty Lending Fund (since 2021) |

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(1) The business address of each Trustee is c/o Silver Point Private Credit Fund, Two Greenwich Plaza, Suite 1,
Greenwich, Connecticut 06830.

(2) The "Fund Complex" includes the Fund and Silver Point Specialty Lending Fund.

(3) Ms. Clark is deemed to be an "interested person" of the Fund under the Investment Company Act
because of her affiliation with our Adviser.

(4) Individual currently serves as a trustee of other funds managed by Silver Point.

**Laurence Austin** 

Mr. Austin is the Chairman and Portfolio Manager of Endeavour Capital Advisors, a financial services sector investment firm he co-founded in 1994. Prior to building Endeavour Capital, Mr. Austin was a senior

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member of the research team of Adams, Cohen Securities Inc., a boutique investment banking firm focused on financial institutions from 1987 to 1993. Before joining Adams, Cohen Securities, Mr. Austin was at Merrill, Lynch, Pierce, Fenner & Smith, Inc. from 1981 to 1986. He received a B.A. from the State University of New York at Albany.

**Steven Brown** 

Mr. Brown has over 30 years' experience in Treasury and Risk Operations in the energy sector. He is currently Vice President of Treasury and Risk Management at Mansfield Energy Corp. in Gainesville, GA. Prior to his employment at Mansfield, Mr. Brown held various positions in risk management at GenOn Energy, Inc. (formerly Mirant Corporation), including Director of Counterparty Risk and Director of Trading Control. Mr. Brown holds a bachelor's degree in Economics from the Wharton School, University of Pennsylvania and a master's degree in Accounting and Finance from the London School of Economics.

**Kristen Clark** 

Ms. Clark has over 20 years' experience in accounting and reporting in the investment management industry. She is currently a Senior Controller of Silver Point Capital, having joined the firm in 2013. Prior to Silver Point Capital, she was a Senior Vice President and Controller with Magnitude Capital and a Vice President and Assistant Controller with Tudor Investment Corporation where she worked for 12 years. Before Tudor, Ms. Clark was an auditor at Arthur Andersen and accountant with Roebinson, Silverman, Pearce, Aronsohn, and Berman. She received a B.B.A. in Accounting from Siena College.

**Executive Officers Who Are Not Also Trustees** 

Information regarding our executive officers who are not also Trustees is as follows:

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| | | |
|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** |
| Anthony DiNello | 1981 | Chief Executive Officer and President |
| Jesse Dorigo | 1983 | Chief Financial Officer |
| James Kasmarcik | 1976 | Chief Compliance Officer |

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The address for each executive officer is c/o Silver Point Private Credit Fund, Two Greenwich Plaza, Suite 1, Greenwich, Connecticut 06830.

**Anthony DiNello** 

Mr. DiNello is the Head of Direct Lending at Silver Point Capital and Chief Executive Officer and President of the Fund and SPSL. He is also Chairman of the Board of SPSL. He serves as an Investment Committee Member for the Direct Lending Strategy. He joined the Firm in 2006 as an investment analyst and has worked on both the Direct Lending and Restructuring teams. In 2015, following Silver Point's launch of SPSL, Mr. DiNello began focusing exclusively on Direct Lending, before assuming his current role of Head of Direct Lending in 2020. Prior to joining Silver Point, Mr. DiNello worked in the Global Industrials & Services Group at Credit Suisse First Boston. Mr. DiNello graduated with highest honors from the University of Michigan Business School, earning a BBA with an emphasis in Finance and Accounting.

**Jesse Dorigo** 

Mr. Dorigo is the Chief Financial Officer, overseeing all operations, accounting, financing, analysis and reporting related to the Silver Point funds. Mr. Dorigo initially joined Silver Point Capital in 2005 on the Accounting and Valuation teams, ultimately leading and developing the Valuation team, Reporting team, and the Financing team. He was named Deputy CFO in 2017 and CFO of Silver Point's funds in January 2020. Mr. Dorigo graduated from New York University's College of Arts and Science with a B.A. in Economics.

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**James Kasmarcik** 

Mr. Kasmarcik joined Silver Point Capital in April 2008. He is the Chief Compliance Officer of our Adviser and Chief Compliance Officer and Secretary of the Fund and SPSL. Prior to joining Silver Point Capital, Mr. Kasmarcik worked for the Enforcement Division of the SEC from July 1999 to April 2008. Mr. Kasmarcik earned a J.D. from Pace Law School and a B.S. in Business Administration – Finance from Binghamton University.

**Independent Trustee Securities Ownership in Investment Advisers or Principal Underwriters of the Trust and their Affiliates** 

The table below sets forth information about securities owned by our Independent Trustees and their respective immediate family members, as of September 30, 2025, in the Adviser, principal underwriters of the Fund and entities directly or indirectly controlling, controlled by, or under common control with, the Adviser or principal underwriters of the Fund.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Trustee** | **Name of Owners and<br>Relationships to<br>Trustee** | **Company/<br>Partnership** | **Title of Class** | **Value of<br>Securities<br>(in millions)** | **Percent<br>of<br>Class** |
| Laurence M. Austin | Laurence M. Austin Family LLC, affiliate<br> Endeavour Capital Advisors, affiliate | Silver Point Capital Fund, L.P.<sup>(1)</sup> | Partnership interests | $6.6 | 0.22% |
| Laurence M. Austin | Laurence M. Austin<br> Endeavour Capital Advisors, affiliate | Silver Point Select Overflow Fund, L.P.<sup>(1)</sup> | Partnership interests | $2.6 | 0.75% |
| Steven E. Brown |  | N/A | N/A | N/A | N/A |

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(1) Silver Point Capital Fund, L.P and Silver Point Select Overflow Fund, L.P. are under common control with the
Adviser.

**Other Interests in Investment Advisers or Principal Underwriters of the Trust and Their Affiliates** 

Mr. Mulé and members of his immediate family beneficially own interests in Endeavour Capital Private Investments I LP, an affiliate of Mr. Austin. As of September 30, 2025, these beneficial ownership interests had an approximate aggregate value of $8.3 million.

**Leadership Structure and Oversight Responsibilities** 

Overall responsibility for our oversight rests with our Board of Trustees. We have engaged our Adviser to manage us on a day-to-day basis. Our Board of Trustees is responsible for overseeing our Adviser and other service providers in our operations in accordance with the provisions of the Investment Company Act, applicable provisions of state and other laws and our charter. Our Board of Trustees is currently composed of 5 members, 3 of whom are Trustees who are not "interested persons" of our Fund or our Adviser as defined in the Investment Company Act. Our Board of Trustees meets in-person at regularly scheduled quarterly meetings each year. In addition, our Board of Trustees may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, our Board of Trustees has established an Audit Committee and a Governance, Nominating and Compensation Committee, and may establish ad hoc committees or working groups from time to time, to assist our Board of Trustees in fulfilling its oversight responsibilities.

Our Board of Trustees intends to appoint a Chair of our Board of Trustees. The Chair's role will be to preside at all meetings of our Board of Trustees and to act as a liaison with our Adviser, counsel and other

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Trustees generally between meetings. The Chair will serve as a key point person for dealings between management and the Trustees. The Chair also may perform such other functions as may be delegated by our Board of Trustees from time to time. Our Board of Trustees reviews matters related to its leadership structure annually. Our Board of Trustees has determined that our Board of Trustees' leadership structure is appropriate because it allows our Board of Trustees to exercise informed and independent judgment over the matters under its purview and it allocates areas of responsibility among committees of Trustees and the full Board in a manner that enhances effective oversight. The Board has not appointed a Lead Independent Trustee.

We are subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of our Board of Trustees' general oversight of us and is addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of our Adviser and other service providers (depending on the nature of the risk), which carry out our investment management and business affairs. Our Adviser and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each of our Adviser and other service providers has their own independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. Our Board of Trustees recognizes that it is not possible to identify all of the risks that may affect us or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of us, our Board of Trustees interacts with and reviews reports from, among others, our Adviser, our Chief Compliance Officer, our independent registered public accounting firm and counsel, as appropriate, regarding risks faced by us and applicable risk controls. Our Board of Trustees may, at any time and in its discretion, change the manner in which it conducts risk oversight.

***Board Committees***

We currently have two standing committees: the Audit Committee and the Governance, Nominating and Compensation Committee.

***Audit Committee***

The members of the Audit Committee are Laurence Austin and Steve Brown, each of whom meets the current independence and experience requirements of Rule 10A-3 of the Exchange Act and none of whom would be an "interested person" of the Fund as defined in Section 2(a)(19) of the Investment Company Act. Steve Brown is expected to serve as Chair of the Audit Committee. The Fund's Board of Trustees has determined that each member of the Audit Committee is an "audit committee financial expert" as defined under Item 407 of Regulation S-K of the Exchange Act. The Audit Committee is responsible for overseeing matters relating to the appointment and activities of the Fund's auditors, audit plans and procedures, various accounting and financial reporting issues and changes in accounting policies, and reviewing the results and scope of the audit and other services provided by the Fund's independent public accountants.

***Governance, Nominating and Compensation Committee***

The Governance, Nominating and Compensation Committee members are Laurence Austin and Steve Brown, none of whom would be an "interested person" as defined in Section 2(a)(19) of the Investment Company Act. Laurence Austin is expected to serve as the Chair of the Governance, Nominating and Compensation Committee. The Governance, Nominating and Compensation Committee is responsible for identifying, researching and nominating trustees for election by our shareholders, selecting nominees to fill vacancies on our Board of Trustees or a committee of the Board of Trustees, developing and recommending to the Board of Trustees a set of corporate governance principles and overseeing the evaluation of the Board of Trustees and our management. The Governance, Nominating and Compensation Committee considers nominees properly recommended by our shareholders. Our bylaws provide that nominations of persons for election to the

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Board of Trustees at a special meeting may be made only by or at the direction of the Board of Trustees, and provided that the Board of Trustees has determined that trustees will be elected at the meeting, by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

**Our Adviser** 

Silver Point Private Credit Fund Management, LLC, a limited liability company organized under the laws of the State of Delaware, serves as our Adviser. Our Adviser is a wholly owned subsidiary of Silver Point Capital, L.P., a limited partnership organized under the laws of the State of Delaware.

Subject to the supervision of our Board of Trustees, our Adviser provides day-to-day advice regarding our portfolio transactions and is responsible for our business affairs and other administrative matters.

**Founding Principals** 

Edward A. Mulé is our portfolio manager and leads our Adviser's investment committee. The investment committee is responsible for approving all of our investments. The investment committee also monitors investments in our portfolio and approves all asset dispositions. We expect to benefit from the extensive and varied expertise of the investment professionals serving on the investment committee, including experience in primary and secondary leveraged credit, distressed investing, special situations, mergers and acquisitions, and private equity.

Biographical information for Silver Point's Founding Principals is set forth below.

**Edward A. Mulé—Founding Partner, CEO & Portfolio Manager of Silver Point** 

Mr. Mulé is the CEO of Silver Point and Portfolio Manager of Silver Point's funds, having built and run the firm since inception in 2002. Prior to founding Silver Point, Mr. Mulé worked for more than 16 years at Goldman Sachs. Mr. Mulé co-led Goldman Sachs' special situations businesses, including establishing a proprietary middle market direct lending business for the firm. He headed or co-headed Goldman Sachs' Special Situations Investing Business from 1999 to 2001, and co-founded and headed or co-headed the Asian Special Situations Investing Business and associated funds, including the Goldman Sachs Special Opportunities (Asia) Fund, from 1998 to 2001. In 1996, Mr. Mulé established a proprietary middle market lending business for Goldman Sachs. Mr. Mulé was elected general partner in 1994. Before joining Goldman Sachs' special situations efforts in 1995, Mr. Mulé worked for Jon Corzine and Henry Paulson in 1994 and Robert E. Rubin and Stephen Friedman from 1991 to 1994 in the Office of the Chairman. In this role, he assisted the chairmen on strategy and its implementation, as well as reengineering, setting up control and compliance infrastructure and cost cutting. Prior to that, Mr. Mulé was an investment banker in the Mergers and Acquisitions Department from 1984 to 1991, specializing in a number of areas, including telecommunications, consumer products and forest products. He was a member of Goldman Sachs' Senior Traders Committee. Mr. Mulé graduated magna cum laude from the University of Pennsylvania's Wharton School, contemporaneously receiving both his M.B.A. and B.S. degrees at the age of 21.

**Robert J. O'Shea—Founding Partner & Chairman of Silver Point** 

Mr. O'Shea is the Chairman of Silver Point, having built and run the firm since inception in 2002. Prior to founding Silver Point, Mr. O'Shea worked for almost 10 years at Goldman Sachs. Mr. O'Shea joined Goldman Sachs in 1990 to found and build the firm's global bank loan business. Mr. O'Shea, together with Mr. Mulé, led Goldman Sachs' special situations businesses, including establishing a proprietary middle market direct lending business. When he retired from Goldman Sachs' Mr. O'Shea was the Global Head of the High Yield Business Unit leading all of the firm's high yield bond and bank loan underwriting, trading, sales, capital markets and research and the collateralized debt obligation ("CDO") business. Mr. O'Shea was a member of Goldman Sachs' Risk Committee, which was comprised of approximately 15 partners, including the CEO, who were responsible for managing the firm's global risk exposure. He was also on the Board of Goldman Sachs International Bank

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and Senior Traders Committee. He was elected general partner in 1994. Prior to working at Goldman Sachs' he worked at Bear Stearns in the High Yield and Bankruptcy Department and Security Pacific Bank in the Merchant Banking Group. Mr. O'Shea graduated from Fordham University with a B.S. in Finance.

**Portfolio Management** 

Edward A. Mulé is our portfolio manager and leads our Adviser's investment committee. As of December 31, 2025, our portfolio manager, who is primarily responsible for our day-to-day management, manages 40 pooled investment vehicles or other accounts with a total amount of approximately $44 billion in assets under management. Biographical information for Mr. Mulé is set forth under "Management—Founding Principals". The table below shows the dollar range of common shares to be beneficially owned by our portfolio manager.

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| | | |
|:---|:---|:---|
| **Name** | **Aggregate Dollar<br>Range of Equity<br>Securities(1)** | **Aggregate Dollar<br>Range of Equity<br>Securities(1)** |
|  Edward A. Mulé | Over $| 1000000 |

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(1) Dollar ranges are as follows: none, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000 or over $1,000,000.

*Other Accounts Managed*. The information below lists the number of other accounts for which Edward A. Mulé, the Fund's portfolio manager was primarily responsible for the day-to-day management as of December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Accounts** | **Total<br>Number<br>of<br>Accounts<br>Managed** | **Total Assets**<br>**(in millions)** | **Number of<br>Accounts<br>Managed for<br>which<br>Advisory<br>Fee is Based<br>on<br>Performance** | **Total Assets<br>for which<br>Advisory<br>Fee is based<br>on<br>Performance**<br>**(in millions)** |
|  Pooled Investments | 40 | $42200 | 40 | $42200 |
|  Other | 1 | $1800 | 1 | $1800 |

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Total Assets includes the net asset value of funds managed by Silver Point, as well as (i) for drawdown funds that are in their investment period, unfunded capital commitments; (ii) for drawdown funds outside their investment period, the lesser of unfunded capital commitments and amounts available to make follow-on investments; and (iii) capital activity as of December 31, 2025. Total unfunded capital commitments included in Total Assets is $6.9 billion.

**Item 6. Executive Compensation.** 

**Compensation of Executive Officers** 

None of our executive officers is currently compensated by us. We do not currently have any employees. Our day-to-day operations are managed by our Adviser.

**Compensation of Trustees** 

Each Independent Trustee is compensated with an aggregate annual fee of $165,000 for his or her services as one of the Trustees of the Fund and as one of the trustees of Silver Point Specialty Lending Fund ("SPSL"). In addition, the Chair of the Audit Committee receives an aggregate annual fee of $22,500 and the Chair of the Governance, Nominating and Compensation Committee receives an annual fee of $7,500 for their additional services in these capacities for the Fund and SPSL. The Fund may also pay the incidental costs of a Trustee to attend training or other types of conferences relating to the business development company industry. No compensation is paid to Trustees who are "interested persons," as such term is defined in Section 2(a)(19) of the Investment Company Act. In addition, the Fund has purchased Trustees' and officers' liability insurance on behalf of its Trustees and officers.

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**Item 7. Certain Relationships and Related Transactions, and Trustee Independence.** 

**Co-Investment Opportunities and Exemptive Order** 

Our Adviser and the Fund believe that, in certain circumstances, it may be in the Fund's best interests to be able to co-invest with registered funds, unregistered funds and business development companies managed now or in the future by our Adviser and its affiliates in order to be able to participate in a wider range of transactions. Currently, SEC regulations and interpretations would permit the Fund to co-invest with registered and unregistered funds that are affiliated with our Adviser in publicly traded securities and also in private placements where (i) our Adviser negotiates only the price, interest rate and similar price-related terms (as a percentage of offering price) of the securities and not matters such as covenants, collateral or management rights and (ii) each relevant account acquires and sells the securities at the same time in pro rata amounts (subject to exceptions approved by compliance personnel after considering the reasons for the requested exception). Such regulations and interpretations also permit the Fund to co-invest in other private placements with registered investment funds affiliated with our Adviser in certain circumstances, some of which would require certain findings by the Fund's Trustees who are not "interested persons" of our Adviser, Silver Point or their respective affiliates as defined in Section 2(a)(19) of the Investment Company Act ("Independent Trustees") and the independent trustees of each other eligible registered fund. However, current SEC regulations and interpretations would not permit co-investment by the Fund with unregistered funds affiliated with our Adviser in private placements where our Adviser negotiates non-pricing terms such as covenants, collateral and management rights. Accordingly, under current SEC regulations, in the absence of an exemption the Fund would be prohibited from co-investing in certain private placements with any unregistered fund or account managed now or in the future by our Adviser or its affiliates.

Our affiliates have applied for an amended exemptive order from the SEC that, if granted (the "Amended Relief"), would provide greater flexibility for the Fund to co-invest alongside other Silver Point affiliates and negotiate the terms of co-investments. There is no assurance that the Amended Relief will be granted by the SEC.

Under the terms of the Current Order, a "required majority" (as defined in Section 57(o) of the Investment Company Act) of Independent Trustees is required to make certain conclusions in connection with a proposed co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching in respect of the Fund or its shareholders on the part of any person concerned and (2) the transaction is consistent with the interests of the Fund's shareholders and the Fund's then-current objectives and strategies or certain "Board Established Criteria," as applicable.

To the extent the Fund competes with one or more Silver Point Accounts for a particular investment opportunity, Silver Point will allocate investment opportunities across the entities for which such opportunities are appropriate, consistent with (1) Silver Point's internal conflict of interest and allocation policies and procedures, (2) the requirements of the Advisers Act and (3) certain restrictions under the Investment Company Act regarding co-investments with affiliates, as modified by no-action relief granted by the SEC as well as the Current Order, in each case in compliance with the terms and conditions of such no-action or the Current Order. Silver Point's allocation policies are intended to ensure that, over time, the Fund generally shares equitably in investment opportunities with other Silver Point Accounts, particularly those involving a security with limited supply or involving differing classes of securities of the same issuer that are suitable for the Fund and such other accounts.

The Adviser and its affiliates seek to equitably allocate investment opportunities to the Fund and other Silver Point Accounts. Silver Point will determine separately the amount of any proposed investment to be made by the Fund and eligible Silver Point Accounts. Among other considerations, in keeping with principles of fiduciary responsibility, Silver Point may consider the following factors: (a) the Fund's and/or any other Silver Point Account's objectives and investment limitations; (b) the relative amounts of the Fund's and/or any other Silver

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Point Account's capital available for new investments in the relevant strategy or asset class or based on other investment related characteristics; (c) the amount of assets targeted to be invested in the Fund and/or any other Silver Point Account, inclusive of anticipated leverage ("Target Assets"); (d) the relative size of the Fund and other Silver Point Accounts, which may be calculated based on the net asset value or capital commitments attributable to each Fund or fund complex and may include estimated or anticipated subscriptions or redemptions/withdrawals ("Fund Size"); (e) the terms, structure and availability of financing in respect of an investment; (f) the diversification of the Fund's and/or any other Silver Point Account's overall holdings; (g) the size, liquidity and anticipated duration of the proposed investment; (h) the potential for imbalances in the Fund's and/or any other Silver Point Account's portfolio; (i) the Fund's and/or any other Silver Point Account's diversification, leverage and other limitations; (j) tax or legal issues; and (k) any requirements under the Investment Company Act, applicable to business development companies or registered investment companies, including the requirements of any exemptive relief order obtained from the SEC with respect to any Silver Point Account. Investment allocation deviations or exceptions may be approved by the Adviser based on certain considerations, which may include: (i) liquidity, (ii) tax issues, (iii) legal issues, (iv) the availability of leverage with respect to an investment, (v) imbalances in relative holdings, or (vi) other circumstances in keeping with principles of fiduciary responsibility. Such considerations, among others, may result in allocations among the Fund and one or more Silver Point Accounts on a basis other than available capital, net asset value, commitments, Target Assets or Fund Size. The Specialty Credit Funds (as defined below) may, among other things, be allocated an investment based on Target Assets, net assets, commitments or available capital (relative to the available capital of the other applicable Silver Point Accounts), subject to an available capital floor (calculated as a percentage of the net asset value or commitments of the Silver Point Accounts participating in the investment). In certain instances, the Fund intends to invest alongside, among other Silver Point Accounts, Silver Point Specialty Lending Fund ("SPSL"), Silver Point Specialty Credit Fund II, L.P. (together with its related entities, "SCF II"), Silver Point Specialty Credit Fund III, L.P. (together with its related entities, "SCF III") and/or Silver Point Specialty Credit Fund (U) III Lux, SCSp (together with its related entities, "SCF (U) III" and, together with SPSL, SCF II and SCF III, the "Specialty Credit Funds"). The foregoing restrictions and limitations may affect the manner in which investment opportunities (including follow-on investments) are allocated among the Fund and other Silver Point accounts. For example, a full investment opportunity could be allocated to the Fund or to one or more other Silver Point accounts, as applicable, where otherwise such opportunity would have been allocated in a pro rata or other manner in accordance with the allocation policies of our Adviser and its affiliates. As a general matter, therefore, these restrictions may prohibit the Fund from effecting transactions (including restructurings) or participating in negotiations that might otherwise benefit the Fund if it involves simultaneous or related investments in, or in different parts of the capital structure of, the same issuer as that held by another Silver Point account. Similarly, for defensive or other reasons, the Fund may seek to gain exposure to, or otherwise participate in, transactions (including restructurings) by acquiring or disposing of financial instruments in which it might not otherwise desire to transact.

The Fund and other Silver Point accounts will make investments in the same issuers and conflicts of interest (or perceived conflicts of interest) may arise in connection with such investments or the sale of such investments, including as a result of the Fund and such other Silver Point accounts investing or having invested in different levels of an issuer's capital structure or otherwise in different classes of an issuer's financial instruments. For example, if the Fund is investing in debt instruments, it may have an interest in negotiating financial or other terms (including repayment terms, covenants or events of default) that are more restrictive than another Silver Point account, as an equity owner or a holder of a debt instrument with a different level of seniority, may desire. In addition, other Silver Point accounts may make follow-on or other investments (including with respect to issuers in which the Fund has an investment, subject to the restrictions and limitations in the Investment Company Act and summarized herein) in which the Fund will not participate. Furthermore, our Adviser's ability to implement the Fund's strategies effectively may be limited to the extent that the restrictions and limitations of the Investment Company Act impose restrictions on the Fund engaging in transactions that our Adviser may be interested in otherwise pursuing. The Fund and the other Silver Point accounts may also have different risk-return profiles associated with their investments in an issuer and our Adviser may be incentivized to enter or exit investments in a manner that is more beneficial to the Fund or other Silver Point accounts as a result.

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While these conflicts cannot be eliminated, our Adviser and its affiliates endeavor to address, and have policies and procedures in place to review, manage and resolve potential conflicts in a manner that is fair and equitable to the Fund and the other Silver Point accounts over time. For example, in addressing certain of the potential conflicts of interest described herein, to avoid a potential conflict of interest, or to address the changing nature or character of an investment in an issuer, our Adviser or its affiliates may, but shall not be obligated to, cause the Fund or another Silver Point account to divest itself of (or not purchase) a security or financial instrument in a particular class, series or tranche of an issuer's capital structure it might otherwise have, in some circumstances, held (or purchased). The application by our Adviser and its affiliates of its policies and procedures is expected to vary based on the particular facts and circumstances surrounding each investment. Our Adviser and its affiliates' policies and procedures for addressing the conflicts between the Fund and the other Silver Point accounts in these situations are intended to resolve the conflicts in a fair and equitable manner over time. Conflict resolution may result in the Fund receiving less consideration than it may have otherwise received in the absence of such a conflict of interest.

Our Adviser and its affiliates may spend substantial time on other business activities, including investment management and advisory activities for entities with the same or overlapping investment objectives, investing for their own account with the Fund, financial advisory services (including services for entities in which the Fund invests), and acting as trustees, officers, creditor committee members or in similar capacities. Subject to the requirements of the Investment Company Act, our Adviser and its affiliates and associates intend to engage in such activities and may receive compensation from third parties for their services. Subject to the same requirements, such compensation may be payable by entities in which the Fund invests in connection with actual or contemplated investments, and our Adviser may receive fees and other compensation in connection with structuring investments which they will share.

Our Adviser and its partners, officers, trustees, shareholders, members, managers, employees, affiliates and agents may be subject to certain potential or actual conflicts of interest in connection with the activities of, and investments by, the Fund.

**Trustee Independence** 

Please see "Item 5. Trustees and Executive Officers" for disclosure regarding Trustee independence.

**Material Non-Public Information** 

Our senior management and other investment professionals from our Adviser may serve as trustees of, or in a similar capacity with, companies in which we invest or in which we are considering making an investment. Through these and other relationships with a company and by reason of their responsibilities in connection with the other activities undertaken for us, our Adviser and certain of its affiliates and certain funds managed and controlled by our Adviser, these individuals may obtain material, non-public information that might restrict our ability to buy or sell securities of such company under our policies or applicable law.

**Advisory Agreement; Administration Agreement** 

The Fund is party to an Advisory Agreement, pursuant to which the Fund pays its Adviser a fee for investment management services consisting of a management fee and an incentive fee, which costs are ultimately borne by our Shareholders. Our fee structure may create an incentive for our Adviser to invest in certain types of securities. The Adviser relies on third-party valuation services to assist with the valuation of the Fund's portfolio investments and may call on investment professionals from Silver Point for support. Because the management fee and incentive fee paid to our Adviser are based on the value of its investments, and there may be a conflict of interest when personnel of our Adviser are involved in the valuation process for its portfolio investments. In addition, pursuant to the Advisory Agreement and the Administration Agreement, we will reimburse the Adviser and Administrator for certain expenses as they occur. See "Item 1. Business—Advisory Agreement; Administration Agreement" and "—Administrative Services."

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Each of the Advisory Agreement and the Administration Agreement has been approved by the Board of Trustees. Unless earlier terminated, each of the Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first becomes effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board of Trustees, including a majority of Independent Trustees, or by the holders of a majority of our outstanding voting securities.

**Item 8. Legal Proceedings.** 

From time to time, in the normal course of business, we and our Adviser are party to certain lawsuits. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any such open legal proceedings cannot at this time be predicted with certainty, we do not expect these matters will have a material adverse impact on our financial condition or results of operations or those of our Adviser.

**Item 9. Market Price of, and Dividends on, the Registrant's Common Equity and Related Shareholder Matters.** 

**Market Information** 

Common shares were offered and sold in transactions exempt from registration under the Securities Act under Section 4(a)(2) and Regulation D. There is no public market for the common shares.

Because common shares were acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Shareholders may not sell, assign, transfer or otherwise dispose of any common shares unless (i) the Fund gives consent, and (ii) the transfer is made in accordance with applicable securities laws and the Governing Documents. The Fund will not unreasonably withhold its consent to the transfer of all or a portion of a Shareholder's common shares to an affiliate of such Shareholder on at least 30 days' prior written notice; provided that the conditions in the Governing Documents are otherwise satisfied.

**Distributions** 

Please see "Item 2. Financial Information—Critical Accounting Policies—Distributions" for disclosure regarding our intended distributions on common shares.

**Holders** 

As of February 1, 2026, there were approximately 36 holders of our common shares. Please see "Item 4. Security Ownership of Certain Beneficial Owners and Management" for disclosure regarding the holders of common shares.

**Item 10. Recent Sales of Unregistered Securities.** 

Prior to the BDC Election Date, the Fund held closings on October 14, 2024 and December 23, 2025, accepting an aggregate of $204.4 million in capital commitments, including $2.0 million committed by an affiliate of the Adviser, in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act. As of February 1, 2026, the Fund has called capital in the amount of $204.4 million of such capital commitments to purchase common shares.

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The following table summarizes the common shares issued and sold as of the date of this Registration Statement, which were not registered under the Securities Act:

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| | | |
|:---|:---|:---|
| **Date** | **Shares Sold** | **Proceeds** |
|  October 24, 2025 | 600000 | $15000000 |
|  February 24, 2025 | 599760 | 15000000 |
|  July 2, 2025 | 1925298 | 50000000 |
|  October 1, 2025 | 1120239 | 30000000 |
|  December 19, 2025 | 3353690 | 92260000 |
|  January 2, 2026 | 77621 | 2140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total as of February 1, 2026** | **7676608** | $**204400000** |

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Each purchaser of common shares in the private offering will be required to represent that it is: (i) either an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act or, in the case of common shares sold outside the United States, is not a "U.S. person" in accordance with Regulation S of the Securities Act; and (ii) is acquiring the common shares purchased by it for investment and not with a view to resale or distribution. We did not engage in general solicitation or advertising with regard to the private placement and did not offer securities to the public in connection with such issuance and sale.

**Item 11. Description of Registrant's Securities to be Registered.** 

The following description is based on relevant portions of Maryland Law, the Fund's Governing Documents and the Investment Company Act. This summary is not complete, and the Fund refers you to Title 12 of the Corporations and Associations Article of the Maryland Code (the "Maryland Statutory Trust Act"), the Governing Documents and the Investment Company Act for a more detailed description of the provisions summarized below.

**General** 

Our authorized stock consists of an unlimited number of common shares of beneficial interest, par value $0.01 per share. There are no outstanding options or warrants to purchase our stock. Under Maryland law and our Declaration of Trust, our Shareholders will generally not be personally liable for our debts or obligations. Unless our Board of Trustees determines otherwise, we will issue all shares of our capital stock in uncertificated form.

***Common Shares***

All common shares of beneficial interest have equal rights as to earnings, assets, dividends and other distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be made or paid to the holders of our common shares if, as and when declared by our Board of Trustees out of funds legally available therefor, subject to the rights of holders of our preferred shares of any series then outstanding. Our common shares have no exchange, conversion or redemption rights. In the event of our liquidation, dissolution or winding up, each common shares would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of preferred shares of any series then outstanding. Each holder of common shares is entitled to one vote for each common shares held on all matters submitted to a vote of Shareholders generally, including the election of Trustees elected by a vote of Shareholders generally. Except as provided with respect to any other class or series of shares, including our preferred shares, as more fully described below, the holders of our common shares possess exclusive voting power. There is no cumulative voting in the election of our Board of Trustees, which means that holders of a majority of the common shares entitled to vote in the election of such Trustees and present at a meeting at which a quorum of Shareholders is present are entitled to elect that number of nominees equal to the number of Trustees to be elected by such holders, and holders of less

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than such a majority will be unable to elect one or more specific Trustees for any available Trusteeship. A majority of the shares entitled to vote on a matter at a meeting and present in person or by proxy constitutes a quorum for the meeting.

**Transfers of Shares** 

Our common shares are "restricted securities" under the meaning of Rule 144 promulgated under the Securities Act and may not be sold in the absence of registration under the Securities Act unless an exemption from registration is available, including exemptions contained in Rule 144.

Sales under Rule 144 by our efforts also are subject to certain manners of sale provisions, notice requirements, volume limitations and the availability of current public information about us. No assurance can be given as to (a) the likelihood that an active market for our common shares will develop, (b) the liquidity of any such market, (c) the ability of our Shareholders to sell our securities or (d) the prices that Shareholders may obtain for any of our securities. No prediction can be made as to the effect, if any, that future sales of securities, or the availability of securities for future sales, will have on the market price prevailing from time to time.

In addition to the foregoing restrictions, Shareholders may not transfer any common shares of the Fund unless (i) the Fund gives consent, and (ii) the transfer is made in accordance with applicable securities laws and the Governing Documents. The Fund will not unreasonably withhold its consent to the transfer of all or a portion of a Shareholder's common shares to an affiliate of such Shareholder on at least 30 days' prior written notice; provided that the conditions in the Governing Documents of the Fund are otherwise satisfied; provided, further, that with respect to any requirement of the Shareholder to deliver an opinion of counsel, in-house counsel of the Shareholder or outside legal counsel selected by the Shareholder if admitted to practice under the laws of the relevant jurisdiction covered by the opinion (or otherwise qualified to provide the opinion) and having sufficient experience with the relevant subject matter will be acceptable.

***Preferred Shares***

Our Declaration of Trust authorizes, unless otherwise provided in our bylaws, our Board of Trustees to create and issue one or more series of preferred shares to the extent permitted by the Investment Company Act. The Board of Trustees may authorize and cause the Trust to issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each series or class as the Board of Trustees see fit, including preferred interests, debt securities or other senior securities. The Board of Trustees may classify and reclassify any unissued Shares of any series or class from time to time, in one or more series or classes of Shares. To the extent that the Board of Trustees authorizes and causes the Trust to issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement the Declaration of Trust as they deem necessary or appropriate, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. The Board of Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

***Subscriptions***

Subscriptions to purchase Shares may be made on an ongoing basis pursuant to accepted Subscription Agreements effective as of the first calendar day of a month (based on the NAV per share as determined as of the last day of the preceding month) and to be accepted, a subscription request including the full subscription amount and payment must be received in good order at least five business days prior to the first day of the month (unless waived by the Adviser).

Notice of each share transaction will be furnished to Shareholders (or their financial representatives) as soon as practicable but not later than seven business days after the Fund's NAV per share is determined and credited to the Shareholder's account, together with information relevant for personal and tax records. While a Shareholder

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will not know the NAV per share applicable on the effective date of the share purchase, the Fund's NAV per share applicable to a purchase of shares will be available generally within 20 business days after the effective date of the share purchase; at that time, the number of shares based on that NAV per share and each Shareholder's purchase will be determined and shares are credited to the Shareholder's account as of the effective date of the share purchase.

A subscription may be withdrawn after submission at any time before we have accepted the subscription. If for any reason we reject the subscription, or if the subscription request is canceled before it is accepted or withdrawn, we will return the subscription agreement and the related funds, without interest or deduction, within ten business days after such rejection, cancellation or withdrawal. Completed subscription requests will not be accepted by us any earlier than five business days before the subscription date. The Fund reserves the right to reject subscriptions for any reason or no reason, in whole or in part, and at any time prior to its acceptance.

If a purchase order is received less than five business days prior to the subscription date, unless waived by the Adviser, the purchase order will be executed in the next subscription period's closing at the transaction price applicable to that period. As a result of this process, the price per share at which an order is executed may be different than the price per share for the period in which the purchase order was submitted.

The Adviser may pay additional compensation, out of its own funds and not as an additional charge to the Fund or shareholders, to selected brokers, dealers or other financial intermediaries, including affiliated broker dealers, for the purpose of introducing a selling agent to the Fund and/or promoting the recommendation of an investment in the Common Shares. Such payments made by the Adviser may be based on the aggregate purchase price of investors in the Fund as determined by the Adviser. The amount of these payments is determined from time to time by the Adviser and may be substantial.

***Lock-Up***

While the Fund has no current intent to cause the Common Shares to be listed on any exchange, in the event of an Exchange Listing, Shareholders would be subject to customary and reasonable lock-up restrictions pursuant to which they would be prohibited from selling Common Shares for a certain period of time after the date of such Exchange Listing. Pursuant to the Subscription Agreement, to effectuate these lock-up restrictions, prospective Shareholders will provide the Adviser with a power of attorney authorizing it to execute any such lock-up documentation on their behalf, as applicable.

An "Exchange Listing" is a quotation or listing of the Fund's securities on a national securities exchange (including through an initial public offering) or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with, an entity in which the Fund's Shareholders receive shares of a publicly-traded company which continues to be managed by the Adviser or an affiliate thereof.

***Multiple Classes of Common Shares***

Our affiliates have been granted an exemptive relief order from the SEC that permits us to issue multiple classes of our Shares and offer to sell any combination of multiple classes of Shares in connection with this offering (the "Multiclass Order"). We may issue multiple classes of Shares in reliance on the Multiclass Order in the future and such share classes may have different ongoing shareholder servicing and/or distribution fees.

**Provisions of Maryland law, Our Declaration of Trust and Bylaws** 

***Limitation on Liability of Trustees; Indemnification and Advancement of Expenses***

The indemnification of the Fund's officers and Trustees is governed by Section 12-403 of the Maryland Statutory Trust Act and the Declaration of Trust. Section 12-403(a)(1) of the Maryland Statutory Trust Act empowers the Fund to "[i]ndemnify and hold harmless, and to obligate itself to indemnify and hold harmless, any

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trustee, officer, employee, or agent from and against any and all claims and demands whatsoever." Section 12-403(b) of the Maryland Statutory Trust Act provides that "[e]xcept as provided in the governing instrument of a statutory trust, a trustee shall be indemnified to the same extent as a trustee of a corporation under [Section 2-418 of the Maryland General Corporation Law]."

The Declaration of Trust requires the Fund to indemnify each person who at any time serves or has served as a Trustee or officer of the Trust against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which such indemnitee may be or may have been involved as a party or otherwise or with which he or she may be or may have been threatened by reason of such indemnitee having acted in any such capacity. Notwithstanding the foregoing, no person may be indemnified by the Fund against any liability to any person or any expense of such indemnitee arising by reason of (i) intentional acts of willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties of involved in the conduct of his position. Further, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification and the indemnitee is found to be entitled to such indemnification. No indemnification may be made by the Fund unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither "interested persons" of the Trust (as defined in Section 2(a)(19) of the Investment Company Act) nor parties to the proceeding, or (2) if such quorum is not obtainable or even if obtainable, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder.

As permitted by the Maryland Statutory Trust Act, the Declaration of Trust provides that the Fund shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought if the Fund receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Fund unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the disinterested, non-party Trustees or independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

Any indemnification or payment or reimbursement of expenses made pursuant to such provisions of the Declaration of Trust will be subject to the applicable requirements of the Investment Company Act.

***Election of Trustees***

Our Declaration of Trust provides that, unless otherwise provided in our bylaws (including with respect to the special rights of holders of one or more series of our preferred shares to elect Trustees), our Trustees will be elected by the affirmative vote of the holders of a majority of the votes cast by Shareholders entitled to vote thereon present in person or by proxy at a meeting of Shareholders called for the purpose of electing Trustees.

***Classified Board of Trustees***

Under our Declaration of Trust, unless otherwise provided in our bylaws, subject to the special right of the holders of one or more series of preferred shares to elect additional preferred Trustees, our Trustees will be divided into three classes of Trustees, with the classes to be as nearly equal in number as possible, serving

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staggered three-year terms, with the term of office of Trustees in only one of the three classes expiring each year. As a result, approximately one-third of such Trustees will then be elected each year. A classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that, the longer time required to elect a majority of a classified Board of Trustees will help to ensure the continuity and stability of our management and policies.

***Number of Trustees; Removal; Vacancies***

Our Declaration of Trust provides that, unless otherwise provided in our bylaws, the total number of Trustees will initially be set to one, which number may be increased or decreased only by the Board of Trustees. Our Declaration of Trust also provides that, unless otherwise provided in our bylaws, our Trustees may be removed only for cause (i) by action taken by a majority of the Trustees or (ii) by the holders of at least seventy-five percent (75%) of the Shares then entitled to vote in an election of such Trustee. Our Declaration of Trust provides that, unless otherwise provided in our bylaws, any and all vacancies on the Board of Trustees, including any vacancy resulting from an increase in the number of Trustees, may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trusteeship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the Investment Company Act. Any such limitations on the ability of our Shareholders to remove Trustees and fill vacancies could make it more difficult for a third party to acquire, or discourage a third party from seeking to acquire, control of us.

***Action by Shareholders***

Our Declaration of Trust provides that, unless otherwise provided in the bylaws, any action required or permitted to be taken at any annual or special meeting of Shareholders may be taken without a meeting by consent in any manner and by any vote permitted by the bylaws.

**Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals** 

Our bylaws provide that, unless otherwise provided in Declaration of Trust, with respect to an annual meeting of Shareholders, nominations of persons for election to the Board of Trustees and the proposal of other business to be considered by Shareholders may be made only (1) by or at the direction of the Board of Trustees (or a duly authorized committee thereof), (2) pursuant to our notice of meeting or (3) by a Shareholder who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws. For any nomination or business proposal to be properly brought by a Shareholder for a meeting, such Shareholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a Shareholder's notice must be received at our principal executive offices not less than 120 days nor more than 150 days prior to the first anniversary date of the proxy statement for the immediately preceding annual meeting of Shareholders. Our bylaws specify requirements as to the form and content of any such Shareholder's notice. Our bylaws also allow the presiding officer at a meeting of the Shareholders to adopt rules and regulations for the conduct of meetings which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. Our bylaws further provide that nominations of persons for election to the Board of Trustees at a special meeting may be made only by or at the direction of the Board of Trustees, and provided that the Board of Trustees has determined that Trustees will be elected at the meeting, by a Shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

The purpose of requiring Shareholders to give us advance notice of nominations and other business is to afford our Board of Trustees a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board of Trustees, to inform Shareholders and make recommendations about such qualifications or business, as

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well as to provide a more orderly procedure for conducting meetings of Shareholders. Although our bylaws do not give our Board of Trustees any power to disapprove Shareholder nominations for the election of Trustees or proposals recommending certain action that are made in compliance with applicable advance notice procedures, they may have the effect of precluding a contest for the election of Trustees or the consideration of Shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of Trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our Shareholders.

***Shareholder Meetings***

Our bylaws provide that, unless otherwise provided in Declaration of Trust, any action required or permitted to be taken by Shareholders at an annual meeting or special meeting of Shareholders may only be taken if it is properly brought before such meeting. Shareholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of the Board of Trustees, or by a Shareholder of record on the record date for the meeting who is entitled to vote at the meeting and who has delivered timely written notice in proper form to the secretary of the Shareholder's intention to bring such business before the meeting. These provisions could have the effect of delaying until the next Shareholder meeting Shareholder actions that are favored by the holders of a majority of our outstanding voting securities.

***Calling of Special Meetings of Shareholders***

Our bylaws, unless otherwise provided in Declaration of Trust, provide that special meetings of Shareholders may be called by our Board of Trustees, the chair of the Board of Trustees, our president and our chief executive officer, and shall be called by our Secretary upon written request of the Shareholders entitled to cast not less than 51% of all votes entitled to be cast on such matter at such meeting.

***Amendments to the Governing Documents and Certain Voting Requirements***

Except specifically set forth in the Declaration of Trust or in the terms of any series or class of Shares, the Trustees, by a vote of at least eighty percent (80%) of the Trustees and by a vote of at least 80% of the Continuing Trustees may amend, amend and restate, or supplement, the Declaration of Trust in any respect from time to time, without any action by the Shareholders. The Board of Trustees also may amend the Declaration of Trust without any vote of Shareholders of any class or series to divide the Shares of the Trust into one or more classes or additional classes, or one or more series or additional series, to determine the rights, powers, preferences, limitations and restrictions of any class or series of Shares, to change the name of the Trust or any class or series of Shares, to make any change that does not adversely affect the relative rights or preferences of any Shareholder, as they may deem necessary.

Shareholders are entitled to vote on amendments to the Declaration of Trust only to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submitted to them for their consideration by the Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the extent that the amendment would change any rights with respect to any shares of the Fund by reducing the
amount payable thereon upon liquidation of the Fund or by diminishing or eliminating any voting rights pertaining thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the following extraordinary actions and amendments to the Declaration of Trust generally require the approval of
80% of outstanding shares entitled to vote on the matter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any amendment to the Declaration of Trust to make the Fund's common shares "redeemable
securities" and any other proposal to convert the Trust from a "closed-end company" to an "open-end company" (as defined in the Investment
Company Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the liquidation or dissolution of the Fund and any amendment to the Declaration of Trust to effect such
liquidation or dissolution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any merger, consolidation, conversion, share exchange or sale or exchange of all or substantially all of the
assets of the Fund.

Notwithstanding the foregoing, if the Board of Trustees and at least 80% of the Continuing Trustees approve any such proposal, transaction or amendment, then the approval of only a "majority of the outstanding voting securities" (as defined in the Investment Company Act) entitled to vote on such proposal, transaction or amendment is required, subject to certain restrictions.

Our Governing Documents provide that the Board of Trustees will have the exclusive power to adopt, alter, amend or repeal any provision of our Bylaws without Shareholder approval.

***Conflict with Investment Company Act***

Our Declaration of Trust provides that if any provision is in conflict with the Investment Company Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Governing Documents; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

**Item 12. Indemnification of Trustees and Officers.** 

Insofar as indemnification for liability arising under the Securities Act may be permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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**Item 13. Financial Statements and Supplementary Data.** 

Set forth below is a list of our financial statements included in this Registration Statement.

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| | |
|:---|:---|
| **Consolidated Financial Statements for the Period Ended September 30, 2025 (unaudited)** | **Page** |
|  [Index to Financial Statements](#tx79460_1a) | F-1 |
|  [Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024](#fin79460_1) | F-2 |
|  [Consolidated Statements of Operations for the three and nine months ended September 30, 2025 (Unaudited)](#fin79460_2) | F-3 |
|  [Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 (Unaudited)](#fin79460_3) | F-4 |
|  [Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 (Unaudited)](#fin79460_4) | F-5 |
|  [Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024](#fin79460_5) | F-6 |
|  [Notes to Consolidated Financial Statements (Unaudited)](#fin79460_6) | F-12 |

---

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| | |
|:---|:---|
| **Consolidated Financial Statements for the Period of October 24, 2024 (Commencement of Operations) through<br>December 31, 2024** | **Page** |
|  [Index to Financial Statements](#fin79460_501a) | F-30 |
|  [Report of Independent Registered Public Accounting Firm](#fin79460_501) | F-31 |
|  [Consolidated Statement of Assets and Liabilities as of December 31, 2024](#fin79460_502) | F-32 |
|  [Consolidated Statement of Operations for the Period Ended December 31, 2024](#fin79460_503) | F-33 |
|  [Consolidated Statement of Changes in Net Assets for the Period Ended December 31, 2024](#fin79460_504) | F-34 |
|  [Consolidated Statement of Cash Flows for the Period Ended December 31, 2024](#fin79460_505) | F-35 |
|  [Consolidated Schedule of Investments as of December 31, 2024](#fin79460_506) | F-36 |
|  [Notes to Consolidated Financial Statements](#fin79460_507) | F-38 |

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**Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.** 

Not applicable.

**Item 15. Financial Statements and Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Financial Statements*** 

The financial statements included in this Registration Statement are listed in Item 13 and commence on page F-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Exhibits*** 

The following documents are filed as exhibits hereto:

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| | |
|:---|:---|
| **Exhibit** | **Exhibit Description** |
| 3.1\* | [Agreement and Declaration of Trust](d79460dex31.htm) |
| 3.2\* | [By-Laws](d79460dex32.htm) |
| 4.1# | Form of Subscription Agreement |
| 10.1\* | [Form of Amended and Restated Investment Advisory Agreement](d79460dex101.htm) |
| 10.2\* | [Form of Administration Agreement](d79460dex102.htm) |
| 10.3\* | [Form of Expense Support and Conditional Reimbursement Agreement](d79460dex103.htm) |
| 10.4\* | [Master Servicing Agreement between Registrant and U.S. Bank Global Fund Services](d79460dex104.htm) |
| 10.5\* | [Custody Agreement between Registrant and U.S. Bank National Association](d79460dex105.htm) |
| 10.6\* | [Form of Dividend Reinvestment Plan](d79460dex106.htm) |
| 14.1\* | [Code of Ethics](d79460dex141.htm) |
| 21.1# | Subsidiaries of the Registrant |

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\* Filed herewith.

# To be filed by amendment.

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**SIGNATURES** 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Silver Point Private Credit Fund | Silver Point Private Credit Fund |
| By: | /s/ Jesse Dorigo |
|  | Name: Jesse Dorigo |
|  | Title: Chief Financial Officer |

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Date: February 2, 2026

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**Silver Point Private Credit Fund** 

**Index to Consolidated Financial Statements** 

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| | |
|:---|:---|
|  | **Page** |
|  [Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024](#fin79460_1) | F-2 |
|  [Consolidated Statements of Operations for the three and nine months ended September 30, 2025 (Unaudited)](#fin79460_2) | F-3 |
|  [Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 (Unaudited)](#fin79460_3) | F-4 |
|  [Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 (Unaudited)](#fin79460_4) | F-5 |
|  [Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024](#fin79460_5) | F-6 |
|  [Notes to Consolidated Financial Statements (Unaudited)](#fin79460_6) | F-12 |

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**Silver Point Private Credit Fund** 

**Consolidated Statements of Assets and Liabilities** 

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| | | |
|:---|:---|:---|
|  | **September 30,<br>2025** | **December 31,<br>2024** |
|  | **(Unaudited)** | |
|  **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, non-affiliated investments (amortized cost of $190,365,569 and $65,110,564, respectively) | $190970299 | $65207120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 12725316 | 11191439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for unsettled transactions | 106932 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1011792 | 438341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs | 1794604 | 209022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 3676408 | 7468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $210285351 | $77053390 |
|  **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt (Note 6) | $94000000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sell/buy-back agreements (Note 7) | 15416178 | 50825886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unsettled transactions | 15082907 | 10187954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing costs payable |  | 358323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 1284321 | 365440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination fees payable (Note 3) |  | 688338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees payable | 586903 | 158857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 218844 | 179058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 126589153 | 62763856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingencies (Note 8)** |  |  |
|  **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares $0.01 par value, unlimited shares authorized; 3,125,058 and 600,000 shares issued and outstanding, respectively | 31251 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 79968749 | 14994000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | 3696198 | (710466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | 83696198 | 14289534 |
|  **Total liabilities and net assets** | $210285351 | $77053390 |
|  **Net asset value per share** | $26.78 | $23.82 |

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

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**Silver Point Private Credit Fund** 

**Consolidated Statements of Operations** 

**(Unaudited)** 

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| | | |
|:---|:---|:---|
|  | **For the three months ended<br>September 30, 2025** | **For the nine months ended<br>September 30, 2025** |
|  **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $3932310 | $8793548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK interest income |  | 2265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | 4977 | 8915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 3937287 | 8804728 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and financing expenses | 1564789 | 4520705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 466540 | 719514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 168583 | 648724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | 19899 | 66901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2219811 | 5955844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support | (382006) | (382006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination fee waiver (Note 3) |  | (688338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 1837805 | 4885500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | 2099482 | 3919228 |
|  **Net gain (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 33107 | 32130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (24896) | (51940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net realized gain (loss) | 8211 | (19810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 426757 | 508175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation of assets and liabilities in foreign currencies | (1854) | (929) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net change in unrealized appreciation (depreciation) | 424903 | 507246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) | 433114 | 487436 |
|  **Net increase (decrease) in net assets resulting from operations** | $2532596 | $4406664 |
|  **Earnings per share (Basic and Dilutive)** | $0.82 | $2.96 |

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Statements of Changes in Net Assets** 

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Par Amount** | **Paid-in-Capital in<br>Excess of Par** | **Distributable<br>Earnings (Losses)** | **Total Net<br>Assets** |
|  **Balance at December 31, 2024** | 600000 | $6000 | $14994000 | $(710466) | $14289534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  |  |  | 911364 | 911364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  | (2066) | (2066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | 171835 | 171835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | 1081133 | 1081133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Contributions | 599760 | 5998 | 14994002 |  | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from shareholder transactions | 599760 | 5998 | 14994002 |  | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 599760 | 5998 | 14994002 | 1081133 | 16081133 |
|  **Balance at March 31, 2025:** | 1199760 | $11998 | $29988002 | $370667 | $30370667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  |  |  | 908383 | 908383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  | (25955) | (25955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | (89493) | (89493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | 792935 | 792935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Contributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from shareholder transactions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets |  |  |  | 792935 | 792935 |
|  **Balance at June 30, 2025:** | 1199760 | $11998 | $29988002 | $1163602 | $31163602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  |  |  | 2099482 | 2099482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  | 8211 | 8211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | 424903 | 424903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | 2532596 | 2532596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Contributions | 1925298 | 19253 | 49980747 |  | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from shareholder transactions | 1925298 | 19253 | 49980747 |  | 50000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets | 1925298 | 19253 | 49980747 | 2532596 | 52532596 |
|  **Balance at September 30, 2025:** | 3125058 | $31251 | $79968749 | $3696198 | $83696198 |

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Statement of Cash Flows** 

**(Unaudited)** 

---

| | |
|:---|:---|
|  | **For the nine months<br>ended September 30, 2025** |
|  **Cash flows from operating activities** |  |
|  Net increase (decrease) in net assets resulting from operations | $4406664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization/accretion of premium/discount on investments | (342932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 355917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchase of investments | (133200179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales, paydowns and resolutions of investments | 8322510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid-in-kind | (2265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss from investments | (32130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation from investments | (508175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (increase) decrease in operating assets and increase (decrease) in operating liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for unsettled transactions | (106932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (573451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (3668940) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unsettled transactions | 4894953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 918881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fee payable | 428046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination fee payable | (688338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 39779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | (119756592) |
|  **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from credit facility borrowings | 99400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit facility payments | (5400000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of deferred financing costs | (2299823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 65000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sell/buy-back agreements | 145158124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of sell/buy-back agreements | (180567832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | 121290469 |
|  **Net increase (decrease)** | 1533877 |
|  **Beginning of period balance** | $11191439 |
|  **End of period balance** | $12725316 |
|  **Supplemental cash flow information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for interest | $2889990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs paid in current period but incurred in prior period | $358323 |

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>** | **Instrument** | **Industry** | **Rate<sup>(2)</sup>** | **Interest**<br>**Rate** | **Original<br>Acquisition<br>Date<sup>(14)</sup>** | **Maturity<br>Date** | **Par<br>Amount<sup>(3)</sup>** | **Cost /<br>Amortized<br>Cost<sup>(4)</sup>** | **Fair Value** | **% of<br>Net<br>Assets<sup>(5)</sup>** |
|  **Non-Controlled/Non-Affiliated Investments** | **Non-Controlled/Non-Affiliated Investments** | **Non-Controlled/Non-Affiliated Investments** |  |  |  |  |  |  |  |  |
|  **1st Lien/Secured Loans** |  |  |  |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| 175 3rd Street<sup>(7)(8)</sup> | 1st Lien<br>Term<br>Loan | Real Estate<br>Development &<br>Management | S+5.50%, 3.75% Floor | 9.78% | 4/30/2025 | 5/1/2026 | $4900194 | $4869828 | $4876720 | 5.83% |
| Atlas Sand Co LLC<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Oilfield Services | 9.51% | 9.51 | 3/5/2025 | 3/1/2032 | 3285287 | 3254074 | 3245207 | 3.88 |
| Bending Spoons US Inc<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Technology | S+5.25%, 1.00% Floor | 9.47 | 2/19/2025 | 3/7/2031 | 7622521 | 7497096 | 7636241 | 9.12 |
| CP Atlas Buyer Inc (American Bath)<sup>(9)</sup> | 1st Lien<br>Term<br>Loan | Building<br>Products | S+5.25% | 9.41 | 7/1/2025 | 7/8/2030 | 7400006 | 7059088 | 7191881 | 8.59 |
| Databricks Inc<sup>(7)(9)(12)</sup> | 1st Lien<br>Term<br>Loan | Software &<br>Services | S+4.50% | 8.72 | 12/19/2024 | 1/3/2031 | 4741672 | 4722342 | 4789089 | 5.72 |
| Databricks Inc<sup>(6)(7)(12)</sup> | 1st Lien<br>Delayed<br>Draw<br>Term<br>Loan | Software &<br>Services | S+4.50%, (1.00% on unfunded) | 1.00 | 12/19/2024 | 1/3/2031 | 1016073 |  | 10161 | 0.01 |
| Elessent Clean Technologies Inc<sup>(6)(7)(10)(11)</sup> | 1st Lien<br>Revolver | Specialty<br>Chemicals | S+6.00%, 1.00% Floor (0.50% on unfunded) | 0.50 | 11/15/2024 | 11/15/2029 | 459015 | (7571) | (4149) | 0.00 |
| Elessent Clean Technologies Inc<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Specialty<br>Chemicals | S+6.00%, 1.00% Floor | 10.14 | 11/15/2024 | 11/15/2029 | 4737954 | 4657484 | 4695128 | 5.61 |
| Gibson Brands Inc<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Consumer<br>Brands | S+5.26%, 0.75% Floor | 9.58 | 10/29/2024 | 8/11/2028 | 989717 | 966066 | 954090 | 1.14 |
| Gopher Resource LLC<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Environmental<br>Solutions | S+7.00% 1.00% Floor | 11.00 | 3/21/2025 | 10/4/2029 | 359713 | 345370 | 353621 | 0.42 |
| Guava Buyer LLC (dba AVI-SPL)<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Technology<br>Hardware &<br>Equipment | S+5.50%, 1.00% Floor | 9.73 | 8/12/2025 | 8/12/2032 | 7025583 | 6886239 | 6885071 | 8.23 |
| Guava Buyer LLC (dba AVI-SPL)<sup>(6)(7)</sup> | 1st Lien<br>Delayed<br>Draw<br>Term<br>Loan | Technology<br>Hardware &<br>Equipment | S+5.50%, 1.00% Floor | 9.67 | 8/12/2025 | 8/12/2032 | 828880 | 352430 | 355907 | 0.43 |
| Guava Buyer LLC (dba AVI-SPL)<sup>(6)(7)</sup> | 1st Lien<br>Revolver | Technology<br>Hardware &<br>Equipment | S+5.50%, 1.00% Floor (0.50% on unfunded) | 9.72 | 8/12/2025 | 8/12/2030 | 829793 | 337904 | 337449 | 0.40 |
| i.PARK BROADWAY LLC (1050 N Broadway)<sup>(7)(8)</sup> | 1st Lien<br>Term<br>Loan | Real Estate<br>Development &<br>Management | S+5.30%, 4.25% Floor | 9.55 | 7/3/2025 | 7/6/2027 | 3676858 | 3611990 | 3605839 | 4.31 |
| IXS Holdings Inc<sup>(9)</sup> | 1st Lien<br>Term<br>Loan | Automobiles &<br>Components | S+5.50%, 1.00% Floor | 9.50 | 8/15/2025 | 9/5/2029 | 4249958 | 4081577 | 4232703 | 5.06 |

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>** | **Instrument** | **Industry** | **Rate<sup>(2)</sup>** | **Interest**<br>**Rate** | **Original<br>Acquisition<br>Date<sup>(14)</sup>** | **Maturity<br>Date** | **Par<br>Amount<sup>(3)</sup>** | **Cost /<br>Amortized<br>Cost<sup>(4)</sup>** | **Fair Value** | **% of<br>Net<br>Assets<sup>(5)</sup>** |
| Likewize Corp<sup>(9)</sup> | 1st Lien<br>Term<br>Loan | Insurance &<br>Insurance<br>Services | S+5.75%, 0.50% Floor | 10.03% | 12/6/2024 | 8/27/2029 | $7961828 | $7759331 | $7720505 | 9.22% |
| LVF Holdings Inc<sup>(7)</sup> | 1st Lien<br>Term<br>Loan | Food &<br>Beverage | S+5.50% | 9.70 | 2/24/2025 | 2/24/2032 | 8750819 | 8343355 | 8333518 | 9.96 |
| LVF Holdings Inc<sup>(6)(7)(10)(11)</sup> | 1st Lien<br>Delayed<br>Draw<br>Term<br>Loan | Food &<br>Beverage | S+5.50%, (5.50% on unfunded) | 5.50 | 2/24/2025 | 2/24/2032 | 1315913 | (30095) | (62595) | (0.07) |
| Paperworks Industries, Inc.<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Paper &<br>Packaging | S+6.25%, 1.00% Floor | 10.25 | 7/11/2025 | 6/30/2029 | 5302794 | 5253122 | 5252292 | 6.28 |
| Pelican Power Borrower<br>LLC<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Power<br>Generation | S+5.50%, 2.00% Floor | 9.70 | 8/29/2025 | 8/29/2030 | 10513317 | 10305263 | 10366131 | 12.39 |
| Rayonier AM Products Inc<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Paper &<br>Packaging | S+7.50%, 3.00% Floor | 11.50 | 10/28/2024 | 10/29/2029 | 5887421 | 5764755 | 5670165 | 6.77 |
| Shrieve Chemical Co LLC<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Specialty<br>Chemicals | S+6.00%, 1.00% Floor | 10.16 | 10/30/2024 | 10/30/2030 | 5895024 | 5793318 | 5789626 | 6.92 |
| Shrieve Chemical Co LLC<sup>(6)(7)</sup> | 1st Lien<br>Revolver | Specialty<br>Chemicals | S+6.00%, 1.00% Floor (0.50% on unfunded) | 10.14 | 10/30/2024 | 10/30/2030 | 471846 | 145940 | 145718 | 0.17 |
| Smarsh Inc<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Software &<br>Services | S+4.75%, 0.75% Floor | 8.75 | 1/31/2025 | 2/18/2029 | 170466 | 169414 | 169918 | 0.20 |
| Smarsh Inc<sup>(6)(7)(10)(11)</sup> | 1st Lien<br>Delayed<br>Draw<br>Term<br>Loan | Software &<br>Services | 1.00% | 1.00 | 1/31/2025 | 2/18/2029 | 113644 | (357) | (365) | 0.00 |
| Smarsh Inc<sup>(6)(7)</sup> | 1st Lien<br>Revolver | Software &<br>Services | S+4.75%, 0.75% Floor (0.50% on unfunded) | 8.85 | 1/31/2025 | 2/18/2029 | 113644 | 31108 | 31133 | 0.04 |
| Southeastern Grocers LLC<sup>(7)(8)</sup> | 1st Lien<br>Term<br>Loan | Staples Retail | S+7.50%, 1.00% Floor | 11.50 | 9/19/2025 | 2/16/2026 | 8459988 | 8184528 | 8174463 | 9.77 |
| SP PF Buyer LLC<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Specialty Retail | S+7.00%, 1.00% Floor | 11.16 | 10/16/2024 | 10/13/2029 | 9812367 | 9561896 | 9560701 | 11.42 |
| Stryten Energy Resources<br>LLC<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Industrial<br>Products &<br>Services | S+5.50%, 1.00% Floor | 9.66 | 12/18/2024 | 12/18/2029 | 9097267 | 8938220 | 8945320 | 10.69 |
| Sweet Oak Parent LLC (fka Ozark Holdings LLC)<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Specialty Retail | S+5.75%, 0.75% Floor | 10.04 | 12/17/2024 | 8/5/2030 | 5940000 | 5835199 | 5809320 | 6.94 |
| Vantage Specialty Chemicals Inc<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Specialty<br>Chemicals | S+6.25%, 1.00% Floor | 10.25 | 8/29/2025 | 8/29/2029 | 12425373 | 12118509 | 12114739 | 14.47 |

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>** | **Instrument** | **Industry** | **Rate<sup>(2)</sup>** | **Interest**<br>**Rate** | **Original<br>Acquisition<br>Date<sup>(14)</sup>** | **Maturity<br>Date** | **Par<br>Amount<sup>(3)</sup>** | **Cost /<br>Amortized<br>Cost<sup>(4)</sup>** | **Fair Value** | **% of<br>Net<br>Assets<sup>(5)</sup>** |
| Vantage Specialty Chemicals Inc<sup>(6)(7)</sup> | 1st Lien<br>Revolver | Specialty<br>Chemicals | S+6.25%, 1.00% Floor (0.50% on unfunded) | 10.41% | 8/29/2025 | 2/28/2029 | $1074627 | $67857 | $67164 | 0.08% |
| X Corp (as successor to Twitter) | 1st Lien<br>Term<br>Loan | Technology | S+6.50% | 10.96 | 9/12/2025 | 10/29/2029 | 4559707 | 4485612 | 4469152 | 5.34 |
| Xactus LLC<sup>(6)(7)(10)(11)</sup> | 1st Lien<br>Revolver | Business<br>Services | S+5.50%, 0.75% Floor (0.50% on unfunded) | 0.50 | 5/6/2025 | 5/6/2030 | 287484 | (3963) | (2875) | 0.00 |
| Xactus LLC<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Business<br>Services | S+5.50%, 0.75% Floor | 9.50 | 5/6/2025 | 5/6/2032 | 3536773 | 3484767 | 3522626 | 4.21 |
| **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** |  |  |  |  | 144841696 | 145241614 | 173.55 |
| **Canada** |  |  |  |  |  |  |  |  |  |  |
|  1261229 BC LTD<sup>(9)</sup> | 1st Lien<br>Term<br>Loan | Healthcare<br>Equipment &<br>Supplies | S+6.25% | 10.41 | 8/28/2025 | 10/8/2030 | 14976578 | 14900754 | 14744890 | 17.62 |
| Gateway Casinos & Entertainment Ltd<sup>(9)</sup> | 1st Lien<br>Term<br>Loan | Gaming &<br>Entertainment | S+6.25%, 0.75% Floor | 10.28 | 12/18/2024 | 12/18/2030 | 5762933 | 5728625 | 5744924 | 6.86 |
| Source Energy Services<br>Ltd<sup>(6)(7)(11)</sup> | 1st Lien<br>Delayed<br>Draw<br>Term<br>Loan | Oilfield Services | S+5.25%, 4.25% Floor (3.00% on unfunded) | 3.00 | 12/20/2024 | 12/20/2029 | 1255987 | (37610) | 5098 | 0.01 |
| Source Energy Services Ltd<sup>(7)(9)</sup> | 1st Lien<br>Term<br>Loan | Oilfield Services | S+5.25%, 4.25% Floor | 9.50 | 12/20/2024 | 12/20/2029 | 6217639 | 6027163 | 6242879 | 7.46 |
| **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** |  |  |  |  | 26618932 | 26737791 | 31.95 |
| **Luxembourg** |  |  |  |  |  |  |  |  |  |  |
| Accelya Lux Finco Sarl<sup>(9)</sup> | 1st Lien<br>Term<br>Loan | Transportation &<br>Logistics | S+5.25% | 9.21 | 9/29/2025 | 9/18/2032 | 3007996 | 2947836 | 2947836 | 3.52 |
| **Total Luxembourg 1st Lien/Secured Loans** | **Total Luxembourg 1st Lien/Secured Loans** | **Total Luxembourg 1st Lien/Secured Loans** | **Total Luxembourg 1st Lien/Secured Loans** |  |  |  |  | 2947836 | 2947836 | 3.52 |
| **Netherlands** |  |  |  |  |  |  |  |  |  |  |
| WeTransfer BV | 1st Lien<br>Term<br>Loan | Technology | E+5.25% | 7.22 | 7/18/2025 | 3/7/2031 | 1602765 | 1849716 | 1882565 | 2.25 |
| **Total Netherlands 1st Lien/Secured Loans** | **Total Netherlands 1st Lien/Secured Loans** | **Total Netherlands 1st Lien/Secured Loans** | **Total Netherlands 1st Lien/Secured Loans** |  |  |  |  | 1849716 | 1882565 | 2.25 |
| **Total 1st Lien/Secured Loans** | **Total 1st Lien/Secured Loans** | **Total 1st Lien/Secured Loans** | **Total 1st Lien/Secured Loans** |  |  |  |  | 176258180 | 176809806 | 211.26 |
| **2nd Lien/Secured Loans** | **2nd Lien/Secured Loans** | **2nd Lien/Secured Loans** | **2nd Lien/Secured Loans** |  |  |  |  |  |  |  |
| **United States of America** | **United States of America** | **United States of America** | **United States of America** |  |  |  |  |  |  |  |
| FourPoint Resources Intermediate Holdings, LLC<sup>(7)(9)</sup> | 2nd Lien<br>Term<br>Loan | Energy | S+7.00%, 2.50% Floor | 11.29 | 1/22/2025 | 1/22/2030 | 6279208 | 6133402 | 6090831 | 7.28 |
| **Total United States of America 2nd Lien Term Loan** | **Total United States of America 2nd Lien Term Loan** | **Total United States of America 2nd Lien Term Loan** | **Total United States of America 2nd Lien Term Loan** |  |  |  |  | 6133402 | 6090831 | 7.28 |
| **Total 2nd Lien/Secured Loans** | **Total 2nd Lien/Secured Loans** | **Total 2nd Lien/Secured Loans** | **Total 2nd Lien/Secured Loans** |  |  |  |  | 6133402 | 6090831 | 7.28 |

---

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**September 30, 2025 (Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>** | **Instrument** | **Industry** | **Rate<sup>(2)</sup>** | **Interest**<br>**Rate** | **Original<br>Acquisition<br>Date<sup>(14)</sup>** | **Maturity<br>Date** | **Par<br>Amount<sup>(3)</sup>** | **Cost /<br>Amortized<br>Cost<sup>(4)</sup>** | **Fair Value** | **% of<br>Net<br>Assets<sup>(5)</sup>** |
| **Senior Secured Bonds** | **Senior Secured Bonds** | **Senior Secured Bonds** | **Senior Secured Bonds** |  |  |  |  |  |  |  |
| **United States of America** | **United States of America** | **United States of America** | **United States of America** |  |  |  |  |  |  |  |
| Inspired Entertainment Inc | Senior<br>Secured | Gaming &<br>Entertainment | SONIA+6.00% | 10.01% | 9/9/2025 | 6/9/2030 | $3660000 | $4891395 | $4921236 | 5.88% |
| Service Properties Trust<sup>(13)</sup> | Senior<br>Secured | Real Estate<br>Development &<br>Management | 0% | 0.00 | 9/15/2025 | 9/30/2027 | 3571000 | 3082592 | 3148426 | 3.76 |
| **Total United States of America Senior Secured Bonds** | **Total United States of America Senior Secured Bonds** | **Total United States of America Senior Secured Bonds** | **Total United States of America Senior Secured Bonds** |  |  |  |  | 7973987 | 8069662 | 9.64 |
| **Total Senior Secured Bonds** | **Total Senior Secured Bonds** | **Total Senior Secured Bonds** | **Total Senior Secured Bonds** |  |  |  |  | 7973987 | 8069662 | 9.64 |
|  **Total Investments, September 30, 2025**<sup>(15)(16)</sup> | **Total Investments, September 30, 2025**<sup>(15)(16)</sup> | **Total Investments, September 30, 2025**<sup>(15)(16)</sup> | **Total Investments, September 30, 2025**<sup>(15)(16)</sup> |  |  |  |  | $190365569 | $190970299 | 228.19% |

---

(1) All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of
1940 (the "1940 Act"), unless otherwise noted.

(2) Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate
investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate ("SOFR" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Canadian Dollar Offered
Rate ("CDOR" or "C"), or Prime Rate ("P"), which can generally include one-, three- or six-month tenor, at the borrower's
option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on September 30, 2025.

(3) Par amount includes unfunded commitments, accumulated payment-in-kind ("PIK") interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments are recorded as number of shares owned or economic ownership
percentage.

(4) Cost represents amortized cost for debt investments less principal payments, plus capitalized PIK, if any. As of
September 30, 2025, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $1,079,689; the aggregate gross unrealized depreciation for all investments where there was an excess
of tax cost over fair value was $453,663; the net unrealized appreciation was $626,026; the aggregate tax cost of securities for Federal income tax purposes was $190,344,272.

(5) Percentage is based on net assets of $83,696,198 as of September 30, 2025.

(6) The investment has an unfunded commitment as of September 30, 2025 (see Note 8 in the accompanying notes to
the consolidated financial statements).

(7) Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the
consolidated financial statements).

(8) Some or all of these investments are pledged as collateral under sell/buy-back agreements (see Note 7 in the accompanying notes to the consolidated financial statements).

(9) Some or all of these investments are pledged as collateral to the revolving credit facility (see Note 6 in the
accompanying notes to the consolidated financial statements).

(10) The negative fair value is the result of the underlying investment being unfunded and the original discount on
the loan, creating a negative fair value.

(11) The negative amortized cost is the result of the original discount being greater than the principal amount
outstanding on the loan.

(12) Investment represents a first lien last out term loan pursuant to the respective credit agreement, with
revolving facilities receiving priority with respect to payment of principal and interest. In exchange for the greater possible risk of loss, the the first lien last out term loan earns a higher interest rate than the revolving facilities.

(13) This investment is a 0% coupon bond. The bond accrues interest through the amortization of its discount.
Interest will be paid upon maturity of the bond.

(14) Original acquisition date represents the first or original investment in a portfolio company and there may be
subsequent follow-on investments after the original acquisition date.

(15) Securities exempt from registration under the Securities Act of 1933, as amended, may be deemed to be
"restricted securities." As of September 30, 2025, the Fund held no securities that would be deemed a restricted security.

(16) As of September 30, 2025 the Fund held no investments on non-accrual status, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about
the Fund's accounting policies).

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**December 31, 2024** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>** | **Instrument** | **Industry** | **Rate<sup>(2)</sup>** | **Interest<br>Rate** | **Original<br>Acquisition<br>Date<sup>(12)</sup>** | **Maturity<br>Date** | **Par<br>Amount<sup>(3)</sup>** | **Cost /<br>Amortized<br>Cost<sup>(4)</sup>** | **Fair Value** | **% of<br>Net<br>Assets<sup>(5)</sup>** |
| **Non-Controlled/Non-Affiliated Investments**<br> **1st Lien/Secured Loans** | **Non-Controlled/Non-Affiliated Investments**<br> **1st Lien/Secured Loans** | **Non-Controlled/Non-Affiliated Investments**<br> **1st Lien/Secured Loans** | **Non-Controlled/Non-Affiliated Investments**<br> **1st Lien/Secured Loans** |  |  |  |  |  |  |  |
| **United States of America** |  |  |  |  |  |  |  |  |  |  |
| A Stucki TopCo Holdings LLC & Intermediate Holdings LLC<sup>(7)</sup> | 1st Lien<br>Term Loan | Manufacturing | S+6.61% 1.00% Floor | 10.97% | 12/4/2024 | 11/23/2027 | $1358235 | $1361640 | $1371753 | 9.60% |
| Databricks Inc<sup>(7)(11)</sup> | 1st Lien<br>Term Loan | Software &<br>Services | S+4.50% | 8.83 | 12/19/2024 | 1/3/2031 | 4741672 | 4717964 | 4717964 | 33.02 |
| Databricks Inc<sup>(6)(7)(9)(11)</sup> | 1st Lien<br>Delayed<br>Draw<br>Term Loan | Software &<br>Services | S+4.50% 0.00% Floor (1.00% on unfunded) | 1.00 | 12/19/2024 | 1/3/2031 | 1016073 |  | (5080) | (0.04) |
| Elessent Clean Technologies Inc<sup>(7)(8)</sup> | 1st Lien<br>Term Loan | Specialty<br>Chemicals | S+6.00% 1.00% Floor | 10.40 | 11/15/2024 | 11/15/2029 | 4773757 | 4680451 | 4679260 | 32.75 |
| Elessent Clean Technologies Inc<sup>(6)(7)(9)(10)</sup> | 1st Lien<br>Revolver | Specialty<br>Chemicals | S+6.00% 0.00% Floor (0.50% on unfunded) | 0.50 | 11/15/2024 | 11/15/2029 | 459015 | (8944) | (9100) | (0.06) |
| Gibson Brands Inc<sup>(7)</sup> | 1st Lien<br>Term Loan | Consumer<br>Brands | S+5.26% 0.75% Floor | 10.58 | 10/29/2024 | 8/11/2028 | 997429 | 967429 | 968915 | 6.78 |
| Likewize Corp | 1st Lien<br>Term Loan | Insurance &<br>Insurance<br>Services | S+5.75% 0.50% Floor | 10.35 | 12/6/2024 | 8/27/2029 | 3229243 | 3140922 | 3149190 | 22.04 |
| SP PF Buyer LLC<sup>(7)(8)</sup> | 1st Lien<br>Term Loan | Specialty<br>Retail | S+7.00% 1.00% Floor | 11.40 | 10/16/2024 | 10/13/2029 | 9886516 | 9598171 | 9593545 | 67.14 |
| Rayonier AM Products Inc<sup>(7)(8)</sup> | 1st Lien<br>Term Loan | Paper &<br>Packaging | S+7.00% 3.00% Floor | 11.52 | 10/28/2024 | 10/29/2029 | 5931910 | 5788735 | 5785848 | 40.49 |
| Sweet Oak Parent LLC (fka Ozark Holdings LLC)<sup>(7)(8)</sup> | 1st Lien<br>Term Loan | Specialty<br>Retail | S+5.75% 0.75% Floor | 10.34 | 12/17/2024 | 8/5/2030 | 5985000 | 5865617 | 5871285 | 41.09 |
| Shrieve Chemical Co LLC<sup>(7)(8)</sup> | 1st Lien<br>Term Loan | Specialty<br>Chemicals | S+6.00% 1.00% Floor | 10.59 | 10/30/2024 | 10/30/2030 | 5504867 | 5396487 | 5395642 | 37.76 |
| Shrieve Chemical Co <br>LLC<sup>(6)(7)(9)(10)</sup> | 1st Lien<br>Revolver | Specialty<br>Chemicals | S+6.00% 1.00% Floor (0.50% on unfunded) | 0.50 | 10/30/2024 | 10/30/2030 | 471846 | (9204) | (9319) | (0.07) |
| Stryten Energy Resources LLC<sup>(7)(8)</sup> | 1st Lien<br>Term Loan | Industrial<br>Products &<br>Services | S+5.50% 1.00% Floor | 9.88 | 12/18/2024 | 12/18/2029 | 13233726 | 12969836 | 12969052 | 90.76 |
| **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** |  |  |  |  | 54469104 | 54478955 | 381.26 |
| **Canada** |  |  |  |  |  |  |  |  |  |  |
| Gateway Casinos & Entertainment Ltd | 1st Lien<br>Term Loan | Gaming &<br>Entertainment | S+6.25% 0.75% Floor | 10.60 | 12/18/2024 | 12/18/2030 | 4180790 | 4139232 | 4227176 | 29.58 |
| Source Energy Services Ltd<sup>(7)(8)</sup> | 1st Lien<br>Term Loan | Oilfield<br>Services | S+5.25% 4.25% Floor | 9.62 | 12/20/2024 | 12/20/2029 | 6782331 | 6545876 | 6544949 | 45.80 |
| Source Energy Services <br>Ltd<sup>(6)(7)(9)(10)</sup> | 1st Lien<br>Delayed<br>Draw<br>Term Loan | Oilfield<br>Services | S+5.25% 1.00% Floor (3.00% on unfunded) | 3.00 | 12/20/2024 | 12/20/2029 | 1255987 | (43648) | (43960) | (0.31) |
| **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** |  |  |  |  | 10641460 | 10728165 | 75.07 |
|  **Total Investments, December 31, 2024**<sup>(13)(14)</sup> | **Total Investments, December 31, 2024**<sup>(13)(14)</sup> | **Total Investments, December 31, 2024**<sup>(13)(14)</sup> | **Total Investments, December 31, 2024**<sup>(13)(14)</sup> |  |  |  |  | $65110564 | $65207120 | 456.33% |

---

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

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**December 31, 2024** 

(1) All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of
1940 (the "1940 Act"), unless otherwise noted.

(2) Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate
investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate ("SOFR" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Canadian Dollar Offered
Rate ("CDOR" or "C"), or Prime Rate ("P"), which can generally include one-, three- or six-month tenor, at the borrower's
option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on December 31, 2024.

(3) Par amount includes unfunded commitments, accumulated payment-in-kind ("PIK") interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments are recorded as number of shares owned or economic ownership
percentage.

(4) Cost represents amortized cost for debt investments less principal payments, plus capitalized PIK, if any. As of
December 31, 2024, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $117,860; the aggregate gross unrealized depreciation for all investments where there was an excess of
tax cost over fair value was $8,927; the net unrealized appreciation was $108,933; the aggregate tax cost of securities for Federal income tax purposes was $65,098,187.

(5) Percentage is based on net assets of $14,289,534 as of December 31, 2024.

(6) The investment has an unfunded commitment as of December 31, 2024 (see Note 7 in the accompanying notes to
the consolidated financial statements).

(7) Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the
consolidated financial statements).

(8) Some or all of these investments are pledged as collateral under sell/buy-back agreements (see Note 6 in the accompanying notes to the consolidated financial statements).

(9) The negative fair value is the result of the underlying investment being unfunded and the original discount on
the loan, creating a negative fair value.

(10) The negative amortized cost is the result of the original discount being greater than the principal amount
outstanding on the loan.

(11) Investment represents a first lien last out term loan pursuant to the respective credit agreement, with
revolving facilities receiving priority with respect to payment of principal and interest. In exchange for the greater possible risk of loss, the the first lien last out term loan earns a higher interest rate than the revolving facilities.

(12) Original acquisition date represents the first or original investment in a portfolio company and there may be
subsequent follow-on investments after the original acquisition date.

(13) Securities exempt from registration under the Securities Act of 1933, as amended, may be deemed to be
"restricted securities." As of December 31, 2024, the Fund held no securities that would be deemed a restricted security.

(14) As of December 31, 2024 the Fund held no investments on non-accrual status, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund's accounting policies).

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited)** 

**1.** **Organization and Business** 

Silver Point Private Credit Fund (the "Fund"), organized under the laws of the State of Maryland on June 5, 2024, is an externally managed, non-diversified closed end management investment company. The Fund currently is an investment company exempt from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). Following the private fund phase, the Fund intends to elect to be regulated as a business development company (a "BDC") under the 1940 Act (the date of such election, the "BDC Election Date").

The Fund's investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in middle market lending opportunities. Under normal circumstances, the Fund will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies).

Silver Point Private Credit Fund Management, LLC, a Delaware limited liability company, serves as the Fund's investment adviser and administrator (the "Adviser"). Subject to the supervision of the Fund's Board of Trustees (the "Board of Trustees" or the "Board"), the Adviser manages the day-to-day operations and provides the Fund with investment advisory and management services. The Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to the Fund and to its portfolio companies as required.

**2.** **Summary of Significant Accounting Policies** 

**Basis of Presentation** 

The accompanying consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), are presented in U.S. dollars and include the accounts of the Fund and its wholly owned subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, *Financial Services — Investment Companies*. All material intercompany balances and transactions have been eliminated. All references to the Fund include the accounts of its consolidated subsidiaries. The consolidated interim financial statements are prepared in accordance with U.S. GAAP and following the BDC Election Date the Fund will be required to comply with Article 6 of Regulation S-X of the Securities Act of 1933, as amended (the "1933 Act").

The consolidated interim financial statements are prepared in accordance with U.S. GAAP and pursuant to the requirements of Article 6 of Regulation S-X of the Securities Act of 1933, as amended (the "1933 Act"). The interim financial data as of September 30, 2025 and for each of the three and nine months ended September 30, 2025 is unaudited. In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated interim financial statements for the periods presented have been included. These consolidated interim financial statements should be read in conjunction with the Fund's audited consolidated financial statements, and notes related thereto, for the Period ended December 31, 2024. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending on December 31, 2025.

**Basis of Consolidation** 

The Fund generally consolidates any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund's investment operations and to facilitate the execution of the Fund's investment strategy. Accordingly, the Fund has consolidated the results of its subsidiaries in its consolidated financial statements, including SPPC CAL, L.P and Robins Brooks SPPCF Holdings LLC. As provided by ASC 946, the Fund will not consolidate portfolio companies in which it invests, unless the portfolio

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

company is itself an investment company or is a controlled operating company whose business consists of providing services to the Fund. The Fund's investments in the portfolio companies (including its investments held by consolidated subsidiaries) are listed on the Fund's consolidated statement of assets and liabilities as investments at fair value.

**Use of Estimates** 

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

**Investment Classification** 

The Fund classifies its investments by level of control. Under the 1940 Act, the Fund is presumed to "control" a portfolio company if the Fund owns more than 25% of a portfolio company's voting securities and/or holds the power to exercise control over the management or policies of such portfolio company; the Fund is generally presumed a non-control "affiliated person" if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company's outstanding voting securities and/or is under common control with the portfolio company. Detailed information with respect to the Fund's investment classification by level of control is disclosed in the accompanying consolidated financial statements, including the consolidated schedule of investments.

**Cash and Cash Equivalents** 

Cash on deposit at a major financial institution is included in cash in the consolidated statements of assets and liabilities. At times, cash may exceed Federal Deposit Insurance Corporation insured limits. Management believes that the credit risk to these deposits is minimal.

As of September 30, 2025 and December 31, 2024, the Fund held $12.7 million and $11.2 million, respectively, of cash and no equivalents.

Interest income generated on cash is included in interest income on the consolidated statements of operations. The following table presents interest income generated by cash for the three and nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| **($ in millions)** | **For the three<br>months ended<br>September 30,<br>2025** | **For the nine<br>months ended<br>September 30,<br>2025** |
|  Interest income on cash | $0.2 | $0.5 |

---

**Investment Transactions and Related Income and Expense** 

Investments are carried at fair value, with resulting unrealized appreciation and depreciation reflected in the consolidated statement of operations. Purchases and sales of investments are recorded on a trade date basis. Net gains or losses on investments are included on the consolidated statement of operations. Realized gains and losses on investments are determined on the specific cost identification basis.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

Loans including revolving credit agreements are generally recorded on the consolidated statement of assets and liabilities as a component of investments owned at fair value, net of the unfunded portion of the related revolving credit agreement.

Interest income and expense are recognized on an accrual basis. Discounts and premiums to par value on investments are accreted and amortized into interest income over the required period of the respective investment using the effective interest method. Loan origination and commitment fees received in full at the inception of a loan or bond and fees earned in full upfront and to be paid at the termination of the loan are deferred and accreted into interest income, using the effective yield method as an enhancement to the related loan's yield over the contractual life of the loan. The amortized cost of investments is adjusted for accretion of fees, if any. For the three and nine months ended September 30, 2025, non-cash interest income related to such accretion amounted to $144,767 and $342,932, respectively. Upon the prepayment of a loan, prepayment premiums and any unamortized fees are recorded as interest income.

The Fund may own loans in its portfolio that contain payment-in-kind ("PIK") provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is generally recorded as interest income on an accrual basis. On the specified capitalization date, PIK interest is added to the principal balance and cost of the loan.

Generally, loans are placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income. Interest payments received on debt investments on non-accrual status may be recognized as interest income or treated as a reduction of cost basis of the debt investment based on management's judgment of ultimate recovery and other considerations.

**Other Income** 

From time to time, the Fund may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies. These fees are recognized when services are rendered and recorded as other income.

**Deferred Financing Costs** 

Deferred financing costs represent fees and other direct costs incurred in connection with the Fund's borrowings. These amounts are capitalized as an asset within the consolidated statements of assets and liabilities and are amortized using the straight-line methodology over the expected term of the borrowing.

**Organizational Expenses and Offering Costs** 

Organizational costs are expensed as incurred and recorded in consolidated statement of operations. Offering costs associated with the Fund's common shares are capitalized as an asset within in the consolidated statement of assets and liabilities and are amortized over a twelve-month period from incurrence. Costs from any additional offerings are deferred and amortized as incurred. For the three and nine months ended September 30, 2025 the Fund incurred organizational expenses of zero and offering costs of zero.

**Valuation of Investments** 

Investments at fair value consist primarily of senior secured debt.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

Investments are valued in good faith by the Adviser at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable. The Fund conducts this valuation process on a quarterly basis.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative "bid" quotation if held long and the representative "ask" quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources.

Investments for which independent pricing sources or recent transaction activity are either not readily available or are not deemed reliable ("Non-Quoted Investments") are fair valued as determined in good faith by the Adviser. Non-Quoted Investments are valued in a multi-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund Accounting team of the Adviser ("Fund Accounting") provides recent portfolio company
financial statements and other reporting materials to independent valuation firm(s) approved by the Valuation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The independent valuation firm(s) evaluates this information along with relevant observable market data to
conduct independent valuations each quarter, and their valuation recommendations are documented and discussed with the Valuation Committee, Fund Accounting and the relevant investment professionals, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The valuation recommendations for certain investments may be determined by the Valuation Committee in good
faith in accordance with the valuation policy for the Fund without the employment of an independent valuation firm, based on immateriality or other considerations as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Valuation Committee discusses the valuations and approves the fair value of the investments in good faith
based on the input and advice provided by the independent valuation firm(s) and relevant investment professionals of the Adviser, as necessary.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). In accordance with U.S. GAAP, these inputs are summarized in the three broad levels listed below:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

information, specific and broad credit data, liquidity statistics and other factors. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser's perceived risk of that instrument.

As of December 31, 2024 and September 30, 2025 there were no investments classified within level 1.

Investments that are valued based on dealer quotations or alternative pricing sources supported by observable inputs are generally classified within level 2. These may include certain bonds or bank loans.

Investments classified within level 3 have significant unobservable inputs. When observable prices are not available for these investments, one or more valuation techniques (e.g., market approach or income approach) for which sufficient and reliable data is available may be used. Within level 3, the use of the market approach technique generally consists of using comparable market data, while the use of the income approach technique generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other factors. Quotations provided by independent pricing sources may also be considered, if available and deemed reliable, in determining the value of level 3 investments.

The inputs used in estimating the value of level 3 investments that are not valued using quotations provided by independent pricing sources may include but are not limited to the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, discount rates, durations and changes in financial ratios or cash flows. Comparable public companies may also be identified based on industry, size, strategy, etc. and a trading multiple or yield is determined for each comparable company. Additionally, level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's consolidated results of operations.

**Income Taxes** 

The Fund is treated as a partnership for U.S. federal income tax purposes. The Fund itself is generally not subject to U.S. federal income taxes; at the entity level. Instead, each investor is individually responsible for income taxes, if any, on its share of the Fund's net taxable income. The Fund may be subject to incur entity-level state taxes or withholding taxes based on specific investors or income sources. Such taxes will either be recorded as entity-level expenses or charged directly to the respective investors. Non-U.S. sourced income, such as interest, dividends, or capital gains, could be subject to withholding and other taxes levied by the jurisdiction where the income is sourced. Such withholding taxes are accrued when incurred as withholding taxes against the relevant income stream. For the three and nine months ended September 30, 2025, the Fund did not incur non-U.S. tax expense.

As a partnership for U.S. Federal income tax purposes, IRS audits and adjustments are conducted at the Fund level, with the Fund potentially responsible for taxes (and associated interest and penalties) resulting from such adjustments. In certain cases, the Fund could elect to have the tax assessed or collected at the investor level. In the event of an audit, partnership audit rules and elections could significantly affect the amount and timing of tax (and associated interest and penalties) that is required to be borne by the Fund and its investors (including former investors).

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

The Fund follows the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, and is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. As of December 31, 2024 and September 30, 2025 the Fund did not have any uncertain tax positions that met the recognition or measurement criteria.

The Fund files tax returns as required in the jurisdictions where it operates or invests and may be subject to examination for all open tax years, the earliest of which is 2024. The Fund recognizes interest and penalties, when known, in the consolidated statement of operations. For the three and nine months ended September 30, 2025, there were no material interest or penalties.

Subsequent to the BDC Election Date, the Fund intends to elect to be treated, and qualify annually thereafter, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986. As a RIC, the Fund will generally not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its investors. Any tax liability related to income earned and distributed by the Fund would represent obligations of the investors.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of its "investment company taxable income", which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. As a RIC, the Fund will also be subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner, for each taxable year, an amount at least equal to the sum of (1) 98% of its ordinary net 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. To maintain its tax treatment as a RIC, the Fund intends, among other things, to make the requisite distributions to its shareholders, which generally relieves the Fund from corporate-level U.S. federal income taxes.

**Segment Reporting** 

In accordance with ASC Topic 280 — Segment Reporting, the Fund has determined that it has a single operating and reporting segment. Operating and reporting segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Fund's chief operating decision maker (the "CODM") in deciding how to allocate resources and assess performance. The Fund's CODM is its Chief Executive Officer and Chief Financial Officer. The key metrics, along with other various factors, the CODM utilizes to determine performance and make operating decisions are net investment income and net increase (decrease) in net assets resulting from operations, as reported on the consolidated statement of operations. The Fund's CODM views the Fund's operations and manages its business in one operating segment, which is to primarily invest in U.S. middle market lending opportunities to achieve the Fund's investment objective.

**Recent Accounting Pronouncements** 

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09")," which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

In November 2024, the FASB issued ASU 2024-03, "Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 2200-40)," which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Fund is currently assessing the impact of this guidance, however, the Fund does not expect a material impact to its consolidated financial statements.

**3.** **Significant Agreements and Related Party Transactions** 

The Fund is party to an advisory agreement, entered into on October 14, 2024 (the "Advisory Agreement") pursuant to which the Fund agrees to pay the Adviser fees for its investment advisory and management services consisting of a management fee (the "Management Fee") and incentive fee (the "Incentive Fee"), which are ultimately borne by the shareholders. Prior to the BDC Election Date, an origination fee (the "Origination Fee") was incurred by the Fund.

**Origination Fee** 

Prior to the BDC Election Date, the Fund was subject to an Origination Fee payable to the Adviser calculated at 1% of the aggregate dollar amount of investments committed and entered into by the Fund. In 2025, the Adviser agreed to irrevocably waive the Origination Fee from the Fund's commencement of operations. Prior to the waiver, the Fund had incurred an Origination Fee of $688,338. The Fund recorded the waiver on January 1, 2025 and as such, no Origination Fee was incurred for the three or nine months ended September 30, 2025. If the Origination Fee waiver had been effective as of December 31, 2024, the Fund's net asset value would have been $14,977,872, or $24.96 on a per share basis.

**Management Fee** 

Following the BDC Election Date, the Management Fee will be calculated at an annual rate of 1.25% of the Fund's aggregate net assets on the last day of each calendar quarter payable in arrears. The Management Fee for any partial quarter will be appropriately prorated. For the period three and nine months ended September 30, 2025, the Fund incurred no Management Fee.

Prior to the BDC Election Date, the Adviser voluntarily waived all fees and charged an amount equal to 1% of the aggregate dollar amount of investments (calculated and payable as of the closing date of such investments) committed to and entered into prior to the BDC Election Date (the "Origination Fee").

**Incentive Fee** 

Following the BDC Election Date, the Incentive Fee will consist of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income ("Incentive Fee on Pre-Incentive Fee Net Investment Income"), and a portion is based on capital gains ("Capital Gains Fee").

*Incentive Fee on Pre-Incentive Fee Net Investment Income* **** 

The Income Incentive Fee is calculated and payable to the Adviser quarterly in arrears based on the amount by which Pre-Incentive Fee Net Investment Income (as defined below) in respect of the current calendar quarter exceeds the Hurdle Rate Amount (as defined below). The Income Incentive Fee is calculated and paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No amount in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate Amount.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the Fund's Pre-Incentive Fee Net Investment Income, if any,
that exceeds the Hurdle Rate Amount but is less than or equal to the Catch-up Amount (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any calendar quarter in which the Fund's Pre-Incentive Fee Net
Investment Income exceeds the Catch-Up Amount, 12.5% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-Up Amount.

The "Hurdle Rate Amount" is calculated on a quarterly basis by multiplying 1.25% (5.00% annualized) and the Fund's net asset value (total assets less indebtedness) at the beginning of each applicable calendar quarter. The "Catch-up Amount" is calculated on a quarterly basis by multiplying 1.4286% (5.7143% annualized) and the Fund's net asset value at the beginning of each applicable calendar quarter."Pre-Incentive Fee Net Investment Income" means, dividends (including reinvested dividends), interest and fee income accrued by the Fund during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund may not have received in cash. Pre-Incentive Fee Net Investment Income also includes net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges and other expenses paid by the Fund to the derivative or swap counterparty). Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital appreciation or depreciation.

Prior to the BDC Election Date, the Adviser voluntarily waived all Income Incentive Fees. For the three and nine months ended September 30, 2025, the Fund incurred no Income Incentive Fee.

*Incentive Fee on Capital Gains* 

The Incentive Fee on Capital Gains, which is determined in arrears at the end of each fiscal year, is equal to 12.5% of the Fund's Cumulative Capital Gains (as defined below) from the BDC Election Date to the end of such fiscal year, less the amount of any Incentive Fee on Capital Gains previously paid. 'Cumulative Capital Gains" means, on any relevant date, cumulative realized capital gains, less the sum of (a) cumulative realized capital losses and (b) cumulative unrealized capital depreciation on investments, in each case as of such date.

Under U.S. GAAP, the Fund is required to accrue any Incentive Fee on Capital Gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each reporting period. In calculating the accrual for the Incentive Fee on Capital Gains, the Fund considers the cumulative aggregate unrealized capital appreciation in the calculation, because Incentive Fee on Capital Gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. There can be no assurance that such unrealized capital appreciation will be realized in the future and therefore the corresponding accrued Incentive Fee on Capital Gains for U.S. GAAP purposes may be reversed accordingly.

Prior to the BDC Election Date, the Adviser voluntarily waived all Incentive Fees on Capital Gains. For the three and nine months ended September 30, 2025, the Fund incurred no Incentive Fee on Capital Gains.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**Expense Support and Conditional Reimbursement Agreement** 

On October 14, 2024 the Fund entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser. The Adviser may elect to pay certain expenses (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any interest expense or distributions and/or servicing fees of the Fund. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

Following any 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 quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Fund shall be referred to as a "Reimbursement Payment". "Available Operating Funds" means the sum of (i) net investment Fund taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid 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, as applicable, shall equal the lesser of (i) the Excess Operating Funds in such quarter, as applicable, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar quarter, as applicable, that have not been previously reimbursed by the Fund to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month or quarter, as applicable, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of this Agreement.

No Reimbursement Payment for any quarter will be made if: (1) the "Effective Rate of Distributions Per Share" (as defined below)declared by the Fund 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) the "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. Pursuant to the Expense Support Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

The following table presents a summary of all expenses supported, recouped, and eligibility to recoup, by the Adviser:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Period Ended** | **Amount of<br>Expense<br>Support** | **Recoupment<br>of Expense<br>Support** | **Unreimbursed<br>Expense<br>Support** | **Reimbursement<br>Eligibility**<br>**Expiration** | **Effective Rate<br>of Distribution<br>per Share** | **Operating<br>Expense<br>Ratio** |
|  December 31, 2024 | $816933 | $– $| 816933 | December 31, 2027 | 0.00% | 2.39% |
|  September 30, 2025 | 382006 | – | 382006 | September 30, 2028 | 0.00% | 2.46% |
|  **Total** | $1198939 | $– $| 1198939 |  |  |  |

---

For the period ended September 30, 2025 the Fund accrued $382,006 of Expense Support amounts and did not make any Reimbursement Payments to the Adviser.

**Other Related Party Transactions** 

Pursuant to the Advisory Agreement, the Adviser is responsible for providing various accounting and administrative services to the Fund and the Fund will reimburse the Adviser for all costs and expenses incurred in performing its administrative obligations, including the allocable portion of overhead (such as rent, office equipment and utilities) and the allocable portion of the compensation paid to the Fund's General Counsel, Chief Compliance Officer and Chief Financial Officer and their respective staffs. As of September 30, 2025 and December 31, 2024, the related party administration fee payable was $318,779 and $91,649, respectively and was included in accrued expenses and other liabilities in the consolidated statement of assets and liabilities. For the three and nine months ended September 30, 2025, the Fund incurred $100,822 and $447,652, respectively, in related party administration fees and was included in administration fees in the consolidated statement of operations.

The Adviser, or its affiliates, is authorized to pay expenses in the name of and on behalf of the Fund. To the extent that expenses borne by or reimbursements due to the Fund are paid by the Adviser, or an affiliate, the Fund will reimburse or seek reimbursement from such party. As of September 30, 2025 and December 31, 2024, the Fund owed $323 and $53,914, respectively to an affiliate.

**4.** **Investments** 

Investments consisted of the following at September 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of<br>Fair Value** | **Amortized Cost** | **Fair Value** | **% of<br>Fair Value** |
|  First lien debt | $184232167 | $184879468 | 96.81% | $65110564 | $65207120 | 100.00% |
|  Second lien debt | 6133402 | 6090831 | 3.19 |  |  |  |
|  **Total** | $190365569 | $190970299 | 100.00% | $65110564 | $65207120 | 100.00% |

---

The Fund invested primarily in first-lien debt which may include stand-alone first-lien loans and first lien/last-out loans which generally bear greater risk in exchange for a higher interest rate, and senior secured corporate bonds with similar features to these categories of first-lien loans. At September 30, 2025 and December 31, 2024, the first lien/last-out loans, at fair value, was 2.51% and 7.23%, respectively, of the investment portfolio.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of September 30, 2025 and December 31, 2024 with corresponding percentages of total fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Industry Classification** | **Amortized<br>Cost** | **Fair Value** | **% of<br>Fair<br>Value** | **Amortized<br>Cost** | **Fair Value** | **% of<br>Fair<br>Value** |
|  Automobiles & Components | $4081577 | $4232703 | 2.22% | $— | $— | —% |
|  Building Products | 7059088 | 7191881 | 3.77 |  |  |  |
|  Business Services | 3480804 | 3519751 | 1.84 |  |  |  |
|  Consumer Brands | 966066 | 954090 | 0.50 | 967429 | 968915 | 1.49 |
|  Energy | 6133402 | 6090831 | 3.19 |  |  |  |
|  Environmental Solutions | 345370 | 353621 | 0.19 |  |  |  |
|  Food & Beverage | 8313260 | 8270923 | 4.33 |  |  |  |
|  Gaming & Entertainment | 10620020 | 10666160 | 5.59 | 4139232 | 4227176 | 6.48 |
|  Healthcare Equipment & Supplies | 14900754 | 14744890 | 7.72 |  |  |  |
|  Industrial Products & Services | 8938220 | 8945320 | 4.68 | 12969836 | 12969052 | 19.89 |
|  Insurance & Insurance Services | 7759331 | 7720505 | 4.04 | 3140922 | 3149190 | 4.83 |
|  Manufacturing |  |  |  | 1361640 | 1371753 | 2.10 |
|  Oilfield Services | 9243627 | 9493184 | 4.97 | 6502228 | 6500989 | 9.97 |
|  Paper & Packaging | 11017877 | 10922457 | 5.72 | 5788735 | 5785848 | 8.87 |
|  Power Generation | 10305263 | 10366131 | 5.43 |  |  |  |
|  Real Estate Development & Management | 11564410 | 11630985 | 6.09 |  |  |  |
|  Software & Services | 4922507 | 4999936 | 2.62 | 4717964 | 4712884 | 7.23 |
|  Specialty Chemicals | 22775537 | 22808226 | 11.94 | 10058790 | 10056483 | 15.42 |
|  Specialty Retail | 15397095 | 15370021 | 8.05 | 15463788 | 15464830 | 23.72 |
|  Staples Retail | 8184528 | 8174463 | 4.28 |  |  |  |
|  Technology | 13832424 | 13987958 | 7.32 |  |  |  |
|  Technology Hardware & Equipment | 7576573 | 7578427 | 3.97 |  |  |  |
|  Transportation & Logistics | 2947836 | 2947836 | 1.54 |  |  |  |
|  **Total** | $190365569 | $190970299 | 100.00% | $65110564 | $65207120 | 100.00% |

---

The following table presents the composition of the investment portfolio by geographic dispersion at amortized cost and fair value as of September 30, 2025 and December 31, 2024 with corresponding percentages of total fair value:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Geographic Dispersion<sup>(1)</sup>** | **Amortized<br>Cost** | **Fair Value** | **% of<br>Fair<br>Value** | **Amortized<br>Cost** | **Fair Value** | **% of<br>Fair<br>Value** |
|  Canada | $26618932 | $26737791 | 14.00% | $10641460 | $10728165 | 16.45% |
|  Luxembourg | 2947836 | 2947836 | 1.54 |  |  |  |
|  Netherlands | 1849716 | 1882565 | 0.99 |  |  |  |
|  United States of America | 158949085 | 159402107 | 83.47 | 54469104 | 54478955 | 83.55 |
|  **Total** | $190365569 | $190970299 | 100.00% | $65110564 | $65207120 | 100.00% |

---

(1) Geographic dispersion represents the country of the issuer and may not represent the operating domicile.

------

##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**5.** **Fair Value Measurements** 

The following table presents the investments carried on the consolidated statement of assets and liabilities by level within the fair value hierarchy as of September 30, 2025 and December 31, 2024.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments:** |  |  |  |  |  |  |  |  |
|  Secured loans | $— | $57004117 | $133966182 | $190970299 | $— | $7376366 | $57830754 | $65207120 |
|  **Total investments** | $— | $57004117 | $133966182 | $190970299 | $— | $7376366 | $57830754 | $65207120 |

---

The following table includes a roll forward of the amounts for three and nine months ended September 30, 2025 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement.

---

| | | |
|:---|:---|:---|
|  | **Fair Value Measurements of<br>Level 3 Investments** | **Fair Value Measurements of<br>Level 3 Investments** |
|  | **Secured Loans** | **Total** |
|  **Balance at December 31, 2024** | $57830754 | $57830754 |
|  Transfer in<sup>(1)</sup> |  |  |
|  Transfer out<sup>(2)</sup> |  |  |
|  Accretion/amortization of discounts/premiums | 299922 | 299922 |
|  Interest paid-in-kind | 2265 | 2265 |
|  Purchases<sup>(3)</sup> | 82355844 | 82355844 |
|  Sales, paydowns and resolutions<sup>(3)</sup> | (6908352) | (6908352) |
|  Net realized gain/(loss) | (1046) | (1046) |
|  Net change in unrealized appreciation/(depreciation) | 386795 | 386795 |
|  **Balance at September 30, 2025** | $133966182 | $133966182 |
|  **Change in net unrealized appreciation / (depreciation) on investments held as of September 30, 2025** | $396909 | $396909 |

---

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Fair Value Measurements of<br>Level 3 Investments** | **Fair Value Measurements of<br>Level 3 Investments** |
|  | **Secured Loans** | **Total** |
|  **Balance at June 30, 2025** | $86894052 | $86894052 |
|  Transfer in<sup>(1)</sup> |  |  |
|  Transfer out<sup>(2)</sup> |  |  |
|  Accretion/amortization of discounts/premiums | 116383 | 116383 |
|  Interest paid-in-kind |  |  |
|  Purchases<sup>(3)</sup> | 47292106 | 47292106 |
|  Sales, paydowns and resolutions<sup>(3)</sup> | (646602) | (646602) |
|  Net realized gain/(loss) | (69) | (69) |
|  Net change in unrealized appreciation/(depreciation) | 310312 | 310312 |
|  **Balance at September 30, 2025** | $133966182 | $133966182 |
|  **Change in net unrealized appreciation / (depreciation) on investments held as of September 30, 2025** | $310312 | $310312 |

---

(1) There were no investments transferred in to level 3.

(2) There were no investments transferred out of level 3.

(3) Includes the effects of reorganizations, if any.

All realized gains (losses) and change in unrealized appreciation (depreciation) in the tables above are reflected in the accompanying consolidated statement of operations. Transfers between levels, if any, are recognized at the beginning of each reporting period.

The following tables provide quantitative information about the Fund's level 3 fair value measurements for the Fund's investments as of September 30, 2025 and December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Fund may also use, in accordance with the valuation policy, other valuation techniques and methodologies when determining the Fund's fair value measurements. The below tables are not intended to be inclusive of all unobservable inputs, but rather provide information on the significant level 3 inputs as they relate to the Fund's fair value measurements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** |
| **Investment Type** | **Fair Value at<br>September 30, 2025** | **Valuation<br>Technique(s)** | **Unobservable<br>Input(s)** | **Range (Weighted<br>Average)** | **Impact to Valuation<br>from an Increase in<br>Input<sup>(1)</sup>** |
|  **Secured Loans** | $102425549 | Income<br>Approach | Yield | 7.4% - 12.7% (10.3%) | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 1.1 yrs. | Decrease |
|  | 31540633 | Recent<br>Transaction | N/A | N/A | N/A |
|  **Total Level 3 Investments** | $133966182 |  |  |  |  |

---

(1) This column represents the directional change in the fair value of the Level 3 investments that would
result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value
measurements.

------

##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

(2) Expected term is an unobservable input for non-debt investments, or
debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for the all the Fund's Level 3 debt investments, including those valued to contractual maturity,
was approximately 4.5 years as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** |
| **Investment Type** | **Fair Value at<br>December 31, 2024** | **Valuation<br>Technique(s)** | **Unobservable<br>Input(s)** | **Range (Weighted<br>Average)** | **Impact to Valuation<br>from an Increase in<br>Input<sup>(1)</sup>** |
|  **Secured<br>Loans** | $8211953 | Income<br>Approach | Yield | 10.4% - 10.9% (10.5%) | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 0.2 yrs. | Decrease |
|  | 49618801 | Recent<br>Transaction | N/A | N/A | N/A |
|  **Total Level 3 Investments** | $57830754 |  |  |  |  |

---

(1) This column represents the directional change in the fair value of the Level 3 investments that would
result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value
measurements.

(2) Expected term is an unobservable input for non-debt investments, or
debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for the all the Fund's Level 3 debt investments, including those valued to contractual maturity,
was approximately 5.0 years as of December 31, 2024.

**6.** **Debt** 

On July 10, 2025 the Fund entered into a secured revolving credit facility agreement with Wells Fargo Bank NA (the "Revolving Credit Facility") that allows the Fund to borrow an amount up to $200 million. The facility termination date for the Revolving Credit Facility is July 10, 2030. The interest rate is based on the daily SOFR plus a margin of 205 basis points per annum on the drawn portion, as well as a commitment fee of 50 basis points per annum on any unused portion. In connection with the Revolving Credit Facility, the Fund has pledged certain investments and cash as collateral and such pledged investments may accordingly be restricted as to resale. Certain specified revaluation events related to pledged assets may result in a decrease in the borrowing base, and could incent or require the Fund to pledge additional collateral.

As of September 30, 2025, approximately $94,000,000 of the Revolving Credit Facility was outstanding.

As of September 30, 2025 the Revolving Credit Facility was carried at cost, which approximates its fair value due to the short term nature of the borrowings. The fair value of the Revolving Credit Facility would be categorized as Level 3 within the fair value hierarchy.

**7.** **Sell / Buy-back Agreements** 

The Fund may finance the purchase of certain investments through sell / buy-back agreements, which are similar to repurchase agreements. In a sell / buy-back agreement, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. The Fund uses sell/buy-back agreements as a short-term financing with terms generally

------

##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

90 days or less. Under U.S. GAAP, the Fund treats its sell/buy-back agreements as secured borrowings and continues to present the investment as an asset and the obligation to return the cash received as a liability on the consolidated statement of assets and liabilities. The amount borrowed is generally equal to the cost of the assets pledged. Interest income earned on investments pledged as collateral and financing charges associated with the sell / buy-back agreements are included within interest income and interest and financing expenses, respectively, on the consolidated statement of operations. Accrued interest receivable on investments and accrued financing charges on the sell / buy-back agreements are included within interest receivable and interest payable, respectively, on the consolidated statement of assets and liabilities.

As of September 30, 2025 there were $15,416,178 of outstanding borrowings under the sell/buy-back agreements with Macquarie Bank, all of which had a maturity date between December 23, 2025 and January 16, 2026. As of December 31, 2024 there were $50,825,886 of outstanding borrowings under the sell/buy-back agreements with Macquarie Bank, all of which had a maturity date of January 16, 2025.

As of September 30, 2025 and December 31, 2024, all sell/buy-back agreements were carried at cost, which approximates their fair value due to the short-term maturity of the agreements. The fair value of the sell/buy-back agreements would be categorized as Level 3 within the fair value hierarchy.

**8.** **Commitments and Contingencies** 

From time to time, the Fund may enter into commitments to fund investments. Such commitments are incorporated into the Fund's assessment of its liquidity position. The Fund's senior secured revolver commitments are generally available on a borrower's demand. The Fund's senior secured delayed draw term loan commitments are generally available on a borrower's demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

A summary of the composition of the Fund's unfunded commitments as of September 30, 2025 and December 31, 2024 is shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **September 30, 2025** | **December 31, 2024** |
|  Guava Buyer LLC | 1st Lien Revolver | $475748 | $— |
|  Guava Buyer LLC | 1st Lien Term Loan | 464684 |  |
|  Databricks Inc | 1st Lien Delayed Draw Term Loan | 1016073 | 1016073 |
|  Elessent Clean Technologies Inc | 1st Lien Revolver | 459015 | 459015 |
|  LVF Holdings Inc | 1st Lien Delayed Draw Term Loan | 1315913 | 471846 |
|  Shrieve Chemical Co LLC | 1st Lien Revolver | 317710 | 1255987 |
|  Smarsh Inc | 1st Lien Delayed Draw Term Loan | 113644 |  |
|  Smarsh Inc | 1st Lien Revolver | 81823 |  |
|  Source Energy Services Ltd | 1st Lien Delayed Draw Term Loan | 1255987 |  |
|  Vantage Specialty Chemicals Inc | 1st Lien Revolver | 980597 |  |
|  Xactus LLC | 1st Lien Revolver | 287484 |  |
|  **Total** |  | $**6768678** | $**3202921** |

---

In the normal course of its operations, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund believes the risk of significant loss to be remote.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

From time to time, the Fund and its affiliates are subject to litigation arising in the normal course of business, including with respect to our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

**9.** **Net Assets** 

**Committed Capital** 

The Fund is authorized to issue an unlimited number of common shares of beneficial interest at $0.01 per share par value. The Fund has entered into subscription agreements with investors, including affiliates of the Adviser, providing for the private placement of the Fund's common shares (collectively "Capital Commitments"). Under the terms of the Capital Commitments, investors are required to fund capital contributions to purchase the Fund's common shares up to the amount of their respective Capital Commitment on an as-needed basis each time a drawdown notice is delivered to investors. Drawdown notices will be delivered at least 10 calendar days prior to the date on which contributions will be due and drawdown amounts will generally be made pro rata, in accordance with Capital Commitments of all investors that have unfunded Capital Commitments (limited to the extent of an investor's unfunded Capital Commitment).

As of September 30, 2025 and December 31, 2024, the Fund had $202.3 million of total capital commitments, of which approximately 1.0% are held by affiliates. As of September 30, 2025 and December 31, 2024 $80,000,000 million and $15,000,000 million, respectively, of capital commitments were funded.

Shares issued and outstanding as of September 30, 2025 and December 31, 2024 were 3,125,058 and 600,000, respectively. The aggregate interests of Shareholders affiliated with the Adviser was approximately 1.0% of the Fund as of September 30, 2025 and December 31, 2024.

The following table summarizes activity in the number of shares issued during the nine months ended, September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date**  | **Shares Issued** | **Proceeds**<br>**Received** | **Issuance Price<br>per Share** |
|  February 24, 2025 | 599760 | $15000000 | $25.01 |
|  July 2, 2025 | 1925298 | $50000000 | $25.97 |

---

**Distributions** 

The Board may, in its discretion, authorize the Fund to distribute ratably among the shareholders of any class of shares in the Fund in accordance with the number of outstanding full and fractional shares of such class or series as the Board may deem proper or as may otherwise be determined in accordance with the governing documents of the Fund. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Fund or any assets thereof) or shares of any class or series or any combination thereof. It is expected that the Board will authorize quarterly distributions of the majority of the Fund's net investment income. The Board may always retain such amount as it may deem necessary to pay the debts or expenses or meet other obligations of the Fund, or as it may otherwise deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

For the three and nine months ended September 30, 2025, the Fund declared no distributions.

**Income and Expense Allocation** 

As a unitized trust, income and expenses are generally shared by all of the shareholders pro rata in accordance with their number of shares; provided that if for legal, regulatory or tax reasons that could materially affect the

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

Fund, the Fund may require a shareholder to withdraw from the Fund and to be admitted as a shareholder of a parallel investment entity and transfer such a proportionate share of the Fund's assets and liabilities, and the expenses of such transfer shall be borne by such shareholder.

**10.** **Financial Highlights** 

The following summarizes the financial highlights for the Fund:

---

| | |
|:---|:---|
|  | **For the nine months<br>ended September 30, 2025** |
|  **Per Share Data\*<sup>(1)</sup>** |  |
|  Net asset value, beginning of period | $23.82 |
|  Net investment income (loss) | 2.76 |
|  Net realized gain (loss) and net change in unrealized appreciation (depreciation) | 0.20 |
|  Total from operations<sup>(2)</sup> | 2.96 |
|  Dividends declared from net investment income |  |
|  Dividends declared from realized gains |  |
|  Total increase (decrease) in net assets | 2.96 |
|  Net asset value, end of period | $26.78 |
|  Shares outstanding, end of period | 3125058 |
|  Total Return, based on net asset value<sup>(3)</sup><sup>(4)</sup> | 12.46% |
|  Ratios to average net assets<sup>(5)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and financing related expenses | 14.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(6)</sup> | 16.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 11.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 27.60% |
|  Net assets, end of period | $83696198 |
|  Portfolio turnover rate<sup>(7)</sup> | 7.50% |
|  Weighted-average financing outstanding | $72961733 |
|  Weighted-average interest rate on financing | 8.28% |
|  Weighted-average shares outstanding | 1722892 |
|  IRR | 14.24% |

---

\* Totals may not foot due to rounding 

(1) The per share data was derived by using the weighted average shares outstanding during the applicable period,
except for net asset value and distributions declared which reflected the actual amount per share for the applicable period.

(2) Total from operations on a per share basis was calculated and allocated using monthly income and weighted
average shares outstanding due to capital call cadence on an annual basis.

(3) Total return is not annualized. Total return is calculated as the change in net asset value for the period,
assuming dividends and distributions if any, are reinvested, divided by the beginning net asset value per share.

(4) If the Origination Fee waiver had been effective December 31, 2024, the Fund's total return and IRR
would have been 7.29% and 14.16%, respectively, for the nine months ended September 30, 2025.

(5) The ratio reflects an annualized amount, except in the case of non-recurring expenses.

(6) Prior to expense support provided by the Adviser and Origination Fee Waiver, total operating expenses were
18.60%.

(7) Portfolio turnover is calculated as the lesser of (i) purchases of portfolio investments or (ii) the
aggregate total of sales of portfolio investments plus any prepayments received, divided by average fair value of portfolio investments during the period.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Unaudited) (Continued)** 

**11.** **Subsequent Events** 

Management has performed an evaluation of subsequent events and has determined that no additional items require adjustments to, or disclosure in, the consolidated financial statements other than those items described below.

On October 1, 2025, the Fund issued and sold 1,120,239 shares at an offering price of $26.78 per share. The Fund received approximately $30.0 million as payment for such shares.

On December 19, 2025 the Fund received approximately $92.6 million of net proceeds relating to subscriptions.

On January 2, 2026 the Fund received approximately $2.1 million of net proceeds relating to subscriptions.

On January 5, 2026, the Fund purchased $147.3 million of secured, floating rate, loans from an affiliated fund. The investments purchased were transacted on then current estimated fair value, supported by market quotations, market transactions or prices provided by independent valuation firms.

On January 8, 2026, the Fund amended the Revolving Credit Facility with Wells Fargo to increased the total capacity of the facility to $400 million from $200 million.

On January 16, 2026, the Fund purchased $26.5 million of secured, floating rate, loans from a warehouse portfolio.

On January 28, 2026, the Fund declared a distribution of $0.98 per share, payable on February 27, 2026, for Shareholders of record on January 28, 2026.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Index to Consolidated Financial Statements** 

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#fin79460_501) | F-31 |
|  [Consolidated Statement of Assets and Liabilities as of December 31, 2024](#fin79460_502) | F-32 |
|  [Consolidated Statement of Operations for the Period Ended December 31, 2024](#fin79460_503) | F-33 |
|  [Consolidated Statement of Changes in Net Assets for the Period Ended December 31, 2024](#fin79460_504) | F-34 |
|  [Consolidated Statement of Cash Flows for the Period Ended December 31, 2024](#fin79460_505) | F-35 |
|  [Consolidated Schedule of Investments as of December 31, 2024](#fin79460_506) | F-36 |
|  [Notes to Consolidated Financial Statements](#fin79460_507) | F-38 |

---

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##### [**Table of Contents**](#toc)
![LOGO](g79460g01f28.jpg)

KPMG LLP

345 Park Avenue

New York, NY 10154-0102

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and Board of Trustees

Silver Point Private Credit Fund:

*Opinion on the Consolidated Financial Statements* 

We have audited the accompanying consolidated statement of assets and liabilities of Silver Point Private Credit Fund and subsidiary (the Fund), including the consolidated schedule of investments, as of December 31, 2024, the related consolidated statements of operations, changes in net assets, and cash flows for the period from October 24, 2024 (commencement of operations) to December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, and the results of its operations and its cash flows for the period from October 24, 2024 to December 31, 2024, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with custodians, agents, or by other appropriate auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

![LOGO](g79460g02f28.jpg)

We have served as the Fund's auditor since 2024.

New York, New York

March 26, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

------

##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Statement of Assets and Liabilities** 

---

| | |
|:---|:---|
|  | **December 31,<br>2024** |
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled, non-affiliated investments (amortized cost of $65,110,564) | $65207120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 11191439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 438341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs | 209022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 7468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $77053390 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sell/buy-back agreements (Note 6) | $50825886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unsettled transactions | 10187954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financing costs payable | 358323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 365440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adminstration fees payable | 158857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination fee payable | 688338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 179058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | 62763856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Commitments and contingencies (Note 7)** |  |
|  **Net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares $0.01 par value, unlimited shares authorized; 600,000 shares issued and outstanding | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 14994000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (losses) | (710466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets** | 14289534 |
|  **Total liabilities and net assets** | $77053390 |
|  **Net asset value per share** | $23.82 |

---

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

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Statement of Operations** 

---

| | |
|:---|:---|
|  | **For the Period October 24, 2024<br>(Commencement of Operations)<br>through December 31, 2024** |
|  **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $738337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income | $7468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment income** | 745805 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and financing expenses | 514741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 161000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 170498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs | 816933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination fee (Note 3) | 688338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other general and administrative expenses | 18250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2369760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense support (Note 3) | (816933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 1552827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income (loss)** | (807022) |
|  **Net gain (loss):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlled/non-affiliated investments | 96556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) | 96556 |
|  **Net increase (decrease) in net assets resulting from operations** | $(710466) |
|  **Earnings per share (Basic and Dilutive)** | $(1.18) |

---

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

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Statement of Changes in Net Assets** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Par<br>Amount** | **Paid-in-<br>Capital in<br>Excess of Par** | **Distributiable<br>Earnings<br>(Losses)** | **Total Net<br>Assets** |
|  **Balance at October 24, 2024 (Commencement of Operations)** |  | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) |  |  |  | (807022) | (807022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) |  |  |  | 96556 | 96556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  |  |  | (710466) | (710466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder transactions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Contributions | 600000 | 6000 | 14994000 |  | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from shareholder transactions | 600000 | 6000 | 14994000 |  | 15000000 |
|  **Balance at December 31, 2024:** | 600000 | $6000 | $14994000 | $(710466) | $14289534 |

---

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

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Statement of Cash Flows** 

---

| | |
|:---|:---|
|  | **For the Period October 24,<br>2024 (Commencement of<br>Operations) through<br>December 31, 2024** |
|  **Cash flows from operating activities** |  |
|  Net increase (decrease) in net assets resulting from operations | $(710466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net amortization/accretion of premium/discount on investments | (20619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs | 149301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for purchase of investments | (65305804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales, paydowns and resolutions of investments | 215859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized (appreciation) depreciation from investments | (96556) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (increase) decrease in operating assets and increase (decrease) in operating liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (438341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (7468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for unsettled transactions | 10187954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 365440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fee payable | 158857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Origination fee payable | 688338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 179058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) operating activities | (54634447) |
|  **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sell/buy-back agreements | 50825886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in) financing activities | 65825886 |
|  **Net increase (decrease)** | 11191439 |
|  **Beginning of period balance<sup>(1)</sup>**  | $— |
|  **End of period balance<sup>(1)</sup>**  | $11191439 |
|  <sup>(1)</sup> Including Cash and cash equivalents |  |
|  **Supplemental cash flow information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for interest | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during the period for income taxes | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred financing costs from financing activities incurred but not yet paid | $358323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unamortized deferred financing costs from financing activities | $209022 |

---

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

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**December 31, 2024** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Company<sup>(1)</sup>**  | **Instrument** | **Industry** | **Rate<sup>(2)</sup>** | **Interest<br>Rate** | **Original<br>Acquisition<br>Date<sup>(12)</sup>** | **Maturity<br>Date** | **Par<br>Amount<sup>(3)</sup>** | **Cost /<br>Amortized<br>Cost<sup>(4)</sup>** | **Fair Value** | **% of<br>Net<br>Assets<sup>(5)</sup>** |
|  **Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans** | **Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans** | **Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans** | **Non-Controlled/Non-Affiliated Investments 1st Lien/Secured Loans** |  |  |  |  |  |  |  |
|  **United States of America** |  |  |  |  |  |  |  |  |  |  |
|  A Stucki TopCo Holdings LLC & Intermediate Holdings LLC⁽⁷⁾ | 1st Lien<br>Term Loan | Manufacturing | S+6.61%<br>1.00% Floor | 10.97% | 12/4/2024 | 11/23/2027 | $1358235 | $1361640 | $1371753 | 9.60% |
|  Databricks Inc⁽⁷⁾⁽¹¹⁾ | 1st Lien<br>Term Loan | Software &<br>Services | S+4.50% | 8.83 | 12/19/2024 | 1/3/2031 | 4741672 | 4717964 | 4717964 | 33.02 |
|  Databricks Inc⁽⁶⁾⁽⁷⁾⁽⁹⁾⁽¹¹⁾ | 1st Lien<br>Delayed Draw<br>Term Loan | Software &<br>Services | S+4.50%<br>0.00% Floor<br>(1.00% on<br>unfunded) | 1.00 | 12/19/2024 | 1/3/2031 | 1016073 |  | (5080) | (0.04) |
|  Elessent Clean Technologies Inc⁽⁷⁾⁽⁸⁾ | 1st Lien<br>Term Loan | Specialty<br>Chemicals | S+6.00%<br>1.00% Floor | 10.40 | 11/15/2024 | 11/15/2029 | 4773757 | 4680451 | 4679260 | 32.75 |
|  Elessent Clean Technologies Inc⁽⁶⁾⁽⁷⁾⁽⁹⁾⁽¹°⁾ | 1st Lien<br>Revolver | Specialty<br>Chemicals | S+6.00%<br>0.00% Floor<br>(0.50% on<br>unfunded) | 0.50 | 11/15/2024 | 11/15/2029 | 459015 | (8944) | (9100) | (0.06) |
|  Gibson Brands Inc⁽⁷⁾ | 1st Lien<br>Term Loan | Consumer<br>Brands | S+5.26%<br>0.75% Floor | 10.58 | 10/29/2024 | 8/11/2028 | 997429 | 967429 | 968915 | 6.78 |
|  Likewize Corp | 1st Lien<br>Term Loan | Insurance &<br>Insurance<br>Services | S+5.75%<br>0.50% Floor | 10.35 | 12/6/2024 | 8/27/2029 | 3229243 | 3140922 | 3149190 | 22.04 |
|  SP PF Buyer LLC⁽⁷⁾⁽⁸⁾ | 1st Lien<br>Term Loan | Specialty<br>Retail | S+7.00%<br>1.00% Floor | 11.40 | 10/16/2024 | 10/13/2029 | 9886516 | 9598171 | 9593545 | 67.14 |
|  Rayonier AM Products Inc⁽⁷⁾⁽⁸⁾ | 1st Lien<br>Term Loan | Paper &<br>Packaging | S+7.00%<br>3.00% Floor | 11.52 | 10/28/2024 | 10/29/2029 | 5931910 | 5788735 | 5785848 | 40.49 |
|  Sweet Oak Parent LLC (fka Ozark Holdings LLC)⁽⁷⁾⁽⁸⁾ | 1st Lien<br>Term Loan | Specialty<br>Retail | S+5.75%<br>0.75% Floor | 10.34 | 12/17/2024 | 8/5/2030 | 5985000 | 5865617 | 5871285 | 41.09 |
|  Shrieve Chemical Co LLC⁽⁷⁾⁽⁸⁾ | 1st Lien<br>Term Loan | Specialty<br>Chemicals | S+6.00%<br>1.00% Floor | 10.59 | 10/30/2024 | 10/30/2030 | 5504867 | 5396487 | 5395642 | 37.76 |
|  Shrieve Chemical Co LLC⁽⁶⁾⁽⁷⁾⁽⁹⁾⁽¹°⁾ | 1st Lien<br>Revolver | Specialty<br>Chemicals | S+6.00%<br>1.00% Floor<br>(0.50% on<br>unfunded) | 0.50 | 10/30/2024 | 10/30/2030 | 471846 | (9204) | (9319) | (0.07) |
|  Stryten Energy Resources LLC⁽⁷⁾⁽⁸⁾ | 1st Lien<br>Term Loan | Industrial<br>Products &<br>Services | S+5.50%<br>1.00% Floor | 9.88 | 12/18/2024 | 12/18/2029 | 13233726 | 12969836 | 12969052 | 90.76 |
|  **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** | **Total United States of America 1st Lien/Secured Loans** |  |  |  |  | 54469104 | 54478955 | 381.26 |
|  **Canada** |  |  |  |  |  |  |  |  |  |  |
|  Gateway Casinos & Entertainment Ltd | 1st Lien<br>Term Loan | Gaming &<br>Entertainment | S+6.25%<br>0.75% Floor | 10.60 | 12/18/2024 | 12/18/2030 | 4180790 | 4139232 | 4227176 | 29.58 |
|  Source Energy Services Ltd⁽⁷⁾⁽⁸⁾ | 1st Lien Term<br>Loan | Oilfield<br>Services | S+5.25%<br>4.25% Floor | 9.62 | 12/20/2024 | 12/20/2029 | 6782331 | 6545876 | 6544949 | 45.80 |
|  Source Energy Services Ltd⁽⁶⁾⁽⁷⁾⁽⁹⁾⁽¹°⁾ | 1st Lien<br>Delayed Draw<br>Term Loan | Oilfield<br>Services | S+5.25%<br>1.00% Floor<br>(3.00% on<br>unfunded) | 3.00 | 12/20/2024 | 12/20/2029 | 1255987 | (43648) | (43960) | (0.31) |
|  **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** | **Total Canada 1st Lien/Secured Loans** |  |  |  |  | 10641460 | 10728165 | 75.07 |
|  **Total Investments, December 31, 2024<sup>(13)(14)</sup>**  | **Total Investments, December 31, 2024<sup>(13)(14)</sup>**  | **Total Investments, December 31, 2024<sup>(13)(14)</sup>**  | **Total Investments, December 31, 2024<sup>(13)(14)</sup>**  |  |  |  |  | $65110564 | $65207120 | 456.33% |

---

(1) All of our investments are issued by eligible portfolio companies, as defined in the Investment Company Act of
1940 (the "1940 Act"), unless otherwise noted.

(2) Investments may contain a variable rate structure, subject to an interest rate floor or cap. Variable rate
investments bear interest at a rate that may be determined by reference to either Secured Overnight Financing Rate ("SOFR" or "S"), Euro Interbank Offer Rate ("Euribor" or "E"), Canadian Dollar Offered
Rate ("CDOR" or "C"), or Prime Rate ("P"), which can generally include one-, three- or six-month tenor, at the borrower's
option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect on December 31, 2024.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Consolidated Schedule of Investments** 

**December 31, 2024** 

(3) Par amount includes unfunded commitments, accumulated payment-in-kind ("PIK") interest and is net of principal repayments. Amounts are in USD unless otherwise noted. Equity investments are recorded as number of shares owned or economic ownership
percentage.

(4) Cost represents amortized cost for debt investments less principal payments, plus capitalized PIK, if any. As of
December 31, 2024, the aggregate gross unrealized appreciation for all investments where there was an excess of fair value over tax cost was $117,860; the aggregate gross unrealized depreciation for all investments where there was an excess of
tax cost over fair value was $8,927; the net unrealized appreciation was $108,933; the aggregate tax cost of securities for Federal income tax purposes was $65,098,187.

(5) Percentage is based on net assets of $14,289,534 as of December 31, 2024.

(6) The investment has an unfunded commitment as of December 31, 2024 (see Note 7 in the accompanying notes to
the consolidated financial statements).

(7) Fair value was determined using significant unobservable inputs (see Note 5 in the accompanying notes to the
consolidated financial statements).

(8) Some or all of these investments are pledged as collateral under sell/buy-back agreements (see Note 6 in the accompanying notes to the consolidated financial statements).

(9) The negative fair value is the result of the underlying investment being unfunded and the original discount on
the loan, creating a negative fair value.

(10) The negative amortized cost is the result of the original discount being greater than the principal amount
outstanding on the loan.

(11) Investment represents a first lien last out term loan pursuant to the respective credit agreement, with
revolving facilities receiving priority with respect to payment of principal and interest. In exchange for the greater possible risk of loss, the the first lien last out term loan earns a higher interest rate than the revolving facilities.

(12) Original acquisition date represents the first or original investment in a portfolio company and there may be
subsequent follow-on investments after the original acquisition date.

(13) Securities exempt from registration under the Securities Act of 1933, as amended, may be deemed to be
"restricted securities." As of December 31, 2024, the Fund held no securities that would be deemed a restricted security.

(14) As of December 31, 2024 the Fund held no investments on non-accrual status, meaning that the Fund has ceased accruing interest income on the investment (see Note 2 in the accompanying notes to the consolidated financial statements for additional information about the Fund's accounting policies).

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

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements** 

**1.** **Organization and Business** 

Silver Point Private Credit Fund (the "Fund"), a Maryland statutory trust formed on September 18, 2024, is an externally managed, non-diversified closed end management investment company. The Fund currently is an investment company exempt from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). Following the private fund phase, the Fund intends to elect to be regulated as a business development company (a "BDC") under the 1940 Act (the date of such election, the "BDC Election Date").

The Fund's investment objective is to achieve stable income generation with attractive risk-adjusted returns by investing primarily in U.S. middle market lending opportunities, and specialty asset based financings. The Fund may also, from time to time, invest in larger or smaller companies. In seeking to achieve its investment objective, the Fund may also invest across a broad range of industries. The Fund will invest primarily in first-lien debt, but may also invest in unitranche, second lien, mezzanine and unsecured debt, equity, structured credit, and derivatives depending on the opportunity set and market environment.

Silver Point Private Credit Fund Management, LLC, a Delaware limited liability company, serves as the Fund's investment adviser and administrator (the "Adviser"). Subject to the supervision of the Fund's Board of Trustees (the "Board of Trustees" or the "Board"), the Adviser manages the day-to-day operations and provides the Fund with investment advisory and management services. The Adviser is responsible for sourcing, researching and structuring potential investments, monitoring portfolio companies, and providing operating and managerial assistance to the Fund and to its portfolio companies as required.

**2.** **Summary of Significant Accounting Policies** 

**Basis of Presentation** 

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), are presented in U.S. dollars and include the accounts of the Fund and its wholly owned subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, *Financial Services – Investment Companies*. All material intercompany balances and transactions have been eliminated. All references to the Fund include the accounts of its consolidated subsidiaries. The consolidated financial statements are prepared in accordance with U.S. GAAP and following the BDC Election Date the Fund will be required to comply with Article 6 of Regulation S-X of the Securities Act of 1933, as amended (the "1933 Act").

**Basis of Consolidation** 

The Fund generally consolidates any wholly or substantially owned subsidiary when the design and purpose of the subsidiary is to act as an extension of the Fund's investment operations and to facilitate the execution of the Fund's investment strategy. Accordingly, the Fund has consolidated the results of its subsidiaries in its consolidated financial statements, including SPPC CAL, L.P. As provided by ASC 946, the Fund will not consolidate portfolio companies in which it invests, unless the portfolio company is itself an investment company or is a controlled operating company whose business consists of providing services to the Fund. The Fund's investments in the portfolio companies (including its investments held by consolidated subsidiaries) are listed on the Fund's consolidated statement of assets and liabilities as investments at fair value.

**Use of Estimates** 

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

**Investment Classification** 

The Fund classifies its investments by level of control. Under the 1940 Act, the Fund is presumed to "control" a portfolio company if the Fund owns more than 25% of a portfolio company's voting securities and/or holds the power to exercise control over the management or policies of such portfolio company; the Fund is generally presumed a non-control "affiliated person" if the Fund owns, either directly or indirectly, between 5% and 25% of a portfolio company's outstanding voting securities and/or is under common control with the portfolio company. Detailed information with respect to the Fund's investment classification by level of control is disclosed in the accompanying consolidated financial statements, including the consolidated schedule of investments.

**Cash and Cash Equivalents** 

Cash on deposit at a major financial institution is included in cash and cash equivalents in the consolidated statement of assets and liabilities. Cash equivalents consist of highly liquid assets, such as money market funds. As of December 31, 2024, cash was $11,191,439 and there were no cash equivalents. For the period ended December 31, 2024 interest income generated by cash and cash equivalents was approximately $77,085 and is included in interest income on the consolidated statement of operations. At times, cash and cash equivalents may exceed Federal Deposit Insurance Corporation insured limits. Management believes that the credit risk to these deposits is minimal. Cash equivalents are classified as Level 1 in U.S. GAAP valuation hierarchy.

**Investment Transactions and Related Income and Expense** 

Investments are carried at fair value, with resulting unrealized appreciation and depreciation reflected in the consolidated statement of operations. Purchases and sales of investments are recorded on a trade date basis. Net gains or losses on investments are included on the consolidated statement of operations. Realized gains and losses on investments are determined on the specific cost identification basis.

Loans including revolving credit agreements are generally recorded on the consolidated statement of assets and liabilities as a component of investments owned at fair value, net of the unfunded portion of the related revolving credit agreement.

Interest income and expense are recognized on an accrual basis. Discounts and premiums to par value on investments are accreted and amortized into interest income over the required period of the respective investment using the effective interest method. Loan origination and commitment fees received in full at the inception of a loan or bond and fees earned in full upfront and to be paid at the termination of the loan are deferred and accreted into interest income, using the effective yield method as an enhancement to the related loan's yield over the contractual life of the loan. The amortized cost of investments is adjusted for accretion of fees, if any. For the period ended December 31, 2024, non-cash interest income related to such accretion amounted to $20,619. Upon the prepayment of a loan, prepayment premiums and any unamortized fees are recorded as interest income.

The Fund may own loans in its portfolio that contain payment-in-kind ("PIK") provisions. PIK interest, computed at the contractual rate specified in each loan agreement, is generally recorded as interest income on an accrual basis. On the specified capitalization date, PIK interest is added to the principal balance and cost of the loan.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

Generally, loans are placed on non-accrual status when there is reasonable doubt that the principal or interest will be collected in full and the accrued interest is reversed against interest income. Interest payments received on debt investments on non-accrual status may be recognized as interest income or treated as a reduction of cost basis of the debt investment based on management's judgment of ultimate recovery and other considerations.

**Other Income** 

From time to time, the Fund may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies. These fees are recognized when services are rendered and recorded as other income.

**Deferred Financing Costs** 

Deferred financing costs represent fees and other direct costs incurred in connection with the Fund's borrowings. These costs are capitalized as an asset within the consolidated statement of assets and liabilities and are amortized using the straight-line methodology over the expected term of the borrowing.

**Organizational Expenses and Offering Costs** 

Organizational costs are expensed as incurred and recorded in consolidated statement of operations. Offering costs associated with the Fund's common shares are capitalized as an asset within in the consolidated statement of assets and liabilities and are amortized over a twelve-month period from incurrence. Costs from any additional offerings are deferred and amortized as incurred. For the period end December 31, 2024, the Fund incurred organizational expenses of $816,933 and offering costs of zero.

**Valuation of Investments** 

Investments at fair value consist primarily of senior secured debt.

Investments are valued in good faith by the Adviser at fair value pursuant to the valuation policy, which considers quotations provided by independent pricing sources, when such quotations are available and deemed reliable. The Fund conducts this valuation process on a quarterly basis.

Investments that are not listed on an exchange but are actively traded over-the-counter are generally valued at the representative "bid" quotation if held long and the representative "ask" quotation if held short or, in the case of equities that trade in over-the-counter marketplaces, at the last deemed reliable sale price provided by independent pricing sources.

Investments for which independent pricing sources or recent transaction activity are either not readily available or are not deemed reliable ("Non-Quoted Investments") are fair valued as determined in good faith by the Adviser. Non-Quoted Investments are valued in a multi-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund Accounting team of the Adviser ("Fund Accounting") provides recent portfolio company
financial statements and other reporting materials to independent valuation firm(s) approved by the Valuation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The independent valuation firm(s) evaluates this information along with relevant observable market data to
conduct independent valuations each quarter, and their valuation recommendations are documented and discussed with the Valuation Committee, Fund Accounting and the relevant investment professionals, as appropriate.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The valuation recommendations for certain investments may be determined by the Valuation Committee in good
faith in accordance with the valuation policy for the Fund without the employment of an independent valuation firm, based on immateriality or other considerations as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Valuation Committee discusses the valuations and approves the fair value of the investments in good faith
based on the input and advice provided by the independent valuation firm(s) and relevant investment professionals of the Adviser, as necessary.

The estimated fair value of financial instruments is based upon available information and may not be the amount that the Fund would realize in a current transaction or might be ultimately realized, since such amounts depend on future circumstances, and the differences could be material.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Fund discloses the fair value of its investments according to a hierarchy that prioritizes the inputs used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements). In accordance with U.S. GAAP, these inputs are summarized in the three broad levels listed below:

Level 1: Inputs that reflect unadjusted quoted prices on a securities exchange in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices on a securities exchange that are observable for the asset or liability either directly or indirectly in active markets, or unadjusted prices on a securities exchange in markets that are not considered to be active;

Level 3: Significant inputs that may be unobservable or inputs, including market quotations other than quoted prices on a securities exchange, in markets that are not considered to be active.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. An investment's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by multiple independent sources that are actively involved in the relevant market. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment and does not necessarily correspond to the Adviser's perceived risk of that instrument.

There were no investments classified within level 1 as of December 31, 2024.

Investments that are valued based on dealer quotations or alternative pricing sources supported by observable inputs are generally classified within level 2. These may include certain bonds or bank loans.

Investments classified within level 3 have significant unobservable inputs. When observable prices are not available for these investments, one or more valuation techniques (e.g., market approach or income approach) for which sufficient and reliable data is available may be used. Within level 3, the use of the market approach technique generally consists of using comparable market data, while the use of the income approach technique generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity,

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

credit, market and/or other factors. Quotations provided by independent pricing sources may also be considered, if available and deemed reliable, in determining the value of level 3 investments.

The inputs used in estimating the value of level 3 investments that are not valued using quotations provided by independent pricing sources may include but are not limited to the original transaction price, recent transactions in the same or similar instruments, completed or pending third party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt capital markets, discount rates, durations and changes in financial ratios or cash flows. Comparable public companies may also be identified based on industry, size, strategy, etc. and a trading multiple or yield is determined for each comparable company. Additionally, level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's consolidated results of operations.

**Income Taxes** 

The Fund is treated as a partnership for U.S. federal income tax purposes. The Fund itself is not subject to U.S. federal income taxes; each investor is individually liable for income taxes, if any, on its share of the Fund's net taxable income. The Fund may be subject to entity level taxes with respect to certain state sourced income, as well as other income allocable to underlying resident investors; such taxes may be treated as entity level expenses or, to the extent such taxes are determined based on the identity or jurisdiction of each investor, specially charged to investors based on their allocable share, if any, of such income. This state and local tax withholding paid by the Fund on behalf of these investors is recorded in other assets until the time at which it is netted against each relevant investor's current distribution. Interest, dividends and other income realized by the Fund from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. Such withholding taxes are accrued when incurred and are shown on the consolidated statement of operations, where applicable, as withholding taxes. For the period ended December 31, 2024, the Fund did not incur such tax expense. The Fund conducts its business to the maximum extent practicable so that the Fund's activities do not create a taxable presence in any non-U.S. jurisdiction (other than the jurisdictions in which the Fund and the Adviser have offices).

The Fund is subject to partnership audit rules enacted as part of the Bipartisan Budget Act of 2015 (the "Centralized Partnership Audit Regime"). Under the Centralized Partnership Audit Regime, any IRS audit of the Fund would be conducted at the Fund level rather than in separate proceedings involving each investor. Adjustments to partnership items will generally be determined at the Fund level, and the Fund may be required to pay taxes (and associated interest and penalties) imposed as a result of such adjustments. In certain cases, the Fund may be able to elect to have the tax assessed or collected at the investor level. In the event of an audit, these new rules, and any elections thereunder, may significantly affect the amount and timing of tax (and associated interest and penalties) that is required to be borne by the Fund and its investors, as well as the manner in which such amounts are allocated among its investors (including former investors).

The Fund follows the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, and is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the consolidated financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. For the period ended December 31, 2024, there were no liabilities related to accounting for uncertainty in tax positions.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates and invests, if required. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. The Fund may be subject to examination by such jurisdictions for all open tax years, the earliest of which is 2024. The Fund recognizes interest and penalties, when known, related to realized tax positions on the consolidated statement of operations. For the period ended December 31, 2024, there were no material interest and penalties.

Subsequent to the BDC Election Date, the Fund intends to elect to be treated, and qualify annually thereafter, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986. As a RIC, the Fund will generally not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its investors. Any tax liability related to income earned and distributed by the Fund would represent obligations of the investors.

To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its investors, for each taxable year, at least 90% of its "investment company taxable income", which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. As a RIC, the Fund will also be subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner, for each taxable year, an amount at least equal to the sum of (1) 98% of its ordinary net 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.

**Segment Reporting** 

In accordance with ASC Topic 280—Segment Reporting, the Fund has determined that it has a single operating and reporting segment. Operating and reporting segments are components of an enterprise for which separate financial information is available and are evaluated regularly by the Fund's chief operating decision maker (the "CODM") in deciding how to allocate resources and assess performance. The Fund's CODM is its Chief Executive Officer and Chief Financial Officer. The key metrics, along with other various factors, the CODM utilizes to determine performance and make operating decisions are net investment income and net increase (decrease) in net assets resulting from operations, as reported on the consolidated statement of operations. The Fund's CODM views the Fund's operations and manages its business in one operating segment, which is to primarily invest in U.S. middle market lending opportunities to achieve the Fund's investment objective.

**Recent Accounting Pronouncements** 

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Fund has adopted ASU 2023-7 effective December 31, 2024 and concluded that application of this guidance did not have a material the impact on its consolidated financial statements.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

**3.** **Significant Agreements and Related Party Transactions** 

The Fund is party to an advisory agreement, entered into on October 14, 2024 (the "Advisory Agreement") pursuant to which the Fund agrees to pay the Adviser fees for its investment advisory and management services consisting of a management fee (the "Management Fee") and incentive fee (the "Incentive Fee"), which are ultimately borne by the shareholders. Prior to the BDC Election Date, an origination fee (the "Origination Fee") will be incurred by the Fund. Following the BDC Election Date, the Fund will incur a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee").

**Origination Fee** 

The Origination Fee is calculated as 1% on the aggregate dollar amount of investments committed to and entered into by the Fund. The Origination Fee will is payable based on the closing date of an investment and the fee will terminate on the BDC Election Date. At December 31, 2024, the Origination Fee payable was $688,338. For the period ended December 31, 2024, the Origination Fee incurred was $688,338.

**Management Fee** 

Following the BDC Election Date, the Management Fee will be calculated at an annual rate of 1.25% of the Fund's aggregate net assets on the last day of each calendar quarter payable in arrears. The Management Fee for any partial quarter will be appropriately prorated. For the period ended December 31, 2024, the Fund incurred no Management Fee.

**Incentive Fee** 

Following the BDC Election Date, the Incentive Fee will consist of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income

("Income Incentive Fee"), and a portion is based on capital gains ("Incentive Fee on Capital Gains").

*Income Incentive Fee* 

The Income Incentive Fee is calculated and payable to the Adviser quarterly in arrears based on the amount by which Pre-Incentive Fee Net Investment Income (as defined below) in respect of the current calendar quarter exceeds the Hurdle Rate Amount (as defined below). The Income Incentive Fee is calculated and paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No amount in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the Fund's Pre-Incentive Fee Net Investment Income, if any,
that exceeds the Hurdle Rate Amount but is less than or equal to the Catch-up Amount (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any calendar quarter in which the Fund's Pre-Incentive Fee Net
Investment Income exceeds the Catch-Up Amount, 12.5% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-Up Amount.

The "Hurdle Rate Amount" is calculated on a quarterly basis by multiplying 1.25% (5.00% annualized) and the Fund's net asset value (total assets less indebtedness) at the beginning of each applicable calendar quarter. The "Catch-up Amount" is calculated on a quarterly basis by multiplying 1.4286% (5.7143% annualized) and the Fund's net asset value at the beginning of each applicable calendar quarter."Pre-Incentive Fee Net Investment Income" means, dividends (including reinvested dividends), interest and fee income accrued by the Fund during

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

the calendar quarter, minus the Fund's operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund may not have received in cash. Pre-Incentive Fee Net Investment Income also includes net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges and other expenses paid by the Fund to the derivative or swap counterparty). Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital appreciation or depreciation.

For the period ended December 31, 2024, the Fund incurred no Income Incentive Fee.

*Incentive Fee on Capital Gains* 

The Incentive Fee on Capital Gains, which is determined in arrears at the end of each fiscal year, is equal to 12.5% of the Fund's Cumulative Capital Gains (as defined below) from the BDC Election Date to the end of such fiscal year, less the amount of any Incentive Fee on Capital Gains previously paid. 'Cumulative Capital Gains" means, on any relevant date, cumulative realized capital gains, less the sum of (a) cumulative realized capital losses and (b) cumulative unrealized capital depreciation on investments, in each case as of such date.

Under U.S. GAAP, the Fund is required to accrue any Incentive Fee on Capital Gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each reporting period. In calculating the accrual for the Incentive Fee on Capital Gains, the Fund considers the cumulative aggregate unrealized capital appreciation in the calculation, because Incentive Fee on Capital Gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. There can be no assurance that such unrealized capital appreciation will be realized in the future and therefore the corresponding accrued Incentive Fee on Capital Gains for U.S. GAAP purposes may be reversed accordingly.

For the period ended December 31, 2024, the Fund incurred no Incentive Fee on Capital Gains.

**Expense Support and Conditional Reimbursement Agreement** 

The Fund entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser. The Adviser may elect to pay certain expenses (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any interest expense or distributions and/or servicing fees of the Fund. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

Following any 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 quarter (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such quarter have been reimbursed. Any payments required to be made by the Fund shall be referred to as a "Reimbursement Payment". "Available Operating Funds" means the sum of (i) net investment Fund taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid 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, as applicable, shall equal the lesser of (i) the Excess Operating Funds in such quarter, as applicable, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar quarter, as applicable, that have not been previously reimbursed by the Fund to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month or quarter, as applicable, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of this Agreement.

No Reimbursement Payment for any quarter will be made if: (1) the "Effective Rate of Distributions Per Share" (as defined below) declared by the Fund 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) the "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. Pursuant to the Expense Support Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter.

The following table presents a summary of all expenses supported, recouped, and eligibility to recoup, by the Adviser:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the Period Ended** | **Amount of<br>Expense<br>Support** | **Recoupment of<br>Expense<br>Support** | **Unreimbursed<br>Expense<br>Support** | **Reimbursement<br>Eligibility<br>Expiration** | **Effective<br>Rate of<br>Distribution<br>per Share** | **Operating<br>Expense<br>Ratio** |
|  December 31, 2024 | $816933 | $– $| 816933 | December 31, 2027 | 0.00% | 2.39% |
|  **Total** | $816933 | $– $| 816933 |  |  |  |

---

For the period ended December 31, 2024 the Fund accrued $816,933 of Expense Support amounts and did not make any Reimbursement Payments to the Adviser.

**Other Related Party Transactions** 

Pursuant to the Advisory Agreement, the Adviser is responsible for providing various accounting and administrative services to the Fund and the Fund will reimburse the Adviser for all costs and expenses incurred in

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

performing its administrative obligations, including the allocable portion of overhead (such as rent, office equipment and utilities) and the allocable portion of the compensation paid to the Fund's General Counsel, Chief Compliance Officer and Chief Financial Officer and their respective staffs. As of December 31, 2024, the related party administration fee payable was $91,649 and was included in accrued expenses and other liabilities in the consolidated statement of assets and liabilities. For the period ended December 31, 2024, the Fund incurred $103,290, in related party administration fees and was included in administration fees in the consolidated statement of operations.

The Adviser, or its affiliates, is authorized to pay expenses in the name of and on behalf of the Fund. To the extent that expenses borne by or reimbursements due to the Fund are paid by the Adviser, or an affiliate, the Fund will reimburse or seek reimbursement from such party. As of December 31, 2024 the Fund owed $53,914 to an affiliate.

Additionally, the aggregate interests of shareholders affiliated with the Adviser was approximately 1.0% of the Fund at December 31, 2024.

**4.** **Investments** 

Investments consisted of the following at December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Fair Value** |
|  First lien debt | $65110564 | $65207120 | 100.00% |
|  **Total** | $65110564 | $65207120 | 100.00% |

---

The Fund invested primarily in first-lien debt which may include stand-alone first-lien loans, unitranche/last-out loans and first lien/last-out loans which generally bear greater risk in exchange for a higher interest rate, and senior secured corporate bonds with similar features to these categories of first-lien loans. At December 31, 2024, the unitranche/last-out loans, at fair value, was 0% of the investment portfolio. At December 31, 2024, the first lien/last-out loans, at fair value, was 7.23% of the investment portfolio.

The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of December 31, 2024 with corresponding percentages of total fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Industry Classification** | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** |
|  Consumer Brands | $967429 | $968915 | 1.49% |
|  Gaming & Entertainment | 4139232 | $4227176 | 6.48 |
|  Industrial Products & Services | 12969836 | $12969052 | 19.89 |
|  Insurance & Insurance Services | 3140922 | $3149190 | 4.83 |
|  Manufacturing | 1361640 | $1371753 | 2.10 |
|  Oilfield Services | 6502228 | $6500989 | 9.97 |
|  Paper & Packaging | 5788735 | $5785848 | 8.87 |
|  Software & Services | 4717964 | $4712884 | 7.23 |
|  Specialty Chemicals | 10058790 | $10056483 | 15.42 |
|  Specialty Retail | 15463788 | $15464830 | 23.72 |
|  **Total** | $65110564 | $65207120 | 100.00% |

---

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

The following table presents the composition of the investment portfolio by geographic dispersion at amortized cost and fair value as of December 31, 2024 with corresponding percentages of total fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Geographic Dispersion<sup>(1)</sup>**  | **Amortized Cost** | **Fair Value** | **% of Fair<br>Value** |
|  Canada | $10641460 | $10728165 | 16.45% |
|  United States of America | $54469104 | $54478955 | 83.55 |
|  **Total** | $65110564 | $65207120 | 100.00% |

---

(1) Geographic dispersion represents the country of the issuer and may not represent the operating domicile.

**5.** **Fair Value Measurements** 

The following table presents the investments carried on the consolidated statement of assets and liabilities by level within the fair value hierarchy as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments:** |  |  |  |  |
|  Secured loans | $— | $7376366 | $57830754 | $65207120 |
|  **Total investments** | $— | $7376366 | $57830754 | $65207120 |

---

The following table includes a roll forward of the amounts for the period ended December 31, 2024 for investments classified within level 3. The classification of an investment within level 3 is based upon the significance of the unobservable inputs to the overall fair value measurement.

---

| | | |
|:---|:---|:---|
|  | **Fair Value Measurements of<br>Level 3 Investments** | **Fair Value Measurements of<br>Level 3 Investments** |
|  | **Secured Loans** | **Total** |
|  **Balance at October 24, 2024 (Commencement of Operations)** | $— | $— |
|  Transfer in<sup>(1)</sup>  |  |  |
|  Transfer out<sup>(2)</sup>  |  |  |
|  Accretion/amortization of discounts/premiums | 20369 | 20369 |
|  Purchases<sup>(3)</sup>  | 58005591 | 58005591 |
|  Sales, paydowns and resolutions<sup>(3)</sup>  | (195549) | (195549) |
|  Net realized gain/(loss) |  |  |
|  Net change in unrealized appreciation/(depreciation) | 343 | 343 |
|  **Balance at December 31, 2024** | $57830754 | $57830754 |
|  **Change in net unrealized appreciation / (depreciation) on investments held as of December 31, 2024** | $343 | $343 |

---

(1) There were no investments transferred in to level 3.

(2) There were no investments transferred out of level 3.

(3) Includes the effects of reorganizations, if any.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

All realized gains (losses) and change in unrealized appreciation (depreciation) in the tables above are reflected in the accompanying consolidated statement of operations. Transfers between levels, if any, are recognized at the beginning of each reporting period.

The following tables provide quantitative information about the Fund's level 3 fair value measurements for the Fund's investments as of December 31, 2024. In addition to the techniques and inputs noted in the tables below, the Fund may also use, in accordance with the valuation policy, other valuation techniques and methodologies when determining the Fund's fair value measurements. The below tables are not intended to be inclusive of all unobservable inputs, but rather provide information on the significant level 3 inputs as they relate to the Fund's fair value measurements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** | **Quantitative Information about Level 3 Value Investments** |
| **Investment Type** | **Fair Value at<br>December 31, 2024** | **Valuation<br>Technique(s)** | **Unobservable<br>Input(s)** | **Range (Weighted<br>Average)** | **Impact to Valuation<br>from an Increase in<br>Input<sup>(1)</sup>** |
|  **Secured Loans** | $8211953 | Income Approach | Yield | 10.4% - 10.9% (10.5%) | Decrease |
|  |  |  | Expected Term<sup>(2)</sup> | 0.2 yrs. | Decrease |
|  | 49618801 | Recent Transaction | N/A | N/A | N/A |
|  **Total Level 3 Investments** | $57830754 |  |  |  |  |

---

(1) This column represents the directional change in the fair value of the Level 3 investments that would
result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value
measurements.

(2) Expected term is an unobservable input for non-debt investments, or
debt investments where the valuation methodology contemplates exits other than contractual maturities, if any. Weighted average expected term for the all the Fund's Level 3 debt investments, including those valued to contractual maturity,
was approximately 5.0 years as of December 31, 2024.

**6.** **Sell / Buy-back Agreements** 

The Fund may finance the purchase of certain investments through sell / buy-back agreements, which are similar to repurchase agreements. In a sell / buy-back agreement, the Fund enters into a trade to sell an investment and contemporaneously enters into a trade to buy the same investment back on a specified date in the future with the same counterparty. The Fund uses sell/buy-back agreements as a short-term financing with terms generally 90 days or less. Under U.S. GAAP, the Fund treats its sell/buy-back agreements as secured borrowings and continues to present the investment as an asset and the obligation to return the cash received as a liability on the consolidated statement of assets and liabilities. The amount borrowed is generally equal to the cost of the assets pledged. Interest income earned on investments pledged as collateral and financing charges associated with the sell / buy-back agreements are included within interest income and interest and financing expenses, respectively, on the consolidated statement of operations. Accrued interest receivable on investments and accrued financing charges on the sell / buy-back agreements are included within interest receivable and interest payable, respectively, on the consolidated statement of assets and liabilities.

As of December 31, 2024 there were $50,825,886 outstanding borrowings under the sell / buy-back agreements with Macquarie Bank. All borrowings had a maturity date of January, 16, 2025, with the option to extend an additional ninety days. For the period December 31, 2024, the average amount of outstanding borrowings under the sell / buy-back agreements was $22,773,418 and the weighted average interest rate outstanding was 11.0%, including amortization on related deferred financing costs.

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

As of December 31, 2024, all sell / buy-back agreements were carried at cost, which approximates their fair value due to the short-term maturity of the agreements. The fair value of the sell / buy-back agreements would be categorized as Level 3 within the fair value hierarchy.

**7.** **Commitments and Contingencies** 

From time to time, the Fund may enter into commitments to fund investments. Such commitments are incorporated into the Fund's assessment of its liquidity position. The Fund's senior secured revolver commitments are generally available on a borrower's demand. The Fund's senior secured delayed draw term loan commitments are generally available on a borrower's demand and, once drawn, generally have the same remaining term as the associated loan agreement. Undrawn senior secured delayed draw term loan commitments generally have a shorter availability period than the term of the associated loan agreement.

A summary of the composition of the Fund's unfunded commitments as of December 31, 2024 is shown in the table below:

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| | | |
|:---|:---|:---|
| **Portfolio Company** | **Investment Type** | **December 31,<br>2024** |
|  Databricks Inc | 1st Lien Delayed Draw Term Loan | $1016073 |
|  Elessent Clean Technologies Inc | 1st Lien Revolver | $459015 |
|  Shrieve Chemical Co LLC | 1st Lien Revolver | $471846 |
|  Source Energy Services Ltd | 1st Lien Delayed Draw Term Loan | $1255987 |
|  **Total** |  | $**3202921** |

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In the normal course of its operations, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund believes the risk of significant loss to be remote.

From time to time, the Fund and its affiliates are subject to litigation arising in the normal course of business, including with respect to our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

**8.** **Net Assets** 

**Committed Capital** 

As of December 31, 2024, the Fund's committed capital was $202,260,000.

As of December 31, 2024, $15 million, or 7.4% of total capital commitments have been funded, which resulted in the issuance of 600,000 common shares.

**Distributions** 

The Board may, in its discretion, authorize the Fund to distribute ratably among the shareholders of any class of shares in the Fund in accordance with the number of outstanding full and fractional shares of such class or series as the Board may deem proper or as may otherwise be determined in accordance with the governing documents of the Fund. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Fund or any assets thereof) or shares of any class or series or any combination thereof. It is

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

expected that the Board will authorize quarterly distributions of the majority of the Fund's net investment income. The Board may always retain such amount as it may deem necessary to pay the debts or expenses or meet other obligations of the Fund, or as it may otherwise deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

For the period ended December 31, 2024, the Fund declared no distributions.

**Income and Expense Allocation** 

As a unitized trust, income and expenses are generally shared by all of the shareholders pro rata in accordance with their number of shares; provided that if for legal, regulatory or tax reasons that could materially affect the Fund, the Fund may require a shareholder to withdraw from the trust and to be admitted as a shareholder of a parallel investment entity and transfer such a proportionate share of the trust's assets and liabilities, and the expenses of such transfer shall be borne by such shareholder.

**9.** **Financial Highlights** 

The following summarizes the financial highlights for the Fund:

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| | |
|:---|:---|
|  | **For the Period<br>October 24, 2024<br>(Commencement of<br>Operations)<br>through<br>December 31, 2024** |
|  **Per Share Data\*<sup>(1)</sup>**  |  |
|  Net asset value, beginning of period | $25.00 |
|  Net investment income (loss) | (1.35) |
|  Net realized gain (loss) and net change in unrealized appreciation (depreciation) | 0.16 |
|  Total from operations | (1.18) |
|  Dividends declared from net investment income |  |
|  Dividends declared from realized gains |  |
|  Total increase (decrease) in net assets | (1.18) |
|  Net asset value, end of period | $23.82 |
|  Total Return, based on net asset value<sup>(2)</sup>  | -4.74% |
|  Ratios to average net assets<sup>(3)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and financing related expenses | 18.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<sup>(4)</sup>  | 56.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | -29.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 27.00% |
|  Net assets, end of period | $14289534 |
|  Portfolio turnover rate<sup>(5)</sup>  | 0.57% |
|  Weighted-average shares outstanding | 600000 |
|  Total capital commitments, end of period | 202260000 |
|  Ratio of total contributed capital to total committed capital, end of period | 7.42% |
|  IRR | -22.93% |

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\* Totals may not foot due to rounding 

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##### [**Table of Contents**](#toc)
**Silver Point Private Credit Fund** 

**Notes to Consolidated Financial Statements (Continued)** 

(1) The per share data was derived by using the weighted average shares outstanding during the applicable period,
except for net asset value and distributions declared which reflected the actual amount per share for the applicable period.

(2) Total return is not annualized. Total return is calculated as the change in net asset value for the period,
assuming dividends and distributions if any, are reinvested, divided by the beginning net asset value per share.

(3) The ratio reflects an annualized amount, except in the case of non-recurring expenses.

(4) Prior to expense support provided by the Adviser, total operating expenses were 61.82%.

(5) Portfolio turnover is calculated as the lesser of (i) purchases of portfolio investments or (ii) the
aggregate total of sales of portfolio investments plus any prepayments received, divided by average fair value of portfolio investments during the period.

**10.** **Subsequent Events** 

Management has performed an evaluation of subsequent events and has determined that no additional items require adjustments to, or disclosure in the consolidated financial statements.

## Exhibit 3.1

**Exhibit 3.1** 

**<u>SILVER POINT PRIVATE CREDIT FUND</u>**

**DECLARATION OF TRUST** 

THIS DECLARATION OF TRUST is made as of the 18<sup>th</sup> day of September, 2024, by the Trustee hereunder, and by the holders of shares of beneficial interest issued hereunder as hereinafter provided.

WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;

WHEREAS, the Board of Trustees shall oversee the management of all property of the Trust in accordance with the provisions hereinafter set forth; and

WHEREAS, this Declaration and the Bylaws together shall constitute the governing instrument of the Trust within the meaning of the Maryland Statutory Trust Act.

NOW, THEREFORE, the Board of Trustees will direct the management and business of the Trust upon the following terms and conditions.

**ARTICLE I** 

**<u>The Trust</u>**

Section 1.1 <u>Name</u>.

This Trust shall be known as "Silver Point Private Credit Fund" and the Board of Trustees shall oversee the business and affairs of the Trust under that name or any other name or names as the Board of Trustees may from time to time determine.

Section 1.2 <u>Definitions</u>.

As used in this Declaration, the following terms shall have the following meanings:

The "<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

"<u>Board of Trustees</u>" or "<u>Board</u>" shall mean the Board of Trustees of the Trust.

"<u>Bylaws</u>" shall mean the Bylaws of the Trust as amended from time to time by the Trustees.

"<u>Certificate</u>" shall mean the Certificate of Trust, filed with regard to the Trust with the State Department of Assessments and Taxation for the State of Maryland on June 5, 2024, as amended.

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"<u>Chair</u>" shall mean Chair of the Board of Trustees.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Commission</u>" shall mean the Securities and Exchange Commission.

"<u>Declaration</u>" or "<u>Declaration of Trust</u>" shall mean this Declaration of Trust, as amended, supplemented or amended and restated from time to time.

"<u>Fundamental Policies</u>" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

"<u>Independent Legal Counsel</u>" shall mean an "independent legal counsel" as defined in Reg. §270.0-1(a)(6) promulgated under the 1940 Act, and such counsel shall be (i) selected by a majority of the Disinterested Non-Party Trustees, (ii) if fewer than 50% of the Independent Trustees are Disinterested Non-Party Trustees, the regular independent counsel to the Independent Trustees, or (iii) if such counsel is not able to act in a capacity contemplated in this Declaration for ethical or other reasons, counsel selected by such regular independent counsel to the Independent Trustees.

"<u>Independent Trustees</u>" shall have the meaning set forth in Section 4.2(b) of this Declaration.

"<u>Interested Person</u>" shall have the meaning given to such term in the 1940 Act.

"<u>Majority Shareholder Vote</u>" shall mean a vote of "a majority of the outstanding voting securities" (as such term is defined from time to time in the 1940 Act) of the Trust with each class and series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or series of Shares voting as a separate class or series, as the case may be, also will be required.

"<u>Maryland General Corporation Law</u>" or "<u>MGCL</u>" shall mean the Maryland General Corporation Law, as amended from time to time.

"<u>Maryland Statutory Trust Act</u>" shall mean the Maryland Statutory Trust Act, as amended from time to time.

"<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

"<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares, at such time.

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"<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time, including fractions of Shares as well as whole Shares. In addition, Shares also means any preferred units of beneficial interest which may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require.

"<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

"<u>Trustees</u>" shall mean the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

"<u>Vice Chair</u>" shall mean Vice Chair of the Board of Trustees.

Section 1.3 <u>Purposes and Powers</u>.

The purposes for which the Trust is formed are to engage in any lawful act or activity for which a statutory trust may be formed under the Maryland Statutory Trust Act. The Trust shall have all of the powers granted to statutory trusts by the Maryland Statutory Trust Act and all other powers which are not inconsistent with law and are appropriate to promote and attain the purposes set forth in this Declaration. Without limiting the generality of the foregoing sentence, the Trust shall have the general powers set forth in Section 12-201 of the Maryland Statutory Trust Act.

**ARTICLE II** 

**<u>Trustees</u>**

Section 2.1 <u>Powers.</u>

Subject only to any limitations expressly set forth in the Certificate or this Declaration (a) the business and affairs of the Trust shall be managed exclusively by or under the direction of the Board, who shall be elected and shall serve in accordance with this Declaration, (b) the Board shall have full, exclusive and absolute power, control and authority over the business and affairs of the Trust and any and all property of the Trust, and no Shareholder shall have any right to participate in or exercise control or management power over the business and affairs of the Trust, and (c) the Board shall have the exclusive power to take or authorize any action within the powers of the Trust under the Maryland Statutory Trust Act, the Certificate and this Declaration of Trust including, without limitation, the power to authorize or approve any action that would otherwise require the approval of one or more Shareholders under the Maryland Statutory Trust Act. For the avoidance of doubt, the Board shall have the power to vary any investment of the Trust for the benefit of the Shareholders. This Declaration of Trust shall be construed with the presumption in favor of the grant of power and authority to the Board. The enumeration and definition of

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particular powers of the Board included in this Declaration of Trust shall in no way be (i) limited or restricted by reference to, or inference from, the terms of this or any other provision of this Declaration of Trust or (ii) construed or deemed by inference or otherwise in any manner to exclude or limit the powers conferred upon the Board under the general laws of the State of Maryland or any other law. Any determination regarding any matter within the powers of the Board or any construction of the Certificate or this Declaration of Trust (including any construction of the Certificate or this Declaration of Trust regarding the scope of the powers of the Board) made in good faith by the Board shall be conclusive.

Section 2.2 <u>Number and Qualification</u>.

The Trust shall initially have one (1) Trustee, which number may be increased or decreased by the Board of Trustees from time to time, but shall never be less than the minimum number required of the Trust by the MGCL or the 1940 Act. The initial Trustee shall be Kristen Clark. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term. Trustees need not own Shares and may succeed themselves in office.

Section 2.3 <u>Term and Election</u>.

The Trustees shall be elected at an annual meeting of the Shareholders and each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified or his or her earlier resignation, removal, death or disability. So long as any Trustees remain and subject to Section 2.5 of this Declaration of Trust, any vacancies on the Board of Trustees may be filled only by the Trustees after the appointment of the initial Trustee. If there are three or more Trustees, whether pursuant to a requirement under the 1940 Act or otherwise, then the Board of Trustees shall be divided into three classes, designated Class I, Class II and Class III. Each class shall consist, as nearly as may be possible, as determined by the Board of Trustees, of one-third of the total number of Trustees constituting the entire Board of Trustees. Within the limits above specified, the number of the Trustees in each class shall be determined by resolution of the Board of Trustees. The term of office of the first class shall expire on the date of the first annual meeting of Shareholders following the date the Board was first classified. The term of office of the second class shall expire on the date of the second annual meeting of Shareholders following the date the Board was first classified. The term of office of the third class shall expire on the date of the third annual meeting of Shareholders following the date the Board was first classified. Upon expiration of the term of office of each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term expiring on the date of the third annual meeting of Shareholders following such expiration to succeed the Trustees whose terms of office expire. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office, or removal, of a Trustee.

Section 2.4 <u>Resignation and Removal</u>.

Any of the Trustees may resign from the Board by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chair, if any, the President or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed for cause (i) by action taken by a majority

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of the Trustees or (ii) by the holders of at least seventy-five percent (75%) of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. For the purpose of this paragraph, "cause" shall mean, with respect to any particular Trustee, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such Trustee caused demonstrable, material harm to the Trust through bad faith or active and deliberate dishonesty.

Section 2.5 <u>Vacancies</u>.

Section 2.6 <u>Meetings</u>.

Meetings of the Board of Trustees shall be held from time to time upon the call of the Chair of the Board of Trustees, if any, or the President or a majority of the Trustees; provided, however, that if there is only one Trustee, then such sole Trustee. Regular meetings of the Board of Trustees may be held without call or notice at a time and place fixed by the Bylaws or by resolution of the Board of Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally not less than twenty-four (24) hours, or in writing not less than seventy-two (72) hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of

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objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Board of Trustees shall be a majority of the Trustees, but not less than two of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, to the extent applicable to the Trust, any action of the Board of Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent or electronic transmission in accordance with this Article.

Any committee of the Board of Trustees may act with or without a meeting. Any time there is more than one Trustee on a committee, unless otherwise required by the committee's charter, a quorum for all meetings of any such committee shall be a majority of the Trustees serving on such committee, but not less than two of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent or electronic transmission in accordance with this Article.

With respect to actions of the Board of Trustees and any committee of the Board of Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Board of Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in Person at such meeting.

Section 2.7 <u>Trustee Action Without a Meeting</u>.

Any action which may be taken by the Board of Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Board of Trustees or of such committee consent to the action in writing or by electronic transmission and such consent is filed with the records of the meetings of the Board of Trustees; provided however, this Section 2.7 does not apply to any action of the Board of Trustees taken pursuant to the 1940 Act that requires the vote of the Trustees to be cast in Person at a meeting. Such consent shall be treated for all purposes as a vote taken at a meeting of the Board of Trustees.

Section 2.8 <u>Officers</u>.

The Board of Trustees may elect one or more Chairs and/or a Vice Chairs who shall serve at the pleasure of the Board of Trustees or until their successors are elected. The Board of Trustees may elect a Chief Executive Offer or President. The Board of Trustees may elect or appoint or may authorize the Chair, Chief Executive Officer or President, if any, to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. For the avoidance of doubt, any Chair or Vice Chair shall be a Trustee and any officer may, but need not be, a Trustee.

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**ARTICLE III** 

**<u>Powers and Duties of Trustees</u>**

Section 3.1 <u>General</u>.

The Board of Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Board of Trustees may perform such acts as in its sole discretion are proper for conducting the business of the Trust. The Board of Trustees has the power to construe and interpret this Declaration and to act upon any such construction or interpretation. Any construction or interpretation of this Declaration by the Board of Trustees and any action taken pursuant thereto and any determination as to what is in the best interests of the Trust made by the Board of Trustees shall, in each case, be conclusive and binding on all Shareholders and all other Persons for all purposes. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Board of Trustees may be exercised without order of or resort to any court.

Section 3.2 <u>Investments</u>.

The Board of Trustees shall have power, subject to the Fundamental Policies in effect from time to time, if any, with respect to the Trust to: manage, conduct, operate and carry on the business of an investment company; and subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

Section 3.3 <u>Legal Title</u>.

Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Board of Trustees shall have the power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

In the event that title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such Person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

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Section 3.4 <u>Issuance and Repurchase of Shares</u>.

The Board of Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, to the extent not prohibited by the 1940 Act or any Registration Statement of Shares of the Trust filed with the Commission thereunder.

Section 3.5 <u>Borrow Money or Utilize Leverage</u>.

The Board of Trustees shall, on behalf of the Trust, have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation.

Section 3.6 <u>Delegation; Committees</u>.

The Board of Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or otherwise as the Board of Trustees may deem expedient. The Board of Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Board of Trustees shall determine from time to time.

Section 3.7 <u>Collection and Payment</u>.

The Board of Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

Section 3.8 <u>Expenses</u>.

The Board of Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Board of Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to the Trustees. The Board of Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may receive compensation for special services, including legal, underwriting, syndicating and brokerage services, as the Board of Trustees may deem reasonable and may be reimbursed for expenses reasonably incurred on behalf of the Trust as the Board of Trustees may deem reasonable. The Board of Trustees shall have the power, as frequently as they may determine, to cause each

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Shareholder to pay directly, in advance or arrears, for charges of distribution, of the custodian or transfer, Shareholder servicing or similar agent, a pro rata amount as defined from time to time by the Board of Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

Section 3.9 <u>Bylaws</u>.

The Board of Trustees shall have the exclusive authority to adopt and from time to time amend or repeal Bylaws for the conduct of the business of the Trust.

Section 3.10 <u>Miscellaneous Powers</u>.

The Board of Trustees shall have the power to: (a) employ or contract with such Persons as the Board of Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Board of Trustees may see fit to such extent as the Board of Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; and (i) adopt a seal for the Trust but the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

Section 3.11 <u>Further Powers</u>.

The Board of Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Maryland, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Board of Trustees shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Board of Trustees. The Board of Trustees will not be required to obtain any court order to deal with the Trust Property.

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Section 3.12 <u>Duties</u>. Each Trustee shall perform his, her or its duties as a Trustee, including his, her or its duties as a member of any committee on which such Trustee serves, in good faith. A Trustee shall not have any duties, including fiduciary duties under the common law of trusts, or be subject to any duties or other standard of conduct, other than as set forth in the preceding sentence. The appointment, designation or identification of a Trustee as a Chair or Vice Chair of the Board of Trustees, a member or chair of a committee of the Board of Trustees, an officer of the Trust, an expert on any topic or in any area (including an audit committee financial expert), the lead Independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that Person any standard of care or liability that is greater than that imposed on that Person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof. Any action or failure to act by a Trustee shall be presumed to be in accordance with the duties described in this Section 3.12 and any person alleging the contrary shall bear the burden of proof that the action or failure to act was not consistent with such duties. This provision establishes the standard of performance required of a Trustee in performing his, her or its duties as a Trustee as permitted by Section 12-402(c) of the Maryland Statutory Trust Act, and to the extent that this provision limits, restricts or eliminates the standard of performance of the Trustees otherwise existing at law or in equity, including, without limitation, pursuant to Section 12-402(b) of the Maryland Statutory Trust Act, this provision shall replace such other duties.

**ARTICLE IV** 

**<u>Limitations of Liability and Indemnification</u>**

Section 4.1 <u>No</u> <u>Personal Liability of Shareholders</u><u>, Trustees, etc.</u>

No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a corporation incorporated under the Maryland General Corporation Law. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of trustees and officers of a Maryland statutory trust, but at all times subject to the requirements of the 1940 Act, as applicable, (i) no Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, except for liability to the Trust or its Shareholders to the extent (a) that it is proved that the Person actually received an improper benefit or profit in money, property, or services for the amount of the benefit or profit in money, property, or services actually received or (b) that a judgment or other final adjudication adverse to the Person is entered in a proceeding based on a finding in the proceeding that the Person's action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust and (ii) if any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, such Shareholder, Trustee or officer shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 4.1 shall not adversely affect any right or protection of a Shareholder, Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

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Section 4.2 <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the maximum extent permitted by Maryland law in effect from time to time, but at all times subject to the requirements of the 1940 Act, the Trust hereby agrees to indemnify each Person who at any time serves or has served as a Trustee or officer of the Trust (each such Person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which such indemnitee may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, by reason of such indemnitee having acted in any such capacity. The rights to indemnification set forth in this Declaration shall continue as to a Person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless (i) there has been a determination by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither "interested persons" of the Trust (as defined in Section 2(a)(19) of the 1940 Act) ("Independent Trustees") nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, Independent Legal Counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder, or (iii) such other requirement as may be required by or permitted under the 1940 Act are satisfied. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct or in the absence of any Disinterested Non-Party Trustees, Independent Legal Counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the Bylaws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are "disinterested Persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and in this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust to the full extent corporations organized under the Maryland General Corporation Law may indemnify or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust shall maintain insurance for the protection of the Trust Property, Shareholders, Trustees, officers, employees and agents in such amount as the Board of Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Board of Trustees in its sole judgment shall deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event of payment by the Trust to an indemnitee, the Trust shall be subrogated to the extent of such payment to all of the rights of recovery of the indemnitee, who shall execute such documents and do such acts as the Trust may reasonably request to secure such rights and to enable the Trust effectively to bring suit to enforce such rights.

Section 4.3 <u>No Bond Required of Trustees</u>.

No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of such Trustees duties hereunder.

Section 4.4 <u>No</u> <u>Duty of Investigation</u><u>;</u> <u>No Notice in Trust Instruments</u><u>, etc.</u>

No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Board of Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Board of Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust.

Section 4.5 <u>Trustee</u><u>'</u><u>s</u> <u>Good Faith Action</u><u>, Reliance on</u> <u>Experts</u><u>, etc.</u>

The exercise in good faith by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. The Trustees may rely in good faith upon advice of counsel or other experts with respect to the meaning and operation of this Declaration and their duties as Trustees hereunder, and, to the maximum extent permitted by Maryland law in effect from time to time, shall be under no liability for any act or omission in accordance with such advice. To the maximum extent permitted by Maryland law in effect from time to time, a Trustee shall be fully

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protected in relying in good faith upon the records of the Trust and upon information, opinions, reports or statements presented by another Trustee or any officer, employee or other agent of the Trust, or by any other Person as to matters the Trustee believes in good faith are within such other Person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Trust or any series or class, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and obligations of the Trust or any series or class or to make reasonable provision to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Shareholders or creditors of the Trust might properly be paid.

Section 4.6 <u>1940 Act</u><u>.</u>

The provisions of this Article IV shall be subject to the requirements and limitations of the 1940 Act with respect thereto.

**ARTICLE V** 

**<u>Shares of Beneficial Interest</u>**

Section 5.1 <u>Beneficial Interest</u>.

The beneficial interest in the Trust shall be divided into Shares, par value $0.01 per Share (or such other amount as the Board of Trustees shall determine, including no par value). The number of Shares of the Trust and each series and class authorized hereunder is unlimited. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each class and series of Shares, except as otherwise provided in this Declaration. Notwithstanding any other provision of this Declaration, all Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Board of Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Holders of Shares shall not be entitled to any appraisal rights or similar rights of objecting Shareholders.

Section 5.2 <u>Common Shares.</u>

All Shares, other than the Shares identified pursuant to Section 5.3 of this Declaration, shall be designated as "Common Shares" and the holders of such Common Shares entitled to all rights of Shareholders described herein.

Section 5.3 <u>Other Securities</u>.

The Board of Trustees may authorize and cause the Trust to issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each series or class as the Board of Trustees see fit, including preferred interests, debt securities or other senior securities. The Board of Trustees may classify and reclassify any unissued Shares of any series or class from time to time, in one or more series or classes of Shares. To the extent that the Board of

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Trustees authorizes and causes the Trust to issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. The Board of Trustees are also authorized to take such actions and retain such Persons as they see fit to offer and sell such securities.

Section 5.4 <u>Rights of Shareholders</u>.

The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trust (except as otherwise determined by the Board of Trustees), and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights.

Section 5.5 <u>Statutory Trust Only</u>.

It is the intention of the Trustees to create only the relationship of a trust and an owner of shares of beneficial interest of a Maryland statutory trust (subject to the terms of this Declaration) between the Trust and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship under state law other than a statutory trust. Nothing in this Section 5.5 shall impact the Trust's status for tax purposes under the Code. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 5.6 <u>Issuance of Shares</u>.

The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Board of Trustees, in addition to the then issued and outstanding Shares, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Board of Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Board of Trustees may from time to time divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or l/l,000ths of a Share or multiples thereof as the Trustees may determine.

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Section 5.7 <u>Share Ledger</u>.

A ledger shall be kept at the offices of the Trust or any transfer agent duly appointed by the Board of Trustees under the direction of the Board of Trustees which shall contain the names and addresses of each Shareholder and the number of Shares of each class held by them respectively and a record of all transfers thereof. Such ledger shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to such Shareholder as herein provided, until such Shareholder has given his, her or its address to a transfer agent or such other officer or agent of the Trust as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Board of Trustees, in its discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefor and rules and regulations as to their use.

Section 5.8 <u>Transfer Agent and Registrar</u>.

The Board of Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

Section 5.9 Transfer of Shares.

Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Board of Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Board of Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Board of Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law. Notwithstanding the foregoing, for so long as the Trust is treated as a partnership for U.S. federal income tax purposes, no transfer shall be made unless such transfer would not cause the Trust to be treated as a "publicly traded partnership" within the meaning of Section 7704 of the Code and the regulations promulgated thereunder.

Section 5.10 <u>Notices</u>.

Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

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Section 5.11 <u>Assent to Declaration</u>.

Every Shareholder, by virtue of having purchased or otherwise acquired a Share shall become a Shareholder and shall be held to have expressly assented and agreed to be bound by the terms of this Declaration, the Bylaws and Certificate of Trust. Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Trust or any series.

**ARTICLE VI** 

**<u>Redemption</u>**

Shares of the Trust are not redeemable securities.

**ARTICLE VII** 

**<u>Distributions</u>**

Section 7.1 The Board of Trustees shall from time to time authorize the Trust to, and the Trust shall, distribute ratably among the Shareholders of any class or series of Shares in accordance with the number of outstanding full and fractional Shares of such class or series as the Board of Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any class or series or any combination thereof, and the Board of Trustees may authorize the Trust and the Trust may distribute ratably among the Shareholders of any class or series of Shares, in accordance with the number of outstanding full and fractional Shares of such class or series, additional Shares of any class or series in such manner, at such times, and on such terms as the Board of Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. Distributions pursuant to this Article VII may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify. The Board of Trustees may always retain such amount as the Board of Trustees may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as the Board of Trustees otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Board of Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

Section 7.2 Tax matters, including book and tax allocations, returns, audits and payments of tax, shall be governed by the provisions set out in Annex A, which are incorporated herein by reference.

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**ARTICLE VIII** 

**<u>Shareholders</u>**

Section 8.1 <u>Voting</u>.

Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law (including the 1940 Act, as may be applicable), this Declaration or resolution of the Board of Trustees. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all the affected classes and series of Shares voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class is required, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all the affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares. There shall be no cumulative voting in the election or removal of Trustees.

Section 8.2 <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of a majority of the Shares entitled to vote on any matter at a meeting present in Person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in Person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in Person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration, the Bylaws or a resolution of the Board of Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in Person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in Person or represented by proxy at the meeting shall be the act of the Shareholders of such class or series with respect to such matter.

Section 8.3 <u>Shareholder Action Without a Meeting</u>.

Any action required or permitted to be taken at any annual or special meeting of Shareholders may be taken without a meeting by consent in any manner and by any vote permitted by the Bylaws.

Section 8.4 <u>Proxies, etc.</u>

At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Board of Trustees or Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the

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proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

**ARTICLE IX** 

**<u>Amendment; Mergers, Etc.</u>**

Section 9.1 <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically set forth in this Article IX or in the terms of any series or class of Shares, the Trustees, by a vote of at least eighty percent (80%) of the Board of Trustees and by a vote of at least eighty percent (80%) of the Continuing Trustees may amend, amend and restate, or supplement, the Declaration in any respect from time to time, without any action by the Shareholders. The Board of Trustees, by a vote of at least eighty percent (80%) of the Board of Trustees and by a vote of at least eighty percent (80%) of the Continuing Trustees, also may amend this Declaration without any vote of Shareholders of any class or series to divide the Shares of the Trust into one or more classes or additional classes, or one or more series or additional series, to determine the rights, powers, preferences, limitations and restrictions of any class or series of Shares, to change the name of the Trust or any class or series of Shares, to make any change that does not adversely affect the relative rights or preferences of any Shareholder, as they may deem necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Shares shall be entitled to vote on amendments to the Declaration only to the extent provided in this Section 9.1(b) as follows: (i) any amendment set forth in Section 9.1(c) (by the vote determined as provided therein); (ii) any amendment set forth in Section 9.1(d) (by the vote determined as provided therein); and (iii) any other amendment submitted to them for their consideration by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amendment may be made to this Declaration which would change any rights with respect to any Shares of the Trust by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting rights pertaining thereto, unless such amendment has been approved by at least eighty percent (80%) of the Board of Trustees and eighty percent (80%) of the Continuing Trustees and a Majority Shareholder Vote. Nothing contained in this Declaration shall permit the amendment of this Declaration to (i) impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments upon Shareholders; or (ii) adversely alter or impair the indemnification or advancement rights afforded to Trustees 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;(d) The approval by the Shareholders of the following extraordinary actions and amendments to this Declaration shall require the affirmative vote a majority of the Board of Trustees and the affirmative vote of Shareholders entitled to cast at least eighty percent (80%) of the votes entitled to be cast generally in the election of Trustees, with holders of each class or series of shares voting as a separate class:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Any amendment to the Declaration of Trust to make the Shares "redeemable securities" and any other proposal to convert the Trust from a "closed-end company" to an "open-end company" (as defined in the 1940 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The liquidation or dissolution of the Trust and any amendment to the Declaration of Trust to effect such liquidation or dissolution; 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) Any merger, consolidation, conversion, share exchange or sale or exchange of all or substantially all of the assets of the Trust;

provided, however, that if at least a majority of the Continuing Trustees (as defined below) approve such proposal, transaction or amendment referred to in (i)-(iii) above, then a Majority Shareholder Vote shall instead be required to approve such proposal, transaction or amendment; and provided further, that, with respect to (1) any transaction referred to in (iii) above, in so far as the resulting, acquiring, or acquired entity is another business development company, private fund, separately managed account, or other investment vehicle managed by the Trust's investment adviser or an affiliate thereof (unless such transaction is reasonably anticipated to result in a material dilution of the net asset value per Share of the Trust or to cause the Trust to no longer qualify for any election it had previously made to be treated as (A) a business development company under the 1940 Act or (B) a regulated investment company under Subchapter M of the Code) or (2) any action that would cause the Trust to change its form or jurisdiction of organization, no Shareholder approval of such transaction shall be required if such transaction is approved by the vote of at least a majority of the Continuing Trustees, unless required under the 1940 Act. For purposes of this Article IX, "Continuing Trustees" shall mean (i) the Trustees identified in Section 2.2 herein, (ii) the Trustees who are nominated for election by the Board of Trustees to fill vacancies on the Board of Trustees and approved by a majority of the Trustees identified in Section 2.2 or (iii) any successor Trustees nominated for election and approved by a majority of the Continuing Trustees or successor Continuing Trustees, who are on the Board of Trustees at the time of the nomination or election, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Continuing Trustees or the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification signed by any Trustee or an authorized officer of the Trust setting forth an amendment and reciting that it was duly adopted by the Board of Trustees and, if required, the Continuing Trustees or the Shareholders as aforesaid, or a copy of this Declaration, as amended, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Trustees.

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Section 9.2 <u>Merger, Consolidation, Sale of Assets and Conversion</u>.

The Trust may merge or consolidate with any other corporation, association, trust or other organization, convert into another form of entity or may sell, lease or exchange all or substantially all of the Trust Property or the property, including its good will, upon such terms and conditions and for such consideration when and as authorized in accordance with Section 9.1(d) and any such merger, conversion, consolidation, sale, lease or exchange shall be determined for all purposes to have been accomplished under and pursuant to the Maryland Statutory Trust Act.

Section 9.3 <u>Subsidiaries</u>.

Without approval by Shareholders, the Board of Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over any or all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

**ARTICLE X** 

**<u>Miscellaneous</u>**

Section 10.1 <u>Filing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Board of Trustees deems appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner provided herein, and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees hereby authorize and direct a Certificate, in the form attached hereto as Exhibit A, to be executed and filed with the State Department of Assessments and Taxation of Maryland in accordance with the Maryland Statutory Trust Act.

Section 10.2 <u>Resident Agent</u>.

The Trust shall maintain a resident agent in the State of Maryland, which agent shall initially be CSC-Lawyers Incorporating Service Company. The Board of Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof is delivered to the office of the State Department of Assessments and Taxation of Maryland. The Trust may have such offices or places of business within or outside the State of Maryland as the Board of Trustees may from time to time determine.

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Section 10.3 <u>Governing Law</u>.

This Declaration is executed by the Trustees and delivered in the State of Maryland and with reference to the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State.

Section 10.4 <u>Counterparts</u>.

This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section 10.5 <u>Reliance by Third Parties</u>.

Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or approving any action by written consent or electronic transmission satisfies the requirements of this Declaration or the Bylaws, (f) the form of any Bylaws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

Section 10.6 <u>Declaration and Bylaws; Governing Instrument</u>.

This Declaration and the Bylaws together constitute the governing instrument of the Trust within the meaning of the Maryland Statutory Trust Act.

Section 10.7 <u>Provisions in Conflict with Law or Regulation</u>.

If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction. The provisions of this Declaration are severable, and if the Board of Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

[Remainder of Page Intentionally Blank]

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IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and year first above written.

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| |
|:---|
| TRUSTEE: |
| /s/ Kristen Clark |
| Name: Kristen Clark |
| Title: Trustee |

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**EXHIBIT A** 

**CERTIFICATE OF TRUST** 

[See attached]

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**ANNEX A** 

This Annex A (this "Annex") supplements the Declaration of Trust, made as of the date written above, by the general partner of the Limited Partnership, to which this Annex is attached (the "Declaration"). All capitalized terms not otherwise defined in this Annex shall have the meanings set forth in the Declaration.

For U.S. federal (and corresponding state and local) income tax purposes, the Trust shall be (i) treated as a business entity and not as a trust in accordance with Treasury Regulations Section 301.7701-4(c) and (ii) classified as a partnership for U.S. federal income tax purposes unless and until such time that the Board causes the Trust to elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes and the provisions of this Annex A shall be interpreted in a manner consistent with each of the foregoing. In the sole discretion of the Board, the Trust may elect to be treated as an association taxable as a corporation for U.S. federal income tax purposes by filing an Internal Revenue Service Form 8832 with the Internal Revenue Service, effective as of the date determined by the Board of Trustees, and shall elect to be treated as a "regulated investment company" as contemplated by Section 851 of the Code (the "RIC Election"), effective as of the effective date on which the Trust is treated as a corporation for U.S. federal income tax purposes. None of the Trust, any Shareholder or the Board shall take any action or file any tax return inconsistent with such any such tax treatment, as applicable. Furthermore the Trust shall not revoke the RIC Election without the prior written consent of the Shareholders. From and after the effectiveness of any RIC Election, Sections 2, 3, 4, 6, 7, 9 and 10 of this Annex, and any other provisions in this Annex that contemplate the U.S. federal income tax status of the Trust as a partnership for U.S. federal income tax purposes, shall cease to be in effect.

Section 1. Definitions. As used in this Annex, the following terms shall have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 "Affiliate" shall mean, when used with reference to a specified Person, (i) any other Person, directly or indirectly, controlling, controlled by or under common control with such specified Person and (ii) any officer, director or partner of such specified Person. The term "control," with respect to any Person, means possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person or to influence the decision-making of such Person, whether through the ownership of voting securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 "BDC" shall mean a business development company regulated under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 "Capital Account" means the account maintained by the Trust for each Shareholder as provided in Section 2 of this Annex.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 "Carrying Value" shall mean, with respect to any Trust asset, the asset's adjusted basis for U.S. federal income tax purposes; provided that, except as otherwise provided herein, the Carrying Value of all Trust assets shall be adjusted to equal their respective gross fair market values, in accordance with the rules set forth in Treasury Regulations Section l.704-1(b)(2)(iv)(f), as of: (a) the date of the acquisition of any additional Shares by any new or existing Shareholder in exchange for more than a de minimis Capital Contribution, other than pursuant to a sale of Shares; (b) the date of the distribution of more than a de minimis amount of Trust property to a Shareholder; (c) the date an Interest is relinquished to the Trust; or (d) such other time determined by the Board of Trustees in its sole discretion; provided that adjustments pursuant to clauses (a), (b), (c) and (d) above shall be made only if the Board of Trustees reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Shareholders. The Carrying Value of any Trust asset distributed to any Shareholder shall be adjusted immediately prior to such distribution to equal its gross fair market value. The Carrying Value of any asset contributed by a Shareholder to the Trust shall be the gross fair market value of the asset at the date of its contribution thereto. In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of Net Income and Net Losses rather than the amount of depreciation determined 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;1.05 "Designated Individual" shall have the meaning ascribed to such term in Section 7.01 of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 "Feeder Vehicle" shall mean SPPC Onshore LLC or an Affiliate of the SPPC General Partner, LLC which invests into the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 "Fiscal Year" shall mean the calendar year except as otherwise required by Section 706 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 "GAAP" shall mean U.S. generally accepted accounting principles and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 "Imputed Underpayment Amount" shall have the meaning ascribed to such term in Section 7.04 of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 "IRS" shall mean the Internal Revenue Service, which administers the internal revenue laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 "Net Income" and " Net Losses" shall mean, for each Fiscal Year of the Trust or other period, an amount equal to the Trust's taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&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. any income of the Trust that is exempt from U.S. federal income tax and not otherwise taken into account in computing Net Income and Net Losses shall be added to such taxable income or loss;

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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;2. any expenditures of the Trust described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations, and not otherwise taken into account in computing Net Income or Net Losses shall be subtracted from such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&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. upon an adjustment to the Carrying Value of any asset (other than an adjustment in respect of depreciation), pursuant to the definition of Carrying Value, the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss;

&nbsp;&nbsp;&nbsp;&nbsp;&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. gain or loss resulting from any disposition of Trust property with respect to which gain or loss is recognized for U.S. federal income tax purposes shall be computed by reference to the Carrying Value of the property disposed of, notwithstanding that the adjusted tax basis of such property may differ from its Carrying Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account depreciation for such Fiscal Year of the Trust or other period; 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;6. notwithstanding any other provisions hereof, any items which are specially allocated pursuant to Section 3.02(b) of this Annex shall not be taken into account in computing Net Income or Net Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 "Nonrecourse Deductions" shall have the meaning set forth in Section 3.02(e) of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 "Partnership Audit Rules" shall mean Subchapter C of Chapter 63 of Subtitle F of the Code, as modified by Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, and any successor statutes thereto or the Treasury Regulations or other authoritative guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 "Partnership Minimum Gain" shall have the meaning ascribed to such term in Section 3.02(a) of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 "Partner Nonrecourse Debt Minimum Gain" shall have the meaning ascribed to such term in Section 3.02(a) of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 "Partner Nonrecourse Deductions" shall have the meaning ascribed to such term in Section 3.02(f) of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 "Partnership Representative" shall have the meaning ascribed to such term in Section 7.01 of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 "Recalcitrant Shareholder" shall have the meaning ascribed to such term in Section 11 of this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 "Subsidiary" shall mean a corporation, trust, limited liability company, partnership, associations or other organization the Board of Trustees may cause to be organized or assists in organizing under Section 9.3 of the Declaration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 "Treasury Regulations" shall mean the regulations of the United States Treasury Department promulgated under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 "Withholding Tax Distributions" shall have the meaning set forth in Section 5.01 of this Annex.

Section 2. Capital Account. The Trust shall maintain a separate Capital Account for each Shareholder pursuant to the principles of Section 704(b) of the Code and the Treasury Regulations promulgated thereunder. Each Capital Account shall be credited or debited by the amounts allocated to such Capital Account under Section 2 of this Annex. The Capital Account of each Shareholder shall be credited with the amount of such Shareholder's capital contribution to the Trust and any Net Income allocated to such Shareholder. The Capital Account of each Shareholder shall be debited with all cash and the Carrying Value of any property (net of liabilities assumed by such Shareholder and the liabilities to which such property is subject) distributed by the Trust to such Shareholder and with any Net Income allocated to such Shareholder. Any references in this Annex to a Capital Account shall be deemed to refer to such Capital Account as the same may be credited or debited from time to time as set forth above. In the event of any Transfer of any Shares in accordance with the terms of this Annex, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Shares.

Section 3. Allocation of Net Income and Net Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 Except as otherwise provided in this Annex, Net Income, Net Losses and, to the extent necessary, individual items of income, gain, loss or deduction of the Trust shall be allocated to the Capital Account of each Shareholder, such that immediately after making such allocation and after taking into account actual distributions made during such fiscal year of the Trust, such allocations, as nearly as possible, are equal (proportionately) 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;1. the distributions that would be made to such Shareholder pursuant to Article VII of the Declaration (after appropriate adjustments to account for all other relevant provisions of the Declaration and the distribution of such other amounts (if any) if the Trust were dissolved, its affairs wound up and its assets sold for cash equal to their Carrying Value and all Trust liabilities and the net assets of the Trust were distributed in accordance with Article VII of the Declaration) to the Shareholders immediately after making such allocation,

&nbsp;&nbsp;&nbsp;&nbsp;&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. minus such Shareholder's current obligation, if any, to make contributions to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 Special Allocation 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Minimum Gain Chargeback. Notwithstanding any other provision in Section 3 of this Annex, if there is a net decrease in "Partnership Minimum Gain" (as defined by the definition of "partnership minimum gain" in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d)) or an amount with respect to each partnership nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would

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result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3) ("Partner Nonrecourse Debt Minimum Gain") during any Trust taxable year, the Shareholders shall be specially allocated items of Trust income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(f). This Section 5.02(b)(i) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections and shall be interpreted consistently therewith, including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&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) Gross Income Allocation. In the event any Shareholder has a deficit Capital Account at the end of any fiscal year of the Trust which is in excess of the sum of the amount such Shareholder is obligated to restore, if any, pursuant to any provision of this Annex, and (ii) the amount such Shareholder is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Shareholder shall be specially allocated items of Trust income and gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to Section 3 of this Annex shall be made only if and to the extent that a Shareholder would have a deficit Capital Account in excess of such sum after all other allocations provided for in Section 3 of this Annex have been tentatively made as if Section 3.02(b) of this Annex and this Section 3.02(c) were not in this Annex.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Payee Allocation. In the event any payment to any Person that is treated by the Trust as the payment of an expense is recharacterized by a taxing authority as a Trust distribution to the payee as a partner and not treated as a guaranteed payment, such payee shall be specially allocated an amount of Trust gross income and gain as quickly as possible equal to the amount of the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Nonrecourse Deductions. "Nonrecourse Deductions," as defined in Treasury Regulations Section 1.704-2(b), shall be allocated to the Shareholders pro rata in accordance with their respective aggregate Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Partner Nonrecourse Deductions. "Partner Nonrecourse Deductions," (as defined by the definition of "partnership nonrecourse deductions" in Treasury Regulations Section 1.704-2(i)(2), for any taxable period shall be allocated to the Shareholder who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(j).

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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;(g) Adjustment Allocations. Any special allocations of income, gain, loss, deduction or credit pursuant to Sections 3.02(b) or 3.02(c) of this Annex shall be taken into account in computing subsequent allocations pursuant to this Annex, so that the net amount of any items so allocated and all other items allocated to each Shareholder shall, to the extent possible, be equal to the net amount that would have been allocated to each Shareholder if such allocations pursuant to Sections 3.02(b) or 3.02(c) had not occurred.

Section 4. Tax Allocations. For income tax purposes only, each item of income, gain, loss and deduction of the Trust shall be allocated among the Shareholders in the same manner as the corresponding items are allocated for Capital Account purposes; provided that in the case of any Trust asset the Carrying Value of which differs from its adjusted tax basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income tax purposes pursuant to the principles of Sections 704(b) and (c) of the Code (in any permitted manner determined by the Board of Trustees) so as to take account of the difference between the Carrying Value and adjusted tax basis of such asset. Notwithstanding the foregoing, the Board of Trustees, in its sole discretion, shall make allocations for tax purposes as may be needed to ensure that allocations are in accordance with the interests of the Shareholders within the meaning of the Code and the Treasury Regulations. The Board of Trustees, in its sole discretion, shall determine all matters concerning elections, tax accounting and allocations for tax purposes not expressly provided for in this Annex.

Section 5. Withholding Tax Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 If the Board of Trustees determines it is advisable, the Board of Trustees may cause the Trust or a Subsidiary to retain or withhold taxes from amounts distributable by the Trust hereunder and make tax payments due to a Shareholder's status or otherwise specifically attributable to a Shareholder or as a result of such Shareholder's participation in the Trust, or if any such amounts are withheld from amounts payable to the Trust, including interest and penalties thereon and expenses associated with such payment, in each case, on behalf of or with respect to any Shareholder ("Withholding Tax Distributions"). All Withholding Tax Distributions made on behalf of a Shareholder shall, at the option of the Board of Trustees, (a) be promptly paid to the Trust by the Shareholder on whose behalf such Withholding Tax Distributions were made or (b) be repaid by reducing the amount of the current or next succeeding distribution or distributions that would otherwise have been made to such Shareholder. Whenever the Board of Trustees selects the option set forth in clause (b) of the immediately preceding sentence for repayment of a Withholding Tax Distribution by a Shareholder, for all other purposes of the Declaration (including this Annex) such Shareholder shall be treated as having received all distributions unreduced by the amount of such Withholding Tax Distribution (i.e., such Shareholder shall be treated as receiving its pro rata share of a distribution paid under Article VII of the Declaration notwithstanding the net distribution to such Shareholder will be reduced by the amount of the Withholding Tax Distribution). To the maximum extent permitted by applicable law or regulation in effect from time to time, each Shareholder hereby agrees to indemnify and hold harmless the Trust, any Subsidiary and the Board of Trustees and any member, director or officer of the Board of Trustees from and against any liability with respect to Withholding Tax Distributions made or required to be made on behalf of or with respect to such Shareholder, except as may arise out of (i) the Board of Trustees' willful misfeasance, bad faith or gross negligence in the performance of

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their duties or by reason of the reckless disregard of their duties and obligations, (ii) knowing and material breach of the Declaration (including this Annex) that has not been cured within thirty (30) days or (iii) violation of the antifraud provisions of any U.S. federal securities laws, in each case, as finally determined by a court of competent jurisdiction. The obligations of a Shareholder set forth in this Section 5.01 shall survive the withdrawal of any Shareholder from the Trust or any transfer of a Shareholder's interest and the liquidation, dissolution or termination of the Trust. In the event the Trust or a Subsidiary is liquidated and a liability is asserted against the Board of Trustees or any member, director or officer of the Board of Trustees for Withholding Tax Distributions made or required to be made, the Board of Trustees shall have the right to be reimbursed by the Shareholder on whose behalf such Withholding Tax Distribution was made or required to be made. To the extent that a Shareholder claims to be entitled to a reduced rate of, or exemption from, a withholding tax pursuant to an applicable income tax treaty, or otherwise, the Shareholder shall furnish the Board of Trustees with such information and forms as such Shareholder may be required to complete where necessary to comply with any and all laws and regulations governing the obligations of withholding tax agents. Each Shareholder represents and warrants that any such information and forms furnished by such Shareholder shall be true and accurate and agrees to indemnify the Trust, any withholding agent, any Subsidiary and each of the Shareholders from any and all damages, costs and expenses resulting from the filing of inaccurate or incomplete information or forms relating to such withholding taxes.

Section 6. Reserved.

Section 7. Partnership Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 Silver Point Specialty Credit Fund GP, LLC (or such other Person that it or the Board designates) is hereby designated to serve as the "partnership representative" with respect to the Trust, as provided in Section 6223(a) of the Partnership Audit Rules (the "Partnership Representative"). For each taxable year in which the Partnership Representative is an entity, the Trust shall appoint the "designated individual" identified by the Partnership Representative to act on behalf of the Partnership Representative in accordance with the applicable Treasury Regulations (the "Designated Individual"). Each Shareholder expressly consents to such designations and agrees that it will execute, acknowledge, deliver, file and record at the appropriate public offices such documents as may be necessary or appropriate to evidence such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 The Partnership Representative shall have the sole authority to act on behalf of the Trust in connection with and make all relevant decisions regarding application of the Partnership Audit Rules, including, but not limited to, any elections under the Partnership Audit Rules or any decisions to settle, compromise, challenge, litigate or otherwise alter the defense of any proceeding before the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 The Shareholders agree to cooperate in good faith to timely provide information requested by the Partnership Representative as needed to comply with the Partnership Audit Rules, including, without limitation, to make any elections available to the Trust under the Partnership Audit Rules. Each Shareholder agrees that, upon request of the Partnership, such Shareholder shall take such actions as may be necessary or desirable (as determined by the Partnership Representative) to (i) allow the Trust to comply with the provisions of Section 6226

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of the Partnership Audit Rules so that any "partnership adjustments" (as defined in Section 6241(2) of the Partnership Audit Rules) are taken into account by the Shareholders and former Shareholders rather than the Trust; (ii) use the provisions of Section 6225(c) of the Partnership Audit Rules including, but not limited to, filing amended tax returns with respect to any "reviewed year" (within the meaning of Section 6225(d)(1) of the Partnership Audit Rules) or using the alternative procedure to filing amended returns to reduce the amount of any partnership adjustment otherwise required to be taken into account by the Partnership or (iii) otherwise allow the Trust and its Shareholders to address and respond to any matters arising under the Partnership Audit Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 Notwithstanding other provisions of this Annex to the contrary, if any partnership adjustment is determined with respect to the Trust, the Partnership Representative may cause the Trust to elect pursuant to Section 6226 of the Partnership Audit Rules to have such adjustment passed through to the Shareholders for the year to which the adjustment relates (i.e., the "reviewed year" within the meaning of Section 6225(d)(1) of the Partnership Audit Rules). In the event that the Partnership Representative has not caused the Trust to so elect pursuant to Section 6226 of the Partnership Audit Rules, then any "imputed underpayment" (as determined in accordance with Section 6225 of the Partnership Audit Rules) or partnership adjustment that does not give rise to an "imputed underpayment" shall be apportioned among the Shareholders of the Trust for the taxable year in which the adjustment is finalized in such manner as may be necessary (as determined by the Partnership Representative in good faith) so that, to the maximum extent possible, the tax and economic consequences of the imputed underpayment or other partnership adjustment and any associated interest and penalties (any such amount, an "Imputed Underpayment Amount") are borne by the Shareholders based upon their interests in the Trust for the reviewed year. Imputed Underpayment Amounts also shall include any imputed underpayment within the meaning of Section 6225 of the Partnership Audit Rules paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Trust holds (or has held) a direct or indirect interest other than through entities treated as corporations for U.S. federal income tax purposes to the extent that the Trust bears the economic burden of such amounts, whether by law or contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05 Each Shareholder agrees to indemnify and hold harmless the Trust from and against any liability with respect to such Shareholder's share of any tax deficiency paid or payable by the Trust that is allocable to the Shareholder as determined in accordance with the second to last sentence of Section 7.04 above with respect to an audited or reviewed taxable year for which such Shareholder was a partner or shareholder in the Trust. The obligations set forth in this Section 7.05 shall survive the termination of any Shareholder's interest in the Trust, the termination of the Declaration and/or the termination, dissolution, liquidation or winding up of the Trust, and shall remain binding on each Shareholder for the period of time necessary to resolve with the IRS (or any other applicable taxing authority) all income tax matters relating to the Trust and for Shareholders to satisfy their indemnification obligations, if any, pursuant to this Section 7. Any obligation of a Shareholder pursuant to this paragraph Section 7.05 shall be implemented through adjustments to distributions otherwise payable to such Shareholder as determined in accordance with Article VII of the Declaration; provided, however, that, at the written request of the Partnership Representative, each Shareholder or former Shareholder may be required to contribute to the Trust such Shareholder's Imputed Underpayment Amount imposed on and paid by the Trust;

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provided further, that if a Shareholder or former Shareholder individually directly pays, pursuant to the Partnership Audit Rules, any such Imputed Underpayment Amount, then such payment shall reduce any offset to distribution or required capital contribution of such Shareholder or former Shareholder. Any amount withheld from distributions pursuant to this paragraph Section 7.05 shall be treated as an amount distributed to such Shareholder or former Shareholder for all purposes under the Declaration (including this Annex).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06 All expenses incurred by the Partnership Representative or Designated Individual in connection with its duties as partnership representative or designated individual, as applicable, shall be expenses of the Trust (including, for the avoidance of doubt, any costs and expenses incurred in connection with any claims asserted against the Partnership Representative or Designated Individual, as applicable, except, in the case of the Partnership Representative, to the extent the Partnership Representative is determined to have performed its duties in the manner described in the final sentence of this Section 7.06, and the Partnership shall reimburse the Partnership Representative or Designated Individual, as applicable, for all such costs and expenses). Nothing herein shall be construed to restrict the Partnership Representative or Designated Individual from engaging lawyers, accountants, tax advisers, or other professional advisers or experts to assist the Partnership Representative or Designated Individual in discharging its duties hereunder. Neither the Partnership Representative nor the Designated Individual shall be liable to the Trust, any Shareholder or any Affiliate thereof for any costs or losses to any persons, any diminution in value or any liability whatsoever arising as a result of the performance of its duties pursuant to this Section 7; provided, however, that the Partnership Representative may be so liable if it or the Designated Individual has engaged in (i) willful breach of any provision of this Section 7 or (ii) fraud, willful misconduct or gross negligence, in each case, with respect to its performance of its duties pursuant to this Section 7.

Section 8. Reserved.

Section 9. Tax Reports. Subject to the Board of Trustees' receipt of required information from third parties, the Board of Trustees shall use commercially reasonable efforts to furnish to the Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. prior to April 15th of each calendar year, estimates of taxable income and loss allocated to such Shareholders' Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. prior to August 15th of each calendar year, such Shareholders' final Schedules K-1 or equivalent statements.

Section 10. Shareholder Tax Basis. Upon request of the Board of Trustees, each Shareholder agrees to provide to the Board of Trustees information regarding its adjusted tax basis in its Shares in the Trust along with documentation substantiating such amount.

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Section 11. Other Tax Matters. Each Shareholder shall enter into or to comply with any applicable certification, documentation, information or other reporting requirement or agreement if entering into or complying with such requirement or agreement is required by statute or regulation as a precondition to relief or exemption from any withholding taxes, assessments or other governmental charges imposed by any taxing authorities with respect to amounts received by, or income or distributions from, the Trust, unless such Shareholder is not legally able to do so (any Shareholder that does not do so, a "Recalcitrant Shareholder"). To the extent reasonably necessary to protect the Trust from (or otherwise minimize) material adverse consequences that may result from one or more Shareholders being Recalcitrant Shareholders, the Board of Trustees may require a Recalcitrant Shareholder to withdraw from the Trust and to be admitted as a shareholder of a parallel investment entity and transfer such a proportionate share of the Trust's assets and liabilities to such parallel investment entity (it being understood that such Recalcitrant Shareholders shall bear any expenses related to establishing such parallel investment entity and the transfer of such Trust assets and liabilities).

Section 12. Tax Elections. The Board of Trustees may, in its sole discretion, make any tax election under the Code including a Section 754 election.

Section 13. Deemed Sale Election. The Shareholders shall, at the reasonable request of the Board, take such actions as are necessary or desirable to effect such transactions and will endeavor to make any tax elections in connection with the election of the Trust to be regulated as a BDC (the "Conversion"), as reasonably requested by the Board of Trustees (including any elections under Section 337(d) of the Code and the Treasury Regulations promulgated thereunder). Notwithstanding anything to the contrary herein, to the extent an election is made in connection with the Conversion by or with respect to a Feeder Vehicle or a Shareholder that is treated as a corporation for U.S. federal income tax purposes under Treasury Regulations Section 1.337(d)-7(c)(5) to treat its assets as having been sold to an unrelated party at fair market value on the "deemed sale date" as determined under the Treasury Regulations Section 1.337(d)-7(c)(3) ("deemed sale election"), any tax liability recognized by such Feeder Vehicle or such Shareholder as a result of such deemed sale election shall be borne by the investors that hold interests directly or indirectly in such Feeder Vehicle or such Shareholder. To the fullest extent permitted by law, such investors in such Shareholder shall indemnify the Shareholder for which such deemed sale election has been made, the Trust, the Board, and all other Shareholders that do not directly or indirectly hold interests in the Shareholder for which such deemed sale election has been made. To the fullest extent permitted by law such investors in a Feeder Vehicle shall indemnify the Feeder Vehicle for which such deemed sale election has been made, the Trust, the Board and all other Shareholders that do not directly or indirectly hold interests in the Feeder Vehicle for which such deemed sale election has been made.

Section 14. Transfers During a Fiscal Year. In the event of the Transfer of a Shareholder's Shares at any time other than the end of a Fiscal Year, distributions pursuant to Article VII and allocations pursuant to Section 3 shall be divided between the transferor and the transferee in any reasonable manner as determined by the Board of Trustees and discussed in advance with the transferring Shareholder.

## Exhibit 3.2

**Exhibit 3.2** 

**<u>SILVER POINT PRIVATE CREDIT FUND</u>**

**BYLAWS** 

**ARTICLE I** 

**OFFICES** 

Section 1. <u>PRINCIPAL OFFICE</u>. The principal office of Silver Point Private Credit Fund (the "<u>Trust</u>") in the State of Maryland shall be located at such place as the Trust's Board of Trustees (the "<u>Board of Trustees</u>") may designate.

Section 2. <u>ADDITIONAL OFFICES</u>. The Trust may have additional offices, including a principal executive office, at such places as the Board of Trustees may from time to time determine or the business of the Trust may require.

**ARTICLE II** 

**MEETINGS OF SHAREHOLDERS** 

Section 1. <u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Trust or at such other place as shall be set in accordance with these Bylaws and stated in the notice of the meeting.

Section 2. <u>ANNUAL MEETING</u>. An annual meeting of shareholders for the election of the Trust's Trustees (the "<u>Trustees</u>") and the transaction of any business within the powers of the Trust may be held on the date and at the time and place set by the Board of Trustees.

Section 3. <u>SPECIAL MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. A majority of the Board of Trustees, the Chair of the Board of Trustees (the "<u>Chair of the Board</u>"), the chief executive officer or the president may call a special meeting of shareholders. Subject to Section 3(b) of this Article II, a special meeting of shareholders shall also be called by the secretary of the Trust (the "<u>Secretary</u>") to act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders entitled to cast not less than fifty-one percent (51%) of all the votes entitled to be cast on such matter at such meeting. Subject to Section 3(b) of this Article II, any special meeting shall be held at such place, date and time as may be designated by the chief executive officer, the president or the Board of Trustees, whoever has called the meeting. In fixing a date for any special meeting, the chief executive officer, the president or the Board of Trustees may consider such factors as he, she or it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board of Trustees to call an annual meeting or a special meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Shareholder Requested Special Meetings</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;(1) Any shareholder of record seeking to have shareholders request a special meeting shall, by sending written notice (the "<u>Record Date Request Notice</u>") to the Secretary by registered mail, return receipt requested, request the Board of Trustees to fix a record date to determine the shareholders entitled to request a special meeting (the "<u>Request Record Date</u>"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder and each matter proposed to be acted on at the meeting that must be disclosed in solicitations of proxies for the election of Trustees in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "<u>Exchange Act</u>"). Upon receiving the Record Date Request Notice, the Board of Trustees may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten (10) days after the close of business on the date upon which the resolution fixing the Request Record Date is adopted by the Board of Trustees. If the Board of Trustees, within ten (10) days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which the Record Date Request Notice is received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&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) In order for any shareholder to request a special meeting to act on any matter that may be properly considered at a meeting of the shareholders, one or more written requests for a special meeting (collectively, the "<u>Special Meeting Request</u>") signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than a majority of all of the votes entitled to be cast on such matter at such meeting (the "<u>Special Meeting Percentage</u>") shall be delivered to the Secretary. In addition, the Special Meeting Request shall (A) set forth the purpose of the meeting and the matters proposed to be acted on at the meeting (which shall be limited to those lawful matters set forth in the Record Date Request Notice received by the Secretary), (B) bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, (C) set forth (i) the name and address, as they appear in the Trust's books, of each shareholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all shares of beneficial interest of the Trust which are owned (beneficially or of record) by each such shareholder and (iii) the nominee holder for, and number of, shares owned beneficially but not of record by such shareholder, (D) be sent to the Secretary by registered mail, return receipt requested, and (E) be received by the Secretary within 60 days after the Request Record Date. Any requesting shareholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&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) The Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of meeting (including the Trust's proxy materials). The Secretary shall not be required to call a special meeting upon shareholder request, and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of any notice of the meeting.

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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;(4) Except as may be provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the chief executive officer, the president or the Board of Trustees, whoever has called the meeting. In the case of any special meeting called by the Secretary upon the request of shareholders (a "<u>Shareholder-Requested Meeting</u>"), such meeting shall be held at such place, date and time as may be designated by the Board of Trustees; provided, however, that the date of any Shareholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the "<u>Meeting Record Date</u>"); and provided further that if the Board of Trustees fails to designate, within ten days after the date that a valid Special Meeting Request is actually received by the Secretary (the "<u>Delivery Date</u>"), a date and time for a Shareholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., Eastern Time, on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board of Trustees fails to designate a place for a Shareholder-Requested Meeting within ten (10) days after the Delivery Date, then such meeting shall be held at the principal executive office of the Trust. In fixing a date for any special meeting, including a Shareholder-Requested Meeting, the chief executive officer, the president or the Board of Trustees may consider such factors as he, she or it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board of Trustees to call an annual meeting or a special meeting. In the case of any Shareholder-Requested Meeting, if the Board of Trustees fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date. The Board of Trustees may revoke the notice for any Shareholder-Requested Meeting in the event that the requesting shareholders fail to comply with the provisions of paragraph (3) of this Section 3(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;(5) If written revocations of the Special Meeting Request have been delivered to the Secretary and the result is that shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting to the Secretary: (i) if the notice of meeting has not already been delivered, the Secretary shall refrain from delivering the notice of the meeting and send to all requesting shareholders who have not revoked such requests written notice of any revocation of a request for the special meeting on the matter, or (ii) if the notice of meeting has been delivered and if the Secretary first sends to all requesting shareholders who have not revoked requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the Trust's intention to revoke the notice of the meeting or for the chair of the meeting to adjourn the meeting without action on the matter, (A) the Secretary may revoke the notice of the meeting at any time before ten days before the commencement of the meeting or (B) the chair of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Any of the Board of Trustees, the chief executive officer or the president may appoint independent inspectors of elections to act as the agent of the Trust for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported Special Meeting Request shall be deemed to have been received

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by the Secretary until the earlier of (i) five Business Days (as defined below) after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Trust that the valid requests received by the Secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) of Section 3(b) shall in any way be construed to suggest or imply that the Trust or any shareholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "<u>Business Day</u>" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4. <u>NOTICE OF MEETINGS</u>. Not less than ten (10) days nor more than 90 days before each meeting of shareholders, the Secretary shall give to each shareholder entitled to vote at such meeting and to each shareholder not entitled to vote who is entitled to notice of the meeting notice in writing or by electronic transmission stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any law, the purpose for which the meeting is called, either by mail, by presenting it to such shareholder personally, by leaving it at the shareholder's residence or usual place of business, by electronic transmission or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the U.S. mail and addressed to the shareholder at the shareholder's address as it appears on the records of the Trust, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder receives electronic transmissions. A single notice shall be effective to all shareholders who share an address, except to the extent that a shareholder at such address objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings at any such meeting.

Subject to Section 11(a) of this Article II, any business of the Trust may be transacted at a meeting of shareholders without being specifically designated in the notice, except such business as is required by any law to be stated in such notice. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice. The Trust may postpone or cancel a meeting of shareholders by making a "public announcement" (as defined in Section 11(c)(3) of this Article II) of such postponement or cancellation prior to the meeting.

Section 5. <u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board of Trustees to be chair of the meeting or, in the absence of such appointment or appointed individual, by the Chair of the Board, if any, or, in the case of a vacancy in the office or absence of the Chair of the Board, by one of the following officers present at the meeting in the following order: the Vice Chair of the Board of Trustees (the "<u>Vice Chair</u>"), if any, the chief executive officer, the president, any vice presidents in order of their rank and, within each rank, their order of seniority, the Secretary, the chief financial officer or, in

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the absence of such officers, a chair chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The Secretary or, in the case of a vacancy in the office or absence of the Secretary, an assistant secretary or, in the case of a vacancy in the offices or absence of both the Secretary and all assistant secretaries, an individual appointed by the Board of Trustees or the chair of the meeting shall act as secretary. In the event that the Secretary presides at a meeting of the shareholders, an assistant secretary or an individual appointed by the Board of Trustees or the chair of the meeting, shall record the minutes of the meeting. The order of business, including but not limited to, the order of any proposals to be submitted to the shareholders (contingent or otherwise), and all other matters of procedure at any meeting of shareholders shall be determined by the chair of the meeting. The chair of the meeting may prescribe such rules, regulations and procedures, and take such action as, in the discretion of such chair and without any action by the shareholders, are appropriate for the proper conduct of the meeting, including, without limitation; (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Trust, their duly authorized proxies and other such individuals as the chair of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Trust entitled to vote on such matter, their duly authorized proxies or other such individuals as the chair of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) determining when and for how long the polls should be open and closed; (f) maintaining order and security at the meeting; (g) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; (h) concluding a meeting or recessing or adjourning the meeting (whether or not a quorum is present) to a later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chair of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6. <u>QUORUM</u>. The presence in person or by proxy of shareholders (without regard to class) entitled to cast one-third (1/3) of the votes entitled to be cast shall constitute a quorum at any meeting of the shareholders, except with respect to any such matter that, under applicable laws or regulatory requirements or the Declaration of Trust of the Trust, as amended from time to time (the "<u>Declaration of Trust</u>"), requires approval by a separate vote of one or more classes of shares, in which case the presence in person or by proxy of the holders of shares entitled to cast one-third (1/3) of the votes entitled to be cast by each such class on such a matter shall constitute a quorum. This section shall not affect any requirement under any law or the Declaration of Trust for the vote necessary for the approval of any matter.

If, however, such quorum shall not be present at any meeting of the shareholders, the chair of the meeting shall have the power to (a) adjourn the meeting from time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting or (b) conclude the meeting without adjournment to another date. If a meeting is adjourned and a quorum is present at such adjournment, any business may be transacted which might have been transacted at the meeting as originally notified.

The shareholders present, either in person or by proxy, at a meeting which has been duly called and convened and at which a quorum has been established, may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough shareholders to leave fewer than required to establish a quorum.

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Section 7. <u>VOTING</u>. Except as otherwise provided in the Declaration of Trust or this Section 7, a majority of all the votes cast at a meeting duly called and at which a quorum is present shall be sufficient to elect a Trustee. Each share may be voted by its holder for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless a different number or proportion is required by law or by the Declaration of Trust. For purposes of this Section 7, a majority of the votes cast shall mean that the number of votes cast "for" exceeds the number of votes cast "against" (with "abstentions" and "broker non-votes" not counted as a vote cast either "for" or "against").

Section 8. <u>PROXIES</u>. A holder of record of shares of beneficial interest may cast the votes entitled to be cast by the holder of the shares of beneficial interest owned of record by the shareholder in person or by proxy executed by the shareholder or by the shareholder's duly authorized agent in any manner permitted by law. Such proxy or evidence of authorization of such proxy shall be filed with the Secretary before or at the meeting. No proxy shall become invalid due to the adjournment or postponement of a meeting of the shareholders, or change in the record date for such meeting, unless so provided in the proxy. No proxy shall be valid more than eleven months after its date unless otherwise provided in the proxy.

Section 9. <u>VOTING OF STOCK BY CERTAIN HOLDERS</u>. Shares of the Trust registered in the name of a corporation, partnership, joint venture, trust, limited liability company or other entity, if entitled to be voted, may be voted by the chief executive officer, president or a vice president, a general partner, Trustee, manager or member thereof, as the case may be or by a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such shares pursuant to a bylaw or a resolution of the governing body of such corporation or other entity, or an agreement of the partners of such partnership, presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such shares. Any Trustee, Trustee or other fiduciary may vote shares registered in the name of such person in such person's capacity as such Trustee, Trustee or other fiduciary, either in person or by proxy.

Shares of beneficial interest of the Trust directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board of Trustees may adopt by resolution a procedure by which a shareholder may certify in writing to the Trust that any shares of beneficial interest registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within which the certification must be received by the Trust; and any other provisions with respect to the procedure which the Board of Trustees considers necessary or desirable. On receipt by the Trust of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares in place of the shareholder who makes the certification.

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Section 10. <u>INSPECTORS</u>. The Board of Trustees in its sole discretion may appoint, before or at the meeting, one or more inspectors for the meeting and any successor thereto. Except as otherwise provided by the chair of the meeting, the inspectors, if any, shall (i) determine the number of shares of beneficial interest represented at the meeting, in person or by proxy and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chair of the meeting, (iv) hear and determine all challenges and questions arising in connection with the right to vote, and (v) do such acts as are proper to conduct fairly the election or vote. Each such report shall be in writing and signed by the inspector or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be <u>prima</u> <u>facie</u> evidence thereof.

Section 11. <u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEE AND OTHER SHAREHOLDER PROPOSALS</u>.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetings of Shareholders</u>.

Nominations of individuals for election to the Board of Trustees and the proposal of other business to be considered by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Trust's notice of meeting, (ii) by or at the direction of the Board of Trustees or (iii) by any shareholder of the Trust who was a shareholder of record both at the time of giving of notice by the shareholder as provided for in this Section 11(a) and at the time of the annual meeting (and any postponement or adjournment thereof), who is entitled to vote on the applicable matter at the meeting and who has complied with this Section 11(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;(1) For any nomination or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of paragraph (a)(1) of this Section 11, the shareholder must have given timely notice thereof in writing to the Secretary and, in the case of any such other business, such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder's notice shall set forth all information required under this Section 11 and shall be delivered to the Secretary at the principal executive office of the Trust not earlier than the 150th day nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of the proxy statement (as defined in Section 11(c)(3) of this Article II) for the preceding year's annual meeting; provided, however, that in connection with the Trust's first annual meeting or in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting, in order for notice by the shareholder to be timely, such notice must be so delivered not earlier than the 150th day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such annual meeting, as originally convened, or the tenth day following the day on which public announcement of the date of such meeting is first made. The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a shareholder's notice as described above.

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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;(2) Such shareholder's notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee (each, a "<u>Proposed Nominee</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name, age, business address and residence address of such individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the class, series and number of any shares of beneficial interest of the Trust that are beneficially owned by such individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the date such shares were acquired and the investment intent of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules of any national securities exchange or over-the-counter market on which the Trust's securities are listed or traded; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) whether such shareholder believes any such Proposed Nominee is, or is not, an "interested person" of the Trust, as defined in the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), whether such shareholder believes any such Proposed Nominee is, or is not, "independent" under the rules of any national securities exchange or over-the-counter market on which the Trust's securities are listed or traded, and information regarding such individual that is sufficient, in the discretion of the Board of Trustees or any committee thereof or any authorized officer of the Trust, to make each such determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) as to any other business that the shareholder proposes to bring before the meeting, a description of such business, the shareholder's reasons for proposing such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined below), individually or in the aggregate, including any anticipated benefit to the shareholder or the Shareholder Associated Person 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the shareholder giving the notice, any Proposed Nominee and any Shareholder Associated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the class, series and number of all shares of beneficial interest or other securities of the Trust or any affiliate thereof (collectively, the "<u>Company Securities</u>"), if any, which are owned (beneficially or of record) by such shareholder, Proposed Nominee or Shareholder Associated Person, the date on which each such Company Security was acquired and the investment intent of such acquisition, and any short interest (including any opportunity to profit or share in any benefit from any decrease in the price of such shares or other security) in any Company Securities of any such person;

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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;&nbsp;&nbsp;&nbsp;&nbsp;(B) the nominee holder for, and number of, any Company Securities owned beneficially but not of record by such shareholder, Proposed Nominee or Shareholder Associated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) whether and the extent to which such shareholder, Proposed Nominee or Shareholder Associated Person, directly or indirectly (through brokers, nominees or otherwise), is subject to or during the last 12 months has engaged in any hedging, derivative or other transaction or series of transactions or entered into any other agreement, arrangement or understanding (including any short interest, any borrowing or lending of securities or any proxy or voting agreement), the effect or intent of which is to (I) manage risk or benefit of changes in the price of (x) Company Securities or (y) any security of any other closed end investment company that has elected to be regulated as a business development company under the 1940 Act, as amended (a "<u>Peer</u> <u>Group</u> <u>Company</u>"), for such shareholder, Proposed Nominee or Shareholder Associated Person or (II) increase or decrease the voting power of such shareholder, Proposed Nominee or Shareholder Associated Person in the Trust or any affiliate thereof (or, as applicable, in any Peer Group Company) disproportionately to such person's economic interest in the Company Securities (or, as applicable, in any Peer Group Company); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any substantial interest, direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship with the Trust), by security holdings or otherwise, of such shareholder, Proposed Nominee or Shareholder Associated Person, in the Trust or any affiliate thereof, other than an interest arising from the ownership of Company Securities where such shareholder, Proposed Nominee or Shareholder Associated Person receives no extra or special benefit not shared on a pro rata basis by all other holders of the same class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) as to the shareholder giving the notice, any Shareholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of this paragraph (2) of this Section 11(a) and any Proposed Nominee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the name and address of such shareholder, as they appear on the Trust's shares ledger, and the current name and business address, if different, of each such Shareholder Associated Person and any Proposed Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) the investment strategy or objective, if any, of such shareholder and each such Shareholder Associated Person who is not an individual and a copy of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in such shareholder and each such Shareholder Associated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the name and address of any person who contacted or was contacted by the shareholder giving the notice or any Shareholder Associated Person about the Proposed Nominee or other business proposal before the date of such shareholder's notice; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) to the extent known by the shareholder giving the notice, the name and address of any other shareholder supporting the nominee for election or reelection as a Trustee or the proposal of other business on the date of such shareholder's 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;&nbsp;&nbsp;&nbsp;&nbsp;(3) Such shareholder's notice shall, with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee (i) certifying that such Proposed Nominee (a) is not, and will not become, a party to any agreement, arrangement or understanding with any person or entity other than the Trust in connection with service or action as a Trustee that has not been disclosed to the Trust, (b) will serve as a Trustee of the Trust if elected and (c) that the Proposed Nominee's election would comply with all of the Trust's publicly disclosed corporate governance, conflict of interest, confidentiality and shares ownership and trading policies and guidelines; and (ii) attaching a completed Proposed Nominee questionnaire (which questionnaire shall be provided by the Trust, upon request, to the shareholder providing the notice and shall include all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act, or would be required pursuant to the rules of any national securities exchange or over-the-counter market on which the Trust's securities are listed or traded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) For purposes of this Section 11, "<u>Shareholder Associated Person</u>" of any shareholder means (i) any person acting in concert with such shareholder, (ii) any beneficial owner of shares of beneficial interest of the Trust owned of record or beneficially by such shareholder (other than a shareholder that is a depositary) and (iii) any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such shareholder or such Shareholder Associated Person or is an officer, Trustee, partner, member, employee or agent of such shareholder or such Shareholder Associated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Special Meetings of Shareholders</u>. Nominations of individuals for election to the Board of Trustees may be made at a special meeting of shareholders at which Trustees are to be elected only (i) by or at the direction of the Board of Trustees or (ii) provided that the special meeting has been called in accordance with Section 3 of this Article II for the purpose of electing Trustees, by any shareholder of the Trust who is a shareholder of record at the time of giving of notice provided for in this Section 11, at the record date set by the Board of Trustees for the purpose of determining shareholders entitled to vote at the special meeting and at the time of the special meeting (and any postponement or adjournment thereof), who is entitled to vote at the meeting in

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the election of each individual so nominated and who has complied with the notice procedures set forth in this Section 11. In the event the Trust calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board of Trustees, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Trust's notice of meeting, if the shareholder's notice, containing the information required by paragraphs (a)(2) and (a)(3) of this Section 11 is delivered to the Secretary at the principal executive office of the Trust not earlier than the 150th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Trustees to be elected at such meeting. The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>General</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;(1) If information submitted pursuant to this Section 11 by any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall be inaccurate in any material respect, such information may be deemed not to have been provided in accordance with this Section 11. Any such shareholder shall notify the Trust of any inaccuracy or change (within two Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written request by the Secretary or the Board of Trustees, any such shareholder shall provide, within five Business Days of delivery of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in the discretion of the Board of Trustees or any authorized officer of the Trust, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 11 and (B) a written update of any information (including, if requested by the Trust, written confirmation by such shareholder that it continues to intend to bring such nomination or other business proposal before the meeting) submitted by the shareholder pursuant to this Section 11 as of an earlier date. If a shareholder fails to provide such written verification or written update within such period, the information as to which written verification or a written update was requested may be deemed not to have been provided in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election by shareholders as Trustees, and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section 11. The chair of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&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) For purposes of this Section 11, "<u>the</u> <u>date of the proxy statement</u>" shall have the same meaning as "the date of the company's proxy statement released to shareholders" as used in Rule 14a-8(e) promulgated under the Exchange Act, as interpreted by the Securities and Exchange Commission from time to time. "<u>Public announcement</u>" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (ii) in a document publicly filed by the Trust with the Securities and Exchange Commission pursuant to the Exchange Act or the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this Section 11, a shareholder shall also comply with all applicable requirements of state law and of the Exchange Act with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, or the right of the Trust to omit a proposal from, the Trust's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. Nothing in this Section 11 shall require disclosure of revocable proxies received by the shareholder or Shareholder Associated Person pursuant to a solicitation of proxies after the filing of an effective Schedule 14A by such shareholder or Shareholder Associated Person under Section 14(a) of the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;(5) Notwithstanding anything in these Bylaws to the contrary, except as otherwise determined by the chair of the meeting, if the shareholder giving notice as provided for in this Section 11 does not appear in person or by proxy at such annual or special meeting to present each nominee for election as a Trustee or the proposed business, as applicable, such matter shall not be considered at the meeting.

Section 12. <u>VOTING BY BALLOT</u>. Voting on any question or in any election may be viva voce unless the chair of the meeting or presiding officer shall order that voting be by ballot.

**ARTICLE III** 

**TRUSTEES** 

Section 1. <u>ORGANIZATION</u>. At each meeting of the Board of Trustees, the Chair of the Board or, in the absence of the Chair of the Board, the Vice Chair of the Board, if any, shall act as chair of the meeting. In the absence of both the Chair of the Board and the Vice Chair of the Board, the chief executive officer, if the chief executive officer is a Trustee, or, in the absence of the chief executive officer, the president, if the president is a Trustee, or, in the absence of the president, a Trustee chosen by a majority of the Trustees present, shall act as chair of the meeting. The Secretary or, in his or her absence, an assistant secretary of the Trust or, in the absence of the Secretary and all assistant secretaries, an individual appointed by the chair of the meeting, shall act as secretary of the meeting.

Section 2. <u>CHAIR</u>. The Board of Trustees may designate from among its members a Chair and a Vice Chair of the Board of Trustees, who shall not, solely by reason of such designation, be deemed to be officers of the Trust but shall have such powers and duties as specified in these Bylaws or determined by the Board of Trustees from time to time.

Section 3. <u>TELEPHONE MEETINGS</u>. Trustees may participate in a meeting by means of a conference telephone or other communications equipment if all persons participating in the meeting can hear each other at the same time; provided, however, this Section 3 does not apply to any action of the Trustees pursuant to the 1940 Act (including the rules and orders under the 1940 Act and the interpretations of the SEC and its staff of the 1940 Act and such rules and orders) that requires the vote of the Trustees to be cast in person at a meeting. Participation in a meeting by these means shall constitute presence in person at the meeting.

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Section 4. <u>VACANCIES</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Trust or affect these Bylaws or the powers of the remaining Trustees hereunder, if any. Pursuant to the Trust's election in Article II of the Declaration of Trust, except as may be provided by the Board of Trustees in setting the terms of any class or series of preferred shares and except as may be required by the 1940 Act, (a) any vacancy on the Board of Trustees may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum and (b) any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies.

Section 5. <u>COMPENSATION</u>. Trustees shall not receive any stated salary for their services as Trustees but, by resolution of the Board of Trustees, may receive compensation per year and/or per meeting (including telephonic meetings) and/or per visit to real property or other facilities owned or leased by the Trust and for any service or activity they perform or engage in as Trustees. Trustees may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Board of Trustees or of any committee thereof or a meeting of shareholders and for their expenses, if any, in connection with each property visit and any other service or activity they perform or engage in as Trustees; but nothing herein contained shall be construed to preclude any Trustees from serving the Trust in any other capacity and receiving compensation therefor.

Section 6. <u>SURETY BONDS</u>. Unless required by law, no Trustees shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 7. <u>RELIANCE</u>. Each Trustee and officer of the Trust shall, in the performance of his or her duties with respect to the Trust, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Trust whom the Trustee or officer reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the Trustee or officer reasonably believes to be within the person's professional or expert competence, or, with respect to a Trustee, by a committee of the Board of Trustees on which the Trustee does not serve, as to a matter within its designated authority, if the Trustee reasonably believes the committee to merit confidence.

Section 8. <u>EMERGENCY PROVISIONS</u>. Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section 8 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Trustees under Article III of these Bylaws cannot readily be obtained (an "<u>Emergency</u>"). During any Emergency, unless otherwise provided by the Board of Trustees, (i) a meeting of the Board of Trustees or a committee thereof may be called by any Trustee or officer by any means feasible under the circumstances; (ii) notice of any meeting of the Board of Trustees during such an Emergency may be given less than 24 hours prior to the meeting to as many Trustees and by such means as may be feasible at the time, including publication, television or radio; and (iii) the number of Trustees necessary to constitute a quorum shall be one-third of the entire Board of Trustees.

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Section 9. <u>RATIFICATION</u>. The Board of Trustees or the shareholders may ratify and make binding on the Trust any action or inaction by the Trust or its officers to the extent that the Board of Trustees or the shareholders could have originally authorized the matter and, if so ratified, such action or inaction shall have the same force and effect as if originally duly authorized, and such ratification shall be binding upon the Trust and its shareholders. Moreover, any action or inaction questioned in any shareholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a Trustee, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board of Trustees or by the shareholders and, if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Trust and its shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

**ARTICLE IV** 

**COMMITTEES** 

Section 1. <u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board of Trustees may appoint from among its members an Audit Committee, a Governance, Nominating and Compensation Committee and other committees, composed of one or more Trustees, to serve at the pleasure of the Board of Trustees.

Section 2. <u>POWERS</u>. The Board of Trustees may delegate to committees appointed under Section 1 of this Article IV any of the powers of the Board of Trustees, except as prohibited by law. Except as may be otherwise provided by the Board of Trustees, any committee may delegate some or all of its power and authority to one or more subcommittees, composed of one or more Trustees, as the committee deems appropriate in its sole discretion.

Section 3. <u>MEETINGS</u>. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Trustees. A majority of the members of the committee shall constitute a quorum for the transaction of business at any meeting of the committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board of Trustees may designate a chair of any committee, and such chair or, in the absence of a chair, any two members of any committee (if there are at least two members of the committee) may fix the time and place of its meeting unless the Board of Trustees shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Each committee shall keep minutes of its proceedings.

Section 4. <u>TELEPHONE MEETINGS</u>. Members of a committee of the Board of Trustees may participate in a meeting by means of a conference telephone or other communications equipment if all persons participating in the meeting can hear each other at the same time; provided, however, this Section 4 does not apply to any action of the Trustees comprising a committee pursuant to any provision of the 1940 Act (including the rules and orders under the 1940 Act and the interpretations of the SEC and its staff of the 1940 Act and such rules and orders) applicable to the Trust that requires the vote of the Trustees comprising such committee be cast in person at a meeting. Participation in a meeting by these means shall constitute presence in person at the meeting.

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Section 5. <u>WRITTEN CONSENT BY COMMITTEES WITHOUT A MEETING</u>. Any action required or permitted to be taken at any meeting of a committee of the Board of Trustees may be taken without a meeting, if a consent to such action is given in writing or by electronic transmission by each member of the committee and is filed with the minutes of proceedings of such committee; provided, however, this Section 5 does not apply to any action of the Trustees comprising a committee pursuant to any provision of the 1940 Act (including the rules and orders under the 1940 Act and the interpretations of the SEC and its staff of the 1940 Act and such rules and orders) applicable to the Trust, that requires the vote of the Trustees comprising such committee to be cast in person at a meeting.

Section 6. <u>VACANCIES</u>. Subject to the provisions hereof, the Board of Trustees shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate one or more alternate members to replace any absent or disqualified member or to dissolve any such committee. Subject to the power of the Board of Trustees, the members of the committee shall have the power to fill any vacancies on the committee.

**ARTICLE V** 

**OFFICERS** 

Section 1. <u>GENERAL PROVISIONS</u>. The officers of the Trust shall include a president, a secretary, a chief financial officer and may include a chief executive officer, one or more vice presidents, a chief operating officer, a chief compliance officer (subject to Section 8 of this Article V), a chief investment officer, treasurer, one or more assistant secretaries and one or more assistant treasurers. In addition, the Board of Trustees may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the Trust shall be elected annually by the Board of Trustees, except that the chief executive officer or president may from time to time appoint one or more vice presidents, assistant secretaries, assistant treasurers or other officers. Each officer shall serve until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal in the manner hereinafter provided. Any two or more offices except president and vice president may be held by the same person. Election of an officer or agent shall not of itself create contract rights between the Trust and such officer or agent.

Section 2. <u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Trust may be removed, with or without cause, by the Board of Trustees if in its judgment the best interests of the Trust would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Trust may resign at any time by giving written notice of his or her resignation to the Board of Trustees, the Chair of the Board, the chief executive officer, the president or the Secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Trust.

Section 3. <u>VACANCIES</u>. A vacancy in any office may be filled by the Board of Trustees for the balance of the term.

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Section 4. <u>CHIEF EXECUTIVE OFFICER</u>. The Board of Trustees may designate a chief executive officer of the Trust. In the absence of such designation, the president shall be the chief executive officer of the Trust. The chief executive officer shall have general responsibility for implementation of the policies of the Trust, as determined by the Board of Trustees, and for the management of the business and affairs of the Trust. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board of Trustees or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board of Trustees from time to time.

Section 5. <u>CHIEF OPERATING OFFICER</u>. The Board of Trustees may designate a chief operating officer of the Trust. The chief operating officer shall have the responsibilities and duties as may be prescribed by the Board of Trustees or the chief executive officer from time to time.

Section 6. <u>CHIEF FINANCIAL OFFICER</u>. The Board of Trustees may designate a chief financial officer of the Trust. The chief financial officer shall have the responsibilities and duties as may be prescribed by the Board of Trustees or the chief executive officer from time to time.

Section 7. <u>CHIEF INVESTMENT OFFICER</u>. The Board of Trustees may designate a chief investment officer of the Trust. The chief investment officer shall have the responsibilities and duties as may be prescribed by the Board of Trustees or the chief executive officer from time to time.

Section 8. <u>CHIEF COMPLIANCE OFFICER</u>. The Board of Trustees shall designate a chief compliance officer to the extent required by and consistent with the requirements of the 1940 Act. The chief compliance officer, subject to the direction of and reporting to the Board of Trustees, shall be responsible for the oversight of the Trust's compliance with the Federal securities laws. The designation, compensation and removal of the chief compliance officer must be approved by the Board of Trustees, including a majority of the Trustees who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Trust. The chief compliance officer shall perform all functions and duties incident to the office of chief compliance officer and such other functions and duties as may be assigned to him or her by the Board of Trustees, the chief executive officer or the president of the Trust from time to time.

Section 9. <u>PRESIDENT</u>. In the absence of a designation of a chief executive officer by the Board of Trustees, the president of the Trust shall be the chief executive officer. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board of Trustees or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the Board of Trustees or the chief executive officer from time to time.

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Section 10. <u>VICE PRESIDENTS</u>. In the absence of the president or in the event of a vacancy in such office, the vice president of the Trust (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the president and when so acting shall have all the powers of and be subject to all the restrictions upon the president; and shall perform such other duties as from time to time may be assigned to such vice president by the Board of Trustees, the chief executive officer or the president of the Trust. The Board of Trustees may designate one or more vice presidents as executive vice president or as vice president for particular areas of responsibility.

Section 11. <u>SECRETARY</u>. The Secretary shall (a) keep the minutes of the proceedings of the shareholders, the Board of Trustees and committees of the Board of Trustees in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Trust; (d) keep a register of the post office address of each shareholder which shall be furnished to the Secretary by such shareholder; (e) have general charge of the shares transfer books of the Trust; and (f) in general perform such other duties as from time to time may be assigned to him or her by the Board of Trustees, the chief executive officer or the president.

Section 12. <u>CHIEF FINANCIAL OFFICER</u>. The chief financial officer of the Trust shall keep full and accurate accounts of receipts and disbursements in books belonging to the Trust and shall deposit all moneys and other valuable effects in the name and to the credit of the Trust in such depositories as may be designated by the Board of Trustees and in general perform such other duties as from time to time may be assigned to him or her by the Board of Trustees, the chief executive officer or the president.

The chief financial officer shall disburse the funds of the Trust as may be ordered by the Board of Trustees, taking proper vouchers for such disbursements, and shall render to the president, the chief executive officer and the Board of Trustees, upon request, an account of all his or her transactions as chief financial officer and of the financial condition of the Trust.

Section 13. <u>ASSISTANT SECRETARIES AND ASSISTANT TREASURERS</u>. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the Board of Trustees, the chief executive officer or the president or by the secretary or chief financial officer.

**ARTICLE VI** 

**CONTRACTS, CHECKS AND DEPOSITS** 

Section 1. <u>CONTRACTS</u>. The Board of Trustees may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Trust when duly authorized or ratified by action of the Board of Trustees and executed by an authorized person.

Section 2. <u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Trust shall be signed by such officer or agent of the Trust in such manner as shall from time to time be determined by the Board of Trustees.

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Section 3. <u>DEPOSITS</u>. All funds of the Trust not otherwise employed shall be deposited from time to time to the credit of the Trust in such banks, trust companies or other depositories as the Board of Trustees may designate.

**ARTICLE VII** 

**SHARES** 

Section 1. <u>CERTIFICATES; REQUIRED INFORMATION</u>. Except as may otherwise be provided by the Board of Trustees or a duly authorized officer of the Trust, shareholders of the Trust are not entitled to certificates representing the shares of beneficial interest of any class or series of the Trust held by them. In the event that the Trust issues shares of beneficial interest represented by certificates, such certificates shall be in such form as prescribed by the Board of Trustees or a duly authorized officer, shall contain the statements and information required by the Maryland Statutory Trust Act and shall be signed by the officers of the Trust in the manner permitted by the Maryland Statutory Trust Act. In the event that the Trust issues shares of beneficial interest without certificates, to the extent then required by the Maryland Statutory Trust Act, the Trust shall provide to record holders of such shares a written statement of the information required by the Maryland Statutory Trust Act to be included on shares certificates. There shall be no differences in the rights and obligations of shareholders based on whether or not their shares are represented by certificates.

Section 2. <u>TRANSFERS</u>. All transfers of shares of beneficial interest shall be made on the books of the Trust, by the holder of the shares, in person or by his, her or its attorney, in such manner as the Board of Trustees or a duly authorized officer of the Trust may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the Board of Trustees or a duly authorized officer of the Trust that such shares shall no longer be represented by certificates. Upon the transfer of any uncertificated shares, to the extent then required by the Maryland Statutory Trust Act, the Trust shall provide to the record holders of such shares a written statement of the information required by the Maryland Statutory Trust Act to be included on shares certificates.

The Trust shall be entitled to treat the holder of record of any share of beneficial interest as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by the laws of the State of Maryland.

Notwithstanding the foregoing, transfers of shares of any class or series of shares will be subject in all respects to the Declaration of Trust and all of the terms and conditions contained therein.

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Section 3. <u>REPLACEMENT CERTIFICATE</u>. Any officer of the Trust may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Trust alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the person claiming the certificate to be lost, destroyed, stolen or mutilated; provided, however, that if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such shareholder and the Board of Trustees or a duly authorized officer of the Trust has determined that such certificates may be issued. Unless otherwise determined by an officer of the Trust, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Trust a bond in such sums as it may direct as indemnity against any claim that may be made against the Trust.

Section 4. <u>FIXING OF RECORD DATE</u>. Subject to Section 3(b) of Article II of these Bylaws, a record date may be set, in advance, for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders, by the Chair of the Board, the president or the Board of Trustees or whoever shall have called such meeting. The Board of Trustees may set, in advance, the record date for determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting of shareholders, not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken. When a record date for the determination of shareholders entitled to notice of and to vote at any meeting of shareholders has been set as provided in this section, such record date shall continue to apply to the meeting if adjourned or postponed, except when the meeting is adjourned or postponed to a date more than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting shall be determined as set forth herein.

Section 5. <u>SHARE LEDGER</u>. The Trust shall maintain a ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6. <u>FRACTIONAL SHARES</u>. The Board of Trustees may authorize the Trust to issue fractional shares on such terms and under such conditions as it may determine.

**ARTICLE VIII** 

**ACCOUNTING YEAR** 

The fiscal year of the Trust shall initially be twelve months ending on December 31. The Board of Trustees shall have the power, from time to time, to fix the fiscal year of the Trust by a duly adopted resolution.

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**ARTICLE IX** 

**DISTRIBUTIONS** 

Section 1. <u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of the Trust may be authorized by the Board of Trustees, subject to the provisions of law and the Declaration of Trust. Dividends and other distributions may be paid in cash, property or shares of the Trust, subject to the provisions of law and the Declaration of Trust.

Section 2. <u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Trust available for dividends or other distributions such sum or sums as the Board of Trustees may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Trust or for such other purpose as the Board of Trustees shall determine, and the Board of Trustees may modify or abolish any such reserve.

**ARTICLE X** 

**SEAL** 

Section 1. <u>SEAL</u>. The Board of Trustees may authorize the adoption of a seal by the Trust. The seal shall contain the name of the Trust and the year of its formation and the words "Formed in Maryland," or shall be in such other form as may approved by the Board of Trustees.

Section 2. <u>AFFIXING SEAL</u>. Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Trust.

**ARTICLE XI** 

**WAIVER OF NOTICE** 

Whenever any notice is required to be given pursuant to the Declaration of Trust or these Bylaws or pursuant to applicable law, a waiver thereof in writing or by electronic transmission, given by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by law. The attendance of any person at any meeting shall constitute a waiver of notice, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened.

**ARTICLE XII** 

**EXCLUSIVE FORUM FOR CERTAIN LITIGATION** 

Unless the Trust consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, all disputes, claims or controversies of any kind including, without limitation (a) any disputes in connection with the Trust or its businesses or concerning any transaction, dispute or the construction, performance or breach of any agreement to which the Trust is a party and any question as to whether any particular dispute, claim or controversy is subject to arbitration hereunder, (b) any action asserting a claim of breach of any duty owed by a trustee or

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officer or other employee of the Trust to the Trust or to the trustees or shareholders of the Trust or asserting a claim of breach of any standard of performance set forth in the Maryland Statutory Trust Act or (c) any action asserting a claim against the Trust or any trustee or officer or other employee of the Trust arising pursuant to any provision of the Maryland Statutory Trust Act, the Declaration of Trust, or these bylaws, or (d) any other action asserting a claim against the Trust or any trustee or officer or other employee of the Trust that is governed by the internal affairs doctrine under Maryland law (each a "<u>Controversy</u>" and collectively, "<u>Controversies</u>") shall be submitted to mediation and arbitration in accordance with the procedures set forth in any such shareholder's Subscription Agreement, as applicable, which shall be the exclusive remedy for such Controversies; provided, solely upon a finding of a court of competent jurisdiction that any Controversy may not be made subject to such exclusive remedy under applicable law, then the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for any proceeding brought with respect to such Controversy. With respect to any proceeding described in the foregoing sentence that is in the Circuit Court for Baltimore City, Maryland, the Trust and its shareholders consent to the assignment of the proceeding to the Business and Technology Case Management Program pursuant to Maryland Rule 16-308 or any successor thereof. Unless the Trust consents in writing to the selection of a different forum, to the fullest extent permitted by law, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the 1940 Act or other federal securities law. Any shareholder of the Trust shall be deemed to have notice of and consented to this Article XII.

**ARTICLE XIII** 

**1940 ACT** 

If and to the extent that any provision of these Bylaws conflicts with any applicable provision of the 1940 Act (including the rules and orders under the 1940 Act and the interpretations of the SEC and its staff of the 1940 Act and such rules and orders), the applicable provision of the 1940 Act shall control.

**ARTICLE XIV** 

**AMENDMENT OF BYLAWS** 

The Bylaws shall be amended in the manner set forth in the Declaration of Trust.

Adopted September 18, 2024

## Exhibit 10.1

**Exhibit 10.1** 

**FORM OF** 

**AMENDED AND RESTATED** 

**INVESTMENT ADVISORY AGREEMENT** 

**BETWEEN** 

**SILVER POINT PRIVATE CREDIT FUND** 

**AND** 

**SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC** 

Agreement made this [ ] day of [ ], 2026, and effective on the BDC Election Date (as defined below), by and between SILVER POINT PRIVATE CREDIT FUND, a Maryland statutory trust (the "<u>Fund</u>"), and SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Fund is a Maryland statutory trust and intends to elect to be regulated as a business development company ("<u>BDC</u>") under the Investment Company Act of 1940 (the "<u>Investment Company Act</u>") at a future date (the date of such election, the "<u>BDC Election Date</u>");

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "<u>Advisers Act</u>");

WHEREAS, the Fund and the Adviser are party to that certain Investment Advisory Agreement, dated October 14, 2024 (the "<u>Original Advisory Agreement</u>"), for the purpose of having the Adviser furnish investment advisory services to the Fund; and

WHEREAS, the Fund and the Adviser desire to enter into this Agreement, which amends and restates the Original Advisory Agreement in its entirety.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1.**  **<u>Definitions</u>.** 

Certain capitalized terms used herein are defined in Annex A to this Agreement.

**2.**  **<u>Duties of the Adviser</u>.** 

(a) The Fund hereby engages the Adviser to act as the investment adviser to the Fund and to manage the investment and reinvestment of the assets of the Fund, subject to the supervision of the Board of Trustees of the Fund (the "<u>Board,</u>" and each trustee a "<u>Trustee</u>"), for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the Fund's registration statement on Form 10 or Form N-2, as applicable (and as the same may be amended from time to time, the "<u>Registration Statement</u>"), and prior to the filing of the Fund's Registration Statement, in accordance with the investment objective, policies and restrictions that are set forth in the Fund's private placement memorandum dated September 2024, as may be amended or supplemented from time to time; (ii) in accordance with all other applicable federal and state laws, rules and regulations, and the Fund's organizational documents (including any charter or declaration of trust and by-laws) as the same may be amended or superseded from time to time; and (iii) to the extent applicable, in accordance with the Investment Company Act. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement: (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, source, research, evaluate and negotiate the structure of the investments made by the Fund; (iii) close and monitor the Fund's investments; (iv) determine the securities and other assets that the Fund will purchase, retain or sell; (v) perform due diligence on prospective portfolio companies; and (vi) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds, including providing operating and managerial assistance to the Fund and its portfolio companies, as required. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the

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Fund, including the execution and delivery of all documents relating to the Fund's investments and the placing of orders for other purchase or sale transactions on behalf of the Fund. In the event that the Fund determines to directly or indirectly (including through any subsidiary of the Fund, referred to herein as a "<u>Subsidiary</u>") acquire debt financing, the Adviser will arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board, if any. If it is necessary or appropriate for the Adviser to make investments on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (subject to and in accordance with the requirements of the Investment Company Act). The authority of the Adviser conferred pursuant to this Agreement shall apply equally in respect of any controlled Subsidiary.

(b) The Adviser hereby accepts such engagement and agrees during the term hereof to render the services described herein for the compensation provided herein.

(c) The Adviser is hereby authorized to enter into one or more sub-advisory agreements with other investment advisers (each, a "<u>Sub-Adviser</u>") pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Fund's investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Fund, subject to the oversight of the Adviser and the Fund. The Adviser shall be responsible for any compensation payable to any Sub-Adviser. Nothing in this subsection 2(c) will obligate the Adviser to pay any expenses that are the expenses of the Fund under Section 3 hereof. For so long as the Fund is regulated under the Investment Company Act, any sub-advisory agreement entered into by the Adviser shall be subject to approval by the Board as required by Section 15 of the Investment Company Act and shall otherwise be in accordance with the requirements of the Investment Company Act and other applicable federal and state law.

(d) The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

(e) The Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision of its investment advisory services to the Fund and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act with respect to the Fund's portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Fund are the property of the Fund and will surrender promptly to the Fund any such records upon the Fund's request; provided that the Adviser may retain a copy of such records.

**3.**  **<u>Fund's Responsibilities and Expenses Payable by the Fund</u>.** 

(a) All personnel of the Adviser, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Fund, except as provided below.

(b) The Fund will bear all other fees, costs and expenses of its activities, operations, administration and transactions ("<u>Operating Expenses</u>"), including, without limitation, those relating to third party legal, accounting, tax, auditing, consulting and other professional expenses (including, without limitation, expenses relating to establishing reputation and public relations in connection with self-sourced lending or other financial transactions); fees payable to sub-advisors; the Management Fee (as defined below) and Incentive Fee (as defined below); professional liability insurance (including costs relating to directors' and officers' liability insurance and errors and omissions insurance); costs of obtaining and maintaining any fidelity bond; fees and expenses associated with the Fund's information, technology, communication, research and market data costs (including Bloomberg data and terminals or other devices or technology used to receive market research or data); fees and expenses (including legal fees, due diligence, and travel, lodging and meals) relating to establishing and maintaining auditor, depositary, custodial, transfer agent, underwriter, administration services or prime brokerage relationships; fees and costs (including legal fees) of entering into ISDAs; custodial and depositary fees; bank service fees; investment-related fees and expenses (such as brokerage commissions, third-party sourcing fees (based on quantitative, qualitative, or other criteria), fees and expenses of legal and other compliance professionals (including related to monitoring the Adviser's information barrier), due diligence

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expenses and travel, lodging, conference and meal expenses) related to the sourcing, evaluation, discovery, investigation, negotiation, development, analysis, monitoring, structuring, purchase, trading, settling, holding or sale of investments, whether or not the investments are consummated, including the costs of data, benchmark licensing, third-party screening tools and other information or technology to undertake sustainability analysis, monitoring or investor reporting in relation to investments; fees and expenses of any finders, senior advisors, originators, consultants (including sourcing consultants, operating consultants, research consultants, industry executives, advisors, operating executives, consultants performing services with respect to portfolio companies, including related to private equity operations, industry expert consultants, tax consultants, other subject matter consultants and/or consultants or experts on sustainability matters including in relation to investments), independent and/or non-executive directors and other persons acting in a similar capacity (in each case, whether or not such persons are engaged by the Fund and/or its Affiliates in a dedicated or exclusive capacity); costs and expenses related to attending investment, financing or business related conferences, roadshows or other events (including travel, lodging and meals), including in connection with the sourcing of future investments, business sector or financing opportunities or the evaluation of potential investments or financing opportunities, (irrespective of whether any such investment or financing opportunity is ultimately consummated) or otherwise related to business development and research; expenses related to any aggregating, special purpose, platform, or joint venture vehicles or arrangements (including formation, Overhead Expenses and other expenses related thereto, which may be calculated based on assets or performance); any and all costs and expenses incurred in connection with the incurrence of leverage and indebtedness, including with respect to any credit agreements, margin financing, total return swaps and other derivatives, commitment-based financing, reverse repurchase agreements, and other borrowings, and including any principal or interest on the Fund's borrowings and indebtedness (including fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the account of the Fund and in guaranteeing the obligations of any issuers or its Affiliates); other out-of-pocket expenses related to the purchase, monitoring, sale, settlement, custody or transmittal of the Fund's assets (directly or through trading Affiliates) as will be determined by the Adviser in its sole discretion (including costs associated with systems and software used in connection with investment-related activities (including the allocation of investments)); expenses incurred in connection with the provision of administrative, operations, fiduciary (including, but not limited to, directorship services), loan closing, or middle-office services; administration fees charged by the Adviser and/or third-party providers of administration services, administration fees and expenses charged by any third-party provider of administration services; costs of reporting to investors; any and all costs and expenses incurred in connection with any meeting of the Shareholders that is generally open or applicable to all Shareholders (including the costs and expenses of any third-party speakers at any such meetings), any fees and expenses of the Board (including amounts paid to Trustees that are not "interested persons" (as that term is defined in Section 2(a)(19) of the Investment Company Act), and the reasonable expenses incurred by members of the Board in connection with their attendance or the expenses of their independent counsel); administration fees and expenses charged by any third-party provider of administration services; expenses relating to interpretation of any fund terms, any amendments to the governing documents of the Fund and related entities, the offer, transfer and sale of the Fund's common shares (the "Shares"); organizational and offering fees and expenses of the Fund (including legal, accounting, consulting, capital raising (including travel, lodging and meals relating to the offering of the Fund), translation, printing and distribution fees and expenses (including fees and expenses related to the retention of, and services provided by, any service provider or agent engaged by the Fund and/or its Affiliates in connection with such translation, printing and distribution), filing fees and expenses related to the formation of the Fund, and other similar fees, costs and expenses and other direct organizational and offering costs); any fees, costs and expenses related to investor databases or marketplaces (e.g., iCapital) or distribution networks; distributions to Shareholders; any fees, costs and expenses related to entering into, and compliance with, side letters with Shareholders; federal, state and non-U.S. filing and registration fees and expenses; fees and expenses related to complying with (or facilitating compliance with) the rules of any self-regulatory organization or any applicable law, rule or regulation, including anti-money laundering or counter-terrorist financing laws and regulations, marketing laws and regulations and/or any other applicable laws and regulations, including any governmental, regulatory, licensing, filing or registration fees or taxes, legal fees, costs and expenses, regulatory and compliance fees and expenses relating to past, current and prospective investments, fees and expenses related to the retention of, and services provided by, any service provider or agent engaged by the Fund, the Adviser and/or their respective Affiliates in connection with any such compliance and any registration, compliance, filings or other obligations related to or arising out of the AIFM Directive including marketing notifications, "Annex IV" reporting, and the costs of depositary or other service providers appointed to comply with the AIFM Directive; expenses related to complying with Sustainable Finance Disclosure Regulation ("SFDR"), including the costs of preparing SFDR-compliant investor disclosures and reports, or any other domestic or foreign regulatory regimes and any fees, costs and expenses with respect to any registration or reporting activities

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of the Fund, including legal advice regarding the offering of Shares, or its investments; costs of winding up and liquidating the Fund; any and all out-of-pocket fees, costs and expenses incurred in connection with computing the value of the assets of the Fund (including, as applicable, any and all fees, costs and expenses associated with advisors, independent pricing services and third-party valuation consultants); any fees, costs and expenses incurred in connection with the Fund's use of any third-party monitors or other service providers used to independently assess conflicts among Silver Point Accounts; any fees, costs and expenses incurred in connection with the Fund's tax returns, Form 1099-DIV (or similar schedules), including the costs of creating, printing and distributing such tax forms (or similar schedules), to the extent applicable; costs and expenses with respect to representation of the Fund and the Shareholders by the Adviser; taxes, fees, other governmental or similar charges that may be incurred or payable by the Fund (except as may be specifically allocated to any Shareholder); fees and expenses in connection with ongoing compliance, filing and reporting obligations under U.S. FATCA (and similar reporting regimes, including CRS); fees and expenses of each persons designated to act as an anti-money laundering officer; any fees, costs and expenses of any loan servicers and other service providers and of any custodian, lenders, investment banks and other financing sources; costs, fees and expenses of any affiliates of the Adviser (whether now existing or hereafter created) engaged to provide services by or on behalf of the Fund ("Affiliated Service Providers") and other expenses associated with the operation of the Fund and its investment activities, including extraordinary expenses such as litigation, workout and restructuring and indemnification expenses, if any. For the avoidance of doubt, (i) the Adviser shall be solely responsible for any placement or "finder's" fees payable to placement agents engaged by the Fund or its affiliates in connection with the offering of securities by the Fund, and (ii) Operating Expenses do not constitute Overhead Expenses.

(c) The Fund will reimburse the Adviser or its Affiliates, as applicable, for all costs and expenses incurred in connection with administrative, information technology and development and other support services, including out of pocket expenses (including travel, lodging and meals), any expenses of the Administrator (as defined below) or other third parties performing similar or related administrative functions under this Agreement or any administration agreement with one or more Administrators (each, an "Administration Agreement"), as applicable, including third-party software licensing and implementation, data management, recovery services and any Overhead Expenses relating to the provision of administration, information technology and development and other support services (including all services performed by the team supporting Silver Point's General Counsel, Chief Compliance Officer and Chief Financial Officer and their respective staffs and all accounting, operations, treasury, loan closing, private equity operations (tasked with performing operational improvements with respect to portfolio companies), tax and information technology and development and other support services), as well as compensation of such persons paid by the Adviser or its Affiliates, as applicable (based on the percentage of time such individuals devote, on an estimated basis, to the business affairs of the Fund).

(d) To the extent that expenses to be borne by the Fund are paid by the Adviser and/or one or more administrators or sub-administrators of the Fund (each, together with any successor thereto, an "<u>Administrator</u>"), the Fund will reimburse the Adviser and/or such Administrator(s), as applicable, for such expenses, it being understood that the administrative services contemplated by this Section 3 may be performed by the Adviser or any of its Affiliates, one or more third-party Administrators, or a combination thereof.

**4.**  **<u>Compensation of the Adviser</u>.** 

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (the "<u>Management Fee</u>") and an incentive fee (the "<u>Incentive Fee</u>") as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or the Fund may adopt, a deferred compensation plan pursuant to which the Adviser may elect to defer or waive all or a portion of its fees hereunder for a specified period of time.

(a) The Management Fee shall be payable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Management Fee shall be payable by the Fund to the Adviser in arrears, calculated and payable monthly and
shall equal 1.25% per annum of the Fund's net assets. The Management Fee will be calculated based on the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Management Fee for any partial month or quarter will be appropriately prorated.

(b) The Incentive Fee shall have two components, an income component (" <u>Incentive Fee on Pre-Incentive Fee Net Investment Income</u> ") and a capital gains component, and shall be payable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Incentive Fee on Pre-Incentive Fee Net Investment Income*.
Incentive Fee on Pre-Incentive Fee Net Investment Income will be calculated and payable to the Adviser quarterly in arrears based on the Pre-Incentive Fee Net Investment
Income generated by the Fund. For this purpose, " <u>Pre-Incentive Fee Net Investment Income</u> " means dividends (including reinvested dividends), interest and fee income accrued by the Fund during
the calendar quarter, minus the Fund's accrued operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any
issued and outstanding preferred shares, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue
discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund may not have received in cash. Pre-Incentive Fee Net Investment Income also includes net interest income, if any, from derivative financial instruments or swaps on a look-through basis as if the Fund owned the reference assets directly (where
such net interest income is defined as the difference between (A) the interest income and fees received in respect of the reference assets of the derivative financial instrument or swap and (B) the interest expense or financing charges and
other expenses paid by the Fund to the derivative or swap counterparty). Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses and unrealized capital
appreciation or depreciation.

Incentive Fee on Pre-Incentive Fee Net Investment Income, if any, will be calculated and paid quarterly in arrears based on a percentage of the amount by which Pre-Incentive Fee Net Investment Income in respect of the current calendar quarter exceeds the Hurdle Rate Amount (as defined below). The "<u>Hurdle Rate Amount</u>" will be determined on a quarterly basis, and will be calculated by multiplying 1.25% (5.00% annualized) by the value of the Fund's net assets (total assets less indebtedness) at the beginning of the applicable calendar quarter.

Incentive Fee on Pre-Incentive Fee Net Investment Income for each calendar quarter will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No amount in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 100% of the Fund's Pre-Incentive Fee Net Investment Income, if
any, that exceeds the Hurdle Rate Amount but is less than or equal to an amount (the " <u>Catch-Up</u> <u>Amount</u> ") determined on a quarterly basis by multiplying 1.4286% (5.7143%
annualized) and the value of the Fund's net assets (total assets less indebtedness) at the beginning of the applicable calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) For any calendar quarter in which the Fund's Pre-Incentive Fee
Net Investment Income exceeds the Catch-Up Amount, 12.5% of the amount of the Fund's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Catch-Up Amount.

These calculations shall be appropriately adjusted for any share issuances or repurchases during the quarter (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) and shall be appropriately prorated for any period of less than three months.

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If the Fund commences winding up in connection with the expiration of the Fund's term, the Incentive Fee on Pre-Incentive Fee Net Investment Income will be payable until the final termination of the Fund following the complete Realization of the Fund's investments and the termination date will be treated as though it were a quarter-end for purposes of calculating and paying the final Incentive Fee on Pre-Incentive Fee Net Investment Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Incentive Fee on Capital Gains*. The Incentive Fee on Capital Gains (" <u>Capital Gains Fee</u> ") will be paid by the Fund to the Adviser pursuant to the terms hereof, will be determined and payable in arrears as of the end of each fiscal year, and will equal 12.5% of the Fund's Cumulative Capital Gains (as defined below),
if any, through the end of each fiscal year, less the amount of any previously paid Capital Gains Fee for prior periods. For this purpose, " <u>Cumulative Capital Gains</u> " means, on any relevant date, cumulative realized capital gains,
less the sum of (a) cumulative realized capital losses and (b) cumulative unrealized capital depreciation on investments, in each case as of such date.

For purposes of computing the Capital Gains Fee, the calculation methodology will look through derivative financial instruments or swaps as if the Fund owned the reference assets directly. Therefore, on a look-through basis, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation of the Capital Gains Fee.

If the Fund commences winding up in connection with the expiration of the Fund's term, the Capital Gains Fee will be payable until the final termination of the Fund following the complete Realization of the Fund's investments and the termination date will be treated as though it were a fiscal year-end for purposes of calculating and paying the final Capital Gains Fee.

**5.**  **<u>Transaction Fees</u>.** 

(a) If the Adviser or its Affiliates or their respective officers, directors, partners, members, shareholders or employees (other than the Fund or any Subsidiary) receive any compensation in the form of directors' fees, transaction fees, monitoring fees, financial advisory fees, investment management fees, origination fees, arrangement fees, commitment fees, broken deal fees and other fees for similar or related services and any other compensation in connection with lending or other financial transactions or investments (including, without limitation, acquisitions, dispositions, recapitalizations and restructurings), the portion of such compensation ratably attributable to investments made (or, in the case of broken deal fees, proposed) either directly by the Fund or indirectly through a Subsidiary will be paid to the Fund (or such Subsidiary, as applicable) or applied as an offset to the Management Fee, in the discretion of the Adviser.

(b) Any fees received by the Adviser or its Affiliates in connection with or arising from providing administrative, collateral management or similar or related services in respect of lending or other financial transactions or investments will be retained by the Adviser and will not be paid to the Fund or applied as an offset to the Management Fee, it being understood that, in the event that any expenses incurred by the Adviser or its Affiliates in connection with the provision of the foregoing services are charged to the Fund (or a Subsidiary) as a Fund expense, the portion of such compensation ratably attributable to such expenses will be paid to the Fund.

**6.**  **<u>Covenants of the Adviser</u>.** 

(a) The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments, including, but not limited to, the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>").

(b) The Adviser further covenants that it will maintain its registration as an investment adviser under the Advisers Act at all times that the Adviser is required by applicable law or regulation to be registered.

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**7.**  **<u>Excess Brokerage Commissions</u>.** 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay any broker-dealer or other member of a national securities exchange (a "<u>Broker-Dealer</u>") an amount of commission for effecting a securities transaction in excess of the amount of commission another Broker-Dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as overall cost of the transaction (including the applicable brokerage commission or dealer spread); the size and type of the transaction; the nature of the market for the financial instrument; execution capability, speed and efficiency; market intelligence regarding the transaction; the extent to which the Broker-Dealer makes a market in the financial instrument involved or has access to such markets; the Broker-Dealer's financial stability; the Broker-Dealer's reputation for diligence, fairness and integrity; quality of service rendered by the Broker-Dealer in other transactions for the Adviser; confidentiality considerations; the quality and usefulness of research services and investment ideas presented by the Broker-Dealer; the Broker-Dealer's willingness to correct errors; the Broker-Dealer's ability to accommodate any special execution or order handling requirements in connection with any particular transaction; and other factors deemed appropriate by the Adviser.

**8.**  **<u>Limitations on the Activities of the Adviser</u>.** 

The services of the Adviser to the Fund are not exclusive, and the Adviser and each of its Affiliates may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Fund, and nothing in this Agreement shall limit or restrict the right of any member, manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Fund's portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Fund, subject to the Adviser's right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that trustees/directors, officers, employees and/or shareholders of the Fund are or may become interested in the Adviser and its Affiliates, as directors, officers, employees, partners, shareholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members and managers of the Adviser and its Affiliates are or may become similarly interested in the Fund as shareholders or otherwise.

**9.**  **<u>Responsibility of Dual Trustees, Officers and/or Employees</u>.** 

If any person who is a member, manager, partner, officer or employee of the Adviser, the Administrator or any of their Affiliates is or becomes a trustee/director, officer and/or employee of the Fund and acts as such in any business of the Fund, then such member, manager, partner, officer and/or employee of the Adviser, the Administrator or any of their Affiliates shall be deemed to be acting in such capacity solely for the Fund, and not as a member, manager, partner, officer or employee of the Adviser, the Administrator or any of their Affiliates or under the control or direction of the Adviser, the Administrator or any of their Affiliates, even if paid by the Adviser, the Administrator or any of their Affiliates.

**10.**  **<u>Exculpation; Indemnification; Advancement of Expenses</u>.** 

(a) To the fullest extent permitted by law and subject to and pursuant to Section 10(f) herein, none of the Adviser, its Affiliates, and their respective directors, officers, partners, members, shareholders, "controlling persons" (as defined under the Investment Company Act), employees, agents, consultants and representatives (collectively, the "<u>Covered Persons</u>") will be liable to the Fund except for any act or failure to act that constitutes a violation of the antifraud provisions of any U.S. federal securities law, as finally determined by a court of competent jurisdiction. Notwithstanding anything to the contrary in this Section 10 (except as provided in Section 10(f)), any Covered Person may consult with legal counsel and accountants in respect of Fund affairs and shall be fully protected and justified in taking or refraining from any action in good faith, in reliance upon and in accordance with the opinion or advice of such counsel or accountants selected in good faith for purposes of exculpation and indemnification contemplated herein (irrespective of any judicial determination regarding the conduct of such Covered Person).

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(b) To the fullest extent permitted by law and subject to and pursuant to Section 10(f) herein, the Fund shall indemnify and hold harmless the Covered Persons from and against all claims, damages, liabilities, costs and expenses, including legal fees ("<u>Indemnifiable Items</u>"), to which they may be or become subject by reason of their activities on behalf of the Fund, or otherwise relating to this Agreement, except (i) to the extent that such Indemnifiable Items were incurred as a result of such Covered Person's violation of the antifraud provisions of any U.S. federal securities law, as finally determined by a court of competent jurisdiction, (ii) with respect to any Indemnifiable Items that arise out of any action, suit or proceeding solely among the Adviser and/or its Affiliates and their respective directors, officers, partners, members, shareholders and employees and (iii) to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by a tribunal of competent jurisdiction) with respect to the receipt of compensation for services to the extent the Fund elects to be regulated as a BDC under the Investment Company Act. The termination of any proceeding by settlement, judgment, order, conviction or upon a plea of <u>nolo contendere</u> or its equivalent shall not, of itself, create a presumption that the Covered Person's conduct constituted a violation of the antifraud provisions of any U.S. federal securities law.

(c) Expenses (including attorneys' fees) incurred by a Covered Person in defense or settlement of any claim that may be subject to a right of indemnification hereunder shall be advanced by the Fund prior to the final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person to repay the amount advanced to the extent that it shall be determined ultimately that such Covered Person is not entitled to be indemnified hereunder. The right of any Covered Person to the indemnification provided herein shall be cumulative of, and in addition to, any and all rights to which such Covered Person may otherwise be entitled by contract or as a matter of law or equity and shall be extended to such Covered Person's successors, assigns and legal representatives.

(d) Any Covered Person that is (i) appointed to serve as a manager, director or officer of the issuer of any Portfolio Investment, or is otherwise authorized to act on behalf of such issuer and (ii) entitled to seek indemnification from such issuer pursuant to a written agreement with such issuer entered into after the Initial Closing or pursuant to such issuer's articles of incorporation, bylaws, partnership agreement, limited liability company agreement or other constitutive documents (a "<u>Representative</u>") entitled to indemnification from the Fund in connection with Indemnifiable Items arising from such Representative's activities in such capacity shall use reasonable efforts to first seek recovery under any other indemnity or any insurance policies by which such Representative is indemnified or covered (other than pursuant to terms of the operating agreements of the Adviser and its Affiliates), as the case may be, but only to the extent that the indemnitor with respect to such indemnity, or insurer with respect to such insurance policy, provides such indemnity or coverage on a timely basis. Prior to making an indemnification payment or providing advancement of expenses pursuant to this Section 10 to a Representative that is also entitled to indemnification from an issuer of a Portfolio Investment or insurance policy, the Adviser shall require such Representative to agree that it shall (x) cause the Fund to be subrogated to its rights with respect to such payment from such issuer or insurance policy, as applicable, (y) assign to the Fund all of its rights to advancement, indemnification or contribution from or with respect to such issuer or insurance policy and (z) cooperate with the Fund in its efforts to recover such payments through indemnification or otherwise.

(e) In any action, suit or proceeding against the Fund or the Covered Persons relating to or arising out of, or alleged to relate to or arise out of, any Indemnifiable Items, the Covered Persons shall have the right to jointly employ, at the expense of the Fund, counsel of the Covered Persons' choice, which counsel shall be reasonably satisfactory to the Fund, in such action, suit or proceeding; <u>provided</u> that if retention of joint counsel by the Covered Persons would create a conflict of interest, each group of Covered Persons which would not cause such a conflict shall have the right to employ, at the expense of the Fund, separate counsel of the Covered Persons' choice, which counsel shall be reasonably satisfactory to the Fund, in such action, suit or proceeding.

(f) Notwithstanding anything in this Section 10 to the contrary, nothing contained herein shall be construed so as to provide for the exculpation of the Adviser or Covered Persons for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section 10 to the fullest extent permitted by law. In addition, nothing contained herein shall protect or be deemed to protect the Covered Persons against or entitle or be deemed to

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entitle the Covered Persons to indemnification in respect of any liability to the Fund or its security holders to which the Covered Persons would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). The provisions set forth in this Section 10 shall not be construed to limit or exclude any other right to which a Covered Person may be lawfully entitled and shall survive the termination of this Agreement.

**11.**  **<u>Use of Name</u>.** 

The Fund acknowledges that it has adopted its name through the permission of the Adviser. The Adviser hereby consents to the non-exclusive use by the Fund of the name "Silver Point Private Credit Fund" only so long as the Adviser serves as the investment adviser of the Fund. The Fund agrees that it will indemnify and hold harmless the Adviser and its Affiliates from and against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, attorneys' fees and disbursements, which may arise out of the Fund's use or misuse of the name "Silver Point Private Credit Fund" or out of any breach of, or failure to comply with, this Section 11. The provisions set forth in this Section 11 shall survive the termination of this Agreement.

**12.**  **<u>Effectiveness, Duration and Termination of Agreement</u>.** 

(a) This Agreement shall become effective as of the BDC Election Date.

(b) (i) For so long as the Fund is regulated under the Investment Company Act, this Agreement shall continue in effect for two years from the date of this Agreement, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (A) the vote of the Fund's Board, or by the vote of a majority of the outstanding voting securities of the Fund (as defined in the Investment Company Act) and (B) the vote of a majority of the Fund's Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act; and

(ii) For so long as the Fund is regulated under the Investment Company Act, this Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60) days' written notice, by the vote of a majority of the outstanding voting securities of the Fund. Prior to the BDC Election Date, this Agreement may be terminated at any time, without the payment of any penalty, by the vote of a majority of the outstanding voting securities of the Fund following an event constituting "Cause" (as defined below). This Agreement also may be terminated at any time, without a penalty, upon sixty (60) days' written notice by the vote of the Fund's Board or by the Adviser. "<u>Cause</u>" shall mean the occurrence of any of the following: (i) the conviction of the Adviser of (x) a violation of U.S. federal securities law or (y) a felony (other than motor vehicle-related felonies), in each case, as finally determined by a court of competent jurisdiction or by a plea of guilty or nolo contendere; or (ii) the entry of a final judgment by any court of competent jurisdiction that the Adviser has committed fraud, gross negligence or willful misconduct, which, in the case of clause (ii), has a material adverse effect on the business of the Fund.

(c) This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act).

(d) The provisions of Sections 3, 10, and 15 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Sections 3 and 4 through the date of termination or expiration and Section 10 shall continue in force and effect and apply to the Adviser and each Covered Person as and to the extent applicable.

**13.**  **<u>Notices</u>.** 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

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**14.**  **<u>Amendments</u>.** 

This Agreement may be amended by the mutual consent of the parties hereto; provided that the approval of the Fund's Independent Trustees and the majority of the outstanding voting securities of the Fund must be obtained in conformity with the requirements of the Investment Company Act.

**15.**  **<u>Entire Agreement; Governing Law</u>.** 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is regulated under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. To the fullest extent permitted by law, in the event of any dispute arising out of the terms and conditions of this Agreement, the parties hereto consent and submit to the jurisdiction of the courts of the State of Delaware or (to the extent subject matter jurisdiction exists therefor) of the United States for the District of Delaware.

**16.**  **<u>Severability</u>.** 

If it is determined by a tribunal of competent jurisdiction that any provision of this Agreement is invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

**17.**  **<u>Counterparts</u>.** 

This Agreement may be executed, through the use of separate signature pages or supplemental agreements in any number of counterparts with the same effect as if the parties executing such counterparts had all executed one counterpart.

**18.**  **<u>No Third Party Rights</u>.** 

This Agreement is intended solely for the benefit of the parties hereto and, except as expressly provided to the contrary in this Agreement (including the Section 10 indemnification provisions), is not intended to confer any benefits upon, or create any rights in favor of, any Person other than the parties hereto.

**[Remainder of page intentionally left blank.]** 

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**\* \* \*** 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date above written.

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| | |
|:---|:---|
| **SILVER POINT PRIVATE CREDIT FUND** | **SILVER POINT PRIVATE CREDIT FUND** |
| By: |  |
|  | Name:<br> Title: |
| **SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC** | **SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC** |
| By: |  |
|  | Name:<br> Title: |

---

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ANNEX A

"Affiliate" means, when used with reference to a specified Person, (i) any other Person, directly or indirectly, controlling, controlled by or under common control with such specified Person and (ii) any officer, director or partner of such specified Person. The term "control," with respect to any Person, means possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person or to influence the decision-making of such Person, whether through the ownership of voting securities, by contract or otherwise.

"Declaration of Trust" means the Declaration of Trust of the Fund, dated September 18, 2024, as may be amended from time to time.

"Initial Closing" means October 14, 2024.

"Investment" means the investment by the Fund or a Subsidiary in any equity, debt or other financial instruments or assets of any type, whether or not such investments are privately placed, directly purchased, publicly traded, held through participations or otherwise, or issued by any company, entity, organization, government or other Person.

"Overhead Expenses" include overhead expenses of an ordinarily recurring nature such as rent, utilities, supplies, secretarial expenses, stationery, charges for furniture, fixtures and equipment, employee benefits (including any costs related to the administration thereof), including insurance, payroll taxes and compensation for all employees.

"Person" means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature.

"Portfolio Investment" means any Investment other than a Temporary Investment.

"Realization" means, with respect to an Investment, the repayment, sale, exchange, refinancing, redemption, recapitalization (other than an exchange, refinancing or recapitalization for securities of the Person in which such investment is made or any of such Person's Affiliates) or other disposition by the Fund of all or any portion of that Investment for cash, securities or other property.

"SP Person" means (x) the partners and the employees of Silver Point Capital, L.P. or any of its Affiliates, and their respective family members and estate planning vehicles, and (y) the Adviser and its Affiliates.

"Temporary Investment" means, pending investment in any Portfolio Investment or cash distribution, investments in (i) U.S. government and agency obligations with maturities of not more than one year from the date the investment is made or other high-grade money market instruments, (ii) commercial paper with maturities of not more than six months and having a rating assigned to such commercial paper by Standard & Poor's Corporation or Moody's Investors Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization in the U.S.) equal to one of the two highest ratings assigned by such organization, it being understood that as of the date hereof, such ratings by Standard & Poor's Corporation are "A1" and "A2" and such ratings by Moody's Investors Service, Inc. are "P1" and "P2," (iii) bank deposit accounts, (iv) money market funds, and (v) certificates of deposit.

## Exhibit 10.2

**Exhibit 10.2** 

**ADMINISTRATION AGREEMENT** 

This Administration Agreement (this "Agreement") made as of January __, 2026 by and between Silver Point Private Credit Fund, a Maryland statutory trust (hereinafter referred to as the "Company"), and Silver Point Private Credit Fund Management, LLC, a Delaware limited liability company, (hereinafter referred to as the "Administrator").

W I T N E S S E T H:

WHEREAS, the Company is a Maryland statutory trust that intends to elect to be treated as a business development company under the Investment Company Act of 1940 (hereinafter referred to as the "Investment Company Act");

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Duties of the Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Engagement of Administrator</u>. The Company hereby engages the Administrator to act as administrator of the
Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Company (the "Board"), for the
period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such engagement and agrees during such period

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to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the
administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping and record keeping services at
such facilities and such other services as the Administrator, subject to review by the Board of Trustees of the Company, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator
shall also, on behalf of the Company, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries,
insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Trustees of its performance of obligations hereunder and furnish advice and recommendations with
respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not in its capacity as
Administrator, provide any advice or

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recommendation relating to the securities and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The Administrator shall be responsible for the financial and other records that the Company is required to maintain and shall prepare reports to shareholders, and reports and other materials filed with the Securities and Exchange Commission (the "SEC"). The Administrator will assist the Company's investment adviser (the "Adviser") in providing on the Company's behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. In addition, the Administrator will assist the Company in determining and publishing the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and the printing and dissemination of reports to shareholders of the Company, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others. For the avoidance of any doubt, the parties agree that the Administrator is authorized to enter into sub-administration agreements as the Administrator determines necessary in order to carry out the services set forth in this paragraph, subject to the prior approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Records</u>.

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and, if required by the Investment Company Act, will maintain and keep such books, accounts and records in accordance with that Act. In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records

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which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Confidentiality.</u> 

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation; Allocation of Costs and Expenses</u>.

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations including the Company's allocable portion of the costs and expenses of providing personnel and facilities hereunder. The Company anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Company will bear all other costs and expenses of the Company's operations, administration and transactions, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to that
certain Amended and Restated Investment Advisory Agreement, by and between the Company and the Adviser, as amended from time to time (the "Advisory Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's allocable portion of compensation and other expenses incurred by the Administrator in
performing its administrative obligations under this Agreement, including but not limited to the Company's general counsel, chief compliance officer and chief financial officer and their respective staffs, as well as compensation of such
persons paid by the Adviser or its affiliates, as applicable (based on the percentage of time such individuals devote, on an estimated basis, to the business affairs of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other fees, costs and expenses of the Company's activities, operations, administration and
transactions including, without limitation, those relating to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) third party legal, accounting, tax, auditing, consulting and other professional expenses (including, without
limitation, expenses relating to establishing reputation and public relations in connection with self-sourced lending or other financial transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fees payable to sub-advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all professional liability insurance (including costs relating to directors' and officers'
liability insurance and errors and omissions insurance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) costs of obtaining and maintaining any fidelity bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees and expenses associated with the Company's information, technology, communication, research and
market data costs (including Bloomberg data and terminals or other devices or technology used to receive market research or data);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses (including legal fees, due diligence, and travel, lodging and meals) relating to establishing
and maintaining auditor, depositary, custodial, transfer agent, underwriter, administration services or prime brokerage relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fees and costs (including legal fees) of entering into ISDAs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) custodial and depositary fees; bank service fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) investment-related fees and expenses (such as brokerage commissions, third-party sourcing fees (based on
qualitative, quantitative, or other criteria), fees and expenses of legal and other compliance professionals (including related to monitoring the Adviser's information barrier), due diligence expenses and travel, lodging, conference and meal
expenses)

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related to the sourcing, evaluation, discovery, investigation, negotiation, development, analysis, monitoring, structuring, purchase, trading, settling, holding or sale of investments, whether or not the investments are consummated, including the costs of data, benchmark licensing, third-party screening tools and other information or technology to undertake sustainability analysis, monitoring or investor reporting in relation to investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) fees and expenses of any finders, senior advisors, originators, consultants (including sourcing consultants,
operating consultants, research consultants, industry executives, advisors, operating executives, consultants performing services with respect to portfolio companies, including related to private equity operations, industry expert consultants, tax
consultants, other subject matter consultants and/or consultants or experts on sustainability matters including in relation to investments), independent and/or non-executive directors and other persons acting
in a similar capacity (in each case, whether or not such persons are engaged by the Company and/or its Affiliates in a dedicated or exclusive capacity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) costs and expenses related to attending investment, financing or business related conferences, roadshows or
other events (including travel, lodging and meals), including in connection with the sourcing of future investments, business sector or financing opportunities or the evaluation of potential investments or financing opportunities, (irrespective of
whether any such investment or financing opportunity is ultimately consummated) or otherwise related to business development and research;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) expenses related to any aggregating, special purpose vehicles, platform, or joint venture vehicles or
arrangements (including formation, overhead and other expenses related thereto, which may be calculated based on assets or performance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any and all costs and expenses incurred in connection with the incurrence of leverage and indebtedness,
including with respect to any credit agreements, margin financing, total return swaps and other derivatives, commitment-based financing, reverse repurchase agreements, and other borrowings, and including any principal or interest on the
Company's borrowings and indebtedness (including fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the account of the Company and in guaranteeing the obligations of any issuers or its
affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) other out-of-pocket expenses
related to the purchase, monitoring, sale, settlement, custody or transmittal of the Company's assets (directly or through trading Affiliates) as will be determined by the Adviser in its sole discretion (including costs associated with systems
and software used in connection with investment-related activities (including the allocation of investments));

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) expenses incurred in connection with the provision of administrative, operations, fiduciary (including, but not
limited to, directorship services), loan closing, or middle-office services; administration fees charged by the Adviser and/or third-party providers of administration services, administration fees and expenses charged by any third-party provider of
administration services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) costs of reporting to investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) any and all costs and expenses incurred in connection with any meeting of the shareholders that is generally
open or applicable to all shareholders (including the costs and expenses of any third-party speakers at any such meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) any fees and expenses of the Board (including amounts paid to Trustees that are not "interested
persons" (as that term is defined in Section 2(a)(19) of the Investment Company Act, the "Independent Trustees"), and the reasonable expenses incurred by members of the Board of Trustees in connection with their attendance or
the expenses of the counsel to the Independent Trustees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) administration fees and expenses charged by any third-party provider of administration services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) expenses relating to interpretation of any fund terms, any amendments to the governing documents of the Company
and related entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) expenses relating to the offer, transfer and sale of the Company's shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) organizational and offering fees and expenses of the Company (including legal, accounting, consulting, capital
raising (including travel, lodging and meals relating to the offering of the Company), translation, printing and distribution fees and expenses (including fees and expenses related to the retention of, and services provided by, any service provider
or agent engaged by the Company and/or its affiliates in connection with such translation, printing and distribution), filing fees and expenses related to the formation of the Company, and other similar fees, costs and expenses and other direct
organizational and offering costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) any fees, costs and expenses related to investor databases or marketplaces (*e.g.*, iCapital) or
distribution networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) distributions to shareholders of the Company, any fees, costs and expenses related to entering into, and
compliance with, side letters with shareholders of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) federal, state and non-U.S. filing and registration fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) fees and expenses related to complying with (or facilitating compliance with) the rules of any self-regulatory
organization or any applicable law, rule or regulation, including anti-money laundering or counter-terrorist financing laws and regulations, marketing laws and regulations and/or any other applicable laws and regulations, including any governmental,
regulatory, licensing, filing or registration fees or taxes, legal fees, costs and expenses, regulatory and compliance fees and expenses relating to past, current and prospective investments, fees and expenses related to the retention of, and
services provided by, any service provider or agent engaged by the Company, the Adviser and/or their respective Affiliates in connection with any such compliance and any registration, compliance, filings or other obligations related to or arising
out of the AIFM Directive including marketing notifications, "Annex IV" reporting, and the costs of depositary or other service providers appointed to comply with the AIFM Directive;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) expenses related to complying with Sustainable Finance Disclosure Regulation ("SFDR"), including
the costs of preparing SFDR-compliant investor disclosures and reports, or any other domestic or foreign regulatory regimes and any fees, costs and expenses with respect to any registration or reporting activities of the Company, including legal
advice regarding the offering of Shares, or its investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) costs of winding up and liquidating the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) any and all out-of-pocket fees,
costs and expenses incurred in connection with computing the value of the assets of the Company (including, as applicable, any and all fees, costs and expenses associated with advisors, independent pricing services and third-party valuation
consultants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) any fees, costs and expenses incurred in connection with the Company's use of any third-party monitors or
other service providers used to independently assess conflicts among Silver Point Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) any fees, costs and expenses incurred in connection with the Company's tax returns, Form 1099-DIV (or similar schedules), including the costs of creating, printing and distributing such tax forms (or similar schedules), to the extent applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) costs and expenses with respect to representation of the Company and the Company's shareholders by the
Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) taxes, fees, other governmental or similar charges that may be incurred or payable by the Company (except as
may be specifically allocated to any shareholder of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) fees and expenses in connection with ongoing compliance, filing and reporting obligations under U.S. FATCA (and
similar reporting regimes, including CRS);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) fees and expenses of each persons designated to act as an anti-money laundering officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) any fees, costs and expenses of any loan servicers and other service providers and of any custodian, lenders,
investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) costs, fees and expenses of any affiliates of the Adviser (whether now existing or hereafter created) engaged
to provide services by or on behalf of the Company ("Affiliated Service Providers"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) other expenses associated with the operation of the Company and its investment activities, including
extraordinary expenses such as litigation, workout and restructuring and indemnification expenses, if any;

From time to time, the Adviser, the Administrator or their affiliates may pay amounts owed by the Company to third-party providers of goods or services. The Company will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Company's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

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All of the foregoing expenses will ultimately be borne by the Company's shareholders.

Costs and expenses of the Administrator and the Adviser that are eligible for reimbursement by the Company will be reasonably allocated to the Company on the basis of time spent, assets under management, usage rates, proportionate holdings, a combination thereof or other reasonable methods determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitation of Liability of the Administrator; Indemnification</u>.

The Administrator, its Affiliates (as defined in the Advisory Agreement), and their respective directors, officers, managers, partners, agents, employees, "controlling persons" (as defined under the Investment Company Act), members, shareholders, consultants and representatives and any other person or entity affiliated with them shall be considered Covered Persons (as defined in the Advisory Agreement) and entitled to the exculpation, indemnification and advancement of expenses as provided in Section 10 of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Activities of the Administrator</u>.

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It is understood that trustees, officers, employees and shareholders of the Company are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees, partners, shareholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and shareholders of the Administrator and its affiliates are or may become similarly interested in the Company as shareholders or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Duration and Termination of this Agreement</u>.

This Agreement will become effective as of the date first written above. This Agreement shall continue in effect until November __, 2027, and thereafter continue from year to year, but only so long as such continuance is specifically approved at least annually by (i) the Board of Trustees of the Company and (ii) a majority of those Trustees who are not parties to this Agreement or "interested persons" (as defined in the Investment Company Act) of any such party.

This Agreement may be terminated at any time, without the payment of any penalty, by vote of the Trustees of the Company, or by the Administrator, upon 60 days' written notice to the other party. This Agreement may not be assigned by a party without the consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments of this Agreement</u>.

This Agreement may be amended pursuant to a written instrument by mutual consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>.

This Agreement shall be construed in accordance with laws of the State of New York and the applicable provisions of the Investment Company Act, if any. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, if any, the latter shall control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Entire Agreement</u>.

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>.

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first above written.

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| |
|:---|
| **SILVER POINT PRIVATE CREDIT FUND** |
| By: |
| Name: |
| Title: |
| **SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC** |
| By: |
| Name: |
| Title: |

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## Exhibit 10.3

**Exhibit 10.3** 

**FORM OF EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT** 

This Expense Support and Conditional Reimbursement Agreement (the "**Agreement**") is made this [ ] day of [ ], 2026, by and between SILVER POINT PRIVATE CREDIT FUND, a Maryland statutory trust (the "**Fund**"), and SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a newly organized, non-diversified, closed-end management investment company that will elect to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "**Investment Company Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the amended and restated investment advisory agreement, dated [ ], 2026, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**");

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund that the Adviser may elect to pay a portion of the Fund's expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1. <u>Adviser Expense Payments to the Fund</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At such times as the Adviser determines, the Adviser may elect to pay certain expenses of the Fund on the Fund's behalf (each such payment, an "**Expense Payment**"). In making an Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses); provided that no portion of an Expense Payment will be used to pay any interest expense or distribution and/or servicing fees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's right to receive an Expense Payment shall be an asset of the Fund upon the Adviser committing in writing to pay the Expense Payment pursuant to a notice substantially in the form of <u>Appendix A</u>. Any Expense Payment that the Adviser has committed to pay shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

**2. <u>Reimbursement of Expense Payments by the Fund</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following any calendar month or quarter, as applicable, 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 month or quarter, as applicable (the amount of such excess being hereinafter referred to as "**Excess Operating Funds**"), the Fund shall pay such Excess Operating Funds, or a portion thereof in accordance with Sections 2(b), as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month or quarter, as applicable, have been reimbursed. Any payments required to be made by the Fund pursuant to this Section 2(a) shall be referred to herein as a "**Reimbursement Payment**." For purposes of this Agreement, "**Available Operating Funds**" means the sum of (i) the Fund's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund's net capital gains (including the excess of net long-term capital gains over net 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).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the Reimbursement Payment for any calendar month or quarter, as applicable, shall equal the lesser of (i) the Excess Operating Funds in such calendar month or quarter, as applicable, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month or quarter, as applicable, that have not been previously reimbursed by the Fund to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month or quarter, as applicable, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, no Reimbursement Payment for any calendar month or quarter, as applicable, shall be made if: (1) the Effective Rate of Distributions Per Share declared by the Company at the time of such proposed 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) the Company's Operating Expense Ratio (as defined below) at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Agreement, "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The "Operating Expense Ratio" is calculated by dividing operating expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company's average net assets over the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month or quarter, as applicable, except to the extent the Adviser has waived its right to receive such payment for the applicable month or quarter, as applicable. In connection with any Reimbursement Payment, the Fund may deliver a notice substantially in the form of <u>Appendix A</u>. The Reimbursement Payment for any calendar month or quarter, as applicable, shall be paid by the Fund to the Adviser in any combination of cash or other immediately available funds as promptly as possible following such calendar month or quarter, as applicable, and in no event later than forty-five days after the end of such calendar month or quarter, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Adviser to the Fund within three years prior to the last business day of the calendar month or quarter, as applicable, in which such Reimbursement Payment obligation is accrued.

**3. <u>Termination and Survival</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated, without the payment of any penalty, by the Fund or the Adviser at any time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the Investment Advisory Agreement; (ii) the board of trustees of the Fund makes a determination to dissolve or liquidate the Fund; or (iii) upon a quotation or listing of the Fund's securities on a national securities exchange (including through an initial public offering) or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with, an entity in which the Fund's shareholders receive shares of a publicly-traded company which continues to be managed by the Adviser or an affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 3 and 4 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to the contrary, Section 2 of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Fund to the Adviser.

**4. <u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Fund is regulated as a business development company under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the Investment Company Act, the latter shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's Declaration of Trust or By-Laws, as each may be amended or restated, or to relieve or deprive the board of trustees of the Fund of its responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. For the avoidance of doubt, a person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "**Electronic Signature**"), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such party and shall bind such party to the terms of this Agreement. Any party executing and delivering this Agreement by an Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement.

*[Remainder of page intentionally left blank.]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

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| |
|:---|
| SILVER POINT PRIVATE CREDIT FUND |
| By: |
| Name: |
| Title: |
| SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC |
| By: |
| Name: |
| Title: |

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*[Signature Page to Expense Support and Conditional Reimbursement Agreement]* 

**Appendix A** 

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<u>Form of Notice of Expense Payment or Reimbursement Payment</u> 

☐ **Expense Payment**

Expense Payment Effective Date:<u> </u> 

Expense Payment Amount:

Organizational Expense:<u> </u> 

Offering Expense:

Management Fee:

Incentive Fee:

Other:

Total:

All Expense Payments are subject to reimbursement pursuant to the terms of the Agreement.

☐ **Reimbursement Payment**

Reimbursement Payment Effective Date:

Reimbursement Payment Amount:

Organizational Expense:

Offering Expense:

Management Fee:

Incentive Fee:

Other:

Total:

## Exhibit 10.4

**Exhibit 10.4** 

**MASTER SERVICING AGREEMENT** 

THIS AGREEMENT is made and entered into as of July 29, 2024 (the "Effective Date"), by and between **SILVER POINT PRIVATE CREDIT FUND**, a Maryland Statutory Trust (the "Fund"), **SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC**, a Delaware limited liability company, (the "Adviser"), and **U.S. BANCORP FUND SERVICES, LLC d/b/a/ U.S. Bank Global Fund Services**, a Wisconsin limited liability company ("USBFS").

WHEREAS, the Adviser has entered into an Advisory Agreement with the Fund and the Fund is a Maryland statutory trust and an investment company exempt from registration under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Fund, at a future date, intends to operate as a closed-end management investment company under the 1940 Act, and intends to elect to be regulated as a business development company thereunder (the date of such election, the "BDC Election Date", and the period prior thereto, the "Private Fund Phase")

WHEREAS, the Fund and the Adviser each desires to retain USBFS to provide administrative services with respect to the Fund in the manner and on the terms hereinafter set forth; and

WHEREAS, USBFS is willing to provide administrative services with respect to the Fund on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1.** **Appointment of USBFS as Fund Accountant/Sub-Administrator** 

The Adviser and the Fund hereby appoint USBFS as fund accountant and sub-administrator of the Fund on the terms and conditions set forth in this Agreement, and USBFS hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The services and duties of USBFS as fund accountant and sub-administrator described in <u>Schedule I</u> attached hereto shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBFS hereunder.

**2.** **Delegation of Duties.** 

Notwithstanding anything contained in this Agreement to the contrary, USBFS is authorized to delegate any of its obligations hereunder with the prior written consent of the other parties; <u>provided</u>, <u>however</u>, that the Adviser shall not unreasonably withhold its consent to the delegation by USBFS of any of its obligations hereunder. Except as otherwise provided herein, all fees and expenses incurred in any delegation or sub-contract shall be paid by USBFS and USBFS shall remain responsible for the acts and omissions of such other entity as if such acts or omissions were those of USBFS.

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**3.** **Compensation** 

USBFS shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit A hereto (as amended from time to time by consent of the parties to this Agreement). USBFS shall also be reimbursed for such miscellaneous expenses as set forth on Exhibit A hereto as are reasonably incurred by USBFS in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Adviser and/or the Fund shall notify USBFS in writing within thirty (30) calendar days following receipt of each invoice if the Adviser and/or the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid.

**4.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to USBFS, which representations and warranties shall be deemed to be
continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its respective obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBFS hereby represents and warrants to the Adviser and the Fund, which representations and warranties shall be
deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Agreement has been duly authorized, executed and delivered by USBFS in accordance with all requisite
action and constitutes a valid and legally binding obligation of USBFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its organizational documents or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement

**5.** **Standard of Care; Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. USBFS shall exercise reasonable care in the performance of its duties under this Agreement. USBFS shall not be
liable for any error of judgment or mistake of law or for any loss suffered by the Adviser or the Fund in connection with its duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power
supplies beyond USBFS' control, except a loss arising out of or relating to USBFS' refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties
under this Agreement. Notwithstanding any other provision of this Agreement, if USBFS has exercised reasonable care in the performance of its duties under this Agreement, the Adviser and the Fund shall indemnify and hold harmless USBFS from and
against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable and documented attorneys' fees) that USBFS may sustain or incur or that may be asserted against USBFS by any person arising
out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance upon any written or oral instruction provided to USBFS by the Adviser or by any
duly authorized officer of the Fund, as approved by the Board of Trustees of the Fund, except for any and all claims, demands, losses, expenses, and liabilities arising out of or relating to USBFS' refusal or failure to comply with the terms
of this Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Adviser and the Fund, its successors and assigns, notwithstanding
the termination of this Agreement. As used in this paragraph, the term "USBFS" shall include USBFS' directors, officers and employees.

USBFS shall indemnify and hold the Adviser and the Fund harmless from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Adviser or the Fund may sustain or incur or that may be asserted against the Adviser or the Fund by any person arising out of any action taken or omitted to be taken by USBFS as a result

------

of USBFS' refusal or failure to comply with the terms of this Agreement, or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of USBFS, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms the "Adviser" and the "Fund" shall include each entity's directors, officers and employees.

The Fund and the Advisor each acknowledges that the Data is intended for use as an aid in making informed judgments concerning securities. The Fund and the Adviser each accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection of the Data, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill (even if advised of the possibility of such) under this Agreement; or (ii) any delay by reason of circumstances not reasonably foreseeable and beyond its reasonable control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its control, USBFS shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. USBFS shall as promptly as possible under the circumstances notify the Adviser and/or the Fund in the event of any service interruption that materially impacts USBFS's services under this Agreement. USBFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBFS as soon as practicable. USBFS agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect USBFS' premises and operating capabilities, books and records maintained on behalf of the Fund at any time during regular business hours of USBFS, upon reasonable notice to USBFS. Moreover, USBFS shall obtain and provide the Fund, at such times as the Fund may reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of USBFS relating to the services provided by USBFS under this Agreement.

Notwithstanding the above, USBFS reserves the right to reprocess and correct administrative errors at its own expense. USBFS shall promptly notify the Fund upon discovery of any material administrative error, and shall consult with the Adviser or Fund about the actions it intends to take to correct the error prior to taking such actions. A "material administrative error" means any error which the Adviser or the Fund, including its Chief Compliance Officer, would reasonably need to know to oversee Fund compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In order that the indemnification provisions contained in this section shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. Unless there is a legal conflict, the indemnitor shall have the option to
defend the indemnitee against any claim that may be the subject of this indemnification and, if indemnitor so elects, it will so notify the indemnitee and such defense shall be conducted by counsel chosen by indemnitor and approved by the indemnitee
in their reasonable discretion. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The indemnity and defense provisions set forth in this Section 5 shall indefinitely survive the
termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If USBFS is acting in another capacity for the Adviser or the Fund pursuant to a separate agreement, nothing
herein shall be deemed to relieve USBFS of any of its obligations in such other capacity.

**6.** **Proprietary and Confidential Information** 

USBFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Adviser and the Fund all records and other information relative to the Adviser and the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders) including all shareholder trading information, and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where USBFS may, on the advice of counsel, be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities having jurisdiction over Fund Services, provided that to the extent permitted by law, USBFS shall provide the Fund prior notice to such disclosure or when so requested by the Fund. USBFS acknowledges that it may come into possession of material nonpublic information with respect to the Adviser or the Fund and confirms that it has in place effective procedures to prevent the use of such information in violation of applicable insider trading laws.

Further, USBFS will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time (the "Act"). In this regard, USBFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund

------

and its shareholders. In addition, USBFS has implemented and will maintain an effective information security program reasonably designed to protect information relating to Shareholders (such information, "Personal Information"), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) insure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the "Information Security Program"). The Information Security Program complies and shall comply with reasonable information security practices within the industry. Upon written request from the Fund, USBFS shall provide a written description of its Information Security Program. USBFS shall promptly notify the Fund in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any information of the Fund (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "Security Breach"). USBFS shall promptly investigate and remedy, and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. USBFS shall bear the cost of the Security Breach only if USBFS is determined to be responsible for such Security Breach. In addition to, and without limiting the foregoing, USBFS shall promptly cooperate with the Adviser, the Fund or any of their affiliates' regulators at USBFS's expense (only if

USBFS is determined to be responsible for such Security Breach) to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement. USBFS will provide the Fund with certain copies of third party audit reports (e.g., SSAE 16 or SOC 1) through access to USBFS's CCO Portal (limited to two persons) to the extent such reports are available and related to services performed or made available by USBFS under this Agreement. The Fund acknowledges and agrees that such reports are confidential and that it will not disclose such reports except to its trustees, officers, employees and service providers who have a need to know and have agreed to obligations of confidentiality applicable to such reports.

Notwithstanding the foregoing, USBFS will not share any nonpublic personal information concerning any of the Fund's shareholders to any third party unless specifically directed by the Fund or allowed under one of the exceptions noted under the Act; provided that USBFS will provide written notice prior to such disclosure.

Notwithstanding anything herein to the contrary, the Fund shall be permitted to disclose the identity of USBFS as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation.

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**7.** **Term of Agreement; Amendment** 

This Agreement shall become effective as of the last date written in the signature block below and will continue in effect for a period of three (3) years ("Initial Term"). Following the Initial Term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least 90 days prior to the end of the then current term that it will not be renewing the Agreement.

Notwithstanding the forgoing, any party may terminate this Agreement (a) at any time upon giving one hundred eighty (180) days prior written notice to USBFS, in the case of the Fund or the Adviser, or to the Fund and the Adviser with a written statement in reasonable detail explaining the reason(s) for termination, in the case of USBFS; provided, however, that, during the Initial Term, in no event may USBFS terminate this Agreement pursuant to this Section 10(b)(i) for (i) economic reasons or (ii) as a result of USBFS' inability or unwillingness to provide the services to be provided to the Fund hereunder (unless such inability is due to USBFS being prohibited by law or regulation, including for KYC reasons, from providing the services) (including, without limitation, those services set forth on Schedule I, as amended from time to time in accordance with the terms of this Agreement); and (b) upon the breach of the Fund or the Adviser, in the case of USBFS and upon the breach of USBFS, in the case of the Fund or the Adviser, of any material term of this Agreement if such breach is not cured within sixty (60) days of notice of such breach to the breaching party.

**8.** **Records** 

USBFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable and is agreeable to the Fund, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBFS agrees that all such records prepared or maintained by USBFS relating to the services to be performed by USBFS hereunder are the property of the Adviser and/or the Fund, as applicable, and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Adviser and/or the Fund on and in accordance with its request. USBFS agrees to provide any records necessary to the Fund to comply with the Fund's disclosure controls and procedures and internal control over financial reporting adopted in accordance with the Sarbanes-Oxley Act of 2002 (the "SOX Act"). Without limiting the generality of the foregoing, USBFS shall cooperate with the Adviser and assist the Fund, as necessary, by providing information to enable the appropriate officers of the Fund to (i) execute any required certifications and (ii) provide a report of management on the Fund's internal control over financial reporing (as defined in Sections 13a-15(f) or 15a-15(f) of the 1934 Act). Notwithstanding the foregoing, USBFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction.

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**9.** **Governing Law** 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

**10.** **Duties in the Event of Termination** 

In the event that, in connection with termination, a successor to any of USBFS' duties or responsibilities hereunder is designated by the Fund by written notice to USBFS, USBFS will promptly, upon such termination (except in the case of a material breach by USBFS, in which case all expenses should be borne by USBFS) and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBFS under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which USBFS has maintained the same, the Fund shall pay any reasonable and documented expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Fund.

**11.** **No Agency Relationship** 

USBFS shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Adviser or the Fund in any way or otherwise be deemed an agent of the Adviser or the Fund, or conduct business in the name, or for the account, of the Adviser or the Fund.

**12.** **Data Necessary to Perform Services** 

The Adviser, the Fund or their agents shall furnish to USBFS the data necessary to perform the services described herein at such times and in such form as mutually agreed upon. If USBFS is also acting in another capacity for the Adviser or the Fund, nothing herein shall be deemed to relieve USBFS of any of its obligations in such capacity.

**13.** **Changes in Equipment, Systems, Etc.** 

USBFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating schedules and equipment, so long as such changes do not adversely affect the services provided to the Fund under this Agreement or the Fund's internal control over financial reporting.

**14.** **Assignment** 

This Agreement may not be assigned by any party without the prior written consent of the other parties.

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**15.** **Compliance with Laws** 

The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, as amended, the SOX Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism of 2001 and the policies and limitations of the Fund related to its portfolio investments as set forth in its registration statement. USBFS' services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Trustees' oversight responsibility with respect thereto.

The foregoing shall not affect USBFS' responsibilities for compliance and related matters delegated to USBFS as expressly provided herein. USBFS shall comply with changes to all regulatory requirements affecting its services hereunder and shall implement any necessary modifications to the services prior to the deadline imposed, or extensions authorized by, the regulatory or other governmental body having jurisdiction for such regulatory requirements.

**16.** **Legal-Related Services** 

Nothing in this Agreement shall be deemed to appoint USBFS and its officers, directors and employees as the Adviser's or the Fund's attorneys, form attorney-client relationships or require the provision of legal advice. The Fund acknowledges that in-house USBFS attorneys exclusively represent USBFS and rely on outside counsel retained by the Adviser or the Fund to review all services provided by in-house USBFS attorneys and to provide independent judgment on the Adviser's or the Fund's behalf. Because no attorney-client relationship exists between in-house USBFS attorneys and the Adviser or the Fund, any information provided to USBFS attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances. USBFS represents that it will maintain the confidentiality of information disclosed to its in-house attorneys in accordance with this Agreement.

**17.** **Notices** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to USBFS shall be sent to:

U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue

MK-WI-J1S

Milwaukee, WI 53202

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and notice to the Adviser and the Fund shall be sent to:

c/o Silver Point Private Credit Fund Management, LLC

Two Greenwich Plaza, First Floor

Greenwich, CT 06830

Attention: Legal and Compliance Department

Phone: (203) 542-4230

Email: LegalandCompliance@silverpointcapital.com

**18.** **Multiple Originals** 

This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument.

**19.** **Entire Agreement** 

This Agreement, together with any exhibits, attachments, appendices or schedules expressly referenced herein, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and understandings, whether written or oral.

**SIGNATURES ON NEXT PAGE** 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

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| | | | |
|:---|:---|:---|:---|
| **SILVER POINT PRIVATE CREDIT FUND** | **SILVER POINT PRIVATE CREDIT FUND** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
| By: | /s/ Kristen Clark | By: | /s/ Brian Bekiers |
| Name: | Kristen Clark | Name: | Brian Bekiers |
| Title: | Trustee | Title: | SVP |
| Date: | July 18, 2024 | Date: | July 29, 2024 |

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| | |
|:---|:---|
| **SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC** | **SILVER POINT PRIVATE CREDIT FUND MANAGEMENT, LLC** |
| By: | /s/ Jesse Dorigo |
| Name: | Jesse Dorigo |
| Title: | Authorized Signatory |
| Date: | July 18, 2024 |

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**SCHEDULE I – FUND ACCOUNTING/SUB-ADMINISTRATIVE SERVICES** 

**1.** **Fund Accounting/Sub-Administration Services and Duties of USBFS** 

USBFS shall provide the following fund accounting services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain portfolio records on a trade date basis using security trade information communicated from the Fund or
the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As of the end of each of the Fund's fiscal years and first three fiscal quarters (each such date is
referred to herein as a "valuation date"), obtain prices from a pricing source approved by the Board of Trustees of the Fund (the "Board of Trustees" or the "Trustees") and apply those prices to the portfolio
positions. For those securities where market quotations are not readily available, the Board of Trustees, or a designee thereof, shall provide, in good faith, the fair value for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Identify interest and dividend accrual balances as of each valuation date and calculate gross earnings on
investments for the accounting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic
distributions of gains or losses to shareholders and maintain undistributed gain or loss balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense Accrual and Payment Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For each valuation date, calculate the expense accrual amounts as directed by the Fund as to methodology, rate
or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Record payments for expenses upon receipt of written authorization from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) On a monthly basis, Account for expenditures and fees and maintain expense accrual balances at the level of
accounting detail, as agreed upon by USBFS and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Fund Valuation and Financial Reporting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Account for Fund share repurchases, tenders, sales, exchanges, transfers, dividend reinvestments, and other
Fund share activity as reported by the Fund's transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Apply equalization accounting as directed by the Adviser and/or the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Determine net investment income (earnings) for the Fund as of each valuation date. Account for periodic
distributions of earnings to shareholders and maintain undistributed net investment income balances as of each valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Maintain a general ledger and other accounts, books, and financial records for the Fund in the form as agreed
upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Calculate the net asset value of the Fund according to the accounting policies and procedures set forth in the
confidential private placement memorandum of the Fund, the registration statement filed under the Securities Act of 1933 and/or Securities Exchange Act of 1934 or other operative documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund
operations as of each valuation date and at such time as requested by the Adviser and/or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Communicate, at an agreed upon time, the per share price for each valuation date to parties as agreed upon from
time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Prepare monthly reports that document the adequacy of accounting detail to support month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Maintain accounting records for the investment portfolio of the Fund to support the tax reporting required for
Internal Revenue Service defined regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain tax lot detail for the Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Adviser and/or
the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Provide the necessary financial information to support the taxable components of income and capital gains
distributions to the Fund's transfer agent to support tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Compliance Control Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Support reporting to regulatory bodies and support financial statement preparation by making the Fund's
accounting records available to the Fund, the Securities and Exchange Commission (the "SEC"), and the Fund's outside auditors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Maintain accounting records according to the 1940 Act and regulations provided thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Assist the Fund's Chief Executive Officer and Chief Financial Officer in connection with establishing and
maintaining internal control over financial reporting (as defined in Rules 13a-15(f) and 15-d(f) under the Securities Exchange Act of 1934 (the "1934 Act"))
for the Fund and as mutually agreed by the Fund and USBFS, provide sub-certifications reasonably requested by the Fund in connection with any certification required of the Fund pursuant to the SOX Act or any
rules or regulations of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In order to assist the Fund in satisfying the requirements of Rule 38a-1 under the 1940 Act (the "Rule"), USBFS will provide the Fund's Chief Compliance Officer with reasonable access to USBFS's fund records relating the services provided by it under
this Agreement, and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in the Rule) involving USBFS that affect or could affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Cooperate with the Fund's independent registered public accounting firm and take all reasonable action in
the performance of its obligations under this Agreement to ensure that the necessary information is made available to such firm for the expression of its opinion on the Fund's financial statements without any qualification as to the scope of
its examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. USBFS will perform the following accounting functions on a quarterly basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Reconcile cash, and position balances of the Funds with the Manager, custodian and the derivative
counterparties on a daily basis, if necessary data are provided to USBFS, with official monthly reconciliations being maintained in the records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Transmit or mail a copy of the portfolio valuation to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. In addition, USBFS will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Prepare monthly security transactions listings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Supply various statistical data as requested by the Fund or by the Advisor on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Prepare a monthly reconciliation between the Fund's cash portfolio as held on USBFS's accounting
records and the Fund's internal records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Pay Fund expenses upon written authorization from the Fund.

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**2.** **License of Data; Warranty; Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The valuation information and valuations being provided to the Fund by USBFS pursuant hereto (collectively, the
"Data") is being licensed, not sold, to the Fund. The Fund has a limited license to use the Data only for purposes necessary to value the Fund's assets and report to regulatory bodies and the Fund's shareholders (the
"License"). The Fund does not have any license nor right to use the Data for purposes beyond the intentions of this Agreement including, but not limited to, resale to other users or use to create any type of historical database. The
License is non-transferable and not sub-licensable. The Fund's right to use the Data cannot be passed to or shared with any other entity.

The Fund acknowledges the proprietary rights that USBFS and its suppliers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. THE FUND AND THE ADVISER HEREBY ACCEPT THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO
MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. USBFS may stop supplying some or all Data to the Fund if USBFS' suppliers terminate any agreement to
provide Data to USBFS. Also, USBFS may stop supplying some or all Data to the Fund if USBFS reasonably believes that the Fund is using the Data in violation of the License, or breaching its duties of confidentiality provided for hereunder, or if any
of USBFS' suppliers demand that the Data be withheld from the Fund. USBFS will provide notice to the Fund of any termination of provision of Data as soon as reasonably possible.

**3.** **Pricing of Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. For each valuation date, USBFS shall obtain prices from a pricing source recommended by USBFS and approved by
the Fund or the Adviser and apply those prices to the portfolio positions of the Fund. For those securities where market quotations are not readily available, the Fund and/or the Adviser shall provide, in good faith, the fair value for such
securities and USBFS shall apply those fair values to the relevant portfolio positions.

If the Fund desires to provide a price that varies from the price provided by the pricing source, the Fund shall promptly notify and supply USBFS with the price of any such security on each valuation date. All pricing changes made by the Fund will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

------

It is understood that in determining security valuations, USBFS will implement the valuation policy ("Valuation Policy") as defined by the Adviser, for purposes of performing certain services listed on this Schedule II hereto. The Valuation Policy shall identify to USBFS the pricing sources to be utilized on behalf of the Fund. USBFS shall price the securities and other holdings of the Fund for which market quotations or prices are available by the use of such sources. For those securities where prices are not provided by the pricing sources directly obtained by USBFS, the Adviser shall approve, in good faith, the method for determining the fair value of such securities. The Adviser shall determine or obtain the valuation of the securities in accordance with those procedures and shall deliver to USBFS the resulting prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the event that the Fund at any time receives Data containing evaluations, rather than market quotations, for
certain securities or certain other data related to such securities, the following provisions will apply: (i) evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based
analytical modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method, including
those used by USBFS and its suppliers, may consistently generate approximations that correspond to actual "traded" prices of the securities; (ii) methodologies used to provide the pricing portion of certain Data may rely on evaluations;
however, the Fund acknowledges that there may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for use in certain applications; and (iii) the
Fund assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness of using Data containing evaluations, regardless of any efforts made by USBFS and its suppliers in this respect. The
provisions in this Section 3 shall not have any effect upon the services USBFS is required to provide or the standard of care and liability USBFS has set forth in Section 5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. For those securities of the Fund where market quotations are not readily available, the Adviser or Board of
Trustees shall provide, in good faith, the fair value for such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. USBFS shall not have any obligation to verify the accuracy or appropriateness of any prices, evaluations,
market quotations, or other data or pricing related inputs received from the Adviser, the Fund, any of their affiliates, or any third party source. Notwithstanding anything else in this Agreement to the contrary, USBFS and its affiliates shall not
be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received
from the Adviser, the Fund, any of their affiliates, or any third party source.

**4.** **Changes in Accounting Procedures** 

Any resolution passed by the Board of Trustees that affects accounting practices and procedures under this Agreement shall be effective upon written receipt of notice by USBFS.

## Exhibit 10.5

**Exhibit 10.5** 

CUSTODY AGREEMENT

dated as of July 25, 2024

by and between

SILVER POINT PRIVATE CREDIT FUND

("Company")

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

("Custodian")

and

U.S. BANK NATIONAL ASSOCIATION

("Document Custodian")

------

**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
|  |  | Page |
| 1. | DEFINITIONS | 1 |
| 2. | APPOINTMENT OF CUSTODIAN | 7 |
| 3. | DUTIES OF CUSTODIAN | 8 |
| 4. | REPORTING | 20 |
| 5. | DEPOSIT IN U.S. SECURITIES SYSTEMS | 20 |
| 6. | SECURITIES HELD OUTSIDE OF THE UNITED STATES | 21 |
| 7. | CERTAIN GENERAL TERMS | 23 |
| 8. | COMPENSATION OF CUSTODIAN | 26 |
| 9. | RESPONSIBILITY OF CUSTODIAN | 27 |
| 10. | SECURITY CODES | 31 |
| 11. | TAX LAW | 31 |
| 12. | EFFECTIVE PERIOD AND TERMINATION | 31 |
| 13. | REPRESENTATIONS AND WARRANTIES | 33 |
| 14. | PARTIES IN INTEREST; NO THIRD PARTY BENEFIT | 34 |
| 15. | NOTICES | 34 |
| 16. | CHOICE OF LAW AND JURISDICTION | 35 |
| 17. | ENTIRE AGREEMENT; COUNTERPARTS | 35 |
| 18. | AMENDMENT; WAIVER | 35 |
| 19. | SUCCESSOR AND ASSIGNS | 36 |
| 20. | SEVERABILITY | 36 |
| 21. | REQUEST FOR INSTRUCTIONS | 36 |
| 22. | OTHER BUSINESS | 37 |
| 23. | REPRODUCTION OF DOCUMENTS | 37 |
| 24. | MISCELLANEOUS | 37 |

---

------

THIS CUSTODY AGREEMENT (this "<u>Agreement</u>") is dated as of July 25, 2024 and is by and between Silver Point Private Credit Fund, a Maryland statutory trust (together with its predecessors, successors and permitted assigns, the "<u>Company</u>"), U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as custodian (in its capacity as custodian under this Agreement, or any successor or permitted assign acting in such capacity, the "<u>Custodian</u>") and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as document custodian (in such capacity, along with any successor or permitted assign acting in such capacity, the "<u>Document Custodian</u>").

<u>RECITALS</u> 

WHEREAS, the Company is a Maryland statutory trust and an investment company exempt from registration under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>");

WHEREAS, the Company, at a future date, intends to operate as a closed-end management investment company under the 1940 Act, and intends to elect to be regulated as a business development company thereunder (the date of such election, the "<u>BDC Election Date</u>", and the period prior thereto, the "<u>Private Fund Phase</u>");

WHEREAS, the Company desires to retain U.S. Bank Trust Company, National Association to act as custodian and U.S. Bank National Association as document custodian for the Company and each Subsidiary hereafter identified to the Custodian and the Document Custodian;

WHEREAS, the Company desires that certain of the Company's and, if applicable, the Subsidiaries' Securities (as defined below) and cash be held and administered by the Custodian pursuant to this Agreement; and

WHEREAS, the Company desires that certain of the Company's and, if applicable, the Subsidiaries' Loan Files (as defined below) be held by the Document Custodian pursuant to this Agreement.

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1.  **<u>DEFINITIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. In addition to terms expressly defined elsewhere herein, the following words shall have the following meanings as used in this Agreement:

"<u>Account</u>" or "<u>Accounts</u>" means the Cash Account, the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account, collectively.

"<u>Agreement</u>" means this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).

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"<u>Authorized Person</u>" has the meaning set forth in Section 7.4.

"<u>Business Day</u>" means a day on which the Custodian, the Document Custodian or the relevant sub-custodian, including a Foreign Sub-custodian, is open for business in the market or country in which a transaction is to take place.

"<u>Cash Account</u>" or "<u>Cash Accounts</u>" means the accounts to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit and hold any cash Proceeds received by it from time to time from or with respect to any Securities owned by the Company or any securities issued by the Company, which accounts shall be designated the "Silver Point Private Credit Fund Cash Interest Proceeds Account" and the "Silver Point Private Credit Fund Cash Principal Proceeds Account."

"<u>Company</u>" means Silver Point Private Credit Fund its successors or permitted assigns.

"<u>Confidential Information</u>" means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.

"<u>Custodian</u>" has the meaning set forth in the first paragraph of this Agreement.

"<u>Document Custodian</u>" means the Custodian when acting in the role of a document custodian hereunder.

"<u>Eligible Investment</u>" means any investment that at the time of its acquisition is one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) United States government and agency obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commercial paper having a rating assigned to such commercial paper by Standard & Poor's Rating Services or Moody's Investor Service, Inc. (or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood that as of the date hereof such ratings by Standard & Poor's Rating Services are "A1+" and "A1" and such ratings by Moody's Investor Service, Inc. are "P1" and "P2";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) interest bearing deposits in United States dollars in United States banks with an unrestricted surplus of at least U.S. $250,000,000, maturing within one year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) money market funds (including funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed to maintain a fixed share price and high liquidity.

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"<u>Eligible Securities Depository</u>" has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.

"<u>ERISA</u>" has the meaning set forth in Section 13.1(c).

"<u>Federal Reserve Bank Book-Entry System</u>" means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which are eligible to be held all United States Government direct obligation bills, notes and bonds.

"<u>Financing Documents</u>" has the meaning set forth in Section 3.3(b)(ii).

"<u>Foreign Sub-custodian</u>" means and includes any sub-custodian appointed to administer any of the Company's Foreign Securities, pursuant to Section 6 below.

"<u>Foreign Securities</u>" means Securities for which the primary market is outside the United States.

*"*<u>Investment Manager</u>*"* means Silver Point Private Credit Fund Management, LLC, or any successor Investment Manager identified to the Custodian or the Document Custodian by the Company in writing.

"<u>Loan</u>" means any loan, or participation therein, made by a bank or other financial institution that by its terms provides for payments of principal and/or interest, including discount obligations and payment-in-kind obligations, acquired by the Company from time to time.

"<u>Loan Checklist</u>" means a list delivered by the Company (or the Investment Manager on its behalf) to the Document Custodian in connection with delivery of a Loan to the Document Custodian that identifies the items contained in the related Loan File.

"<u>Loan File</u>" means, with respect to each Loan delivered to the Document Custodian, each of the Required Loan Documents identified on the related Loan Checklist.

"<u>Noteless Loan</u>" means a Loan with respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred by the issuer or the prior holder of record.

"<u>Participation</u>" means an interest in a Loan that is acquired indirectly by way of a participation from a selling institution.

"<u>Person</u>" means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary thereof) unincorporated organization, or any government or agency or political subdivision thereof.

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"<u>Plan-assets Vehicle</u>" has the meaning set forth in Section 13.1(c).

"<u>Proceeds</u>" means, collectively, (i) the net cash proceeds to the Company of the initial public offering by the Company and any subsequent offering by the Company of any class of securities issued by the Company, (ii) cash distributions, earnings, dividends, fees and other cash payments paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of the issuer or obligor thereof, or applicable paying agent, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable, Subsidiary Securities) pursuant to the terms of this Agreement (and any Reinvestment Earnings from investment of the foregoing, as defined in Section 3.6(b) hereof) and (iv) the net cash proceeds to the Company of any borrowing or other financing by the Company.

"<u>Proper Instructions</u>" means instructions (including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, the Investment Manager or any Person duly authorized by the Company or the Investment Manager in any of the following forms acceptable to the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in writing signed by an Authorized Person (and delivered by hand, by mail, by overnight courier or by telecopier);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by electronic mail from an Authorized Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such other means as may be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions and any SWIFT Transmissions (as defined herein).

provided that, for any instruction involving a transfer or other disbursement of cash or assets to a third party, the Custodian shall confirm that such instruction is authorized by an authorized representative of the Investment Manager by telephone call-back at the telephone number designated in writing by the Company from time to time; provided, further, however, that such confirmation shall only be required to the extent that a prior instruction to transfer or disburse cash or assets to such third party has not been confirmed.

"<u>Reinvestment Earnings</u>" has the meaning set forth in Section 3.6.

"<u>Request for Release</u>" means a request for release of any Loan File, which request shall be either (i) delivered to the Document Custodian substantially in the form of Exhibit A hereto or (ii) as otherwise agreed to between the Document Custodian and the Company.

"<u>Required Loan Documents</u>" means, for each Loan, the relevant Underlying Loan Documents that the Company delivers to the Custodian from time to time, which shall include a Loan Checklist identifying for such Loan the Required Loan Documents to be delivered and which may include:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than in the case of a Participation, an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with the exception of Noteless Loans and Participations, the original executed Underlying Note endorsed by the issuer or the prior holder of record in blank or to the Company, as identified on the Loan Checklist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an executed copy of the Underlying Loan Agreement (which may be included in the Underlying Note if so indicated in the Loan Checklist), together with a copy of all amendments and modifications thereto, as identified on the Loan Checklist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of each related security agreement (if any) signed by the applicable Obligor(s), as identified on the Loan Checklist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Loan Checklist; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of each related guarantee (if any) then executed in connection with such Loan, as identified on the Loan Checklist.

"<u>Security or Securities</u>" means, collectively, the (i) investments, including Loans, acquired by the Company and delivered to the Custodian by the Company from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i). For avoidance of doubt, the term "securities" includes stocks, shares, bonds, debentures, notes, or other obligations and any certificates, receipts, warrants or other instruments representing rights to receive, purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property or assets.

"<u>Securities Account</u>" means the segregated account to be established by the Custodian at U.S. Bank National Association or any affiliate to which the Custodian shall deposit or credit and hold the Securities (other than Loans) received by it pursuant to this Agreement, which account shall be designated the "Silver Point Private Credit Fund Securities Custody Account".

"<u>Securities Depository</u>" means The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

"<u>Securities System</u>" means the Federal Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central handling of securities.

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"<u>Street Delivery Custom</u>" means a custom of the United States securities market to deliver securities which are being sold to the buying broker for examination to determine that the securities are in proper form.

"<u>Street Name</u>" means the form of registration in which the securities are held by a broker who is delivering the securities to another broker for the purposes of sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form for delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.

"<u>Subsidiary</u>" means, collectively, any wholly owned subsidiary of the Company identified to the Custodian by the Company pursuant to Section 3.13(c).

"<u>Subsidiary Cash Account</u>" shall have the meaning set forth in Section 3.13(b).

"<u>Subsidiary Securities</u>" collectively, the (i) investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i).

"<u>Subsidiary Securities Account</u>" shall have the meaning set forth in Section 3.13(a).

"<u>Trade Confirmation</u>" means a confirmation to the Custodian from the Company of the Company's acquisition of a Loan, and setting forth applicable information with respect to such Loan, in each case in the form as may be agreed to by the Custodian and the Company from time to time.

"<u>UCC</u>" shall have the meaning set forth in Section 3.3(b)(ii).

"<u>Underlying Loan Agreement</u>" means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

"<u>Underlying Loan Documents</u>" means, with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying Note) executed or delivered in connection therewith or in respect thereof or any possessory collateral received in connection therewith, in each case from time to time delivered to and received by the Document Custodian.

"<u>Underlying Note</u>" means the one or more promissory notes executed by an obligor to evidence a Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Construction</u>. In this Agreement unless the contrary intention appears:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to this Agreement or another agreement or instrument refers to such agreement or instrument as
the same may be amended, modified or otherwise rewritten from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and
consolidations, amendments, re-enactments or replacements of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any term defined in the singular form may be used in, and shall include, the plural with the same meaning, and
vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a Person includes a reference to the Person's executors, successors and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an agreement, representation or warranty in favor of two or more Persons is for the benefit of them jointly and
severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an agreement, representation or warranty on the part of two or more Persons binds them jointly and severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a reference to the term "including" means "including, without limitation," and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reference to any accounting term is to be interpreted in accordance with generally accepted principles and
practices in the United States, consistently applied, unless otherwise instructed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Headings</u>. Headings are inserted for convenience and do not affect the interpretation of this Agreement.

2.  **<u>APPOINTMENT OF CUSTODIAN</u> <u> </u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Appointment and Acceptance.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby appoints the Custodian as custodian of certain Securities and cash owned by the Company and
the Subsidiaries (as applicable) and delivered to the Custodian from time to time during the period 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 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby appoints the Document Custodian as custodian to hold the Loan Files and Required Loan
Documents owned by the Company and the Subsidiaries (as applicable) and delivered to the Document Custodian from time to time during the period 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 and
subject to and in accordance with the provisions hereof. Any Account may contain any number of sub-accounts for the convenience of the Custodian or as required by the Company for convenience in administering
such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Instructions.</u> The Company agrees that it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions and information, and shall respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to enable the Custodian to perform its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Company Responsible For Directions.</u> The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or from the Account. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company's compliance with any restrictions, covenants, limitations or obligations to which the Company may be subject or for which it may have obligations to third-parties in respect of the Account, and the Custodian shall have no liability for the application of any funds made at the direction of the Company. The Company shall be solely responsible for properly instructing all applicable payors to make all appropriate payments to the Custodian for deposit to the Account, and for properly instructing the Custodian with respect to the allocation or application of all such deposits.

3.  **<u>DUTIES OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Segregation.</u> All Securities and non-cash property held by the Custodian, as applicable, for the account of the Company (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Securities System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Accounts.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company directs the Custodian to open and maintain the Cash Account at U.S. Bank National Association or
any qualified affiliate to which the Custodian shall deposit or credit and hold any cash or Proceeds received by it from time to time from or with respect to the Securities or the sale of the interest of the Company, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall open and maintain a segregated account in the name of the Company, subject only to order of
the Custodian, in which the Custodian shall enter and carry, subject to Section 3.6(b), all Securities (other than Loans), cash and other assets of the Company which are delivered to it in accordance with this Agreement. For avoidance of doubt,
the Custodian shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a register (in book-entry form or in such other form as it shall deem necessary or desirable) of such Loans, containing such
information as the Company and the Custodian may reasonably agree; provided that, with respect to such Loans, all Required Loan Documents 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 them as the property of the Company and as set forth in this Agreement.

The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such Securities and investments except pursuant to the direction of the Company under terms of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Delivery of Cash and Securities to Custodian.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall deliver, or cause to be delivered, to the Custodian certain of the Company's
Securities, cash and other investment assets, including (i) payments of income, payments of principal and capital distributions received by the Company with respect to such Securities, cash or other assets owned by the Company at any time
during the period of this Agreement, and (ii) cash received by the Company for the issuance, at any time during such period, of securities or in connection with a borrowing by the Company. With respect to assets other than Loans, such assets
shall be delivered to the Custodian in its role as, and (where relevant) at the address identified for, the Custodian. Except to the extent otherwise expressly provided herein, delivery of Securities (other than Loans) to the Custodian shall be in
Street Name or other good delivery form. The Custodian shall not be responsible for such Securities, cash or other assets until actually delivered to, and received by it. With respect to Securities (other than Loan Assets and assets in the nature of
"general intangibles" (as hereinafter defined)) held by the Custodian in its capacity as a "securities intermediary" (as defined in Section 8-102 of the Uniform Commercial Code as
in effect in the State of New York (the "UCC")), the Custodian shall be obligated to exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and maintain such
Securities. With respect to Loans, Required Loan Documents and other Underlying Loan Documents shall be delivered to the Document Custodian and at the address identified in Section 15(c) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the
Company shall deliver or cause to be delivered to the Custodian (in its roles as, and at the address identified for, the Custodian and Document Custodian) a properly completed Trade Confirmation containing such information in respect of such Loan as
the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the
Custodian reasonably may require, and shall deliver to the Document Custodian (in its role as, and at the address identified for, the Document Custodian) the Required Loan Documents for all Loans, including the Loan Checklist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything herein to the contrary, delivery of Loans acquired by the Company (or, if applicable, a Subsidiary thereof) which constitute Noteless Loans or Participations or which are otherwise not 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 Custodian of (i) in the case of a Noteless Loan, a copy of the loan register with respect to such Noteless Loan evidencing registration of such Loan on the books and records of the applicable obligor or bank agent to the name of the Company or, if applicable, a Subsidiary thereof (or, in either case, its nominee) or a copy (which may be a facsimile copy) of an assignment agreement in favor of the Company (or, if applicable, a Subsidiary) as assignee, and (ii) in the case of a Participation, a copy of the related participation agreement. Any duty on the part of the Custodian with respect to the custody of such Loans shall be limited to the exercise of reasonable care by the Custodian in the physical custody of any Underlying Note (or other "security" or "instrument" evidencing a Loan) or, if applicable, assignment agreement or participation agreement, in each case to the extent delivered to it. Except as expressly provided above, the Custodian is not under any duty to hold custody of any related instrument, security, credit agreement, assignment agreement and/or other agreements or documents, if any (collectively, "<u>Financing Documents</u>") related to a Loan. Nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in Section 9-102(a)(42) of the UCC) or to "maintain" a sufficient quantity thereof. Neither the Custodian nor the Document Custodian is under a duty to examine any such Financing Documents, or any underlying credit agreements or loan documents for such Loan to determine the validity, sufficiency, marketability or enforceability of any Financing Document (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;(iii) The Custodian may assume the genuineness of any such Financing Document it may receive and the genuineness and due authority of any signatures (including any electronic signatures) appearing thereon, and shall be entitled to assume that each such Financing Document it may receive is what it purports to be. 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 Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the Company to make or cause delivery thereof to the Custodian, and the 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 Loan or to compel or cause delivery thereof to the Custodian or the 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;(iv) Contemporaneously with the acquisition of any Loan, the Company may (1) cause any Financing Documents evidencing such Loan to be delivered to the Document Custodian, (2) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments for such Loan, (3) a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require; (3) take all actions necessary for the Company to acquire good title to such Loan; and (4) take all actions as may be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents) to cause (A) all payments in respect of the Loan to be made to the Custodian and (B) all notices, solicitations and other communications in respect of such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents, in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices it may receive from time to time from the related bank agent, obligor or similar party with respect to the related Loan, and shall be entitled to update its records (as it may deem necessary or appropriate), or from the Company, on the basis of such information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Release of Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian or the Document Custodian shall release and ship, if applicable, for delivery, or direct its
agents or sub-custodian to release and ship for delivery, as the case may be, Securities or Required Loan Documents of the Company held by the Custodian, its agents or its sub-custodian from time to time upon receipt of Proper Instructions (which shall, among other things, specify the Securities or Required Loan Documents to be released, with such delivery and other information
as may be necessary to enable the Custodian to perform, which may be standing instructions (in form acceptable to the Custodian) in the following cases:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon sale of such Securities by or on behalf of the Company, and such sale may, unless and except to the extent
otherwise directed by Proper Instructions, be carried out by the Custodian, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in accordance with the customary or established practices and procedures in the jurisdiction or market where
the transactions occur, including delivery to the purchaser thereof or to a dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a sale effected through a Securities System, in accordance with the rules governing the
operations of the Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon the receipt of payment in connection with any repurchase agreement related to such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to a depositary agent in connection with tender or other similar offers for Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the issuer thereof or its agent when such Securities are called, redeemed, retired or otherwise become
payable (unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Custodian, its agents or its sub-custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to an issuer thereof, or its agent, for transfer into the name of the Custodian or of any nominee of the
Custodian or into the name of any of its agents or sub-custodian or their nominees or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or
number of units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to brokers clearing banks or other clearing agents for examination in accordance with the Street Delivery
Custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or
readjustment of the Securities of the issuer of such Securities, or pursuant to any deposit agreement (unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Custodian, its agents or sub-custodian);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants,
rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities (unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Custodian, its
agents or sub-custodian); and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for any other purpose, but only upon receipt of Proper Instructions and an officer's certificate signed
by an officer of the Company (which officer shall not have been the Authorized Person providing the Proper Instructions) stating (i) the specified securities to be delivered, (ii) the purpose for such delivery, (iii) that such purpose
is a proper corporate purpose and (iv) naming the person or persons to whom delivery of such securities shall be made and attaching a certified copy of a resolution of the board of directors of the Company or an authorized committee thereof
approving the delivery of such Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Registration of Securities.</u> Securities held by the Custodian, its agents or its sub-custodian (other than bearer securities, securities held in a Securities System or Securities that are Noteless Loans or Participations) shall be registered in the name of the Company or its nominee; or, at the option of the Custodian (if the Custodian determines it cannot hold such security in the name of the Company), in the name of the Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its sub-custodian or their nominees; or if directed by the Company by Proper Instruction, may be maintained in Street Name. The Custodian, its agents and its sub-custodian shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless such Securities (other than Loans) are in Street Name or other good deliverable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Bank Accounts, and Management of Cash.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Proceeds from the Securities and other cash received by the Custodian from time to time shall be credited to
the Cash Account. All amounts credited to the Cash Account shall be subject to clearance and receipt of final payment by the Custodian. Securities may also be delivered and held in the Cash Account by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amounts held in the respective Cash Account from time to time may be invested in Eligible Investments pursuant
to specific written Proper Instructions (which may be standing instructions) received by the Custodian from an Authorized Person acting on behalf of the Company. Such investments shall be subject to availability and the Custodian's then
applicable transaction charges (which shall be at the Company's expense). The Custodian shall have no liability for any loss incurred on any such investment. Absent receipt of such written instruction from the Company, the Custodian shall have
no obligation to invest (or otherwise pay interest on) amounts on deposit in the Cash Account. In no instance will the Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment of amounts held in
the Cash Account from time to time (collectively, " <u>Reinvestment Earnings</u> ") shall be redeposited in the Cash Account (and may be reinvested at the written direction of the Company). Without limiting the foregoing, in no event shall
the Custodian be liable for any negative interest accrued or applied in respect of any Eligible Investments

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maintained in an Account hereunder. The Company shall be responsible for the payment of any such negative interest and the Custodian shall be entitled to deduct from cash on deposit in the applicable Account an amount necessary to pay such negative interest upon 10 Business Days' prior notice to the Company. For the avoidance of doubt, the reimbursement and indemnification protections afforded to the Custodian hereunder shall apply in respect of any interest-related expenses incurred by the Custodian in the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company shall at any time request a withdrawal of amounts from the Cash Accounts, the
Custodian shall be entitled to liquidate, and shall have no liability for any loss incurred as a result of the liquidation of, any investment of the funds credited to such Cash Account as needed to provide necessary liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company acknowledges that cash deposited or invested with any bank (including the bank acting as Custodian)
may make a margin or generate banking income for which such bank shall not be required to account to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for
administration of its duties hereunder, with notice to be provided to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Foreign Exchange.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the receipt of Proper Instructions, the Custodian, its agents or its sub-custodian may (but shall not be obligated to) enter into all types of contracts for foreign exchange on behalf of the Company, upon terms acceptable to the Custodian and the Company (in each case at the
Company's expense), including transactions entered into with the Custodian, its sub-custodian or any affiliates of the Custodian or the sub-custodian. The Company
shall bear all risks of investing in Securities denominated in a foreign currency. It is understood and agreed that any foreign exchange transaction effected by the Custodian in connection with this Agreement may be entered with the Custodian acting
as principal or otherwise through customary banking channels. The Custodian shall have no liability for any losses incurred in or resulting from the rates obtained in such foreign exchange transactions; and absent specific and acceptable Proper
Instructions, the Custodian shall not be deemed to have any duty to carry out any foreign exchange on behalf of the Company. The Custodian shall be entitled at all times to comply with any legal or regulatory requirements applicable to currency or
foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company acknowledges that the Custodian, any sub-custodian or any
affiliates of the Custodian or any sub-custodian, involved in any such foreign exchange transactions may make a margin or generate banking income from foreign exchange transactions entered into pursuant to
this section for which they shall not be required to account to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Collection of Income.</u> The Custodian, its agents or its sub-custodian shall use reasonable efforts to collect on a timely basis all income and other payments with respect to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with usual custom in the securities custodian business in the United States. Such efforts shall include collection of interest income, dividends and other payments with respect to registered domestic securities if on the record date with respect to the date of payment by the issuer the Security is registered in the name of the Custodian or its nominee (or in the name of its agent or sub-custodian, or their nominee); and interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment by the issuer such securities are held by the Custodian or its sub-custodian or agent; provided, however, that in the case of Securities held in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian's agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Payment of Moneys.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of Proper Instructions, which may be standing instructions, the Custodian shall pay out from the
respective Cash Account designated by the Company (or remit to its agents or its sub-custodian, and direct them to pay out) moneys of the Company on deposit therein in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the purchase of Securities for the Company pursuant to such Proper Instruction; and such purchase may,
unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in accordance with the customary or established practices and procedures in the jurisdiction or market where
the transactions occur, including delivering money to the seller thereof or to a dealer therefor (or any agent for such seller or dealer) or to an escrow account used in connection with a closing transaction, in each case against expectation of
receiving later delivery of such securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in the case of a purchase effected through a Securities System, in accordance with the rules governing the
operation of such Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purchase or sale of foreign exchange or foreign exchange agreements for the accounts of the Company,
including transactions executed with or through the Custodian, its agents or its sub-custodian, as contemplated by Section 3.7 above; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for any other purpose directed by the Company, but only upon receipt of Proper Instructions specifying the
amount of such payment, and naming the Person or Persons to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time or times, the Custodian shall be entitled to pay (i) itself and the Document Custodian from
the Cash Account, whether or not in receipt of express direction or instruction from the Company, any amounts due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, 9.4 or Section 12.5
below, provided, however, that in each case (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or
bill, and (ii) all such payments shall be accounted for to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Proxies.</u> The Custodian will, with respect to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the registered holder of such Securities proxies received by the Custodian from its agents or its sub-custodian or from issuers of the Securities being held for the Company, without indication of the manner in which such proxies are to be voted, and upon receipt of Proper Instructions shall promptly deliver to the applicable issuer such proxies, proxy soliciting materials and notices relating to such Securities. In the absence of such Proper Instructions, or in the event that such Proper Instructions are not received in a timely fashion, the Custodian shall be under no duty to act with regard to such proxies.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Communications Relating to Securities.</u> The Custodian shall transmit promptly to the Company all written information (including proxies, proxy soliciting materials, notices, pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the Custodian, from its agents or its sub-custodian or from issuers of the Securities being held for the Company. The Custodian shall have no obligation or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and except to the extent it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will not be liable for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents or sub-custodian unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Custodian has received Proper Instructions with regard to the exercise of any such right or power; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Custodian, or its agents or sub-custodian or nominee is actually
entitled to act,

in each case, at least three (3) Business Days prior to the date on which such right or power is to be exercised. It will be the responsibility of the Company to notify the Custodian of the Person to whom such communications must be forwarded under this Section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Records.</u> The Custodian shall create and maintain complete and accurate records relating to its activities under this Agreement with respect to the Securities, cash or other property held for the Company under this Agreement. All such records shall be the property of the Company and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company (including its independent public accountants) and employees and agents of the Securities and Exchange Commission, upon reasonable request and at least five Business Days' prior written notice and at the Company's expense. The Custodian shall, at the Company's request, supply the Company with a tabulation of Securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the certificate numbers in such tabulations, to the extent such information is available to the Custodian. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide assistance to the Company (at the Company's reasonable request made from time to time) by providing sub-certifications regarding certain of its services performed hereunder to the Company in connection with the Company's certification requirements pursuant to the Sarbanes-Oxley Act of 2002, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Custody of Subsidiary Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to each Subsidiary identified to the Custodian by the Company, there shall be established by the
Custodian a segregated account at U.S. Bank National Association or any affiliate to which the Custodian shall deposit and hold any Subsidiary Securities (other than Loans) received by it (and any Proceeds received by it in the form of dividends in
kind) pursuant to this Agreement, which account shall be designated the "[INSERT NAME OF SUBSIDIARY] Securities Account" (the " <u>Subsidiary Securities Account</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each Subsidiary identified to the Custodian by the Company, there shall be established at the
Custodian a segregated account at U.S. Bank National Association or any affiliate to which the Custodian shall deposit and hold any cash Proceeds received by it from time to time from or with respect to Subsidiary Securities or other Proceeds, which
account shall be designated the "[INSERT NAME OF SUBSIDIARY] Cash Proceeds Account" (the " <u>Subsidiary Cash Account</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the maximum extent possible, the provisions of this Agreement regarding Securities of the Company, the
Securities Account and the Cash Account shall be applicable to any Subsidiary Securities, cash and other investment assets, Subsidiary Securities Account and Subsidiary Cash Account, respectively. The parties hereto agree that the Company shall
notify the Custodian in writing as to the establishment of any Subsidiary as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement; and identify in writing any accounts the Custodian shall be required to establish
for such Subsidiary as herein provided.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Responsibility for Property Held by Sub-custodians</u>. The Custodian's responsibility with respect to the selection or appointment of a sub-custodian shall be limited to a duty to exercise reasonable care in the selection of such sub-custodian in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such sub-custodian; provided that the Custodian's sole liability in that regard shall be limited to amounts actually received by it from such sub-custodian (exclusive of related costs and expenses incurred by the Custodian).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities (excluding Loans) of the Company in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Loans) of the Company kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account") of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian with respect to Securities of the Company maintained in a Book-Entry System or Securities Depository shall, by book-entry, identify such Securities (other than Loans) as belonging to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by the Company are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Company. If Securities sold by the Company are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall provide the Company with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository in which Securities of the Company are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.15 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the Company that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Company, such reports as are available concerning the Custodian's internal accounting controls and financial strength and (iii) require any sub-custodian, if any, at a minimum to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain financial assets corresponding to the security entitlements of its entitlement holders.

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| | |
|:---|:---|
| 3A. | **<u>DUTIES OF DOCUMENT CUSTODIAN</u>**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Loans, Required Loan Documents and other Underlying Loan Documents may be delivered to the
Custodian in its role as, and at the address identified for, the Document Custodian. All Required Loan Documents 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 them as the property of the Company (or, if applicable, a Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company
(or, if applicable, a Subsidiary) may deliver or cause to be delivered to the Document Custodian the Required Loan Documents, including the Loan Checklist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Document Custodian shall release and ship for delivery, or direct its agents or Sub-Custodian to release and ship for delivery, as the case may be, Required Loan Documents (or other Underlying Loan Documents) of the Company (or, if applicable, a Subsidiary) held by the Document Custodian, its
agents or its Sub-Custodian from time to time upon receipt of a Request for Release (which shall, among other things, specify the Required Loan Documents (or other Underlying Loan Documents) to be released,
with such delivery and other information as may be necessary to enable the Document Custodian to perform (including the delivery method). Any request for release by the Company (or, if applicable, a Subsidiary) shall be in the form of the Request
for Release. The Company (or, if applicable, a Subsidiary) is authorized to transmit and the Document Custodian is authorized to accept signed facsimile or email copies of Requests for Release submitted in the form attached hereto as <u>Exhibit A</u> (or as otherwise agreed between the Document Custodian and the Company).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, the Document Custodian shall have no obligation to review or monitor any Required
Loan Documents or other Underlying Loan Documents but shall only be required to hold those Required Loan Documents or other Underlying Loan Documents received by it in accordance with this Agreement. All rights, protections, indemnities, immunities
and limitations of liabilities provided in this Agreement in favor of the Custodian under this Agreement shall also apply to the Document Custodian.

4.  **<u>REPORTING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall render to the Company a monthly report of (i) all deposits to and withdrawals from the
Cash Account during the month, and the outstanding balance (as of the last day of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities held pursuant to this Agreement as of
the end of each month, all transactions in the Securities during the month, as well as a list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For each Business Day, the Custodian shall render to the Company a daily report of (i) all deposits to and
withdrawals from the Cash Account for such Business Day and the outstanding balance as of the end of such Business Day, and (ii) a report of settled trades of Securities for such Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian shall have no duty or obligation to undertake any market valuation of the Securities under any
circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian shall provide the Company with such reports as are reasonably available to it and as the Company
may reasonably request from time to time on the internal accounting controls and procedures for safeguarding securities, which are employed by the Custodian.

5.  **<u>DEPOSIT IN U.S. SECURITIES SYSTEMS</u>** 

The Custodian may deposit and/or maintain Securities in a Securities System within the United States in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, including Rule 17f-4 under the 1940 Act to the extent applicable, and subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian may keep domestic Securities in a U.S. Securities System provided that such Securities are
represented in an account of the Custodian in the U.S. Securities System which shall not include any assets of the Custodian other than assets held by it as a fiduciary, custodian or otherwise for customers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The records of the Custodian with respect to Securities which are maintained in a U.S. Securities System shall
identify by book-entry those Securities belonging to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If requested by the Company, the Custodian shall provide to the Company copies of all notices received from the
U.S. Securities System of transfers of Securities for the account of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anything to the contrary in this Agreement notwithstanding, the Custodian shall not be liable to the Company
for any direct loss, damage, cost, expense, liability or claim to the Company resulting from use of any Securities System (other than to the extent resulting from the gross negligence or willful misconduct of the Custodian itself, or from failure of
the Custodian to enforce effectively such rights as it may have against the U.S. Securities System).

6.  **<u>SECURITIES HELD OUTSIDE OF THE UNITED STATES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Appointment of Foreign Sub-custodian.</u> The Company hereby authorizes and instructs the Custodian in its sole discretion to employ one or more Foreign Sub-custodians to act as Eligible Securities Depositories or as sub-custodian to hold the Securities and other assets of the Company maintained outside the United States, subject to the Company's approval in accordance with this Section. If the Custodian wishes to appoint a Foreign Sub-custodian to hold property of the Company subject to this Agreement, it will so notify the Company and provide it with information reasonably necessary to determine any such new Foreign Sub-custodian's eligibility under Rule 17f-5 under the 1940 Act, including a copy of the proposed agreement with such Foreign Sub-custodian. The Company shall at the meeting of its members next following receipt of such notice and information give a written approval or disapproval of the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Assets to be Held</u>. The Custodian shall limit the Securities and other assets maintained in the custody of the Foreign Sub-custodian to: (a) Foreign Securities and (b) cash and cash equivalents in such amounts as the Company (through Proper Instructions) may determine to be reasonably necessary to effect the Company's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Omnibus Accounts.</u> The Custodian may hold Foreign Securities and related Proceeds with one or more Foreign Sub-custodians in each case in a single account with such Foreign Sub-custodian that is identified as belonging to the Custodian for the benefit of its customers; provided however, that the records of the Custodian with respect to Securities and related Proceeds that are property of the Company maintained in such account(s) shall identify by book-entry those Securities and other property as belonging to the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Reports Concerning Foreign Sub-custodian</u>. The Custodian will supply to the Company, upon request from time to time, statements in respect of the Securities held by Foreign Sub-custodians or Eligible Securities Depositories, including an identification of the Foreign Sub-custodians and Eligible Securities Depositories having physical possession of the Foreign Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Transactions in Foreign Custody Account.</u> Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Securities received by a Foreign Sub-custodian for the account of the Company may be effected in accordance with the customary established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including delivering securities to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) against a receipt with the expectation of receiving later payment for such securities from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Foreign Sub-custodian.</u> Each contract or agreement pursuant to which the Custodian employs a Foreign Sub-custodian shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Company will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Company's assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-custodian or its creditors (except a claim of payment for their safe custody or administration) or, in the case of cash deposits, liens or rights in favor of creditors of the Sub-custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Company's assets will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Company or as being held by a third party for the benefit of the Company; (v) that the Company's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Company will receive periodic reports with respect to the safekeeping of the Company's assets, including notification of any transfer to or from a Company's account or a third party account containing assets held for the benefit of the Company. Such contract may contain, in lieu of any or all of the provisions specified above, such other provisions that the Custodian determines will provide, in their entirety,<u> </u>the same or a greater level of care and protection for Company assets as the specified provisions, in their entirety.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Custodian's Responsibility for Foreign Sub-custodian.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to its responsibilities under this Section 6, the Custodian agrees to exercise reasonable
care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Company would exercise. The Custodian further agrees that the Foreign Securities will be subject to reasonable care, based on the standards
applicable to the Custodian in the relevant market, if maintained with each Foreign Sub-custodian, after considering all factors relevant to the safekeeping of such assets, including: (i) the Foreign Sub-custodian's practices, procedures, and internal controls, including the physical protections available for certificated securities (if applicable), the method of keeping custodial records, and the security
and data protection practices; (ii) whether the Foreign Sub-custodian has the requisite financial strength to provide reasonable care for Company assets; (iii) the Foreign Sub-custodian's general reputation and standing and, in the case of Eligible Securities Depository, the Eligible Securities Depository's operating history and number of participants; and
(iv) whether the Company will have jurisdiction over and be able to enforce judgments against the Foreign Sub-custodian, such as by virtue of the existence of any offices of the Foreign Sub-custodian in the United States or the Sub-custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall establish a system to monitor the appropriateness of maintaining the Company's assets
with a particular Foreign Sub-custodian and the performance of the contract governing the Company's arrangements with such Foreign Sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian's responsibility with respect to the selection or appointment of a Foreign Sub-custodian shall be limited to a duty to exercise reasonable care in the selection or retention of such Foreign Intermediaries in light of prevailing settlement and securities handling practices, procedures and
controls in the relevant market. With respect to any costs, expenses, damages, liabilities, or claims (including attorneys' and accountants' fees) incurred as a result of the acts or the failure to act by any Foreign Sub-custodian, the Custodian shall take reasonable action to recover such costs, expenses, damages, liabilities, or claims from such Foreign Sub-custodian; provided that the
Custodian's sole liability in that regard shall be limited to amounts actually received by it from such Foreign Intermediaries (exclusive of related costs and expenses incurred by the Custodian). The Custodian shall have no responsibility for
any act or omission (or the insolvency of) any Securities System (including an Eligible Securities Depository).

7.  **<u>CERTAIN GENERAL TERMS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Duty to Examine Financing Documents.</u> Nothing herein shall obligate the Custodian to review or examine the terms of any Financing Document, underlying instrument, certificate, credit agreement, indenture, loan agreement, promissory note, or other financing document evidencing or governing any Security to determine the validity, sufficiency, marketability or enforceability of any Security or Loan (and shall have no responsibility for the genuineness or completeness thereof), or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Resolution of Discrepancies.</u> In the event of any discrepancy between the information set forth in any report provided by the Custodian to the Company and any information contained in the books or records of the Company, the Company shall promptly notify the Custodian thereof and the parties shall cooperate to diligently resolve the discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Improper Instructions.</u> Notwithstanding anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear from taking any action), which it reasonably determines (at its sole option) to be contrary to the terms of this Agreement or applicable law. In no instance shall the Custodian be obligated to provide services on any day that is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Proper Instructions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will give, and will cause the Investment Manager to give, a incumbency certificate to the
Custodian, in form acceptable to the Custodian, specifying the names, titles, contact information (including email addresses) and specimen signatures of persons authorized to give Proper Instructions (where any two of the persons listed in such
incumbency certificate acting jointly shall be an " <u>Authorized Person</u> ") which certificate shall be signed by an officer of the Company or an officer of the Investment Manager, as applicable, or by another Authorized Person
previously certified to the Custodian. The 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 Company or the Investment Manager to the contrary. If
such person elects to give the Custodian email or facsimile instructions (or instructions by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian's reasonable understanding of
such instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs or expenses arising directly or indirectly from the Custodian's reliance upon and compliance with such instructions notwithstanding such
instructions conflicting with or being inconsistent with a subsequent written instruction. Any person providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized instructions, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have no responsibility or liability to the Company (or any other person or entity), and
shall be indemnified and held harmless by the Company, in the event that a subsequent written confirmation of an oral instruction fails to conform to the oral instructions received by the Custodian. The Custodian shall not have an obligation to act
in accordance with purported instructions to the extent that they conflict with applicable law or regulations, local market practice or the Custodian's operating policies and practices. The Custodian shall not be liable for any loss resulting
from a delay while it obtains clarification of any Proper Instructions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company hereby directs the Custodian to accept instructions sent pursuant to secure financial messaging
services provided by SWIFT (" <u>SWIFT Transmissions</u> ") as Proper Instructions for all purposes hereunder. The Company instructs the Custodian to accept and process SWIFT Transmissions initiated by the Company (or the Advisor on its
behalf) to the same extent that written wire transfer instructions are accepted and processed by the Custodian. The Custodian may conclusively rely on SWIFT Transmissions to release payments as instructed, subject to any verification of information
as requested by the Custodian, including the call back process to an individual designated by the Company as authorized to provide such verification. The Custodian may also request, and the Company will provide, an additional signed direction
(whether by manual, facsimile, .pdf or other electronic signature) in order for the Custodian to make such payment in connection with any SWIFT Transmission. For purposes of compliance with any incumbency certificate of the Company, all instructions
received by the Custodian through the methodology described herein shall be deemed in compliance with the procedures outlined therein (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Actions Permitted Without Express Authority.</u> The Custodian may, at its discretion, without express authority from the Company<u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make payments to itself as described in or pursuant to Section 3.9, or to make payments to itself or
others for minor expenses of handling securities or other similar items relating to its duties under this Agreement, provided that (i) the Custodian shall have first invoiced or billed the Company for such amounts and the Company shall have
failed to pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii) all such payments shall be regularly accounted for to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) surrender Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) endorse for collection cheques, drafts and other negotiable instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in general, attend to all nondiscretionary details in connection with the sale, exchange, substitution,
purchase, transfer and other dealings with the securities and property of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Evidence of Authority.</u> The Custodian shall be protected in acting upon any instructions, 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 Company by an Authorized Person. The Custodian may receive and accept a certificate signed by any Authorized Person as conclusive evidence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the authority of any person to act in accordance with such certificate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any determination or of any action by the Company as described in such certificate,

and such certificate may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person of the Company. The Company hereby authorizes and directs the Custodian to accept, rely and act upon instruction from an Authorized Person of the Investment Manager listed on the Authorized Person certificate provided pursuant to Section 7.4(a) hereof, acting on behalf and in the name of the Company for all purposes hereunder, and the Custodian is authorized to recognize and act upon the instruction of such Authorized Person of the Investment Manager, acting on behalf and in the stead of the Company for all purposes hereunder (provided that, notwithstanding the foregoing, any action required to be taken by the Custodian to confirm any instruction has been complied with); provided further that such authorization and direction may be revoked at any time by an Authorized Person who is an officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Receipt of Communications</u>. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a Business Day the Custodian will use its best efforts to process such communications as soon as possible after receipt).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <u>Actions on the Loans</u>. The Custodian shall have no duty or obligation hereunder to take any action on behalf of the Company, to communicate on behalf of the Company, to collect amounts or proceeds in respect of, or otherwise to interact or exercise rights or remedies on behalf of the Company, with respect to any of the Loans. All such actions and communications are the responsibility of the Company.

8.  **<u>COMPENSATION OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Fees</u>. The Custodian shall be entitled to compensation for their services in accordance with the terms of that certain fee letter dated June 21, 2024 between the Company (or the Investment Manager on its behalf) and the Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Expenses</u>. The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements, advances, and expenses (including reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made (including any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item, reclaimed payment or claw-back, or the like), 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 Custodian of its duties and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Custodian to collect any amounts owing to it under this Agreement).

9.  **<u>RESPONSIBILITY OF CUSTODIAN</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>General Duties</u>. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Securities or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations of the 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 Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Instructions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form
of Proper Instructions) from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions to it be in writing. The Custodian shall have no liability for any action (or
forbearance from action) taken pursuant to the Proper Instruction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the 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 terms of this Agreement; and whenever any report or
other information is required to be produced or distributed by the Custodian it shall be in form, content and medium reasonably acceptable to it and the Company, and otherwise in accordance with any applicable terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>General Standards of Care</u>. Notwithstanding any terms herein contained to the contrary, the acceptance by the Document Custodian and the Custodian of its appointments 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):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Custodian and 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, electronic communication 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, sent or presented by the proper
person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian and the Document Custodian shall be entitled to presume the genuineness and due authority of any signature appearing
thereon (including any electronic signature). Neither the Custodian nor the Document Custodian shall 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, provided, however, that if the form thereof is specifically prescribed by the terms of this Agreement, the Custodian or 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;(b) Neither the Custodian, 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 or inaction constitutes gross negligence or willful misconduct on its part and in breach of the terms of this Agreement. Neither the Custodian nor the Document Custodian shall 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. Neither the Custodian nor the Document Custodian shall be under any obligation at any time to ascertain whether the Company is in compliance with the Company's investment objectives and policies
then in effect. For avoidance of doubt, neither the Custodian nor the Document Custodian shall be under any obligation to determine whether any investment constitutes an Eligible Investment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall the Custodian or 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;(d) The Custodian and 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 Custodian and/or 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
Section 8.2 above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Neither the Custodian nor the Document Custodian shall be deemed to have notice of any fact, claim or demand
with respect hereto unless actually known by an officer working in its Global Corporate Trust group and charged with responsibility for administering this Agreement or unless (and then only to the extent received) in writing by the Custodian or the
Document Custodian at the applicable address(es) as set forth in Section 15 hereof and specifically referencing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No provision of this Agreement shall require either the Custodian or 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 Custodian or the Document Custodian to commence, prosecute or defend legal proceedings in any instance, whether on behalf of the Company 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;(g) The permissive right of the Custodian or the Document Custodian to take any action hereunder shall not be
construed as duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian and the Document Custodian may act or exercise its duties or powers hereunder through agents, Sub-Custodians or attorneys, and the Custodian and the Document Custodian shall not be liable or responsible for the actions or omissions of any such agent, Sub-Custodian or
attorney appointed with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All indemnifications contained in this Agreement in favor of the Custodian and the Document Custodian shall
survive the termination of this Agreement or the earlier resignation or removal of the Custodian and/or the Document Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Neither the Custodian nor the Document Custodian has responsibility to verify or determine whether any purchase
or sale of a Security satisfies any transfer restrictions applicable to it, including any transfer restriction imposed by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither the Custodian nor the Document Custodian shall have responsibility for performing or monitoring the
performance of any anti-money laundering procedures undertaken by the Company and shall have no liability to the Company for any violation of any anti-money laundering rules or regulations by the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Notwithstanding any other provision of this Agreement, neither the Custodian nor the Document Custodian shall
have any duty or obligation under this Agreement to monitor, verify or inquire into, and shall not be liable for, (i) the legality of the Securities, (ii) the purchase, transfer or sale of any Securities, the sufficiency of the amount to
be received or the authority of the Company to effect any such purchase, transfer or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall and does hereby indemnify and hold harmless each of the Custodian, the Document Custodian and
any Foreign Sub-custodian appointed pursuant to Section 6.1 above, for and from any and all costs and expenses (including reasonable attorney's fees and expenses) and any and all losses, damages,
claims and liabilities, that may arise, be brought against or incurred by the whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any inquiry or
investigation) by any person, including without limitation the Company or any Subsidiary, and any advances or disbursements made by the Custodian or the Document Custodian (including in respect of any Account overdraft, returned deposit item,
chargeback, provisional credit, settlement or assumed settlement, reclaimed payment, claw-back or the like), as a result of, relating to, or arising out of this Agreement, or the administration or performance of the duties of the Custodian and the
Document Custodian hereunder, or the relationship between the Company (including, for the avoidance of doubt, any Subsidiary) and the Custodian and the Document Custodian created hereby, including the enforcement of any indemnification rights
hereunder, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused by the Custodian's or the Document Custodian's own action or inaction constituting gross negligence or willful misconduct on its
part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall have and is hereby granted a continuing lien upon and security interest in, and right of set-off against, the Account, and any funds (and investments in which such funds may be invested) held therein or credited thereto from time to time, whether now held or hereafter required, and all proceeds thereof,
to secure the payment of any amounts that may be owing to the Custodian under or pursuant to the terms of this Agreement, whether now existing or hereafter arising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Force Majeure</u>. Without prejudice to the generality of the foregoing, the Custodian and the Document Custodian<u> </u>shall not be liable to the Company for any damage or loss resulting from or caused by events or circumstances beyond the reasonable control of the Custodian and the Document Custodian, including nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer

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viruses or the like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts; errors by the Company (including any Authorized Person) in its instructions to the Custodian or the Document Custodian; or changes in applicable law, regulation or orders.

10.  **<u>SECURITY CODES</u>** 

If the Custodian issues to the Company security codes, passwords or test keys in order that it may verify that certain transmissions of information, including Proper Instructions, have been originated by the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords, test keys or other security devices which the Custodian shall make available.

11.  **<u>TAX LAW</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Domestic Tax Law</u>. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the Company or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such obligations including taxes, (but excluding any income taxes assessable in respect of compensation paid to the Custodian pursuant to this Agreement) withholding, certification and reporting requirements, claims for exemption or refund, additions for late payment interest, penalties and other expenses (including legal expenses) that may be assessed against the Company, or the Custodian as custodian of the Securities or Proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Foreign Tax Law</u>. It shall be the responsibility of the Company to notify the Custodian of the obligations imposed on the Company by the tax law of foreign (e.g., non-U.S.) jurisdictions, including responsibility for withholding and other taxes, assessments or other government charges, certifications and government reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to cooperate with the Company with respect to any claims for exemption or refund under the tax law of the jurisdictions for which the Company has provided such information.

12.  **<u>EFFECTIVE PERIOD AND TERMINATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Effective Date</u>. This Agreement shall become effective as of its due execution and delivery by each of the parties. This Agreement shall continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by the Custodian or the Company pursuant to Section 12.2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Termination</u>. This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written notice of termination given by any party to the other parties not less than sixty (60) days prior to the effective date of termination specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing, (c) by either party upon giving written notice to the other party upon the breach by such other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party or (d) by the Company immediately, at any time in the event the Company believes the Custodian is or may become insolvent or that the financial condition of the Custodian is deteriorating in any material respect, or following the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Resignation</u>. The Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written notice thereof to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60) days advance written notice to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Successor</u>. Prior to the effective date of termination of this Agreement, or the effective date of the resignation of the Custodian, as the case may be, the Company shall give Proper Instruction to the Custodian designating a successor Custodian, if applicable. The Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the successor Custodian all Securities (other than Securities held in a Book-Entry System, Eligible Securities Depository or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System, Eligible Securities Depository or Securities Depository to an account of or for the benefit of the Company at the successor Custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement (if such form differs from the form in which the Custodian has maintained the same, the Company shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Payment of Fees, etc.</u> Upon termination of this Agreement or resignation of the Custodian, the Company shall pay to the Custodian such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the date of such termination or resignation. All indemnifications in favor of the Custodian under this Agreement shall survive the termination of this Agreement or any resignation or removal of the Custodian, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Final Report</u>. In the event of any resignation of the Custodian, the Custodian shall provide to the Company a complete final report or data file transfer of any Confidential Information as of the date of such resignation (or removal, as the case may be).

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13.  **<u>REPRESENTATIONS AND WARRANTIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Representations of the Company</u>. The Company represents and warrants to the Custodian that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power and authority to enter into and perform its obligations under this Agreement, and it has duly
authorized, executed and delivered this Agreement so as to constitute its valid and binding obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in giving any instructions which purport to be "Proper Instructions" under this Agreement, the
Company will act in accordance with the provisions of its organizational document and any applicable laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the Company is not a Plan-Assets Vehicle (as defined below). If for any reason any of the foregoing
representations, warranties, or covenants ceases to be true, then (i) the Company will promptly notify the Custodian, (ii) the Custodian's duties hereunder with respect to such Company terminates immediately upon such breach,
regardless of whether the Custodian received notice of such breach or provided notice of termination, and promptly thereafter, the Company and the Custodian shall negotiate in good faith to enter into a separate ERISA fund custody agreement,
(iii) the Company acknowledges that the Custodian, acting in its capacity as custodian, is not intended to be or act as a "fiduciary" with respect to the Company within the meaning of §3(21) of the Employee Retirement Income
Security Act of 1974, as amended (" <u>ERISA</u> ") with respect to such services contemplated under this Agreement. For purposes herein, " <u>Plan-Assets Vehicle</u> " means an investment contract, product, or entity that holds
"plan assets" (as defined under Employee Retirement Income Security Act of 1974, as amended (" <u>ERISA</u> ") §§3(42) and 29 CFR §2510.3-101, as modified by
§§3(42) of ERISA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Representations of the Custodian</u>. The Custodian hereby represents and warrants to the Company that:<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has the power and authority to enter into and perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding
obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it maintains business continuity policies and standards that include data file backup and recovery procedures
that comply with all applicable regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is qualified to act as a custodian pursuant to Section 26(a)(1) of the 1940 Act and is a "U.S.
Bank" as defined in section (a)(7) of Rule 17f-5 of the 1940 Act.

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14.  **<u>PARTIES IN INTEREST; NO THIRD PARTY BENEFIT</u>** 

This Agreement is not intended for, and shall not be construed to be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors and permitted assigns pursuant to Section 19).

15.  **<u>NOTICES</u>** 

Any Proper Instructions shall be given to the following address (or such other address as either party may designate by written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient if made in writing and given to the parties at the following address (or such other address as either of them may subsequently designate by notice to the other), given by (i) certified or registered mail, postage prepaid, (ii) recognized courier or delivery service, or (iii) confirmed telecopier or telex, with a duplicate sent on the same day by first class mail, postage prepaid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company or any Subsidiary, to

Silver Point Private Credit Fund

c/o Silver Point Private Credit Fund Management, LLC

2 Greenwich Plaza, Suite 1

Greenwich, CT 06830

Attention: Loan Administration

Email: treasury@silverpointcapital.com;

creditadmin@silverpointcapital.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Custodian, to

U.S. Bank Trust Company, National Association

8 Greenway Plaza, Suite 1100

Houston, Texas 77046

Attn: Global Corporate Trust – Silver Point Private Credit Fund

Email: SilverPointTrades@usbank.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if to the Document Custodian, to:

U.S. Bank National Association

1719 Otis Way

Florence, SC 29501

Mail Code: EX-SC-FLOR

Ref: Silver Point Private Credit Fund

Email: steven.garrett@usbank.com

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16.  **<u>CHOICE OF LAW AND JURISDICTION</u>** 

This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of law provisions); except to the extent such laws are inconsistent with federal securities laws, including the 1940 Act, in which case such federal securities laws shall govern. THE COMPANY AND THE CUSTODIAN EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY AND ANY OBJECTION TO LAYING OF VENUE ON GROUNDS OF FORUM NONCONVENIENS IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT IN ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM).

17.  **<u>ENTIRE AGREEMENT; COUNTERPARTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 <u>Complete Agreement</u>. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed herein and supersedes and terminates as of the date hereof, all prior agreements or understandings, oral or written, between the parties to this Agreement relating to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and all counterparts taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 <u>Facsimile or Electronic Signatures</u>. The exchange of copies of this Agreement and of signature pages by facsimile or electronic transmission (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 Company and reasonably available at no undue burden or expense to the Custodian) shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or electronic means shall be deemed to be their original signatures for all purposes. The Custodian shall have no duty to inquire into or investigate the authenticity or authorization of any electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto.

18.  **<u>AMENDMENT; WAIVER</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 <u>Amendment.</u> This Agreement may not be amended except by an express written instrument duly executed by the Company and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 <u>Waiver.</u> In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder, unless and except to the extent such waiver is set forth in an expressly written instrument signed by the party against whom it is to be charged.

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19.  **<u>SUCCESSOR AND ASSIGNS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 <u>Successors Bound.</u> The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 <u>Merger and Consolidation.</u> Any corporation or association into which the Custodian may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any corporation or association to which the Custodian (other than Document Custodian) transfers all or substantially all of its corporate trust business (with respect to Document Custodian transfers all or substantially all of its document custody business), shall be the successor of the Custodian, as applicable hereunder, and shall succeed to all of the rights, powers and duties of the Custodian, as applicable, hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

20.  **<u>SEVERABILITY</u>** 

The terms of this Agreement are hereby declared to be severable, such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.

21.  **<u>REQUEST FOR INSTRUCTIONS</u>** 

If, in performing its duties under this Agreement, the Custodian is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after such two-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such instructions.

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22.  **<u>OTHER BUSINESS</u>** 

Nothing herein shall prevent the Custodian or any of its affiliates from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall constitute the Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture, association, syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established by this Agreement.

23.  **<u>REPRODUCTION OF DOCUMENTS</u>** 

This Agreement and all schedules, exhibits, attachments and amendment hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.

24.  **<u>MISCELLANEOUS</u>** 

The Company acknowledges receipt of the following notice:

"**<u>IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT</u>.**

**To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity the Custodian will ask for documentation to verify its formation and existence as a legal entity. The Custodian may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation."** 

25.  **<u>CONFIDENTIAL INFORMATION</u>** 

The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Company, all records and other information relative to the Company and prior, present, or potential shareholders of the Company (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Company, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, although the Custodian will promptly report such disclosure to the Company if disclosure is permitted by applicable law and regulation, or (iii) when so requested by the Company. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Company or its agent, shall not be subject to this paragraph.

*[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR ON NEXT PAGE.]* 

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IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the date first above written.

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| | |
|:---|:---|
| **Silver Point Private Credit Fund** | **Silver Point Private Credit Fund** |
| By: | /s/ Kristen Clark |
| Name: | Kristen Clark |
| Title: | Trustee |
| **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION** | **U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION** |
| as Custodian | as Custodian |
| By: | /s/ Elaine Mah |
| Name: | Elaine Mah |
| Title: | Senior Vice President |
| **U.S. BANK NATIONAL ASSOCIATION**, | **U.S. BANK NATIONAL ASSOCIATION**, |
| as Document Custodian | as Document Custodian |
| By: | /s/ Kenneth Brandt |
| Name: | Kenneth Brandt |
| Title: | Vice President |

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**EXHIBIT A** 

REQUEST FOR RELEASE

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![LOGO](g79460dsp147.jpg)

Request for Release of Documents

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| | | |
|:---|:---|:---|
| **U.S. Bank Global Corporate Trust Services** | **Attention: Document Custody Services** | **Attention: Document Custody Services** |
| 1719 Otis Way | **Receiving Unit** | **Receiving Unit** |
| Florence, South Carolina 29501 | Email: | dcs@usbank.com |
| Ref:<u> </u> | Fax: | (651) 695-6100 or (651) 695-6101 |

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RE: Custody Agreement, dated as of _______________, 2024 (the "Custody Agreement") between , (the "Company"), U.S. Bank Trust Company, National Association, as custodian and U.S. Bank National Association, as document custodian (the "Document Custodian")

Pursuant to Section 6 of the Custody Agreement, we request the release of the Collateral Files relating to the Collateral listed on the attached Excel spreadsheet for the reason indicated below:

**Reason for Requesting Documents (Check One):**

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| |
|:---|
| 1) Collateral Paid in Full |
| 2) Collateral being Substituted |
| 3) Collateral being Liquidated by Company |
| 4) Other- Description Needed Below |

---

---

| |
|:---|
| Company: |
| Authorized Representative: |
| Name (Printed): |
| Title (Printed): |
| Date: |
| Phone: |

---

**File Delivery Instructions – Address Needed**

Upon Completion of Request, for Release, please scan and email the request to the appropriate DCS Vault Location.

If applicable, please indicate if the request is a "Rush" in the subject line. Please fax the form if you do not have access to email.

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| | |
|:---|:---|
| Florence: | dcsflorencescreleases@usbank.com |
| Frederick: | electronic.release.requests@usbank.com |
| Jacksonville: | dcsctsjacksonville.requests@usbank.com |
| Saint Paul: | dcs@usbank.com |
| St. Petersburg: | documentcustody.stpete@usbank.com |
| Rocklin: | dcs-rocklin@usbank.com |
| Tempe: | tempe.dcs.request@usbank.com |

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## Exhibit 10.6

**Exhibit 10.6** 

**SILVER POINT PRIVATE CREDIT FUND** 

AUTOMATIC DIVIDEND REINVESTMENT PLAN

<u>TERMS AND CONDITIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pursuant to this Automatic Dividend Reinvestment Plan (the "<u>Reinvestment Plan</u>") of Silver Point Private Credit Fund (the "Fund"), unless a holder (a "<u>Shareholder</u>") of the Fund's common shares of beneficial interest (the "<u>Common Shares</u>") otherwise elects, all cash dividends and distributions (together, "<u>distributions</u>") on such Shareholder's Common Shares will be automatically reinvested by U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services, as agent for Shareholders in administering the Reinvestment Plan (the "<u>Plan Agent</u>"), in additional Common Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Shareholders may elect to opt-out of the Reinvestment Plan and receive all distributions in cash or elect to participate in the Reinvestment Plan (if they have previously opted-out), in each case by so indicating in a completed and duly executed "Reinvestment Plan Election Form," attached as Exhibit A, and sending it to the Plan Agent at the address set forth below. Shareholders who elect to opt-out of the Reinvestment Plan will receive all distributions in cash paid to the Shareholder of record by the Plan Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The failure of any Shareholder to execute and deliver a completed and duly executed Reinvestment Plan Election Form 10 days prior to any distribution record date shall constitute a binding election by such Shareholder to participate in the Reinvestment Plan with respect to such distribution. Such Shareholder may revoke such election at any time pursuant to paragraph 11 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Plan Agent will open an account for each Shareholder under the Reinvestment Plan in the same name in which such Shareholder's Common Shares are registered.

The Plan Agent may hold each participant's Common Shares, together with the shares of other participants, in non-certificated form in the Plan Agent's name or that of its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Whenever the Fund declares a distribution payable in cash, non-participants in the Reinvestment Plan will receive cash and participants in the Reinvestment Plan will receive the equivalent in Common Shares. The number of Common Shares to be issued to a participant pursuant to the Plan may be in full and/or fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Common Shares will be acquired by the Plan Agent for the participants' accounts, through the receipt of additional unissued but authorized Common Shares from the Fund ("<u>newly issued Common Shares</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Plan Agent will maintain all Shareholders' accounts in the Reinvestment Plan and furnish written confirmation of all transactions in the accounts, including information needed by Shareholders for tax records. Common Shares in the account of each Reinvestment Plan participant will be held by the Plan Agent on behalf of the Reinvestment Plan participant. In the case of Shareholders such as banks, brokers or nominees that hold Common Shares for others who are the beneficial owners, the Plan Agent will administer the Reinvestment Plan on the basis of the number of Common Shares certified from time to time by the record Shareholder and held for the account of beneficial owners who participate in the Reinvestment Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. There is no direct service charge to participants with regard to purchases in the Reinvestment Plan; however, the Fund reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Any proxy service vendor engaged by the Fund will forward to each participant any Fund-related proxy solicitation materials and each Fund report or other communication to shareholders. Any Common Shares held by a participant under the Plan will be voted in accordance with the instructions set forth on proxies returned by the participant to the Fund. In the event that the Fund makes available to its shareholders rights to purchase additional shares or other securities, the Common Shares held by the Plan Agent for each participant under the Plan will be added to any other shares held by the participant in calculating the number of rights to be issued to the participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The automatic reinvestment of distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable (or required to be withheld) on such distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by submitting a new Reinvestment Plan Election Form to the Plan Agent. Such termination will be effective immediately if the participant's Reinvestment Plan Election Form is received by the Plan Agent not less than 10 days prior to any distribution record date; otherwise, such termination will be effective only with respect to any subsequent distribution. Upon any termination of the Plan by the Fund or by a participant of its participation in the Plan, the Plan Agent will cause Common Shares held for the participant under the Plan to be credited to the participant in book-entry form with the Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The terms and conditions of this Reinvestment Plan may be amended or supplemented by the Fund at any time but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by disclosing such amendment through a public filing with the Securities and Exchange Commission at least 30 days prior to the effective date thereof. The amendment or supplement shall be deemed to be accepted by each participant unless, prior to the effective date thereof, the Plan Agent receives written notice from the participant of the termination of such participant's account under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Reinvestment Plan may be terminated by the Fund upon notice in a public filing with Securities and Exchange Commission.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Fund may replace the Plan Agent by naming a successor agent with full power and authority to perform all or any of the acts to be performed by the Plan Agent under these terms and conditions. Upon any such appointment of any agent for the purpose of receiving cash distributions, the Fund will be authorized to pay to such successor agent, for each participant's account, all distributions payable on Common Shares of the Fund held in the participant's name or under the Plan for retention or application by such successor agent as provided in these terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. All correspondence concerning the Reinvestment Plan should be directed to the Plan Agent at alternativefundsupport@usbank.com and IROPS@silverpointcapital.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. These terms and conditions of this Reinvestment Plan shall be governed by the laws of the State of New York without regard to its conflicts of laws provisions.

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EXECUTION

To record the adoption of the Reinvestment Plan as of [ ], 2026, the Fund has caused this Reinvestment Plan to be executed in the name and on its behalf by a duly authorized officer.

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| |
|:---|
| SILVER POINT PRIVATE CREDIT FUND |
| By: |
| Title: |

---

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EXHIBIT A

SILVER POINT PRIVATE CREDIT FUND

**AUTOMATIC DIVIDEND REINVESTMENT PLAN** 

**ELECTION FORM** 

Name of Shareholder:

**Place an** ☒ **in one of the following boxes.** 

☐ I elect to participate in the Reinvestment Plan and have all cash dividends and distributions on my Common Shares automatically reinvested by the Plan Agent in additional Common Shares of the Fund.

☐ I elect to **not** participate in the Reinvestment Plan and to receive all distributions in cash paid to the Shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Agent. 

---

| | | |
|:---|:---|:---|
| X |  |  |
|  | Signature | Date |
|  | Name(s) |  |
|  | Title (if applicable) |  |

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## Exhibit 14.1

**Exhibit 14.1** 

**SILVER POINT PRIVATE CREDIT FUND** 

**SILVER POINT SPECIALTY LENDING FUND &** 

**SILVER POINT CAPITAL, L.P.** 

**JOINT CODE OF ETHICS** 

**I.** **Introduction** 

Silver Point Capital, L.P. and certain of its affiliates ("<u>Silver Point</u>" or the "<u>Firm</u>") serve as investment advisers to private funds, Silver Point Specialty Lending Fund ("<u>SPSL</u>") and Silver Point Private Credit Fund ("<u>SPPC</u>" and SPSL each, a "<u>BDC</u>" and, together, the "<u>BDCs</u>") (the private funds and the BDCs, each, a "Fund" and, collectively, the "<u>Funds</u>") and as a result stand in a position of trust and confidence with respect to the Funds. Accordingly, we have a duty to act in the best interests of the Funds.

Each Employee (as defined below) of Silver Point is required to conduct his/her business with the highest legal and ethical standards, and in accordance with all applicable laws, rules and regulations. In order to comply with these requirements and protect the Firm's reputation for integrity, the Firm has adopted this Code of Ethics (the "<u>Code</u>"). This Code has been adopted in accordance with Rule 17j-1(c) under the Investment Company Act of 1940 (the "<u>1940 Act</u>") and Rule 204A-1(a) under the Investment Advisers Act of 1940 (the "<u>Advisers Act</u>"). This Code is also intended to provide the BDCs and the Firm (the "<u>17j-1 Organizations</u>") with regulations and procedures designed to comply with the 1940 Act and the Advisers Act, and in particular, Rule 17j-1(b) under the 1940 Act, which generally proscribes fraudulent or manipulative practices with respect to an investment company by persons associated with such investment company. Rule 17j-1(b) states (defined terms used below in paragraph (a) of this section 1 have the meaning given to such terms in Rule 17j-1(a)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an
investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a security held or to be acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order
to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon
the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Fund.

This Code also proscribes securities transactions involving insider trading (as described below) as well as possible conflicts of interest. The Code supplements and should be read in conjunction with the Silver Point BDC Compliance Manual, as well as Silver Point's Compliance Manual, Information Barrier Policy, Employee Handbook and other Firm policies or procedures.<sup>1</sup>

<sup>1.</sup> Defined terms used but not defined in this Code shall have the meaning ascribed to them in the Firm's Manual.

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The Code codifies the following general principles which all Employees are expected to uphold:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. We must act in the best interests of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. We must comply with all applicable laws, rules and regulations of the jurisdictions in which the Firm or the
Funds operate or invest. It is the personal responsibility of each Employee to adhere to the standards and restrictions imposed by those laws, rules and regulations. These laws include, among others, relevant sections of the Securities Act of 1933,
as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, and any relevant rules and regulations adopted by the Securities and Exchange Commission
(the " <u>SEC</u> ") under any of those statutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Employees must not take any inappropriate advantage of their positions at the Firm. Service to the Firm should
never be subordinated to personal gain or advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. All personal securities transactions must be conducted in a manner consistent with the Code and must avoid any
actual or potential conflicts of interest, or any abuse of an Employee's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Information concerning the identity of securities and the financial circumstances of the Funds and their
investors must be kept confidential.

The Firm believes that these general principles not only help us fulfill our fiduciary obligations, but also protect the Firm's reputation and instill in our Employees the Firm's commitment to honesty, integrity and professionalism. All Employees should understand that these general principles apply to all conduct, whether or not the conduct is also covered by more specific standards or procedures set forth below. Access Persons (as defined below) are expected to uphold these same general principles with respect to the BDCs.

Any violation of the Code by any Access Person, Employee or members of an Employee's Family (as defined below) may result in dismissal, suspension with or without pay, or other disciplinary sanctions against the Access Person or Employee, regardless of whether or not the violation of the Code also constitutes a violation of law. In situations where a violation of the Code might also constitute a violation of applicable law – such as trading while in possession of, or tipping on the basis of, Material Non-Public Information (as defined below) – penalties might include civil or criminal liability, including fines, imprisonment, disgorgement of profits realized or losses avoided, and other sanctions. All Employees and Access Persons should be aware that the Firm may initiate or cooperate in proceedings resulting in such liability.

Finally, the Code does not attempt to identify all possible conflicts of interests and literal compliance with each of the specific procedures will not shield an Employee or Access Person from liability for personal trading or other conduct that violates our duty to act in the best interest of the Funds. Accordingly, the policies and procedures contained in the Code will be interpreted broadly to prevent any situation which could impugn our reputation for professionalism and integrity. It is the duty of all Employees and Access Persons to follow both the specific requirements and the spirit of the Code.

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**II.** **Persons and Accounts Covered by the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Employees, Access Persons and Advisory Persons</u> 

The Code applies to all of the Firm's employees, which for purposes of the Code includes all of our directors, officers, partners, employees, and any other affiliated persons designated by the Legal and Compliance Department (which may include temporary employees, consultants, independent contractors and certain other persons) (each, an "<u>Employee</u>" or "<u>you</u>" and, collectively, the "<u>Employees</u>" or "<u>we</u>").

With respect to the 17j-1 Organizations, many of the prohibitions of the Code apply to Access Persons. "<u>Access Person</u>" means any Advisory Person (as defined below) of a 17j-1 Organization. All of the Firm's directors, officers, and general partners are presumed to be Access Persons of the BDCs. All of each BDC's trustees, officers, and general partners are presumed to be Access Persons of the BDC.

An "Advisory Person" of a 17j-1 Organization means: (i) any trustee, officer, general partner or employee of a 17j-1 Organization (or of any company in a "<u>control</u>" (as defined in Section 2(a)(9) of the 1940 Act) relationship to a 17j-1 Organization) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities (as defined below) by the BDCs, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (ii) any natural person in a control relationship to a 17j-1 Organization who obtains information concerning recommendations made to the BDCs with regard to the purchase or sale of Covered Securities by the BDCs.

Because the Code applies to all Employees, its coverage also extends to all Access Persons of 17j-1 Organizations. Access Persons of 17j-1 Organizations who are not Employees consist solely of each BDC's trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the BDCs (the "<u>Independent Trustees</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Personal Securities Accounts and Covered Securities</u> 

The requirements and restrictions contained in the Code apply to all Covered Securities (as defined below) in any Personal Securities Account (as defined below). All Employees are required to promptly notify the Compliance Department of any change to the information previously provided to the Compliance Department with respect to their Personal Securities Accounts and/or any holdings of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Personal Securities Accounts* 

The term "Personal Securities Account" means any securities account in which an Employee has any direct or indirect "beneficial ownership", as defined under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended, or any securities account over which the Employee exercises investment discretion. Securities accounts that do not permit trading in either Exchange Traded Funds ("ETFs"), Covered Securities (as defined below), or digital currencies (cryptocurrencies) are excluded from the definition of Personal Securities Account. This policy includes the following types of accounts (including cash accounts, margin accounts, IRAs and 401(k)s, employee stock purchase plans, investment partnerships and hedge funds) through which securities may be traded (including those opened prior to employment with the Firm) and cryptocurrency IRAs, wallets and exchanges (e.g. Coinbase):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Accounts in the Employee's name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Accounts in the name of the Employee's spouse or significant other living in the same residence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Accounts in the name of minor children, relatives or other individuals living with the Employee for whose
support the Employee is wholly or partially responsible (together with the Employee's spouse, the Employee's " <u>Family</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Accounts in which the Employee, the Employee's significant other living in the same residence, or a
member of the Employee's Family has a beneficial interest, including Managed Accounts (as defined below) and accounts held in the name of a nominee or custodian (but excluding trusts for which the Employee, the Employee's significant
other living in the same residence, or a member of the Employee's Family has no investment discretion, which would not constitute Personal Securities Accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Accounts with respect to which the Employee, the Employee's significant other living in the same
residence, or a member of the Employee's Family directly or indirectly controls or participates in, or has the right to control or to participate in, investment decisions (such as any trust or custodial accounts for which an Employee, the
Employee's significant other living in the same residence, or any member of an Employee's Family acts as trustee or otherwise exercises influence or control).

Any Employee seeking to establish a new Personal Securities Account must open such account with a brokerage included on the approved brokerage list maintained by the Firm's Compliance Department, unless approval is granted by the Chief Compliance Officer, or his designee, to open an account with another brokerage. Unless an exception is approved by Compliance, all new employees with an account maintained by a brokerage firm not on the approved brokerage list, must transfer the holdings held in the account to one of the brokerage firms listed below and promptly close the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• E\*Trade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interactive Brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TD Ameritrade

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wells Fargo

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *<u>Managed Accounts</u>* 

A Managed Account ("<u>Managed Account</u>") is a Personal Securities Account in which neither the Employee nor a member of the Employee's family has direct or indirect control over investment decisions. An Employee wishing to qualify a Personal Securities Account as a Managed Account must maintain the account with an approved brokerage firm, and provide the account agreement as well as a "no discretion letter" from a broker, investment adviser or account manager, as applicable, stating that: (1) the applicable Employee does not participate in and is not informed about investment decisions until after such transactions are completed, or is not informed about investment decisions at any time; and (2) the broker, investment adviser or account manager, as applicable, does not and will not accept any suggestions or recommendations from the Employee with respect to any trades made in the account. The employee must also provide a letter stating the same. A trade effected for a Managed Account in a Covered Security (as defined below) that would not have been approved in a Personal Securities Account will not be deemed to have violated the Code, provided the Employee has made no suggestion or recommendation.<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Covered Securities* 

The term "Covered Securities" means securities as defined in Section 2(a)(36) of the 1940 Act, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Equity instruments (public or private), including derivatives on such instruments such as options, futures, or
warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Debt instruments (publicly or privately offered), including derivatives on such instruments such as options,
futures, or warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Security-based swaps, or any security-based swap agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Foreign sovereign debt, including derivatives on such instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Securities issued by government-sponsored enterprises, including derivatives on such instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) All forms of limited partnership, limited liability or other interests in companies, including interests in
private investment funds (such as hedge funds or private equity funds), and interests in investment clubs (collectively, "Private Investments"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Any participation in an Initial Coin Offering.

The term Covered Securities, however, does not include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Shares of ETFs and options or warrants on such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Exchange Traded Notes (" <u>ETNs</u> "), and options or warrants on such securities;

<sup>2..</sup> The "no discretion letter" should also be completed for accounts in the name of a member of the Employee's Family.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Shares of exchange traded closed-end funds, and options or warrants on
such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Secondary trading in digital currencies (cryptocurrencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Municipal bonds issued by U.S. municipalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Direct obligations of the U.S. or the United Kingdom governments (*e.g.*, treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt
obligations,<sup>3</sup> including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Options on indices and on currencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Shares of open-end mutual funds.

Any questions regarding the application of these terms should be referred to the Compliance Department.

**III.** **Personal Account Reporting Under the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial and Annual Holdings Disclosures</u> 

Each Employee must complete initial and annual holdings disclosures consisting of a list of: (i) all Personal Securities Accounts, and (ii) all securities held in those Accounts (whether or not such securities are Covered Securities but excluding securities permitted to be exceptions in Rule 204A-1). Such disclosures should be provided to Compliance no later than 10 days after joining the Firm and at least once each year, thereafter. The information on the holdings disclosures must be current as of a date no more than 45 days prior to the date the report was submitted.

To the extent that an Employee is aware of securities that are not listed in their holdings disclosure form (*e.g.*, certain hedge fund investments or other privately placed securities) they must contact the Compliance Department for assistance in completing the disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Brokerage/Account Statements</u> 

After completion of the initial holdings disclosure, Employees must arrange to have their broker provide the Compliance Department with duplicate copies of all periodic account statements, transaction confirmations and any other information reflecting account or transactional activity (collectively, "<u>Duplicate Statements</u>") for all Personal Securities Accounts, Covered Securities (if maintained outside of a Personal Securities Account),

<sup>3</sup> The SEC has interpreted "high quality short-term debt instrument" to mean any instrument having a maturity at issuance of less than 366 days and which is rated one of the highest two rating categories by a Nationally Recognized Statistical Rating Organization, or which is unrated but is of comparable quality. 

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ETFs, and cryptocurrencies. If a broker is unable to provide Compliance with the Duplicate Statements, the Employee is responsible for providing them. Such reporting must be provided to the Compliance Department at least quarterly. In lieu of statements, Employees with Private Investments must certify to the accuracy of the investment details on a quarterly basis. Compliance an provide a form of Broker Notification Letter, which may be used with a broker to arrange for Duplicate Statements. Please note that the Firm may obtain Duplicate Statements directly from the Employee's investment firm via an electronic feed to the Firm's electronic trading platform.

Under certain limited circumstances, the Compliance Department may allow a particular Employee to prepare and submit quarterly transaction reports, initial holdings reports and annual holdings reports outside of the Firm's electronic trading platform. If such an arrangement is approved by the Compliance Department, the Compliance Department will provide appropriate forms on which to provide the reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>The Independent Trustees</u> 

Notwithstanding the reporting requirements set forth in this Section III, an Independent Trustee who would be required to make a report under this Section III solely by reason of being a trustee of a BDC is not required to file an initial holdings disclosure upon becoming a trustee of a BDC or an annual holdings disclosure. Such an Independent Trustee also need not provide Duplicate Statements or a quarterly transaction report unless such Independent Trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of a BDC, should have known that, during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the Independent Trustee, such Covered Security is or was purchased or sold by a BDC, or a BDC or the Firm considered purchasing or selling such Covered Security.

**IV.** **Personal Securities Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Pre-Approval</u> 

Employees must obtain prior approval from the Compliance Department before engaging in any Covered Securities transaction. Pre-approval is not necessary if the transaction is non-volitional on the part of the Employee. Non-volitional transactions include: (i) acquisitions of securities through automatic investment plans, dividend reinvestment plans, stock dividends, stock splits and reverse stock splits, and (ii) dispositions of securities through margin calls, mandatory tenders, options expirations and bond maturations. A transfer of a security to a third party, including as a charitable donation, is a volitional transaction, which requires Compliance pre-approval.

Approval of a Covered Securities transaction must be requested through the Firm's electronic trading platform, unless, subject to a rare circumstance, an exception is approved by the Compliance Department. The Firm has the right to deny approval of any securities transaction without reason and without explanation.<sup>4</sup> Employees should not engage in speculation as to the reasons for the grant or denial of approval. No approvals will be granted for transactions in securities of issuers listed on the Firm's Restricted List.

<sup>4.</sup> The Compliance Department may consult with other Employees, including but not limited to, your supervisor(s), a portfolio manager or trader, with regards to any transaction request.

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Any approval granted is valid only for the specific Covered Securities transaction for which approval was requested. For example, no matter how soon after an Employee has executed an approved transaction, if the Employee wishes to effect another transaction in the same security or a different security of the same issuer, the Employee must again seek and receive approval from the Compliance Department, prior to engaging in such subsequent transaction.

Employees must seek approval for a Covered Securities transaction in a Personal Securities Account only if they have made a decision to engage in the transaction for which approval is sought. In this regard, generally, Employees and members of an Employee's Family must execute approved securities transactions by close of market on the next business day following the day on which the approval is received. However, in certain circumstances, the Compliance Department may require an Employee to effect the securities trade on the same day the approval is granted. If for any reason an Employee delays the execution of a transaction for which approval is obtained beyond this time, the Employee must again seek and receive approval for the transaction from the Compliance Department, prior to engaging in the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Prohibitions / Limitations on Transactions in Personal Securities Accounts</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Violations of Code*. All Employees and Access Persons are required to adhere to the principles and
procedures set forth in the Code. As appropriate, the Firm will impose escalating sanctions for repeat violations. Any violation of the Code by any Access Person, Employee or member of an Employee's Family may result in dismissal, suspension
with or without pay, or other disciplinary sanctions against the Employee or Access Persons, whether or not the violation of the Code also constitutes a violation of law. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Joint Transactions*. No Employee or Access Person shall participate in any securities transactions on a
joint basis with a BDC in violation of applicable law. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Investment Clubs/Groups.* Employees are prohibited from participating in any investment clubs or
groups. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Possession of Confidential Information.* If an Employee comes into possession of information that could
be considered confidential or non-public after receiving approval but before execution of a trade, the Employee should refrain from executing the transaction and inform the Compliance Department,
notwithstanding the fact that approval has been obtained. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *"Rumor" Securities.* Employees and members of an Employee's Family may engage in a
purchase or sale of Covered Securities for investment purposes only and shall not engage in speculative trading. As a result, Employees and members of an Employee's Family generally may not engage in transactions involving "rumor"
securities. "Rumor" securities, as determined by the Compliance Department, may include securities of companies which are the subject of reports, rumors or speculation of extraordinary corporate transactions or other material corporate
developments (e.g., mergers, acquisitions or re-financings). **  

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Short-Term Trading.* The short-term holding of any position, characterized by the rapid and successive
purchase and sale of the same Covered Securities, is inconsistent with the Firm's policy against speculative trading by Employees. Therefore, the Firm maintains a 30-day holding period for Covered
Securities. If an Employee or a member of an Employee's Family purchases a particular Covered Security, that Covered Security cannot be sold for a period of 30 days.<sup>5</sup> **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *Issuers of Securities Held by the Funds.* Employees and members of an Employee's Family are not
permitted to engage in a Covered Securities transaction involving a security of an issuer whose securities are owned by the Funds, except as specifically approved by the Compliance Department.<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *Funds First Policy.* Any investment opportunity of which an Employee becomes aware, which could be of
potential interest to the Funds, must be offered to the Funds first before engaging in a personal securities transaction. **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Time/Expense of Personal Trading.* Employees may not incur any incremental Firm expenses or expend
significant time during regular working hours in relation to personal trading (e.g., engaging expert networks or other consultants). **  

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Additional Restrictions.* The Firm has the right to impose requirements and restrictions in addition to
those specifically set forth in the Code. Such additional requirements or restrictions may include, for example, causing an Employee to reverse, cancel, liquidate or freeze a transaction or position. Employees should avoid speculation as to the
reasons for the imposition of any additional requirements or restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Limitation on Recommending Transactions to the BDCs</u> 

No Access Person shall recommend any transaction in any Covered Securities by the BDCs without having disclosed to the Funds' Chief Compliance Officer his or her interest, if any, in such Covered Securities or the issuer thereof, including: the Access Person's beneficial ownership of any Covered Securities of such issuer, except when such securities transactions are to be made by a fund affiliated with the BDCs and pursuant to applicable SEC guidance and/or interpretations or an exemptive order under Section 57(i) of the 1940 Act permitting certain types of co-investments; any contemplated transaction by the Access Person in such Covered Securities; any position the Access Person has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party which the Access Person has a significant interest).

<sup>5</sup> Under certain circumstances, generally involving hardship, the Firm may approve a short-term trading transaction that might otherwise be inconsistent with the Firm's policy against speculative trading.

<sup>6</sup> For example, under certain circumstances, the Firm may permit an Employee or member of an Employee's Family to liquidate holdings in Covered Securities that are owned by the Funds if it determines that such sale can be conducted in a manner that is consistent with the best interests of the Funds. Employees should note that their ability to dispose of their existing Covered Securities may be adversely impacted by the Funds' future trading activity, even if the purchases of such Covered Securities were previously approved by the Compliance Department. 

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**V.** **Gifts and Entertainment** 

The receipt or provision of gifts or entertainment may create the appearance of a conflict of interest or otherwise improperly influence decision making by Silver Point personnel or a person with whom the Firm conducts business. In certain circumstances, the receipt or provision of gifts or entertainment may also be in violation of law. Accordingly, Firm personnel may not accept, provide or solicit gifts, favors, special accommodations or other things of value, including, but not limited to, meals, tickets to events or travel accommodations from any person or entity that does or seeks to do business with, or on behalf of, the Firm or the Funds (e.g., brokers, counterparties, attorneys, advisers, consultants, borrowers, vendors, or other service providers) (collectively, "<u>Gifts</u>") other than in accordance with the terms of this policy. Firm personnel also may not accept, provide or solicit any invitation for entertainment, including, but not limited to, meals, sporting events, concerts or shows, even if accompanied by any person or representative of an entity that does or seeks to do business with, or on behalf of, the Firm or the Funds (collectively, "<u>Entertainment</u>") other than in accordance with the terms of this policy.

The Firm, however, appreciates the importance of developing appropriate business relationships and that such relationships are a valuable component of Silver Point's business. For that reason, this policy allows the giving and receipt of appropriate Gifts and Entertainment that facilitate the development of, for example, contacts in the financial services community that add value to the Firm's business.

Notwithstanding anything set forth herein, Employees are prohibited from accepting, providing or soliciting any Gift or Entertainment that may present a conflict of interest, violate fiduciary duties or create the appearance of impropriety. Accordingly, Employees should exercise good judgment when giving or receiving any Gift or Entertainment and should raise any potential issues with the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Gifts to Employees</u> 

The Firm generally disfavors the receipt of Gifts from any person or entity that does or seeks to do business with, or on behalf of, the Firm or the Funds with a value of $100 or more, or the foreign currency equivalent. For that reason, Employees must seek from the Compliance Department approval to retain any Gifts over $100, or the foreign currency equivalent. An Employee should also notify Compliance if he/she receives multiple Gifts from a single source, even if no single Gift has a value of $100 or more, or the foreign currency equivalent. The Compliance Department will keep a log of all Gifts reported and may in some instances require that a Gift be returned to the provider, donated to charity, or paid for by the Employee.

Notwithstanding the foregoing, no Employee may receive Gifts having an aggregate value of $100 or more, or the foreign currency equivalent, per year from any person associated with a broker-dealer, in violation of rules applicable to persons associated with broker-dealers.<sup>7</sup>

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| | |
|:---|:---|
| <sup>7.</sup> | FINRA Rule 3220 generally prohibits a person associated with a broker-dealer member of the NASD from making gifts that exceed an annual amount per person of $100, or the foreign currency equivalent, where such gifts are in relation to the business of the recipient's employer.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Gifts from Employee *s*</u> 

No Employee may give or offer any Gift with an approximate dollar value of $100 or more, or the foreign currency equivalent, to investors, prospective investors, counterparties, borrowers or any person or entity that does or seeks to do business with, or on behalf of, the Firm or the Funds without the prior approval of the Compliance Department. The Compliance Department will keep a log of any such Gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Entertainment</u> 

No Employee may provide, solicit or accept inappropriate, extravagant or excessive Entertainment to or from an investor, prospective investor, counterparty, borrower or any person or entity that does or seeks to do business with, or on behalf of, the Firm or the Funds. Frequent, regular (i.e., weekly or monthly) Entertainment of any value with a single source generally should also be avoided as it presents a potential conflict of interest.

If you receive Entertainment with a value of $150 or more, or the foreign currency equivalent, you must promptly report it to the Compliance Department. To constitute Entertainment under this policy, the person who extended the invitation or a representative of the entity providing the Entertainment must be present at the event.

Participation in higher value events warrants a high degree of scrutiny. For that reason, <u>prior</u> to receiving Entertainment that may reasonably be viewed as overly-lavish or excessive (e.g., Entertainment with a value of $1,500 or more, or the foreign currency equivalent, hotel, airfare or an invitation to an exclusive event, such as playing golf at Augusta National), Employees must seek and obtain pre-approval from the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Cash</u> 

Compliance pre-approval will be required before any Employee accepts cash Gifts, cash equivalents (e.g., discounts or rebates), gift cards or gift certificates from an investor, prospective investor, borrower, broker, counterparty or any person or entity that does or seeks to do business with, or on behalf of, the Firm or the Funds. No Employee may give cash Gifts, cash equivalents, gift cards or gift certificates on behalf of the Funds, and Compliance approval is required for the giving of cash Gifts, cash equivalents, gift cards or gift certificates on behalf of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Government Officials</u> 

Employees may not provide Entertainment, a Gift of any value or reimburse expenses to government officials or their families, including foreign officials, without the prior approval of the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Union Officials</u> 

The Department of Labor has established certain reporting requirements, including the filing of Form LM-10, that apply to service providers to Taft-Hartley employee benefit funds. Those service providers, including investment advisors, must make annual reports detailing virtually all gifts and entertainment provided to unions, their officers, employees and agents, subject to a *de minimis* threshold. Accordingly, Employees must receive pre-approval for any Gifts or Entertainment provided to such persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Referrals</u> 

Employees may not make referrals of investors or prospective investors to third parties, such as accountants or attorneys, in return for any expected personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Reporting and Requests for Pre-Approvals</u> 

Requests for pre-approvals and the reporting of Gifts and Entertainment should be submitted through the Firm's electronic platform and should generally include: (i) the names of the persons providing and receiving the Gift or Entertainment, (ii) the name of the entity or business with which the person outside Silver Point is associated, (iii) a description of the Gift or Entertainment (including where relevant the occasion for the Gift or Entertainment, such as a wedding gift or new baby gift), and (iv) the value of the Gift or Entertainment (a good faith estimate is acceptable if the value is unknown). In the case of Entertainment, your request should also include the names of all known attendees (including members of your family, if applicable), the date of the event, and the amount of any expenses incurred by Silver Point in connection with the Entertainment. Employees must also certify that the receipt of the requested entertainment would have no impact on the allocation of any Firm or Fund business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Additional Guidance</u> 

The table below is provided to help you understand the types of Gifts and Entertainment that could create the appearance of a conflict of interest or otherwise improperly influence decision making by Silver Point personnel or a person with whom the Firm is conducting business. The values in the chart are shown in USD, with foreign currency equivalents applicable. You should recognize that these are merely examples and that Gifts and Entertainment can come in many forms. You should avoid any conduct that presents an actual or perceived conflict of interest. You should contact the Compliance Department if you need any assistance in determining whether the giving or receipt of a Gift or Entertainment is appropriate.

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| | | |
|:---|:---|:---|
| **Nature of Gift/Entertainment** | **Examples** | **Considerations** |
| Receipt of Entertainment valued at $150 or more | &nbsp;&nbsp;&nbsp;&nbsp; • All entertainment<br>| Prompt reporting to Compliance is required. |
| Gifts valued at $100 or more | &nbsp;&nbsp;&nbsp;&nbsp; • All gifts, including unaccompanied entertainment, with an approximate dollar value of $100 or more<br>| Receipt of Gifts over $100 is generally disfavored and may only be retained if approved by Compliance.<br>Pre-approval from Compliance is required before giving a Gift over $100. |
| Receipt of higher value, potentially overly-lavish or excessive Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Value of over $1,500<br>• Super Bowl tickets<br>• Back stage passes<br>• Access to exclusive or restricted sporting venues (e.g., Augusta National)<br>| Pre-approval from Compliance is required.<br>Silver Point seeks to avoid Employee participation in entertainment that may reasonably be viewed as overly-lavish or excessive. |
| Receipt of lodging, air travel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Use of vacation homes<br>• Hotel accommodations<br>• Air travel (whether on private jets or commercial carriers)<br>| Pre-approval from Compliance is required. |
| Entertainment invitations to an Employee's family members | &nbsp;&nbsp;&nbsp;&nbsp; • All entertainment<br>| Prompt reporting to Compliance is required. |
| Gifts of cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Gift cards / Gift certificates<br>• Rebates / Discounts<br>| Pre-approval from Compliance is required before accepting cash, cash equivalents (e.g., discounts or rebates), gifts cards or gift certificates.<br>Giving on behalf of the Funds is prohibited.<br>Pre-approval from Compliance is required for cash gifts on behalf of the Firm. |
| Entertainment, Gifts, or Reimbursement of Expenses to Government or Union Officials | &nbsp;&nbsp;&nbsp;&nbsp; • All entertainment, gifts, or reimbursement of expenses<br>| Pre-approval from Compliance is required. |

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**VI.** **Political Contributions and Activities** 

As a guiding principle, the Firm and our Employees may not make political contributions for the purpose of obtaining or retaining advisory contracts with governmental entities or obtaining or retaining investments from governmental entities. The Firm and our personnel may be subject to a variety of specific state and local laws that govern our ability to make political contributions. If violated, these laws may prevent the Firm from accepting valuable advisory contracts or investments from applicable governmental entities. In addition, federal, state and local laws are complex, require the Firm to make disclosures and file reports, and vary greatly from one jurisdiction to another.

In light of the above, approval from the Compliance Department must be obtained before any Employee, the Employee's spouse, significant other living in the same residence, or dependent children (whether or not the children reside in the Employee's household): (i) participate in any political activities, including volunteer activities; (ii) make any contribution to or for the benefit of a local, state or federal incumbent or candidate for an elective office of any governmental entity; or (iii) make any contribution to a political party, a political action committee (PAC), or a ballot measure committee. Employees are prohibited from indirectly participating in any political activity or making any political contribution through or by any other person or means (e.g., contributions made by family members, consultants, attorneys, businesses, or others at the direction of the Employee) without approval from Compliance.

In addition to obtaining prior approval, Employees must certify on the Firm's quarterly acknowledgment and disclosure forms that they have not made any political contributions or participated in political activities in the last two years that have not been fully disclosed to the Compliance Department.

Failure to abide by this policy may not only result in a penalty to the Firm (which can be barred from doing business with affected investors and potential investors), but also discipline to the relevant Employees, up to and including termination.

**VII.** **Directorships and Outside Business Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Directorships</u> 

No Employee shall serve as a director of any entity without first obtaining the approval of the Compliance Department. Any such approval shall be based on a determination by the Legal and Compliance Department (and, in some cases, the Employee's supervisor or the Firm's senior management) that such service will be consistent with the interests of the Funds and that it can be conducted in accordance with the Information Barrier Policy. At the direction of the Legal and Compliance Department, in its sole discretion, such person may be required to resign from such directorship. Upon the commencement of employment, each Employee must notify the Legal and Compliance Department if he or she currently serves as a director of any entity, or served in such capacity over the course of the preceding 12 months.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Outside Business Activities</u> 

Outside business and volunteer activities may create actual or potential conflicts of interests or otherwise improperly influence decision making by Silver Point personnel or a person with whom the Firm conducts business. Accordingly, each Employee must obtain the approval of the Compliance Department prior to engaging in any of the following types of activities outside the scope of his or her relationship with the Firm: (i) entering into any employment relationship with, or receiving compensation from, any person or entity in connection with a business activity (including ownership of 3 or more investment or rental properties); (ii) serving in an official capacity (e.g., board membership) with any organization, including charitable organizations or public or private companies (iii) providing investment advice or participating in the investment decision-making process of any entity or organization; (iv) participating in any volunteer activities for any person or entity that competes with or does or seeks to do business with, or on behalf of, the Firm, the Funds, or any Fund investment; (v) engaging in any business, investment or volunteer activities that relate in any way to Silver Point's funds or business or that could impact his or her job performance at the Firm; (vi) participating in any business or investment-related activities outside of Silver Point; and (vii) owning equal to or greater than a 5% interest in any business or company. Such approval, if granted, may be subject to restrictions or qualifications and is revocable at any time.

**VIII.** **Reporting Violations** 

Every Employee and Access Person must immediately report any violation or potential violation of law, rule, regulation, the Manual or this Code to the Chief Compliance Officer or the General Counsel. All reports will be treated confidentially to the largest extent possible and will be investigated promptly and appropriately. The Firm will not retaliate against any Employee or Access Person who reports a violation of the Code in good faith. Employees and Access Persons may not retaliate against any other Employee or Access Person who reports a violation in good faith. The Compliance Department will keep records of any material violation of the Code, and of any action taken as a result of the violation.

**IX.** **Exceptions to the Code** 

The Compliance Department may, under limited circumstances, grant an exception from the requirements of the Code on a case-by-case basis, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Compliance Department believes that the exception would not harm the Funds or violate the general
principles stated in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Employee or Access person provides any supporting documentation that the Compliance Department may request
from the Employee or Access Person.

No exceptions may be made to the fundamental requirements contained in the Code that have been adopted to meet applicable rules under any applicable federal or state law.

**X.** **Administration of the Code** 

The Compliance Department will oversee adherence to the Code, including, but not limited to, determining that trades by Access Persons, Employees and members of an Employee's Family are consistent with the requirements and restrictions set forth in the Code. The Compliance Department may initiate inquiries on Employees and Access Persons regarding securities transactions. Employees and Access Persons are required to fully cooperate with such inquiries and any monitoring or review procedures employed by the Firm. The Compliance Department also will maintain:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of the current Code that is in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of the names of Employees and Access Persons subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A record of all acknowledgements of receipt, review and understanding of the Code from each Employee and Access
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of all brokerage confirmations and brokerage account statements obtained from Employees and Access
Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A record of any quarterly transaction reports, initial holdings reports and annual holdings reports provided
under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A record of any decision to approve trading in Covered Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A record of any material violation of the Code and any action taken in response to such a violation.

The Firm may, upon request, allow investors in the Funds to review the Code at the Firm's offices.

The Chief Compliance Officer of each 17j-1 Organization shall, to the extent not otherwise covered above, maintain and cause to be maintained in an easily accessible place at the principal place of business of the 17j-1 Organization the following records and must make these records available to the Securities and Exchange Commission at any time and from time to time for reasonable periodic, special or other examinations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of all codes of ethics adopted by the BDCs or the Firm and its affiliates, as the case may be, pursuant
to Rule 17j-1 that have been in effect at any time during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of each violation of such codes of ethics and of any action taken as a result of such violation for at
least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report made by an Employee or Access Person for at least two (2) years after the end of the
fiscal year in which the report is made, and for an additional three (3) years in a place that need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A copy of each report made by the Chief Compliance Officer to the board of trustees for two (2) years from
the end of the fiscal year of the BDC in which such report is made or issued and for an additional three (3) years in a place that need not be easily accessible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A list of all persons who are, or within the past five (5) years have been, required to make reports
pursuant to Rule 17j-1 and the Code, or who are or were responsible for reviewing such reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A copy of each disclosure required by Section III for at least two (2) years after the end of the fiscal
year in which it is made, and for an additional three (3) years in a place that need not be easily accessible; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment
Personnel<sup>8</sup> of securities in an initial public offering or Private Placement for at least five (5) years after the end of the fiscal year in which the approval is granted.

With respect to the BDCs, the administration of the Code shall be the responsibility of the Chief Compliance Officer, whose duties shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Maintain an accurate and current list of all Employees and Access Persons with an appropriate description of
their job function and title as well as any reporting obligation that Employee or Access Person may have in connection with their role at the BDCs, the Firm, or any other business, including a notation of any positions in public or private companies
held by Employees and Access Persons, and informing all Employees and Access Persons of their reporting obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide Employees and Access Persons with the Code annually as well as provide training on the Code to
Employees and Access Persons initially upon hire and annually thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain or supervise the maintenance of records and reports required in the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Review all reporting pursuant to Section III of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Reviewing Employee and Access Person Covered Security transactions against a listing of all transactions
effected by the BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Issuance either personally or with the assistance of counsel, as may be appropriate, of any interpretation of
this Code that may appear consistent with the objectives of Rule 17j-1 and this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Conduct such inspections or investigations as shall reasonably be required to detect and report, with
recommendations, any apparent violations of this Code to the board of trustees of each BDC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Furnish a written report, no less frequently than annually, to each BDC's board of trustees on the
effectiveness of the Code and on any issues arising under the Code since the last such report.

**XI.** **Sanctions** 

Any violation of any provision of the Code may result in disciplinary action. The Compliance Department will determine an appropriate sanction for any violation with respect to a Fund other than the BDCs. Disciplinary action may include, among other sanctions, a letter of reprimand, disgorgement, suspension, demotion or termination of employment.

<sup>8</sup> "Investment Personnel" means portfolio managers or other employees of the Firm who participate in making investment recommendations to the BDCs, as well as persons in a control relationship to the BDCs who obtain information about investment recommendations.

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Any violation of the Code with respect to a BDC shall be subject to the imposition of such sanctions as may be deemed appropriate under the circumstances to achieve the purposes of Rule 17j-1 and the Code. The sanctions to be imposed shall be determined by the BDC's board of trustees, including a majority of the Independent Trustees, provided, however, that with respect to violations by persons who are directors, managers, partners, officers or employees of the Firm (or of a company that controls the Firm), the sanctions to be imposed shall be determined by the Firm (or the controlling person thereof). Sanctions may include, but are not limited to, suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the BDC and the more advantageous price paid or received by the offending person.

**XII.** **Acknowledgement of Receipt and Compliance** 

The Firm will make available to each Employee and Access Person a copy of the Code and any amendments hereto. Any questions regarding any provision of the Code or its application should be directed to the Compliance Department. Each Employee and Access Person must provide the Firm with an acknowledgement evidencing the fact that such Employee or Access Person has received, reviewed, and understands the Code: (i) upon the date of commencement of employment, and (ii) as required by the Compliance Department thereafter. The acknowledgement will be provided by the Compliance Department through the Firm's Compliance Science electronic platform.